Quick Answer:
Swyftx is a top recommendation as an FTX alternative, being an AUSTRAC-registered Australian exchange with a Trustpilot score of 4.8/5. They offer competitive fees, a demo mode, recurring orders, full tax reporting, and a $20 BTC bonus for new traders.
After the collapse of FTX, due to bankruptcy and alleged misuse of customer funds, traders are seeking reliable alternatives. Swyftx stands out for its ease of use, wide range of cryptocurrencies, and acceptance of common Australian payment methods.
Other alternatives include CoinSpot, known for its user-friendly interface and security; Binance, with its low fees and extensive trading options; and eToro, which offers social trading features ideal for beginners. Each platform has its unique benefits and features tailored to different user needs.
FTX’s fall was largely due to its association with Alameda Research and the subsequent liquidity crisis. Users are unlikely to recover their funds after the hack and bankruptcy filing, highlighting the importance of choosing a secure and reputable exchange.
Quick Summary: If you’re looking for a solid FTX alternative, we highly recommend Swyftx. They’re an AUSTRAC-registered Australian exchange with fantastic live chat and phone support and a great app!
They have a Trustpilot score of 4.8/5, and with good reason! Aside from competitive fees and tight spread, they have some great features for Aussies, like a demo mode, recurring orders, and full tax reporting.
They also offer $20 worth of BTC to new traders, which is a nice bonus.
Let’s get into the details.
The FTX Exchange has recently dominated news platforms, and definitely not for some good news. As of Nov 12th, FTX, FTX US and Alameda Research have filed for bankruptcy. This announcement comes after traders and investors withdrew their funds from the exchange, and their native token, FTT, drastically dropped in price.
Founded in 2019, FTX was one of the most trusted global exchanges in the crypto market (it was the second biggest), offering more than 250+ coins, a ton of trading features, and one of the lowest fees in the business.
The fall of FTX is a huge blow to investors and traders alike. Investors are left with nothing as the story keeps unfolding. We’ve quickly written up this article to help people looking for an FTX alternative.
FTX Alternatives in Australia
Here are five alternatives (in random order) to FTX to look into if you’re looking for an alternative to FTX.
Swyftx
- Website: swyftx.com
- Currency: AUD, NZD
- Fees: 0.4% – 0.6%
- Available Cryptocurrencies: 320+
- Review: Swyftx Review
Despite hundreds of new exchanges appearing on the crypto markets here in Australia, we think Swyftx is still the best Australian crypto trading platform available today. The reason is pretty simple — no other crypto trading platform offers an easier way to trade between cryptocurrencies than Swyftx.
With Swyftx, you don’t ever have to wonder if you can convert fiat currency into cryptocurrency, because the company accepts all commonly used payment methods in Australia — PayID (which is similar to Apple Pay), POLi (a prepaid card issued by banks), bank transfer, credit/debit card payments, etc.
More importantly, you can use Swyftx to buy and sell cryptocurrencies with ease. Its user-friendly design makes it easy for anyone to get started. You could also see some advanced features when browsing through the trading platforms, including in-depth charting tools, which are quite similar to what TradingView offers, as well as complex orders and automatic recurring deposits.
One more thing about Swyftx is their upfront fees. They don’t have any hidden fees, and they offer a flat rate of 0.6% per trade. For deposits and withdrawals below $200, there are no transaction fees at all. It is registered with AUSTRAC, and the KYC/AML processes are up to date. The best part? The verification part of this takes less than 5 minutes.
Swyftx vs. FTX Quick Comparison Table
| Features | Swyftx | FTX |
|---|---|---|
| Cryptocurrencies | 320+ | 275+ |
| Trading Fees | 0.6% | 0.02%-0.07% |
| Deposit Fee | Free | Free |
| Withdraw Fee | Free | Network Fees |
| Payment Methods | PayID, Bank transfer, POLi, Credit/Debit card, OSKO | PayID, bank transfers, credit/debit cards, and wire transfers |
Coinspot
- Website: coinspot.com.au
- Currency: AUD
- Fees: 0.1% – 1%
- Available Cryptocurrencies: 370+
- Review: CoinSpot Review
CoinSpot is an experienced player in the Australian cryptocurrency market, offering reliable brokerage and exchange solutions for years. Its user interface is easy to navigate, and its features are well thought out.
Similarly to Swyftx, the platform supports various payment methods adjusted to the user’s local requirements and multiple digital currency types, ranging from well-established choices like Bitcoin to less popular alternatives.
As an established Australian cryptocurrency exchange, CoinSpot is one of the safest platforms available. It’s the first Australian cryptocurrency exchange to achieve ISO 27001 (the international standard for securing sensitive data) compliance.
Before moving forward with any transaction on CoinSpot, you’ll first be required to provide proof of identification and residency. This includes uploading a photo of a valid driver’s license or passport and a copy of a recent utility bill showing your address. Even though CoinSpot offers excellent customer services and protects users from fraudulent activities, its slightly high trading fee is a major drawback.
