Those in the crypto space have undoubtedly come across exchanges such as Swyftx and Binance. While Swyftx is more suitable for the Australian and New Zealand markets, Binance is a popular platform with a high trading volume. Which option is better for Australians: Swyftx or Binance?
If you want the answer immediately: our recommendation is Binance, thanks to its lower trading fee, multiple payment methods, reliable support team and high-security standards.
Swyftx vs. Binance Comparison Table
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| Supported coins | 300+ | 600+ |
| Fiat Currencies | AUD | USD, GBP, EUR, CAD, AUD, HKD, JPY & 35 more |
| Trading Fee | 0.6% | 0.1% |
| Withdraw Fee | Free | Free |
| Deposit Fee | Free | Free |
| Withdraw Fee | Free | Free |
| Payment Methods | Bank transfer, POLi, Credit/Debit card, OSKO, PayID | PayID/OSKO |
| Features | – Over 320 supported cryptocurrencies – Demo mode for trading practice – Multiple payment methods, including debit/credit cards | – Earn staking rewards on 70+ coins – Advanced trading tools and features – Binance crypto card for crypto payments |
Overview of Binance
Binance is a global cryptocurrency exchange platform, with its Australian version complying with the country’s regulations. Created in 2017 and featuring a vast selection of cryptocurrencies, Binance is popular among professional traders and investors. Binance started its operations in Australia in July 2020, and it took a few months to gain recognition here. On January 11, 2021, it achieved a trading volume of over $130 million in AUD trading pairs.
Binance’s Notable Features
- TradingView-powered Charts: Users can access multiple drawing tools and a lot of powerful indicators to facilitate their technical analysis.
- Margin Trading: Users can speculate on digital currencies by enabling the Binance futures trading feature and trade more positions via borrowed funds.
- Two Trading Platforms: Binance has Basic and advanced trading features tailored for investors of all trading levels.
- Other excellent features: A launchpad for users to access new tokens; A staking feature with competitive staking rewards; Binance visa card for users to make crypto payments easily.
Binance Pros & Cons
Pros
Highly regarded and reputable brand within the business
Advanced trading features for day traders and individual investors.
Exceptional trading volume and liquidity, perfect for day traders and altcoin traders
Highly-rated mobile app for position entry and portfolio visualisation
Security measures of the highest calibre to protect stored assets
Cons
There are few deposit options for Australian Dollars.
It is hard to collect the transaction history and tax returns.
Overview of Swyftx
Although this platform is relatively new in the sector, its user base has expanded significantly since its 2019 debut. Swyftx has over 500,000 users and a vast selection of cryptocurrencies for investors to trade. The exchange targets the Australian market to boost digital assets’ liquidity and provide services compatible with the country’s strict rules and tax system.
Top Features of Swyftx
- Tax reporting: Swyftx simplifies the tax reporting process by delivering downloadable tax reports that are based on the Australian Dollar (AUD) and can be tailored to suit any trading period.
- Advanced Trading: The feature-rich Swyftx platform facilitates advanced trading. You can see technical indicators on an intuitive charting interface and arrange automated bitcoin transactions.
- Crypto-based SMSF: To establish a cryptocurrency-based SMSF, you just need to give a copy of the trust deed, the trust’s registered name, its ABN, its address, and beneficiary information. This fund can involve a substantial amount of paperwork but comes with perks such as lower tax rates.
- Portfolio Tracking: Swyftx allows you to examine your portfolio’s real-time loss and profit, thus optimising and increase the profitability of your trades.
Swyftx Pros & Cons
Pros
AUSTRAC-licensed and compliant crypto exchange
Multiple AUD deposit methods with no service costs
More than 28 local customer support teams
Cons
Swyftx only supports fiat currency deposits and withdrawals for AUD.
No order book of its own and draws liquidity from other exchanges (e.g., Binance)
A premium is added to the fees charged by liquidity providers.
The trading platform is poorly-designed, making it hard for new investors to find the information.
Swyftx vs. Binance: Head-to-head Comparison
Supported Cryptocurrencies
Both exchanges support a wide range of cryptocurrencies and continually update the list.
Swyftx has an extensive range of over 300+, while Binance supports over 600+. This Australia-based exchange permits trading the popular cryptocurrencies for Bitcoin, Tether, and so on.
In addition to several digital currencies, Binance offers over 50 fiat currencies and up to 1,000 trading pairs, which is quite competitive compared to other exchages.
Winner: Binance
Binance is clearly the winner as it supports a broader range of cryptocurrencies, suitable for investors who want to invest multiple coins to diversify their portfolios.
Swyftx vs. Binance Fees
Swyftx charges no fee for any AUD deposit and withdrawals to Australian bank accounts.
Binance does not charge AUD deposit and withdrawal fees via any method (only PayID and OSKO supported).
Swyftx charges 0.6% in transaction fees when purchasing or selling cryptocurrencies.
Crypto transaction fees on Binance begin at a low of 0.1%. You can save an additional 25% by paying with Binance’s native token (BNB), which means that it’s only a 0.075% fee for each transaction!
Winner: Binance
Binance beats Swyftx in this aspect because its fee structure is simple to understand, and the trading fees are lower than those of Swyftx.
Deposits & Withdrawals
Users can opt for crypto, bank transfers, PayID, POLi, OSKO, and debit cards to deposit and withdraw AUD on this exchange. PayID and POLi transactions are processed nearly quickly, while OSKO takes up to 2 days, and bank transfers take some time.
Due to its extensive global reach, Binance offers diverse withdrawal and deposit methods. In addition to the payment options offered by Swyftx, credit card transactions are also possible for a 1% charge.
Winner: Binance
Binance supersedes Swyftx because this exchange provides a broader range of withdrawal and deposit methods due to its extensive global reach.
User Interface & Experience
Swyftx aims to facilitate purchasing and selling cryptocurrencies with fiat currency. Verified users can select a deposit method to fill their account with AUD and then use the list of supported cryptocurrencies to purchase or sell.
In addition, the exchange has its exclusive demo mode for beginners to practise purchasing and trading cryptocurrencies via play money with no financial risk. It is a handy tool that other crypto exchanges should include.
However, due to the poorly-designed interface, users may find it hard to buy digital assets like Bitcoin. According to many customer reviews, the overall user experience on desktop and mobile websites is a bit awkward, which is a disadvantage over Binance.
Binance, on the other hand, is geared toward cryptocurrency traders who like to speculate on hundreds of crypto-to-crypto trading pairings using its advanced trading interface. As Binance is a major exchange in terms of trading volume and liquidity, it’s also suitable for experienced traders with sufficient trading knowledge to navigate the platform across all supported markets.
Binance is also a highly developed trading platform with better capabilities for crypto-to-crypto trading. The trading terminal employs the popular Tradingview charts, which have several charting patterns, technical indicators, and drawing tools.
In addition, Visa and Binance have collaborated to provide the free Binance Crypto Card. You can spend your cryptocurrency at 60 million merchants worldwide and earn up to 8% cash back on eligible transactions!
Winner: Binance
Both exchanges have good features, but Binance is superior as it is more user-friendly for novice and advanced users.
Security Features
Swyftx employs standard security measures to safeguard your funds. It adheres to KYC regulations, so you must verify your identity before beginning trading actively. You can use the two-factor authentication function to secure your accounts from external breaches. Although Swyftx boasts about its stringent security features, it’s worth mentioning its previous security breaches, as $2.3 million was mistakenly transferred into random user accounts.
Binance is a crypto exchange that uses many security layers to protect customer accounts. The platform’s security measures include two-factor authentication, anti-phishing codes, and Google authentication. They employ cryptocurrency security standards to safeguard all users’ accounts in case of a security breach. Binance was once hacked and lost around $40 million.
Winner: Tie
Both Swyftx and Binance only use standard security measures, which justifies why they were all subject to breaches and hacks. To enjoy the highest level of security when trading cryptocurrencies, you can opt for other exchanges that have been certified and externally audited, such as CoinSpot.
Customer Support
Swyftx claims to offer a service desk with a team of up to 30 members to assist its great user base. However, many Swyftx reviews pointed out that the exchange used automatic bots to handle most customers’ questions. It’s tough to connect to human support staff and the response time was incredibly slow.
Since Binance targets users globally, its customer service is available 24/7. You can contact the Binance staff via email or live chat with automatic responses to your enquiries. Remarkably, the email and live chat support offered by Binance is available in several languages.
Winner: Binance
Swyftx’s sluggish customer support pales in comparison to Binance’s 24/7 live chat and email support, which is available in multiple languages.
Swyftx vs. Binance: Which Is Better?
Swyftx and Binance accept AUD deposits free of charge, provide a vast range of digital assets for purchase, and include charting tools and mobile apps.
However, Binance is by far better than Swyftx. As the world’s largest exchange by trading volume, Binance has various fantastic features for novice and experienced users. It’s an ideal platform for trading cryptocurrencies and gaining access to its more extensive items and premium services.
The following review is for informational purposes only and should not be construed as financial or investment advice. It is important to note that cryptocurrency is a highly volatile and speculative market, and there is no guarantee of profit or loss. This review is based on the author’s personal experience and research, and individual results may vary. The author is not affiliated with any of the exchanges mentioned in this review and does not receive compensation for their mention. It is recommended that readers conduct their own due diligence and consult with a financial advisor before making any investment decisions.
The information regarding performance may be different from the time of publication. Past performance does not guarantee future results. While we believe that all content was accurate at the time of posting, it is possible that some offers included in the content may no longer be valid.
