Getting Started
How to Choose a Crypto Exchange in Australia: An 8 Point Checklist for 2026
Key points
- Only deposit with exchanges registered with AUSTRAC.
- Check licence status as ASIC’s new platform regime starts in April 2027.
- Compare the spread on instant buys as well as the trading fee.
- Switch on authenticator 2FA and a withdrawal allow list on day one.
- Keep long term coins in a wallet you control, and have a backup exchange.
Why your choice of exchange matters
Your exchange is the on ramp for almost every crypto investor in Australia, and choosing well takes about 20 minutes. A good choice keeps your money safer, saves you fees on every trade and makes tax time far easier. The good news is that Australian rules are tightening in your favour, so the checklist below is easier to apply than it was a few years ago.
Platform risk is real. In October 2026 Binance suffered a large hot wallet hack, paused withdrawals and began reopening them in phases on 1 November 2026 after replenishing most of the affected funds (CoinDesk, 1 November 2026). Earlier failures, such as FTX in 2022, left customers without access to their money. A checklist and a plan for where your long term coins live are what protect you.
The 8 point exchange checklist
| Check | What to look for | Where to confirm it |
|---|---|---|
| 1. Registration | Registered with AUSTRAC as a virtual asset service provider | AUSTRAC register |
| 2. Licensing | Licence status for the ASIC regime starting April 2027 | ASIC professional register |
| 3. Custody | How customer crypto and AUD are held, and whether it publishes proof of reserves | Exchange disclosure pages |
| 4. Security | Two factor authentication, withdrawal allow lists and anti phishing codes | Account security settings |
| 5. Costs | Trading fee, spread on instant buys, and deposit and withdrawal fees | Fee schedule, plus a test order |
| 6. AUD access | PayID, bank transfer and how fast withdrawals reach your bank | Help centre |
| 7. Coins and networks | The coins you plan to hold, and support for withdrawals on the right network | Asset list |
| 8. Support and records | Responsive Australian support and a full CSV of your trades for tax | Support page and reports area |
Fees and spreads: the hidden cost
Many apps show a headline trading fee, but the instant buy screen often adds a spread, which is the gap between the price you pay and the market price. On a large purchase the spread can cost far more than the fee. A simple habit helps: compare the instant buy price with the order book price on the same exchange before you buy, and use the order book for larger amounts.
Exchange or ASX listed ETF?
If you want Bitcoin exposure without managing keys, an ASX listed Bitcoin ETF bought through your share broker is another route. You give up self custody and pay a management fee, but the holding sits with your shares. Our guide to Bitcoin ETF vs buying Bitcoin directly compares the two.
Security habits that matter more than the platform
- Use an authenticator app for two factor authentication, not SMS.
- Turn on a withdrawal allow list so crypto can only go to addresses you have approved.
- Use a unique password stored in a password manager, and a separate email for crypto accounts.
- Never share your seed phrase. No exchange, support agent or analyst will ever ask for it.
- Move long term holdings to a hardware wallet you control.
In our October 2026 cohort security session, analyst Sarn Elliott put it simply: on any custodial platform, your job is to secure the account, and with self custody your job is to secure the keys. Our Collective Shift Security Centre and guide to storing your crypto walk through both.
Ben covers the ways investors lose crypto, from platform failures to lost keys, and the habits that protect you. From the Ben Simpson YouTube channel.
How Collective Shift members set up their exchanges
In the 5-step SHIFT Method (Set your plan in writing, Hold Bitcoin as your core, Invest in on-chain businesses with real revenue, Filter every coin before you buy, Take profits on the way up), your exchange set up is part of Step S: Set your plan in writing. Accelerator members do it live in the first cohort weeks: one main registered Australian exchange, a backup account, security settings switched on, and a hardware wallet for the core. Coinbase, Swyftx and CoinSpot are Collective Shift education partners, and members choose for themselves using the checklist above.
Once your exchange is ready, our guide on how to invest in crypto in Australia covers the next steps, and how much crypto to own helps you size the position.
Common mistakes when choosing an exchange
- Choosing on sign up bonuses. A bonus is worth far less than good custody, security and fair spreads over years of use.
- Using an offshore app because it lists more coins. Offshore platforms sit outside most Australian protections, and getting AUD back can be slow.
- Leaving everything on one platform. If that platform pauses withdrawals, your whole portfolio is stuck.
- Ignoring the network on withdrawals. Sending a coin on the wrong network is one of the most common ways people lose crypto. Send a small test amount first.
- Not downloading records. Download your full trade history each financial year, before you need it for tax.
A 20 minute set up routine
- Open an account with one registered Australian exchange and verify your identity.
- Switch on authenticator app 2FA, an anti phishing code and a withdrawal allow list.
- Deposit a small amount by PayID and place a test order through the order book.
- Withdraw a small test amount to your own wallet, then confirm it arrived.
- Open a backup account with a second registered exchange.
Set up your exchanges and wallets with a written plan
Collective Shift has helped 1,000+ members build a written crypto plan with the 5-step SHIFT Method, live analyst sessions and the Live Crypto Portfolio. Founded in Melbourne in 2020 by TEDx speaker Ben Simpson, rated 4.8 out of 5 from 135+ Trustpilot reviews, and Platinum and Accelerator carry a 14-day money-back guarantee.
Quick questions
What should I look for in a crypto exchange in Australia?
Start with AUSTRAC registration, then check its licence status as the new rules begin, how it holds customer funds, security features such as two factor authentication and withdrawal allow lists, fees and spreads, how easy AUD deposits and withdrawals are, and how quickly support responds.
Is it safe to keep crypto on an exchange?
It is convenient for buying and selling, but it means trusting the platform. Large platforms have been hacked or failed before. Many long term investors keep only what they are actively using on an exchange and move the rest to a wallet they control.
Should I use more than one exchange?
Many investors do. Having an account with a second registered exchange gives you a backup if one platform pauses withdrawals or has an outage, and lets you compare prices before a large order.
What is the difference between an exchange and a broker app?
An exchange matches buyers and sellers in an order book, so you usually see the market price and pay a trading fee. A broker or instant buy screen sells to you directly and often builds its margin into the price, called the spread.
Are Australian exchanges regulated?
Yes. Exchanges that swap crypto for Australian dollars must be registered with AUSTRAC. From April 2027, platforms that hold crypto for customers will generally also need an Australian financial services licence from ASIC.
Which exchanges does Collective Shift partner with?
Coinbase, Swyftx and CoinSpot are Collective Shift education partners. We do not recommend a platform for your situation. Compare them against the checklist on this page.
Written by Ben Simpson, founder of Collective Shift and TEDx speaker, and reviewed by Matt Willemsen, Director of Research. As of November 2026.
Published 2 November 2026. Updated 2 November 2026.
General information only, not personal financial advice. Collective Shift provides research and education. Consider your own circumstances and speak with a licensed financial adviser before acting.