A Must Read for Every Crypto Investor
Australians have a number of regulated exchanges to choose from, offering a wide variety of products and services. There is also a larger range of international exchanges that offer services to Australians. Here we have grouped the global players and unpacked the ability for these brands to offer services to Australians, highlighting AUSTRAC compliance, and their Trust Ratings based on customer feedback and history, to help you risk assess which international exchanges if you decide to invest using these services.
Let’s kick off by covering the differences, from a regulatory perspective, between an Australian and International Crypto exchange – and what this means for you.
In Australia:
-
AUSTRAC registration is mandatory for any exchange that provides digital currency exchange (DCE) services – meaning converting crypto ↔ AUD.
- Registration requires the exchange to meet AML/CTF obligations (anti-money laundering / counter-terrorism financing).
- However, AUSTRAC registration does not mean the exchange is licensed under ASIC (securities/financial services). So, it’s not a “safety guarantee” – just compliance with AML/CTF laws.
What this means for you as an investor using International Exchanges:
- Safer option: Using an AUSTRAC-registered exchange ensures the platform is legally operating in Australia, with at least some regulatory oversight.
- Higher risk option: Using unregistered offshore exchanges (e.g. some mid-tier ones) exposes you to risks:
-
- No local regulatory recourse if something goes wrong.
- Services (like Staking/Earn) are outside Australian law.
- Banks or auditors may question transactions with non-AUSTRAC platforms (which is particularly relevant for SMSFs).
- No local regulatory recourse if something goes wrong.
International Crypto Exchange Options
Australians can access both local and international exchanges. Local platforms must register with AUSTRAC, which gives some compliance oversight, but this is not the same as ASIC licensing, so it’s no guarantee of safety. International exchanges bring broader assets, deeper liquidity, and advanced features, but also carry regulatory grey zones and more complex risks.
The following table compares eight International Exchanges based on number of safety parameters for your consideration. This list is not exhaustive, and will grow over time as regulatory framework clarity improves.
The Heavyweights: Binance, Coinbase, Kraken
Binance
Binance is the heavyweight of global crypto, trading more volume daily than most rivals combined. It lists over 350 cryptocurrencies and thousands of pairs, backed by ultra-low spot fees (0.1%). Australians can still trade, but AUD deposits and withdrawals are restricted and staking/Earn is blocked by local regulators. Binance’s Trustpilot score of 1.6/5 reflects service strains with long waits, frozen accounts, and friction when regulations shift. Security is strong, with features like 2FA, withdrawal whitelists, and a $1B SAFU insurance fund, but the 2019 hack shows even giants aren’t bulletproof. For altcoin access and liquidity, Binance is unmatched. For long-term storage, it’s unsuitable.
The Buzz: Think of it as a global trading pit, low cost, high volume, but no place to leave your life savings.
Coinbase
Coinbase is the most regulated exchange globally, publicly listed on NASDAQ and one of the first to offer quarterly financial transparency. With 200+ assets, a clean app, and AUD on/off-ramps, it’s a user-friendly option for Australians. Staking is available here, but commissions are high (starting at 35%), and unstaking periods can run from days to weeks depending on the blockchain.
Its Trustpilot score (3.9/5) is one of the best in crypto, reflecting improvements after years of complaints about high fees and slow support. Fees are still higher than Binance or Kraken, but many accept the trade-off for safety and compliance. For beginners, Coinbase offers a smoother entry. For active traders, fees sting.
The Buzz: Best for those who value trust, not bargain-basement costs.
Kraken
Kraken has been operating since 2011, building a reputation as a security-first exchange. It lists nearly 500 assets, runs proof-of-reserves audits, and has never reported a major hack – a rare for a platform its size. Australians can access spot trading and staking, but margin and some payment features are restricted locally.
Staking rewards vary by token, with commissions deducted, and unstaking periods follow each blockchain’s rules. Despite this solid track record, Trustpilot ratings have dropped to 1.6/5, driven by frustrations over compliance checks, frozen accounts, and slow ticket resolution. Kraken is not the simplest exchange to use, but it offers depth, transparency, and peace of mind for experienced traders.
The Buzz: A safe harbour for serious investors, but not designed for newcomers looking for simplicity.
The Ecosystem Builders: Crypto.com, OKX, Gate.io
Crypto.com
Crypto.com has built a flashy, full-stack ecosystem: mobile app, exchange, Visa debit card, staking, and even its own blockchain (Cronos). Australians can onboard with AUD, use the Visa card, and access staking. Security includes a $750M insurance policy, though a 2022 hack ($35M reimbursed) dented confidence.
