Australia, like the rest of the world, has been caught up in the crypto madness, and there's no doubt that it is one of the world's biggest crypto markets. In the last few years, we have seen a number of exchanges enter the Australian market.

However, there are still relatively few options when compared to other countries. This is due in part to regulations that make it difficult for exchanges to operate in Australia. Nevertheless, there are a few exchanges that have managed to set up shop Down Under.

In this post, we will compare two of the most popular exchanges serving the Australian market: FTX and Binance Australia. We'll look at things like fees, supported coins, ease of use, and more. So without further ado, let's get started!

Header

Coins

275+

600+

Trading Fee

0.02/0.07% (maker/taker)

0.1%

Deposit Fee

Free

Free

Withdraw Fee

Free

Free

Deposit Methods

Cryptcurrency, PayID, SEPA, Credit card, Signature SIGNET, Wire Transfer and Silvergate Exchange Network (SEN)

OSKO, PayID, and Cryptocurrency

Features

- Free AUD deposits and withdrawals

- Support 275+ cryptocurrencies

- Advanced features for experienced users

- Supports staking on a few coins and on the FTT native coin

- Advanced features like an NFT marketplace, leveraged tokens, forex, margin trading, volatility, and futures

- FTX pay feature that allows customers to receive payment in crypto

- Free AUD deposits and withdrawals

- Staking on 70 coins

- Offers 600+ cryptocurrencies

- Low trading fees- a 25% discount is applied when you use their native coin BNB

- Advanced features like NFT marketplace, margin trading and futures

Disadvantages

- High USD withdrawal fees

- No live chat 

- Higher trading fees than FTX

- No customer support available

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Coins

275+

600+

Trading Fee

0.02/0.07% (maker/taker)

0.1%

Deposit Fee

Free

Free

Withdraw Fee

Free

Free

Deposit Methods

Cryptcurrency, PayID, SEPA, Credit card, Signature SIGNET, Wire Transfer and Silvergate Exchange Network (SEN)

OSKO, PayID, and Cryptocurrency

Features

- Free AUD deposits and withdrawals

- Support 275+ cryptocurrencies

- Advanced features for experienced users

- Supports staking on a few coins and on the FTT native coin

- Advanced features like an NFT marketplace, leveraged tokens, forex, margin trading, volatility, and futures

- FTX pay feature that allows customers to receive payment in crypto

- Free AUD deposits and withdrawals

- Staking on 70 coins

- Offers 600+ cryptocurrencies

- Low trading fees- a 25% discount is applied when you use their native coin BNB

- Advanced features like NFT marketplace, margin trading and futures

Cons

- High USD withdrawal fees

- No live chat 

- Higher trading fees than FTX

- No customer support available

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FTX vs Binance Australia: Features

Looking to get started in the exciting world of cryptocurrency trading? Then you'll want to check out FTX Crypto Exchange. Based in the Bahamas and operational in Australia, FTX offers a comprehensive range of features that make it an excellent choice for both beginners and experienced traders alike.

Over 275 different cryptocurrencies are supported, making it easy to find the right coins for your portfolio. And if you're looking to earn some extra income, staking is available on a number of different coins. Hold and stake FTX's token (FTT), and you'll be able to earn interest on your holdings.

Advanced markets are also available, including futures, stocks, leveraged tokens, volatility, and forex. Plus, there's even an NFT marketplace where you can buy and sell collectable items.

When it comes to convenience, FTX has you covered there too. Quickly and easily swap one coin or currency to another with just a few clicks. And for added convenience, there's a mobile app for iOS and Android devices. With FTX Pay, you can get paid in fiat or crypto - whichever you prefer.

Binance recently launched operations in Australia as Binance Australia. Based in the Cayman Islands, Binance Australia is a relatively new entrant to the cryptocurrency exchange space (seeing that it was launched in 2020, and its sister company - Binance, in 2017) but has quickly become one of the most popular exchanges due to its impressive array of features and coins offered.

This exchange provides a wide range of features that make it an excellent choice for experienced and new traders. For starters, Binance is the largest exchange by trading volume. This means there is always plenty of liquidity, making it easy to buy and sell even large amounts of cryptocurrency. In addition, Binance offers over 600 different coins, giving you a considerable range when choosing what to trade. 

On top of this, Binance also offers advanced features like margin trading, futures trading, and a P2P marketplace. And if you're looking to borrow or lend crypto, Binance has you covered there too. Plus, with the Binance Visa card, you can easily spend your crypto earnings in fiat currency. And finally, if you're looking to earn some extra interest on your crypto holdings, Binance offers staking on over 70 different cryptocurrencies. 

For those looking for a discount on their trades, Binance also offers the BNB coin, which gives users a 25% discount. Overall, Binance is an impressive cryptocurrency exchange with a lot to offer Australian traders.

Features: It's a tie! Regarding features, both FTX and Binance are exceptional cryptocurrency exchanges with a lot to offer Australian traders. They both have advanced marketplaces with plenty of options for trading, staking and earning interest on your crypto holdings. However, where FTX shines is in its derivatives market. If you're looking to trade cryptocurrency futures or other derivatives, FTX is your exchange.

FTX vs Binance Australia: Number of Cryptocurrencies

When choosing a cryptocurrency exchange, one of the most important factors to consider is the number of coins available for trading. On this front, FTX and Binance Australia both offer a wide selection of cryptocurrencies. FTX currently lists 275 coins, while Binance Australia supports over 600 cryptocurrencies.

Coins: For investors looking for a wide variety of crypto coins, Binance Australia is the better choice offering 600+ coins. It's, however, important to note that FTX also has a decent variety of 275+ coins which is still a lot more than what most exchanges offer. Plus, FTX doesn't only offer spot trading but also derivatives such as futures, forex, leveraged tokens, and stocks.

FTX vs Binance Australia: Fees

FTX offers free AUD deposits and withdrawals and competitive trading fees ranging from 0.02% for makers to 0.07% for takers. USD withdrawals are, however, subjected to a hefty $75 fee, while withdrawals in the Brazilian Real are subjected to a 0.3% of the amount+ R$10 fee.

Like FTX, Binance Australia also offers free AUD withdrawals and deposits. The difference comes in the trading fee, which stands at 0.1%. Remember, you can receive a discount on the trading fees when you use the BNB native coin.

FeesIt's a tie! If you're looking for a cryptocurrency exchange with low fees, FTX and Binance Australia are both worth considering. FTX offers free AUD deposits and withdrawals, and its trading fees start at just 0.02%. Binance Australia also offers free AUD deposits and withdrawals, but its trading fee is slightly higher at 0.1%. However, you can get a discount on the trading fees if you use the BNB, which brings it down to 0.08%.

Deposit Methods

FTX supports Silvergate Exchange Network (SEN), Cryptocurrency, PayID, SEPA, Wire Transfer, Signature SIGNET, and Credit card deposits.

Binance Australia supports OSKO, PayID, and Cryptocurrency deposits.

Deposit Methods: FTX comes on top as the most versatile in depositing methods. It offers seven deposit methods compared to Binance Australia’s three.

FTX vs Binance Security

As cryptocurrency becomes more popular, exchanges like FTX are working to create a safe and compliant environment for traders. One of the ways they are doing this is by partnering with Chainalysis, a company that provides real-time anti-money laundering compliance solutions. This partnership allows FTX to monitor suspicious cryptocurrency transactions and take action if necessary.

In addition to this, FTX has a Backstop Liquidity Fund that holds approximately $200mm USD. This fund is used to stabilise the markets and ensure that there is enough liquidity for all trades.

Other security measures taken by FTX include requiring password strength and 2FA for withdrawals, whitelisting IPs, and tracking and notifying users of any suspicious activity.

It's critical that Binance's security measures are up to scratch, given its status as the world's largest cryptocurrency exchange.  In 2019, Binance was the victim of a high-profile hack that saw $40 million worth of Bitcoin stolen. Since then, Binance has beefed up its security measures to prevent such an attack from happening again. To further protect users from hacks, Binance has also built a $1 billion insurance fund. Data is also encrypted and spread out across multiple servers in different locations.

In addition, Binance has a real-time monitoring system that can quickly identify and respond to any suspicious activity. The exchange also has a number of security features such as API access control, address whitelisting, and device management. Finally, all data on Binance is encrypted, making it difficult for anyone to access it without the proper permissions. 

Binance is committed to complying with all relevant compliance initiatives, such as KYC, AML, and the Law Enforcement Request System. It also has a Responsible Trading Program which helps users stay within their risk limits. These measures help to ensure that Binance is a safe and secure platform for its users.

Security: Both exchanges are committed to ensuring the safety of their customer's funds and data. FTX's Backstop Liquidity Fund however gives it an edge in this area. The fund is designed to cover the cost of liquidating a user's position in the event that the market price of an asset falls below a certain level. This protects users from being left with worthless tokens and also helps to ensure that the exchange has the necessary funds to pay out its customers in a timely manner.

FTX Pros & Cons

Pros
  • Free AUD deposits and withdrawals.
  • Supports 275+ cryptocurrencies.
  • Supports staking on a few coins and on the FTT native coin
  • Advanced features like an NFT marketplace, leveraged tokens,forex, margin trading, volatility and futures
  • FTX pay feature that allows customers to receive payment in crypto
Cons
  • High USD withdrawal fees
  • No live chat

Binance Australia Pros & Cons

Pros
  • Free AUD deposits and withdrawals
  • Staking on 70 coins
  • Offers 600+ cryptocurrencies
  • Low trading fees - a 25% discount is applied when you use their native coin BNB
  • Advanced features like an NFT marketplace, margin trading and futures
Cons
  • Higher trading fees than FTX
  • No customer support available

Conclusion

FTX and Binance are two of the most popular cryptocurrency exchanges in Australia. They both offer free AUD deposits and withdrawals, support a large number of cryptocurrencies, and have advanced features like margin trading and futures.

However, there are some key differences between the two exchanges. FTX supports staking on only a few coins and on the FTT native coin, while Binance supports staking on 70 coins. In addition, FTX offers leveraged tokens, forex, and a $200 million liquidity fund, while Binance (read review) offers a $1 billion insurance fund. As a result, each exchange has its own unique strengths and weaknesses. 

So, which exchange is better? FTX or Binance? Based on the features listed above, it really depends on what you're looking for in an exchange. If you're interested in advanced features like leveraged tokens and forex trading, then FTX is the better choice. 

However, if you're looking for a more traditional exchange experience with a large selection of supported coins, then Binance is the way to go.

Ultimately, the decision comes down to personal preference. Whichever exchange you choose, you can be sure that you're getting a quality platform with plenty of features to keep you engaged.

About the author 

Luke Campbell

Luke is an early adopter of cryptocurrency, and was buying and using Bitcoin back in 2011. He has seen the landscape of cryptocurrency change over the years, and firmly believes we are still in the early stages of mainstream crypto adoption. Luke is fascinated about the potential of the metaverse, and invests in virtual real estate.

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