CoinSpot vs. FTX Quick Comparison Table
| Features | CoinSpot | FTX |
|---|---|---|
| Cryptocurrencies | 360+ | 275+ |
| Trading Fees | Market: 0.1%, Instant buy: 1% | 0.02%-0.07% |
| Deposit Fee | BPAY: 0.9%, Cash: 2.5% | Bank transfer, POLi, PayID, OSKO: Free | Free |
| Withdraw Fee | Free | Network Fees |
| Payment Methods | PayID, Cash Deposit, Bank transfer, OSKO, BPAY, POLi | PayID, bank transfers, credit/debit cards, and wire transfers |
Binance
- 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
Next up in our list of best international crypto exchange platforms is Binance. Although we’d always suggest using Coinbase first, you should know that if you’re looking for an exchange that has a global presence, then Binance is the one to go for.
The platform offers a wide range of options for traders, including a massive pit with over 400 different pairs, margin trades, and derivative trades, as well as a separate peer-to-peer (P2P) market. These options are well organized under separate tabs or even separate sections to ensure easy access for all types of traders.
Personally, the most enticing feature of Binance is its super-affordable fee structure. Fees for trading start at just 0.1%, and there’s another bonus if you choose to trade using BNB tokens instead of fiat currency.
Binance vs. FTX Quick Comparison Table
| Features | Binance | FTX |
|---|---|---|
| Cryptocurrencies | 600+ | 275+ |
| Trading Fees | 0.1% | 0.02%-0.07% |
| Deposit Fee | Free | Free |
| Withdraw Fee | Free | Network Fees |
| Payment Methods | PayID/OSKO | PayID, bank transfers, credit/debit cards, and wire transfers |
eToro
- Website: etoro.com
- eToro AUS Capital Limited AFSL 491139. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
- Currency: USD
- Available Cryptocurrencies: Major cryptocurrencies and popular altcoins only
- Review: eToro Review
eToro is an online broker that allows Australian residents to trade cryptocurrencies and stocks from one single platform.
One of the main factors that set eToro apart from its competitors is the fact that they offer a social media platform where users can interact with each other and trade successfully. This aspect makes eToro an ideal place for newbies to start out.
eToro boasts a user-friendly and simple interface that is suited for both beginners and experienced traders. It also has a mobile app that helps its customers keep up with their trading activities at any time and at any place.
Compared to traditional financial brokers, eToro offers a smaller range of supported cryptos, but its main advantage is that it doesn’t just offer trading services but also allows you to buy and sell cryptos directly.
Etoro has become popular worldwide due to its unique features, including safe, secure, and reliable brokerage services, deposit methods such as POLi, credit cards, PayPal, or direct banking transfers, social networking platforms, decent numbers of cryptocurrencies, demo accounts, easy-to-use interfaces, and so much more!
eToro vs. FTX Quick Comparison Table
| Features | eToro | FTX |
|---|---|---|
| Cryptocurrencies | 70+ | 275+ |
| Trading Fees | Vary (overnight and weekend fees apply) | 0.02%-0.07% |
| Deposit Fee | Vary (conversion fees for non-USD deposits) ($50 minimum deposit) | Free |
| Withdraw Fee | $5 (minimum withdrawal of $50) | Network Fees |
| Payment Methods | Skrill, Online Banking, PayPal, Neteller, Debit Card, Bank Transfer | PayID, bank transfers, credit/debit cards, and wire transfers |
Why FTX Collapsed
The downfall of FTX centers in large measure on its close association with Alameda Research, which is also co-owned by Bankman-Fied.
As reported by CoinDesk, major concerns were raised last month after Alameda Research filed for bankruptcy protection following its acquisition by FTX. Some investors are worried that because FTX tokens are relatively illiquid, the company may not be able to cover losses if they occur.
If other crypto assets go underwater, the exchanges might be unable to pay back investors.
According to CZ, the CEO of rival cryptocurrency exchange Binance, he plans to sell his company’s $2.2b million of FTT tokens.
A major cryptocurrency exchange failure caused investors to dump their holdings at once, causing an enormous drop in the price of the entire market.
Due to a lack of funding, FTX has stopped its customer withdrawals. It has since come out that FTX was involved in some potentially illegal practices with their sister company Alameda Research and using user funds for investments. So when people withdrew $6b in one day this cause massive issues for FTX and ultimately their collapse.
Since then, the remaining funds on FTX and FTX.US have been hacked, roughly $600m. The remaining “locked” liquidity for FTT has also disappeared, roughly $180m.
On Nov 12th FTX officially filed for bankruptcy. The future is unclear but it is very unlikely at this stage that users will get their funds back.
A Few Words Before You Go…
Even if FTX successfully gets out of this crisis, the platform will definitely not come back without a bad reputation. Either way, there is no saying what the future holds for FTX, but for now, you might want to consider these alternatives to FTX.
About The Author
James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.
His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.
Check James out on: