If you want to buy crypto in Australia, Swyftx and Binance are well-known crypto exchanges. Both are secure and legit platforms supporting various digital assets.
But how do you decide which one is better for you? Don’t worry, we’ll compare Swyftx vs Binance on various factors, such as fees, features, security, and customer service, to help you make informed decisions.
Key Takeaways:
- Binance is a global crypto exchange in over 100 countries, whereas Swyftx is only available in Australia and New Zealand.
- Swyftx is best for Australian users due to licensed operations and support for various AUD payment methods compared to Binance.
- Binance and Swyftx do not offer Australian traders margin trading and futures. However, Binance leveraged trading is only offered to its global users.
Swyftx vs Binance: Overview
| Swyftx | Binance | |
|---|---|---|
| Website | https://swyftx.com/ | https://www.binance.com/ |
| Headquarters | Brisbane, Australia | Cayman Islands |
| Registration | AUSTRAC in Australia | DASP in France and ItalyVASP in LithuaniaAUSTRAC in Australia |
| Security | ISO 27001 certified for information security, multiple security layers and frameworks, 2FA | Secure Asset Fund for Users (SAFU), end-to-end data encryption, two-factor authentication, anti-phishing code, address whitelisting |
| Support | 24/7 live chat support, support center, blog, FAQs | E-mail, FAQs, blog, ticket system |
| KYC Verification | Yes | Yes |
| Payment methods | Bank transfer, POLi, PayID, credit/debit card, OSKO | Credit/debit card and P2P trading |
| Fees | 0.6% trading fee | 0.1% for both maker/taker |
| Spreads | 0.41% | 0.1% |
| Assets | 310+ cryptocurrencies | 350+ cryptocurrencies |
| Trading pairs | AUD and crypto pairs | BTC, ETH, and stable coins pairs |
| Trading types | Spot trading, demo mode, recurring buys, limit orders, market orders, stop orders | Spot trading, P2P trading, savings, staking, limit orders, market orders, stop orders, OCO orders |
| Trading volume | Average | Very high |
| Users | 660,000 | 150 million |
| NFTs | No | Yes (dedicated Marketplace) |
| SMSF accounts | Yes | No |
| Crypto Debit card | No | Yes |
| Mobile app | Yes | Yes |
Swyftx vs Binance: Main Comparison
1. Supported Cryptocurrencies
Swyftx lets you trade over 310 different crypto assets. You can find popular coins like Ethereum, XRP, Litecoin, Bitcoin Cash, Cardano, EOS, Stellar Lumens, NEO, Algorand, and Dogecoin. You can also access some of the hottest DeFi tokens like Compound, Sushi, and Yearn Finance.
Binance has more than 350 coins and over 500 trading pairs to trade with. You can choose from well-known coins like BTC, ETH, ADA, BCH, BNB, LINK, LTC, and more.
You can also use stablecoins like Binance USD (BUSD), Coinbase USD Coin (USDC), and Tether (USDT) to buy crypto. The most popular pairs are BTC/USDT, ETH/BTC, and BTC/BUSD.
Winner: Binance has more choices than Swyftx regarding coins and trading pairs.
New to Binance? Sign up using the code NQ2WIF73 to enjoy -10% trading fees and trade now.
2. Fees and Spreads
Swyftx takes a flat fee of 0.6% for every spot trade, no matter the trading volume or the order type (maker or taker). Swyftx tells you its spreads clearly. The average spread is around 1.7% and can be as low as 0.41% for some high liquidity trades.
Binance charges different fees depending on how much you trade and how much BNB you hold. The fees can be as low as 0.02% or as high as 0.1% for spot trading and from 0.02% to 0.04% for futures trading. You can also get a 25% discount if you use BNB to pay for fees.
To sum up all Binance fees for new users:
- Spot Trading: 0.1% for both maker/taker
- USD-M Futures Trading: 0.02% maker and 0.04% taker
- Options Trading: 0.02% for both maker/taker
- P2P Trading: No Fees
- NFT Trading: 0.9% platform fee for sellers
Also, Binance does not tell you its spreads clearly; they can differ depending on the coin you trade with. However, the spreads can be as low as 0.1% on Binance because it has a lot of volume and liquidity.
Winner: Binance has lower trading fees than Swyftx and more discounts for high-volume cryptocurrency traders.
