FTX Alternatives in Australia 2023

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Sinead Burgess
Sinead Burgess
Updated on July 14, 2023

FTX was one of the best crypto exchanges in Australia. But that’s not the case anymore, as it’s currently facing bankruptcy.

So, if you’re using FTX and want to find the best FTX alternatives in Australia to move your holdings and continue your crypto journey, then this post is for you!

Our preferred crypto exchange at the moment is Swyftx. They’re fully regulated in Australia, have fantastic support, and a great mobile app.

And it helps that they offer $20 worth of BTC as a new trader!

Start Trading with Swyftx

What Is FTX

FTX is a Bahamian cryptocurrency exchange established in 2019. The exchange was incorporated in Barbuda and Antigua and headquartered in The Bahamas. As of February 2022, FTX had more than one million users.

FTX exchange logo

FTX focuses on crypto trading, with a wide range of products including leveraged tokens, volatility products, options, and derivatives. The cryptocurrency exchange has a myriad of features that both professional trading firms and experienced traders will find invaluable. At the same time, FTX also offers basic spot trading for beginners.

Why Look for FTX Alternatives in Australia

In November 2022, news came out that FTX’s financial position was in danger, leading to a short letter of intent for potential acquisition by Binance; but Binance walked away from the acquisition deal the next day, leading to serious capital impairment by FTX’s customers and holders.

This sudden collapse of FTX is the main reason why you should look for FTX alternatives in Australia.

Why FTX Is Collapsing

On November 2, 2022, CoinDesk reported that a big portion of Alameda Research’s assets were FTT, FTX’s native token.

Then on November 7, 2022, Changpeng Zhao, the CEO of Binance, revealed on Twitter that his exchange plans to entirely sell its FTT holdings. The selling of Binance’s FTT holdings was motivated by a “recent revelations that came to light” as cited by CZ.


TechCrunch and Bloomberg reported that any sale of FTT by Binance would significantly impact the price of FTX’s native token, especially because of FTT’s low trading volume.

The tweet of CZ about the pending sale and disputes between him and Sam Bankman-Fried on Twitter led to a big drop in FTT’s price. In fact, this also impacted other cryptocurrencies’ prices to decline, which resulted in a 3-day bank run of around $6 billion that sent FTX into its imminent collapse.

On November 8, 2022, CZ announced that his firm had entered into a non-binding agreement to acquire FTX because of what Zhao referred to as a ‘liquidity crisis’ at FTX. Keep in in mind that this deal did not include the acquisition of FTX.US.

CZ further tweeted that his firm would complete due diligence soon, adding that all cryptocurrency exchanges must avoid using cryptocurrencies as collateral.

The next day, November 9, 2022, this acquisition of FTX by Binance was claimed by Bloomberg to be ‘unlikely’ because of the bad state of FTX’s finances. On the same day, the Wall Street Journal reported that CZ’s exchange won’t proceed with their FTX acquisition deal. Binance won’t move forward with the deal as the firm cited FTX’s pending investigations and mishandling of customer funds of FTX.

On this day, November 9, 2022, FTX also announced on their website that they were not processing withdrawals at that time. The crypto exchange said that they would need funds from outside the firm for their customers to withdraw.

Regardless if FTX will survive or not, it’s best to find alternatives in Australia, especially because the exchange’s reputation is already tarnished even if it makes a comeback.

The Top 3 FTX Alternatives in Australia

  1. Swyftx – Best Overall
  2. CoinSpot – Best for Beginners
  3. Binance – Best for Day Trading

Best FTX Alternatives in Australia

1. Swyftx – The Best Overall FTX Alternative

Swyftx exchange logo

Swyftx is the best FTX alternative on this list because it is a well-built and simple platform for crypto trading. But above all, it’s Australia-made! It is perfect for both newbies and seasoned crypto traders as it offers intuitive design on both desktop and mobile.

Swyftx offers over 320 different cryptocurrencies to buy, sell, and ‘hodl.’ As for fees, the exchange only charges 0.6% per trade with a spread of just 0.51%.

Swyftx homepage

Swyftx also provides a straightforward, fast, and easy registration and account verification process. And if you’re a complete newbie, don’t worry, you don’t need to use real money to trade or invest because Swyftx offers a demo mode. You’ll be able to execute your ideas and get a better understanding of charts and price actions without risking losing your hard-earned money!

Now, if you want to play it safe, Swyftx got your back as they offer crypto staking on 20 different crypto assets. By staking or holding certain coins, you’ll be able to earn interest apart from the potential price appreciation of the token.

To sum it up, Swyftx is the best FTX alternative for Australia crypto users because it is simple to use, offers low trading fees and more than 320 different digital assets, and lastly you can basically earn without doing anything using their staking feature!

Swyftx vs. FTX Quick Comparison Table

Swyftx exchange logoFTX exchange logo
Trading Fees0.6%0.02%-0.07%
Deposit FeeFreeFree
Withdraw FeeFreeNetwork Fees
Payment MethodsPayID, Bank transfer, POLi, Credit/Debit card, OSKOPayID, bank transfers, credit/debit cards, and wire transfers

Key Features

  • AUSTRAC-registered and Brisbane-based
  • Offers staking on 20 different digital currencies
  • Low fees and spreads
  • More than 320 crypto assets


  • Offers real live chat support
  • Easy to register and start trading
  • User-friendly and simple interface
  • Accepts many types of deposit methods including credit and debit cards
  • You can earn passive income using their staking feature


  • Doesn’t offer advanced trading markets as of writing this

Start Trading with Swyftx

2. CoinSpot – Best FTX Alternative for Beginners

coinspot logo

If you’re looking for the safest and most trusted (and of course one of the best) FTX alternatives in Australia, then it’s no other than CoinSpot.

CoinSpot has built trust and security since 2013. With more than two and half million users, CoinSpot is the biggest crypto exchange in Australia. It holds ISO 27001 certification, which makes it the most audited crypto exchange in Australia.

Coinspot exchange homepage

CoinSpot is a certified Blockchain Australia member, ASIC-registered, and AUSTRAC-regulated. All these credentials should assure you that your hard-earned money won’t disappear or get locked within the exchange.

Aside from the top-tier security aspect of CoinSpot, it won’t be one of the best FTX alternatives in Australia if it can’t offer crypto features that its competitors offer. CoinSpot comes with a wide range of cryptocurrencies of more than 360+ with very competitive trading fees. And just like Swyftx, CoinSpot also offers crypto staking on 21 different cryptocurrencies.

Another interesting thing that CoinSpot offers is a dedicated NFT marketplace where you can buy a myriad of popular NFT collections.

With its solid security and crypto features, you won’t go wrong with CoinSpot!

CoinSpot vs. FTX Quick Comparison Table

coinspot logoFTX exchange logo
Trading FeesMarket: 0.1%, Instant buy: 1%0.02%-0.07%
Deposit FeeBPAY: 0.9%, Cash: 2.5% | Bank transfer, POLi, PayID, OSKO: FreeFree
Withdraw FeeFreeNetwork Fees
Payment MethodsPayID, Cash Deposit, Bank transfer, OSKO, BPAY, POLiPayID, bank transfers, credit/debit cards, and wire transfers

Key Features

  • The most trusted and secure cryptocurrency exchange in Australia
  • Customizable security features including session timeout, geo-lock logins, 2FA, and more
  • More than 360+ cryptocurrencies
  • Staking on 21 different cryptocurrencies
  • NFT Marketplace


  • The best Australian crypto exchange when it comes to security
  • SImple interface perfect for beginners
  • Offers 360+ cryptocurrencies
  • Ability to earn through staking on 21 different cryptocurrencies
  • Buy and sell NFT on their NFT marketplace


  • Doesn’t offer advanced trading options like derivatives

Start Trading with CoinSpot

3. Binance – Best FTX Alternative for Day Trading and Spot Trading

binance logo

  • Website: binance.com
  • Currency: 60+ (including AUD)
  • Fees: trading fees start at 0.1% for spot trading (0.02% for BNB holders) to 1.8%
  • Available Cryptocurrencies: 600+
  • Review: Binance Review

If you have been trading crypto for a while now, you’ve probably already heard of Binance – the biggest crypto exchange by trading volume. Binance is also beginner-friendly, but among the listed FTX alternatives on this list, Binance is the best for experienced and seasoned crypto traders because it offers a number of advanced crypto features and tools.