Trust is its weak point: Trustpilot score 1.3/5 reflects poor support, frozen accounts, and KYC frustrations. The app is slick, but the customer experience lags. For Australians, Crypto.com is convenient and polished, but costly and patchy in service.
The Buzz: Good for an all-in-one crypto card and app, but not for those chasing value or smooth support.
OKX
OKX is a trading powerhouse, offering spot, futures, options, staking, and a Web3 wallet under one brand. It supports 350+ assets and is especially strong in derivatives, often ranking in the global top three for trading volume. Australians can trade via local entities, with AUD pairs available, though Earn/copy trading features are restricted under compliance.
Fees are razor-sharp (0.08% spot), and holding OKB tokens unlocks further discounts. Security is strong, with Merkle-tree proof-of-reserves and no major hacks to date. Trustpilot shows a middling 2.8/5 score, with praise for liquidity and transparency, but complaints about frozen accounts and P2P disputes. OKX isn’t beginner-friendly, but for seasoned traders it rivals Binance.
The Buzz: Best for advanced users wanting both CEX liquidity and a bridge into DeFi.
Gate.io
Gate.io is the go-to venue for altcoin hunters, with over 1,400 coins listed – often before bigger exchanges. Australians can access it via AUSTRAC registration, with AUD deposits and withdrawals supported. Its “Earn” products (staking, lending, liquidity pools) remain unlicensed locally, so while accessible, they carry regulatory grey-zone risks. A unique plus: Earn products often avoid long blockchain unbonding periods, allowing quicker access to funds.
Trust is mixed with a Trustpilot score ~2.0/5 that shows repeated complaints about withdrawals and support delays, though fans praise its breadth of tokens. Fees are mid-tier (0.2–0.4% spot), reduced for GT token holders. For newcomers, Gate.io is overwhelming. For active traders, it’s a goldmine of early listings and speculative projects.
The Buzz: High discovery value, high risk, and best used with discipline and self-custody.
The Outliers: Gemini, Uniswap
Gemini
Gemini is built on regulation: a New York trust licence, insurance protections, and conservative asset listings (~70 coins). Australians can trade with AUD, but staking and Earn services are shutting down globally by September 2025, after the collapse of its partner Genesis. Fees are high (up to 2.5% for instant buys), and KYC goes further than most, often requiring utility bills alongside ID.
Its Trustpilot rating (1.4/5) reflects slow support, frozen accounts, and frustration with costs. For risk-conscious traders, Gemini feels safe, but limited which is the trade-off. For Australians, its compliance-first model offers peace of mind, but less excitement than rivals.
The Buzz: Best for those who prioritise regulation over range or price.
Uniswap
Uniswap is the world’s largest decentralised exchange (DEX), running on Ethereum and Layer 2 chains. It pioneered automated market makers (AMMs), letting users trade directly from their wallets without intermediaries. No AUSTRAC, no KYC, no customer support… just smart contracts. Liquidity is excellent for majors, but scam tokens, phishing sites, and user error are constant hazards.
Trustpilot reflects this harsh learning curve: 1.1/5 from ~900 reviews, with many blaming Uniswap for their own mistakes. Australians can access it freely, but there’s no recourse if something goes wrong. Liquidity provision is possible, but carries risks like impermanent loss.
The Buzz: Uniswap offers freedom and innovation, but no safety net. Suitable only for advanced users confident in DeFi mechanics.
Wrapping It Up – The Final Buzz
International exchanges open doors that local platforms can’t, with deeper liquidity, early altcoin access, and features like staking or DeFi wallets. But with scale and innovation come trade-offs such low Trustpilot scores, regulatory grey zones, and customer frustrations.
For Australians, the safest approach is to treat international exchanges as venues, not vaults. Use them to access global markets, then move your assets back into self-custody or AUSTRAC-registered platforms for longer-term holding.
The heavyweights (Binance, Coinbase, Kraken) give liquidity and compliance depth, but vary in fees and customer sentiment. Ecosystem builders (Crypto.com, OKX, Gate.io) package apps, cards, and DeFi access under one roof that are convenient, but riskier. Outliers like Gemini and Uniswap sit at opposite ends, one over-regulated and pared-back, the other fully decentralised with no safety net respectively.
Bottom line: International exchanges expand your toolkit, but discipline and self-custody remain your best defence to be crypto safe.
Stay safe. Stay smart. Be Crypto Safe.
Education is your best defence. Unlock member-only guides, checklists, and tools designed to protect your crypto, stay safe and be compliant.