3. Security Features
Swyftx is Australia’s AUSTRAC-registered digital currency exchange that follows strict compliance and security standards.
It has ISO27001 certification for information security management and uses multi-layer technology and advanced security frameworks to protect user funds and data. Swyftx also lets you set up personalized access control and two-factor account authentication.
Binance is also a safe crypto exchange that operates in multiple jurisdictions with different regulatory requirements. This exchange has been granted DCE provider registration by AUSTRAC.
It also keeps 10% of all trading fees in a secure asset fund (SAFU) to protect user funds in case of emergency. Binance also uses end-to-end encryption, two-factor authentication, anti-phishing codes, and address whitelisting to secure user data and transactions.
Winner: Both are highly secure crypto exchanges with various security measures.
4. Supported Fiat Currencies
Swyftx supports Australian dollars AUD and NZD as fiat currencies for deposits, withdrawals, and trading. You can send and receive fiat quickly into your crypto account using bank transfers, debit cards, or POLi.
Binance supports over 11 fiat currencies for deposits and withdrawals, including EUR, GBP, AUD, BRL, RUB, and more.
Winner: Binance supports more fiat currencies, but AUD bank deposits in Australia are not available.
New to Binance? Sign up using the code NQ2WIF73 to enjoy -10% trading fees and trade now.
5. Deposit and Withdrawal Methods
If you want to use Swyftx, it supports various deposit methods for AUD currency. You can use your bank account, POLi, PayID, OSKO, or your card.
For NZD, you can use Banxa. Swyftx doesn’t charge you any deposit and withdrawal fees for AUD transactions except cards. You need to pay 1.99% for card payments. Your transaction volume can move up to AUD 50,000 per day.
For Australia, Binance only supports credit and debit card deposits. Bank transfers are currently not available. For other countries, Binance lets you deposit and withdraw fiat money with various options. You can use SWIFT, Visa, Mastercard, P2P trading, or Banxa and Simplex.
You can also send and receive crypto through networks like BEP2, EOS, BTC,TRC20, BEP20 and ERC20,. Binance doesn’t ask for fees for fiat transactions except for card payments. They ask for 1% for that. Crypto transactions have a network or mining fee, depending on your chosen network.
Winner: Swyftx supports more payment methods for Australian traders than Binance.
6. Customer Support
Swyftx has responsive 24/7 customer support. You can contact them by live chat, email, or phone.
Swyftx also has a helpful support center that has an FAQ section, tutorials, and guides for everything you need. It has a very high rating of 4.7/5 from over 4,000 reviews on Trustpilot. Many customers say they love Swyftx’s customer service, security, and ease of use.
Binance, on the other hand, has a very limited customer support option for Australian customers. You can only email them and wait for a reply. Binance claims they will reply to the customers within 24 hours, but some customers say they wait longer or get no response.
Binance has a low rating of 2 stars from over 4,700 reviews on Trustpilot. But, According to Trustpilot, these ratings are fake, and they are removing them over time.
Winner: Swyftx has better customer support for Australian traders with live chat availability.
Swyftx Overview
Swyftx is an Australian crypto exchange. You can trade over 310 crypto coins with AUD on this crypto exchange. It’s registered with AUSTRAC and has ISO27001 certification to protect your information. It also has a strong security framework to secure assets.
You can deposit and withdraw money and chat with support anytime. You can also try a demo mode to practice your skills and learn the market without losing money. Swyftx also has helpful resources and guides to help you use the platform and its features.
You can sign up for free, verify your account, deposit AUD instantly, and start trading 310+ crypto coins. You can also download the Swyftx mobile app for iOS and Android phones.
(Register your new Swyftx account via the link below to grab $20 free Bitcoin)
Pros of Swyftx
- Regulated and secure crypto exchange for Aussies
- User-friendly interface and mobile app for beginners
- Real-time portfolio tracking for making informed decisions on investment
- Integrated Trading View charts for technical analysis
- Minimum price slippage using combined order books
Cons of Swyftx
- Only available in Australia and New Zealand (No global presence)
- It doesn’t offer advanced trading features such as margin, futures, options, or peer-to-peer trading.
- High trading fees of 0.6% per trade compared to other crypto platforms
Swyftx Features
- Trading Types: You can use advanced trading tools, such as limit orders, stop-loss orders, recurring orders, and OTC trading, to execute your trades according to your strategy and analysis.
- SMSF accounts: Use your Self-Managed Super Fund (SMSF) to invest in crypto and digital assets. You can enjoy tax advantages and more freedom over your retirement savings.
- Swyftx Bundles: Invest in bundles that allow you to buy a group of cryptocurrencies with a common theme or strategy. For example, you can buy the Top 10 Bundle or the DeFi Bundle, which includes the leading decentralized finance projects.
- Demo Mode: Practice your trading skills and explore the market without losing money with the demo mode feature. You can change from demo to live mode whenever you want.
Binance Overview
Binance is the largest crypto exchange in the world by trading volume, launched in 2017. You can easily find hundreds of coins and tokens on Binance and buy or sell them. You can also use Binance’s coin, BNB, to get discounts and perks. It has a lot of liquidity and variety, especially for altcoins.
You can keep your crypto safe on Trust Wallet, which is part of Binance. You can also make money on your crypto by staking or lending it.
Binance Launchpad and Launchpool allow you to invest in new projects. You can also become a publisher on Binance Feed and help the community grow by providing educative posts.
Pros of Binance
- Trade and hold more than 350 cryptos and choose from different altcoins
- Extremely low trading fees and discounts when you use BNB coin
- Explore different products and services like NFTs, Binance Pay, trading bots, etc.
- You can feel safe with their secure asset fund (SAFU) that protects your digital coins in case of a hack
- Get help from their customer support anytime in multiple languages
New to Binance? Sign up using the code NQ2WIF73 to enjoy -10% trading fees and trade now.
Cons of Binance
- Many countries have restricted some Binance products due to regulations
- AUD bank transfer is not available in Australia
Related Article: Best crypto exchange for margin trading
Binance Features
- Trading Types: You can trade in different ways, such as peer-to-peer and spot trading with AUD fiat currency.
- Staking and Earn: You can lock up your coins and get rewards. Based on the staking period, the staking rewards can be as high as 130% APY.
- NFT Marketplace: Binance has the best NFT marketplace for artists due to its low fees. Binance NFT also has cool features like IGOs (Initial Game Offerings), Fan Tokens, and NFT staking for loans.
- Binance Card and Pay: A Visa debit card lets you use your crypto balance to pay online or offline.
Final Thoughts: Which is Better?
To summarize, Swyftx vs Binance are trusted and legitimate trading crypto platforms for buying and selling crypto. Binance is globally available, whereas Swyftx is only operational in Australia and New Zealand.
Swyftx is best for its regulatory compliance and has many unique features like SMSF accounts, Demo mode for beginners, and recurring orders.
Binance offers low fees trading and many altcoins. It has many advanced features that you won’t find on Swyftx, like the NFT marketplace, staking, automated trading bots, API integration for crypto copy trading, and a launchpad for new projects.
Therefore, you must DYOR and consider the pros and cons of each platform and your requirements before choosing any crypto exchange.
Swyftx vs Binance: FAQs
Is Binance better than Swyftx?
It depends on what you want and need as a crypto trader. If you want to pay less fees, trade more coins, and use more advanced features and tools, then Binance is better for you.
But if you want to use a simple and easy platform, deposit and withdraw AUD for free, get live chat support, and practice with a demo mode, then Swyftx is better for you.
Is Swyftx a good trading platform?
Yes, Swyftx is a good platform for new and experienced traders who want to buy and sell crypto with AUD.
Swyftx has a friendly and easy design, an app for your phone, a demo mode to learn, and a live chat to help you. It is also safe and secure, as it is registered with AUSTRAC and ISO 27001 certified.
Should I use Binance in Australia?
Yes, you can use Binance Australia for crypto trading. But it is having some problems with the Australian regulators. They took away the derivatives license of a company that Binance bought, called Oztures Trading. Hence, its derivatives market is no longer licensed to operate.
Can I transfer my crypto from Binance to Swyftx?
Yes, you can transfer your crypto from Binance to Swyftx easily. You need to sign up and verify accounts on both exchanges. Then, you need to go to the “Assets” page on Swyftx and pick the coin you want to get. You will see a QR code and an address that you can copy. Then, paste the address in the Binance withdrawal section, choose your network and amount, and transfer crypto assets from Binance to Swyftx.