Binance homepage

Aside from that, Binance also offers access to more than 600 different crypto assets. Arguably, the best aspect that Binance can offer is its very low trading fees of just 0.1%. Binance also integrates well with many 3rd-party trading bots, enabling you to effortlessly automate your trading ideas and strategies.

Binance vs. FTX Quick Comparison Table

binance logoFTX exchange logo
Trading Fees0.1%0.02%-0.07%
Deposit FeeFreeFree
Withdraw FeeFreeNetwork Fees
Payment MethodsPayID/OSKOPayID, bank transfers, credit/debit cards, and wire transfers

Key Features

  • More than 600+ cryptocurrencies
  • Binance Lite
  • Can even lower the 0.1% trading fees by 25% using BNB
  • Very low trading fees
  • Largest crypto exchange in the world by trading volume


  • Offers advanced features, which make it suitable for advanced crypto traders
  • Has a wide range of cryptocurrencies of more than 600+
  • Available on both Android and iOS devices
  • Aside from the extremely low trading fees, you can even lower the fees by 2% if you pay with BNB
  • Has a Binance Lite version for those who want a simpler and lighter version of the platform
  • You can use use BNB to minimize trading fees by 25%


  • The desktop version can be a bit laggy if you have a low-spec PC or laptop

Start Trading with Binance

Other FTX Alternatives Compared

ExchangeDeposit MethodsFiat CurrenciesCryptocurrenciesTrading FeesDeposit FeesWithdrawal Fees


PayID, Osko, Debit Card, Credit Card, Cryptocurrency, Bank TransferAUD / NZD320 +0.6%AUD Deposits: $0 Crypto: NoneAUD Withdrawals: $0 Crypto: NoneVisit

Coinspot exchange logo

PayID, POLi, Cryptocurrency, Cash, BPAY, Bank TransferAUD370+OTC: 0.1% Instant buy/sell: 1% Market order: 0.1%* (applies to BTC, LTC, XRP, ETH, DOGE, POWR, NEO, TRX, GAS, XLM, EOS, RFOX, RChainDirect Bank Transfer: 0% Direct Deposit: 0% Cash: 2.5% BPAY: 0.9% PayID, POLi, and direct deposits: None AUD withdrawals: $0Visit

binance logo

PayID, Osko, Debit Card, Credit Card, CryptocurrencyUSD, AUD, CNY, EUR, CAD, GBP, UAH, NGN, TRY, RUB600+0% – 0.1%NoneVaryVisit

bybit logo

Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, debit card/credit card50+160+0.1% to 0.6%Bank transfer: $0VaryVisit

crypto.com logo

Bank Transfer (ACH), Crypto, SWIFT, Fedwire, Wise, PayPal, Debit Card, Credit Card, SEPA, BPay19 including USD, AUD, and SGD250+0.04% to 0.4%$0FREE via bank transfer. $25 for USDC withdrawal via SWIFT NetworkVisit

coinjar new logo

Google Pay, Apple Pay, Debit Card, Credit Card, Cryptocurrency, Bank Transfer, CashAUD, GBP50+Taker: 0.04-0.1% Maker: 0.04-0.1%CoinJar users: No fee NPP: No fee Cash: 1.5%0 Withdrawal FeesVisit

Digital Surge
Digital Surge logo

PayID, Osko, POLi, Cryptocurrency, Bank TransferAUD300+0.1% – 0.5%POLi: $2 (capped at $3.30) Deposit Fees Bank Transfer: NoneNone for AU Bank Accounts Cryptocurrency: Network feesVisit

Independent Reserve
Independent Reserve exchange logo

SWIFT, EFT, PayID, Osko, CryptocurrencyUSD, AUD, NZD270.05% – 0.5%For SWIFT: $15 for deposits under AU$5,000 equivalent None for deposits over AU$5,000 equivalent For EFT: AU$0.99 for deposits under $100 None for deposits over AU$100Cryptocurrency: Fees vary Bank Transfer: None for AUD, $20 for non-AUDVisit

eToro exchange logo

Skrill, Online Banking, PayPal, Neteller, Debit Card, Bank TransferUSD, AUD, EUR, NZD, GBP, HKD, CAD, CHF, NOK, SGD, and 5+ more70+Vary (overnight and weekend fees apply)Vary (conversion fees for non-USD deposits) ($50 minimum deposit)$5 (minimum withdrawal of $50)Visit

