This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
On 22 November 2023, Binance was charged by the US Deparment of Justice for criminal activities. Binance agreed to pay a $4.3 fine to resolve the case, which also requires that CEO Changpeng Zhao step down from managing the company. Zhao may also face jail time. Binance will continue to operate, but US regulators will monitor the company internally and have access to their records for five years.
Given the big changes happening at Binance, you might be feeling motivated to move your funds off Binance and on to another exchange or into a crypto wallet. Earlier this year Binance disabled AUD bank transfers, which is another reason you might be looking for an alternative.
If you're looking for a convenient alternative to Binance that offers AUD purchases via bank transfer and PayID for a wide range of cryptocurrencies, check out our list below.
Get $20 in BTC when you verify your account. T&Cs apply.
Swyftx is an Australia-based crypto exchange that features more than 310 assets, compared to over 350 on Binance.
In Finder's 2023 customer satisfaction awards it was the most recommended brand, with 90% of users saying they would recommend the platform, compared to 81% for Binance.
Anyone looking to move their assets over to Swyftx from Binance or another exchange will be pleased to learn about Swyftx's new Portfolio Transfer tool.
It allows users to easily migrate any eligible assets over to Swyftx using API Keys. Transfers from Binance are free, while other exchanges are eligible for a fee refund.
Swyftx has an easy-to-navigate and beginner-friendly UI and features an education hub where you can take crypto courses to learn new skills and test your knowledge with quizzes. Once you've signed up and completed the KYC verification process, you're ready to start trading.
Pros
Simplified dashboard – quickly view your assets and their performance
310+ cryptos available to buy, sell and trade
Demo account available – test set-ups and strategies on the go
Thousands of 5-star reviews on Trustpilot
Australia-based customer support
Cons
Limited range of order types
Beginner-oriented UX
No USD-denominated markets
No earning or staking features
Deposit Methods
Bank transfer,Credit card,Cryptocurrency,Debit card,Osko,PayID
Deposit Fees
Bank transfer: $0 Card: Fees vary PayID: $0 Cryptocurrency: $0
Get $20 in BTC when you make a deposit. T&Cs apply.
CoinSpot is one of Australia's longest-running exchanges and has over 2.5 million registered users.
It has over 350 cryptocurrencies available, which is roughly the same as Binance.
One of the stand-out features of CoinSpot is its fast and straightforward purchasing process, which earned CoinSpot a Finder Award for Instant Purchases. The platform supports various payment options for AUD, including bank transfer, PayID, POLi payments and BPAY, making it easy for investors to purchase cryptocurrencies quickly and efficiently.
In addition to speedy purchases, CoinSpot offers great value fees at just 0.1% for market orders which is similar to Binance's spot market fees. However, limit orders, instant buys, sells and swaps incur a 1% charge.
Pros
Easy to navigate UI, with prices displayed in AUD
AUD payment methods include POLi, PayID, BPAY and cash deposits
Buy crypto bundles – a group of projects in a specific niche
Inbuilt NFT marketplace
Holds ISO 27001 security certificate and completed a successful External Statutory Financial Audit
Cons
Lacks advanced trading features like Binance
Crypto borrowing and lending aren't available
Instant swap and limit order fees of 1% can be costly for large orders
No USD-denominated markets
Deposit Methods
Bank transfer,BPAY,Cash,Credit card,Cryptocurrency,Debit card,PayID
Finder exclusive: Get up to $200 BTC when you complete certain steps on sign up. T&Cs apply.
Coinstash offers a more extensive range of cryptos than any other Australia-based exchange. With over 1,000 coins and tokens available to trade, it offers vastly more assets than Binance.
Cryptos are available for purchase via the platform's DeFi Connector, which allows traders to buy and sell popular high-cap cryptos and lesser-known altcoins. Once you've confirmed a purchase order, your Australian dollars are instantly converted and the cryptos are deposited into your Coinstash wallet.
