The Australian cryptocurrency exchange landscape is a bit of a Wild West. Anyone with an internet connection and a bank account can start trading digital assets, and there are dozens of exchanges to choose from. So, how do you know which one is right for you? In this article, we'll pit two of the most popular exchanges against each other: FTX and Coinbase. We'll take a look at their features, fees, and security to help you decide which one is best for your needs.

FTX is a newer exchange that has gained popularity due to its low fees and advanced features. It offers spot and derivative trading, as well as options and futures contracts. FTX also provides traders with access to a range of tools to help them make informed decisions, including a real-time order book, candlestick charting, and market depth data. One downside of FTX is that it doesn't offer as many coins as some of its competitors. However, it does allow users to trade a variety of altcoins.

Coinbase is one of the oldest and most well-known cryptocurrency exchanges. It has built a solid reputation over the years for being reliable and user-friendly. It might not have all the bells and whistles that FTX does, but it is a tried and true platform trusted by millions of users worldwide. 

So, which exchange should you choose? We've put together a comparison table of FTX vs Coinbase to help you make your decision.

Header

Coins

275+

160+

Trading Fee

0.02/0.07% (maker/taker)

4.49% (3.99% trading fee + 0.5% base fee)

Deposit Fee

Free

Doesn’t support fiat currency deposits in Australia

Withdraw Fee

Free

Doesn’t support fiat currency withdrawals in Australia

Payment Methods

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

Debit card, Credit card

Features

- Supports deposits, withdrawals, and trades

- 10 fiat currencies supported on FTX

- Wide range of 275 coins

- Lower trading fees

 - Advanced trading markets and features like stocks, and forex

Beginner-friendly interface

- Has insured digital assets from hacking or theft

- 160+ cryptocurrencies 

-Offers a crypto wallet where you can store your holdings safely

Disadvantages

- High USD withdrawals

- Doesn’t offer live chat customer support feature

- Doesn’t support AUD withdrawals and deposits

- High trading fees

Cell
Header

Coins

275+

160+

Trading Fee

0.02/0.07% (maker/taker)

4.49% (3.99% trading fee + 0.5% base fee)

Deposit Fee

Free

Doesn’t support fiat currency deposits in Australia

Withdraw Fee

Free

Doesn’t support fiat currency withdrawals in Australia

Payment Methods

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

Debit card, Credit card

Features

- Supports deposits, withdrawals, and trades

- 10 fiat currencies supported on FTX

- Wide range of 275 coins

- Lower trading fees

 - Advanced trading markets and features like stocks, and forex

Beginner-friendly interface

- Has insured digital assets from hacking or theft

- 160+ cryptocurrencies 

-Offers a crypto wallet where you can store your holdings safely

Cons

- High USD withdrawals

- Doesn’t offer live chat customer support feature

- Doesn’t support AUD withdrawals and deposits

- High trading fees

Cell

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FTX vs Coinbase in Australia: Features

FTX prides itself on providing a superior trading experience. This exchange offers an innovative suite of products, including Futures, Spot Markets, Leveraged Tokens, and OTC trading. FTX's mission is to build the next generation of crypto trading products. To achieve this goal, FTX has assembled a team of the best minds in traditional finance, cryptocurrency, and software engineering. 

Some of its most notable features include;

Advanced Markets and Innovative Products

FTX offers a wide range of advanced markets and innovative products, making it one of the most popular exchanges in the crypto space. In addition to traditional spot markets, FTX supports forex, stocks, futures markets, leveraged tokens, and volatility products. It also offers an NFT marketplace where users can buy, sell, or trade NFTs and collectables. These innovative features have made FTX one of the most popular exchanges in the crypto space, with a loyal user base that continues to grow.

FTT Token

Like other popular crypto exchange platforms, FTX also offers a native token called FTT. FTT holders can enjoy a range of benefits, such as discounts on trading fees. In addition to saving on fees, staking FTT tokens allows users to earn interest on their holdings. This provides an incentive for users to hold onto their tokens.

Staking

FTX supports staking on a range of assets, including SOL, SRM, and RAY. Staking allows users to earn interest on their cryptocurrency holdings.

Quick Swap

FTX Quick Swap is a revolutionary new feature that allows you to convert one cryptocurrency to another instantly. With Quick Swap, there is no need to first sell your bitcoins for cash and then use that cash to buy the altcoin you want. Quick Swap makes it possible to swap fractions of a coin, so you can get exactly the amount you need, and the entire process is completed in just a few seconds.

