Binance alternatives

Compare the best alternatives to Binance for Australian crypto traders.

By   |   Verified by David Boyd   |   Updated 16 Jan 2023

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Comparing Binance alternatives

Swyftx

On website

Featured

Swyftx

Highlights

  • Buy and sell hundreds of cryptocurrency coins, assets, tokens and digital currencies. Binance has a larger range.
  • Has a demo account feature, which is not available in Binance.
  • Aussie-owned and developed making it much easier to comply with ATO regulations compared to Binance.

Pros

  • Trade more than 300 crypto assets through the Swyftx platform.
  • Offers tight spreads and low trading fees.
  • Get support within 5 minutes through their live chat.
  • Practice trading with a demo mode.

Cons

  • Lacks access to advanced trading markets.
eToro

On website

eToro Service ARSN 637 489 466 promoted by eToro AUS Capital Limited ACN 612 791 803 AFSL 491139. Capital at risk. Other fees apply. See PDS and TMD

Highlights

  • Take advantage of eToro's CopyPortfolios, a combination of cryptocurrency trading and traditional fiat trades, which is not available in Binance.
  • Stands out as one of the few platforms that offer users the ability to purchase crypto currencies via PayPal in combination with various other payment options.
  • Extremely safe track record as a platform and highly regulated, whereas Binance has come under the scrutiny of regulators in several countries.
Independent Reserve

On website

Highlights

  • Trade digital assets against fiat currencies such as AUD, USD, NZD and SGD, including stable coins, altcoins and DeFi tokens.
  • Insures against the theft or loss of any cryptocurrency held in an Independent Reserve trading account provided by British insurance company (Lloyd’s).
  • Lacks an app unlike Binance, whose app is available for iOS and Android.

Pros

  • Automate your cryptocurrency trading strategy with Independent Reserve's AutoTrader feature.
  • Its built-in tax calculator makes it easier to file your tax return.
  • ISO certified and has an AUSTRAC license.

Cons

  • It has a limited number of supported coins compared to other exchanges.
Gemini Exchange

On website

Highlights

  • Gemini doesn’t have as many tradable assets compared to Binance, which is about as good as you can get in terms of trading pairs.
  • Considered safe as a Limited Liability Trust Company under New York Banking law.
  • Directly trade between buyers and sellers through the Gemini Clearing portal (peer-to-peer trading).

Pros

  • Suitable for both beginner and advanced traders.
  • Supports multiple fiats and cryptocurrencies.
  • You can earn interest on your cryptocurrency balances.
  • Its mobile apps are highly rated.

Cons

  • The fee structure can be expensive for both small trades and higher volume trades.
Coinbase

On website

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Highlights

  • Ranked as one of the top crypto exchanges in the world by traffic, liquidity, and trading volumes.
  • Provides institutional cryptocurrency storage, a cryptocurrency payments network for companies, and its own cryptocurrency, USD Coin (USDC), which is a stable cryptocurrency pegged to the US dollar.
  • Trade on Coinbase or Coinbase Pro, a premium service that offers the ability to perform crypto-to-crypto transfers and other sophisticated trades.
  • Binance is known for their responsive customer service, including via live chat and Twitter. Coinbase is not as competitive in this regard.

Pros

  • Get access to a wide variety of altcoins.
  • Start trading with as little as $2.
  • Advanced trading includes Market, Limit, Stop Limit, and Auction Mode orders.

Cons

  • Fees are higher compared to other exchanges.
BTC Markets

Highlights

  • Buy and sell cryptocurrencies with AUD or BTC.
  • Tailor your trading experience in over 21 markets.
  • BTC Markets implement industry-recognized best security standards, including personal data encryption, internal control limits, and off-site cold wallet storage.
CoinSpot

On website

Highlights

  • A respected Aussie-owned exchange with an easy-to-use interface.
  • If you are an OTC and SMSF investor, you can buy or sell Bitcoin instantly, or trade in the open market to speculate and earn possible gains with competitive trading costs.
  • Deposit funds via bank transfer using POLi payments, PayID, BPAY and direct deposit, but not credit and debit cards like you can with Binance.
  • Offers AUD as the only fiat currency. Binance supports AUD and many other currencies.

Pros

  • Trade for only 0.1% and withdraw in AUD for free.
  • Multiple deposit options.
  • Access CoinSpot NFT Marketplace.
  • CoinSpot is regulated by AUSTRAC and is ISO certified

Cons

  • Margin trading is not available.
Kraken

On website

Highlights

  • An excellent alternative for both new and seasoned cryptocurrency investors looking for top-notch security, cheap trading fees, and a wide selection of tradable cryptos.
  • If you are an advanced investor, you can trade with margin on Kraken, plus use stop orders and crypto short sales.
  • Withdraw and transact with SWIFT, SEPA, domestic, and wire transfers (SWIFT transfers are not available in Binance).

Pros

  • Large selection of tokens to trade.
  • Earn rewards by staking eligible assets.
  • Access to a range of educational materials.

Cons

  • Limited options to fund your account.
CoinJar

On website

Highlights

  • Much fewer options for trading compared to Binance, which is a market leader.
  • Coinjar is known for making crypto easy, even for beginners thanks to innovations such as a crypto debit card and crypto EFTPOS card.
  • Deposit funds using a credit card or debit card (Visa and Mastercard) to buy crypto.

Pros

  • Extremely user-friendly interface.
  • You can use a credit card or debit card to buy crypto.
  • Has a competitive fee structure.

Cons

  • Limited crypto tokens to trade compared to other platforms.
Cointree

On website

Highlights

  • Crypto trading on Cointree is easy thanks to a clean interface and readily available customer service.
  • Deposit AUD and convert into digital assets such as Bitcoin, Ethereum and altcoins in Australia.
  • Fund you Cointree account with a bank transfer, paying cash in an Australian bank branch, and POLi Payments.

Pros

  • Cointree has competitive fees for quick buys and sells.
  • You can view and copy the portfolios of recently successful traders.
  • Fast and easy trading with the Cointree app.
  • Get customer support 24/7.

Cons

  • Account verification may take up to 48 hours.