Coinstash is integrated with 6 blockchains including Ethereum, BNB Chain, Avalanche and Polygon. All transactions are verifiable on-chain and secured by Fireblocks.
Pros
1,000+ cryptos available
DeFi Connector – purchase on-chain cryptos with AUD
Advanced order types and charting tools
Offers thematic bundles of cryptos for simplified investing
Launched in 2012, Coinbase is one of the longest-running and most reputable global crypto exchanges. It has over 110 million verified users and over 200 coins and tokens listed, including most major trading pairs.
It has long been a major competitor to Binance although it offers less coins and features overall. Notable features include its advanced spot market, earning and staking options, NFT marketplace and the Coinbase wallet.
Coinbase has deep liquidity and is frequently listed in the top 5 exchanges by trade volume.
Coinbase also has 24/7 customer support and a robust security system, protecting users' funds and personal information.
Pros
Simple sign-up process
Beginner or advanced trading options
Incentivised learn-to-earn feature
Includes trade, earn and NFT platforms
Hundreds of markets and several trading pairs, including USDC, BTC and ETH
Cons
Less cryptocurrencies than Binance
Borrowing and lending are not available in Australia
Deposit Methods
Bank transfer,Credit card,Cryptocurrency,Debit card,PayID
Deposit Fees
AUD: None using bank transfer or PayID Cryptocurrency: None
With over 185 trading pairs, Kraken is widely regarded as one of the best exchanges for professional trading. The platform features a full-featured trading interface, an NFT marketplace and an education hub.
Kraken regularly exceeds a daily trading volume of US$500 million and is renowned for its deep liquidity across high market cap trading pairs. Traders utilising Kraken Pro can take advantage of various order types such as stop-loss, market and limit orders with inbuilt TradingView charts.
As far as advanced trading goes, Kraken is on par with Binance although it offers only half as many cryptocurrencies.
Trading fees work on a volume system, meaning users trading in high volumes are rewarded with fee discounts, which go as low as zero for maker orders and 0.1% for taker orders.
Pros
Advanced order types
Customisable charting features
Wide range of fiat currencies and forex trading
Founded in 2011, one of the longest-running crypto exchanges
Over 185 USD trading pairs
Cons
Fewer assets than Binance
Fined $30 million by the SEC in February 2023
No NFT marketplace
Deposit Methods
Bank transfer,Credit card,Cryptocurrency,Debit card,Osko,PayID,Apple Pay,Google Pay,SWIFT
Deposit Fees
Bank transfer, PayID or OSKO: Free Cryptocurrency: Fees vary Credit and debit card: Fees vary Apple Pay or Google Pay: Fees vary
Australia has several well-known cryptocurrency exchanges that allow purchases of a wide range of cryptocurrencies with Australian dollars, including CoinSpot, Swyftx and Coinstash.
These exchanges are relatively straightforward to use and aimed at beginners. Mind you, they don't offer quite as many of the advanced trading features or markets that Binance is known for offering, and earning opportunities may be limited or unavailable.
Pros:
Local exchanges headquartered in Australia
Allow users to buy directly in AUD
Low and no fee deposits and withdrawals
User-friendly interfaces
Wide selection of cryptocurrencies
Registered with AUSTRAC and compliant with AML/CTF laws
Cons
Lacks advanced trading features
Rates may vary, so it's important to check before you trade to see how much you're paying
Other alternatives to Binance Australia
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Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
James Edwards was the cryptocurrency editor at Finder. He led the editorial strategy and reported on the latest industry news to further Finder's mission of helping people make better financial decisions.
A relatively early adopter, James has been using Bitcoin since 2013 and began working in the industry in 2017. He takes pride in his ability to boil down complex topics into language his parents can understand.
His expertise has seen him called on to report at events such as TechCrunch Disrupt, CoinDesk Consensus and IBM Think, and he has coordinated a vast number of high-profile interviews with the industry's brightest minds.
He is a regular contributor to Nasdaq and is frequently called upon for market commentary in Australia and abroad.
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