FTX Pay

In recent years, there has been a growing trend of businesses and individuals using cryptocurrency as a form of payment. Now, the popular crypto exchange FTX has launched a new feature that allows traders to get paid in crypto. The FTX Pay feature allows businesses to pay their employees in cryptocurrency. This is a big step forward for the adoption of cryptocurrency, as it makes it easier for people to receive payments in crypto.

Coinbase, on the other hand, has been around for much longer than FTX. Coinbase was founded in 2012 and is one of the most popular exchanges in the world. While it may not have a massive range of features as FTX, it remains the largest crypto exchange in the USA and is famous for its commitment to security and ease of use.

Some of its exceptional features include;

Coinbase Earn

Coinbase Earn is a program where users can earn cryptocurrency by watching short educational videos. The videos are designed to help users learn about how the Coinbase platform works and what it offers. Users are rewarded with a small amount of cryptocurrency in exchange for watching the videos. The amount of cryptocurrency earned varies depending on the video, but all earnings are deposited directly into the user's Coinbase account. To get started, users simply need to sign up for a Coinbase account and then complete a few simple tasks to start earning. 

Coinbase Crypto Wallet

As any cryptocurrency investor knows, security is paramount. Not only do you need to worry about the potential for hacking and theft, but you also need to be aware of the risks associated with exchanges. 

A Coinbase wallet is a secure off-exchange storage solution that offers both peace of mind and flexibility. You can store an unlimited amount of personal funds, and you can always have access to your coins. In addition, Coinbase wallets are compatible with all major exchanges, so you can always liquidity your coins if needed.

Coinbase Pro

If you're an advanced cryptocurrency trader, then Coinbase Pro is the exchange for you. Coinbase Pro is a separate exchange from the regular Coinbase platform, with different features and fees. On Coinbase Pro, you buy and sell from other users, and have access to advanced functions like limit orders and stop losses. Coinbase Pro also charges lower fees than the regular Coinbase platform, making it more attractive to high-volume traders.

Coinbase Visa Debit Card

The Coinbase Visa debit card is a new way to earn crypto rewards on everyday purchases. The card is linked to your Coinbase account and allows you to instantly convert your crypto into fiat currency, which can then be used to make purchases anywhere Visa debit cards are accepted.

One of the key benefits of the Coinbase card is that your crypto rewards have the potential to increase in value over time, giving you the opportunity to earn even more rewards as the market fluctuates.

Whether you're looking to simply earn some extra cashback on your everyday spending or you're interested in building up your long-term crypto portfolio, the Coinbase Visa debit card is a great option.

Features: 

 While both Coinbase and FTX offer a variety of features, there are some key differences that may sway your decision. Coinbase offers a more traditional exchange experience, allowing you to buy and trade cryptocurrencies as well as store them in a wallet on the site.  

In contrast, FTX is geared more towards experienced traders and offers features like leveraged tokens, futures, stock, margin trading and forex. FTX's commitment to innovation has helped it become one of the leading exchanges in the industry, serving traders from all over the world. With its advanced markets and wide range of products, FTX is well-positioned to meet the needs of the most sophisticated traders.

FTX vs Coinbase: Number of Cryptocurrencies

FTX offers 275+ cryptocurrencies.

Coinbase offers 160+ cryptocurrencies.

Crypto options: If you're looking for sheer variety, FTX is the clear winner when it comes to the number of cryptocurrencies offered. With over 275 coins available, it beats Coinbase's offering of 160.

However, it's worth noting that Coinbase is adding new coins on a regular basis, so their selection may eventually catch up to FTX.

FTX vs Coinbase Fees

FTX  has been making waves in the industry with its low fees and free deposits and withdrawals. The trading fees on FTX are 0.02% for makers and 0.07% for takers.

Unfortunately for Australian traders, Coinbase does not support deposits, crypto selling, and withdrawals in the country. You can, however, still buy crypto on the platform using your debit card at 3.99% plus a base fee of 0.5% making it a total of 4.49%.

Fees: FTX is the clear winner. Not only are the fees lower, but you can also deposit and withdraw your crypto without any charges. This makes FTX the better choice for Australian traders.