Kraken exchange logo

SWIFT, Google Pay, Apple Pay, SEPA, Osko, Wire Transfer, Cryptocurrency, Bank TransferAUD, USD, GBP, EUR, CAD, JPY, CHF140+Taker: 0.10% – 0.26% Maker: 0.00% – 0.16%VaryVaryVisit

KuCoin logo

SEPA, Debit Card, Credit Card, Wire Transfer, PayPal, CryptocurrencyAUD, EUR, USD, RUB, GBP, KRW, CNY, VND, TRY645+0.1%NoneVaryVisit

Easy Crypto
easy crypto logo

Bank transfer, POLi, OSKO, P2PAUD100+Taker fees: 0.5% – 1.6% Maker fees: 0.5% – 1.6%Card deposit fees: 0%$0Visit

coinstash logo

Crypto, Bank Transfer, PayIDAUD410+Taker fees: 0.85% Maker fees: 0.85%$0$0Visit

How to Choose a Crypto Exchange

Though we’ve already shared with you the best FTX alternatives in Australia, you might want to dig deeper and have a better understanding if your chosen exchange is really the right one for your crypto needs.

That said, here are the most important factors when choosing a crypto exchange:


We’re talking about money here, and that’s why the number one priority when it comes to choosing crypto exchanges is the security. Some have earned their money the hard way, some didn’t. But the point is, it is ‘money.’ So, make sure you choose a regulated exchange. The more security credentials and audits the exchange has, the better.

Trading Features

This factor mostly depends whether you’re a beginner or an advanced crypto trader. If you just want to buy low and sell high, then a crypto exchange that offers basic spot trading is good enough. And if you’re looking to use some advanced features such as features and derivatives, then obviously you’d want to choose an exchange that can offer such features.

Trading Fees

Sure you can always buy low and sell high, but what’s the use if for every trade, the fee is high? So, as much as possible, you should opt for a crypto exchange with low fees (with no hidden charges).

Customer Support

A good customer support is a good sign that you’re with the right crypto exchange. You’d want to choose an exchange that will assist you with real people and not just robots. A crypto exchange that has amazing responsiveness and live chat support is ideal.


FTX is a good example in the reputation aspect. If ever FTX makes a comeback, its reputation has already been tarnished. So, would you still choose it and risk freezing or losing your hard-earned money? Most likely not! So, always choose a crypto exchange with a good reputation in the crypto community.

Frequently Asked Questions

Yes. Since all digital currencies are as legal properties, they’re also subject to Capital Gains Tax (CGT) in Australia. So, it is important to keep an accounting of all your crypto transactions in order to declare your tax.

Yes. In 2017 the Australian government approved cryptocurrency trading, indicating its acceptance of the decentralised nature of digital currencies that often operate independently of government or other financial institutions.

In the end, all Australian cryptocurrency trading platforms that are based on blockchain are under an anti-money laundering (AML) along with the Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) Act 2006 and its associated regulatory frameworks.

For Australian crypto-investors who do not have plenty of time to master the techniques, Coinbase is the best alternative. Coinbase’s crypto exchange is different from other crypto exchanges thanks to its user-friendly trading interface and its options. Particularly, Coinbase offers a helpful tool that lets you easily purchase your desired cryptocurrency just by entering the right amount in AUD and then selecting the currency you want to use. It’s that simple.

If you’d rather begin using a local exchange, however, I’d recommend Coinspot. Coinspot exchange. In essence, Coinspot is Australia’s version of Coinbase but adapted to the smaller market of Australia. Similar to Coinbase it is an Aussie cryptocurrency exchange also provides services for crypto exchange that allow users make quick purchases of more than 400 other cryptocurrency which include Bitcoin as well as the local currency, AUD.

For those who have just begun to learn about the term, I’ll begin by giving an overview of the idea of trading on the day.

Day trading is a method which allows you to open and shut an exchange (or multiple trades) in the same day. The term refers to the reality that conventional marketplaces only available at specific times during the day. Therefore, day brokers aren’t required maintain any trading positions during these hours.

Contrary to traditional brokerages, the cryptocurrency markets are never closed as you may have guessed. The cryptocurrency market is open all hours of the day, every day of the year. Thus day trading in crypto is the act of establishing and exiting positions in the market for crypto within all hours of the day.

