Binance alternatives

Compare the best alternatives to Binance for Australian crypto traders.

By   |   Verified by David Boyd   |   Updated 28th November 2022

As seen on

Media - The Sydney Morning Herald
Media - Yahoo Finance
Media - News.com.au
Media - Daily Mail Australia
Media - Australian Fintech
Media - Dynamic Business

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 Capital at risk. 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

Finty may be compensated when you click on the link.

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.