Deposit Methods

FTX supports a wide range of payment processors, including Silvergate Exchange, Network (SEN), Credit card, SEPA, Cryptocurrency, Wire Transfer, PayID, and Signature SIGNET. This means that you can deposit money into your account using whichever method is most convenient.

If you're looking to buy Bitcoin in Australia, you may have noticed that Coinbase only accepts payments made with a debit card. This can be quite inconvenient, especially if you don't have a debit card or if your bank doesn't support online payments. This is made worse by the unreasonably high fees that Coinbase charges for credit card deposits.

Deposit Methods: FTX is definitely the winner when it comes to deposit methods. Coinbase's lack of support for anything other than a debit card is a major downside. Plus, FTX deposits are free!

FTX vs Coinbase: Security

In an effort to ensure the safety and security of its customers' funds, FTX recently partnered with Chainalysis to investigate questionable cryptocurrency transactions and receive alerts in real-time. The Chainalysis Know Your Transaction (KYT) product is a compliance solution that uses cutting-edge technology to detect and report suspicious activity.

By partnering with Chainalysis, FTX will be able to more effectively identify and prevent fraud and other illegal activity. In addition to its partnership with Chainalysis, FTX also has a Backstop Liquidity Fund that holds approximately $200mm USD. This fund is used to stabilise the markets and protect against sudden changes in price.

They have also implemented a number of measures to keep your account safe, including requiring strong passwords and 2FA for withdrawals. They also have a withdrawal lock after 2FA is removed or the password is changed, and they track and notify users of any suspicious activity.

In addition, they whitelist IPs to make sure only authorised users can access your account. These measures make it much harder for hackers to get into your account, and they give you peace of mind knowing that your account is well-protected.

When it comes to security, Coinbase takes no chances. They understand that when it comes to dealing with digital currency, there are unique challenges that need to be addressed. That's why they have implemented some of the most comprehensive security measures in the industry.

First, they store 98% of their cryptocurrency offline in cold storage. This ensures that even if there was a breach of their online wallets, the vast majority of their assets would be safe. In addition, they have an extensive insurance policy that covers any assets held online. Even beyond that, they have multi-factor authentication in place to further protect user accounts and ensure that all data is encrypted.

And for those who want even more security, they offer extra tools like Coinbase Vault and Address Book.

With its headquarters in the USA, Coinbase is also one of the most regulated exchanges in operation today. They are a licensed US Money Transmitter, and their platform complies with all KYC/AML laws. In addition, they have been approved by the New York Stock Exchange, so you can be sure that your money is in good hands.

Security: Regarding security, both FTX and Coinbase are excellent choices. However, Coinbase takes a slightly more comprehensive approach to security. For example, Coinbase stores the vast majority of all customer funds offline in cold storage. This helps to protect customer funds in the event of a hack or other security breach. In addition, Coinbase is regulated by US financial authorities. This adds an additional layer of protection for customers, as Coinbase is subject to strict financial rules and regulations. As a result, Coinbase is the more secure choice for anyone looking to invest in cryptocurrencies.

FTX Pros & Cons

Pros
  • Supports deposits, withdrawals, and trades
  • 10 Fiat currencies supported on FTX
  • Numerous payment processors
  • Wide range of cryptocurrencies - 275+
  • Lower trading fees
  • Advanced trading markets and features like stocks and forex
Cons
  • High USD withdrawals
  • Doesn’t offer live chat customer support feature

Coinbase Pros & Cons

Pros
  • Beginner-friendly interface
  • 160+ cryptocurrencies
  • Has insured digital assets from hacking or theft
  • Offers a crypto wallet where you can store your holdings safely
Cons
  • Doesn’t support AUD withdrawals and deposits
  • High trading fees
  • Traders in Australia cannot sell their crypto

Conclusion

Deciding which cryptocurrency exchange is right for you can be a difficult task. There are a lot of factors to consider, from fees and deposit options to security and user experience. Having looked at the two: FTX and Coinbase, it is obvious that the go-to exchange for Aussies is FTX.

While Coinbase is a great option for those looking for security and peace of mind, FTX offers a much better user experience. Australian traders cannot deposit fiat currency, sell or withdraw their crypto on Coinbase, which severely limits its utility. In contrast, FTX offers all of these features and more.

And while Coinbase only supports trading in 160 different cryptocurrencies, FTX has 275 coins available for trade. In addition, FTX offers a number of features that Coinbase does not, including short selling, options trading, and leveraged trading.

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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