It is evident that this strategy is an extremely dynamic method of trading since the potential benefits must outweigh the significant risks involved in a very short amount of duration. Due to this, trading on the day is best reserved for experienced crypto investors and professional traders who offer crypto trading services.

This is why I consider Binance as the most reliable day trading platform since it has the widest variety of trading options and flexibility available in the marketplace.

ByBit is a platform that allows traders to trade crypto futures and derivatives that has gained popularity with Australian traders looking to experiment using perpetual swap options.

This Singapore-based company employs an approach to pricing that takes into account both the stated rate as well as the current rate at which an asset is traded in order to ensure that its clients are not prone to speculative tradingsince forever futures market are among that are among the most unstable markets in the business. This dual-price strategy makes sure that the current rate that is negotiated is closely dependent on the spot value of the asset, which reduces the chance of price discrepancies to an absolute minimum.

If you’re looking to get involved with futures trades in Australia I am of the opinion that ByBit is the best option due to the risk-reduction mechanism called auto-deleveraging (ADL). One reason is that ByBit makes use of ADL to shut down position in the event of financial hardship. Furthermore, the exchange is reliant upon an insurance plan that covers any loss in the event liquidation.

When it comes to the most modern and user-friendly mobile trading application to trade digital currency Binance has clearly taken the top position. The mobile app competes with other exchange applications in terms of features and capabilities. features, but it offers some of the lowest trade fees.

As an Australian citizen is a plus. iOS and Android-compatible application can provide quick and simple access to the most popular Binance platform, which has more than a thousand marketplaces and offers access to a vast range of fiat and cryptocurrency currencies including the possibility of staking and lending crypto and leveraged options for futures trading loans, and many more.

It is by far the most scrutinized and only Australian cryptocurrency exchange given the famous ISO 27001 accreditation, CoinSpot has a reputation as the most reliable as well as secure crypto exchange within Australia. It is also compliant with AML/KYC standards of the industry, keeps the majority the assets it holds in its offline storage facilities, as well as being overseen through ASIC as well as AUSTRAC.

The Binance exchange consistently has the most affordable transaction fees of those exchanges that deal in cryptocurrency. The commissions paid by this exchange to make a deal vary between 0.02 percent to 0.10 percent.

Additionally, customers who make transactions using the Binance utility token, BNB and are entitled to a discount of 25% on already competitive pricing for trading.

Home turf is back The costs for Digital Surge are some of the lowest from all Australian platform, which makes Digital Surge my top choice for the best value for your money. Digital Surge only charges 0.5 percent and allows you to buy or sell more than 250 cryptocurrency in a matter of minutes. This pricing model is highly advantageous for those who use a dollar-cost-averaging method.

Kraken is the most secure crypto-fortress because of its security measures, such as its many cold storage vaults distributed across the globe which are guarded 24 hours a day by guards who are armed and monitored by the most sophisticated technologies for surveillance.

This global marketplace offers a reward to anyone who spots any security flaws that a third-party could exploit. Additionally, I discovered how Kraken’s Global Settings Lock and Master Key could stop illegal changes to your account by preventing changes that are not authorized on your Kraken account, and also keeping sensitive data hidden that could be useful if you wish to stop the trading accounts and make investments into crypto for period of time.

For the Australian market the exchanges that operate within this jurisdiction are extremely secure due to the fact that they have to be registered and abide by the regulations and guidelines as well as the law governing cryptocurrency trading in the country.

Swyftx is the best-rounded trading platform specifically designed for traders from Australia as well as New Zealand. The Australian cryptocurrency exchange has made waves in the cryptocurrency space due to its ability to offer competitive spreads as well as low trading costs by leveraging its extensive marketplace of makers as well as banking partnership.

What is the largest cryptocurrency exchange?

Since its beginning, Binance has been the most frequently used exchange in the world, which makes it difficult to locate any crypto trader on earth who’s never thought about using this platform.

Based on a range of metrics analyzed by CoinMarketCap, such as the total volume of trades as well as the number of active traders per day and the number of currencies available as well as the variety of payment options, as well as the vast array of trading options, Binance stands out as the largest and most user-friendly exchange around the globe.