Swyftx vs Binance

Swyftx vs Binance

Daniel Chan

September 7, 2021

Cryptocurrency

Swyftx is one of the top cryptocurrency exchanges in Australia, while Binance is the largest crypto exchange in the world by trading volume. They are both big names in the world of crypto, but which is the best for Aussies? In this article I will compare these two platforms across a range of different criteria so you can choose one for yourself. In my opinion, Swyftx wins this comparison, with its user-friendly interface, multiple deposit options, a demo mode, and $10 free Bitcoin when you sign up here.

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Fiat Currencies

AUD

USD, GBP, EUR, CAD, AUD, HKD, JPY & 35 more

Number of Coins

270+

300+

Buy/Sell Fees

0.6%

0.1%

Daily Deposit Limit

$100k

$10k

Deposit Methods

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Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Cryptocurrency

Cash

Features

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User-friendly

Mobile app

Demo mode

Live Chat

Security

Cell
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2FA

Biometric security

AUSTRAC registered

ISO 27001 certified

Offline cold storage

Website

Cell

Fiat Currencies

AUD

USD, GBP, EUR, CAD, AUD, HKD, JPY & 35 more

Number of Coins

270+

300+

Buy/Sell Fees

0.6%

0.1%

Daily Deposit Limit

$100k

$10k

Deposit Methods

Cell
Cell

Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Crypto

Cash

Features

Cell
Cell

User-friendly

Mobile app

Demo mode

Live Chat

Security

Cell
Cell

2FA

Biometric security

AUSTRAC registered

ISO 27001 certified

Offline cold storage

Website

Pros
  • Easy to use, perfect for beginners
  • Multiple fee-free deposit options
  • Demo mode available
  • Over 270+ cryptocurrencies supported
  • $10 free BTC bonus
Cons
  • AUD is the only fiat currency supported
Pros
  • Low trading fees of 0.1% (only 0.075% if you pay fees with BNB)
  • Over 300+ different coins
  • Offline cold storage of assets
  • Advanced trading options and tools for experienced traders
Cons
  • Poor customer service - no Live Chat
  • No instant buy/sell - trade on the markets only

Swyftx vs Binance Fees

Binance is the winner when it comes to low fees. Keep reading to find out the full details of fees charged by both exchanges. 

Deposit Fees

Swyftx charges ZERO fees on AUD deposits using any method.

Binance charges ZERO fees on AUD deposits using any method (only PayID and OSKO supported).

Trading Fees

Swyftx charges 0.6% fees when buying or selling cryptocurrency.

Binance fees for buying and selling crypto on the market starts at a low 0.1% and you can receive a further 25% discount if you use Binance's own coin (BNB) to pay your fees. This equates to only 0.075% per trade! Take a look at the video to learn more about BNB.

Withdrawal Fees

Swyftx charges ZERO fees for AUD withdrawals to Australian bank accounts.

Binance charges ZERO fees for AUD withdrawals to Australian bank accounts. 

Winner - Binance

Binance easily beats Swyftx in the fees, with only 0.1% trading fees, and the option to reduce it to just 0.075%. Binance is able to offer such low fees due to its huge trading volume and customer base.

Swyftx vs Binance Deposit Methods

Swyftx offers a variety of fee-free deposit methods including direct deposit, PayID, POLi, debit cards, credit cards and cryptocurrency. 

Binance only offers PayID and OSKO as fiat deposit methods for Australian users. You can also deposit cryptocurrency onto your Binance account.

Winner - Swyftx

Swyftx and Binance both offer direct deposit, PayID and cryptocurrency as methods of payment, but Swyftx also accepts POLi, debit cards and credit cards.

Swyftx vs Binance Features 

Swyftx and Binance are two feature-packed cryptocurrency exchanges, but instead of writing at length about all their features, I will only discuss a few that set them apart from the other exchange. If you are interested in finding out the full services offered by these exchanges, read my Swyftx review and Binance review.

Swyftx's standout feature is its unique demo mode that isn't available on any other Aussie cryptocurrency exchange. It's a great chance for beginners to buy and sell crypto using play money, with no risk to their pocket. It is a really great tool that I think more crypto exchanges should adopt.

Swyftx is extremely user-friendly, with a fresh modern design, and a customisable interface. You can personalise your Dashboard how you like, only showing the information you want, and in any order you like.

Swyftx has excellent customer service, with its helpful Live Chat support team. It is so useful when you encounter an issue to be able to get real-time assistance from a live agent. Binance is really lacking in this area, they don't have Live Chat, and it is hard to find even an email address to contact them.

Binance offers ways to grow your crypto while you HODL it in your Binance account. Instead of leaving your crypto sitting there idly, you can grow it, much like you would earn interest in a savings account with your fiat currency. These are the different staking options offered by Binance.

Binance has worked together with Visa to offer their free Binance Visa Card. You can spend your crypto at 60 million merchants worldwide, with no admin or processing fees, and receive up to 8% cashback on eligible purchases! 

Winner - Swyftx

Swyftx's user-friendly interface and demo mode is a better platform for newcomers to the crypto market. Swyftx's Live Chat support is an absolute godsend when you find yourself stuck.

Swyftx vs Binance Security

Security is always going to be a top priority for reputable crypto exchanges, with several layers of security keeping your digital assets safe. Both exchanges use 2FA (two-factor authentication), Swyftx has biometric log-ins and Binance stores the majority of its crypto assets in offline cold storage, to keep it safe from hackers. 

However, despite how secure an exchange is, it can still be vulnerable to cybersecurity threats. Binance was hacked in 2019 and lost over $40 million of Bitcoin. The key point is what the exchange does in response to the unfortunate incident. Binance covered the loss in full, so users were not affected. This is what you would expect from a leading exchange like Binance, giving its customers peace of mind to continue trading and investing on their platform. On top of that, four months after the hack, Binance was awarded the ISO 27001 certification, after successfully passing an audit on its information security management. This shows Binance's commitment to security for its users, and they are continually investing in improving cybersecurity defense systems.

Winner - Binance

Binance's multi-layered security, cold storage of the majority of digital assets offline, ISO 27001 certification, and the professional way it dealt with the 2019 hack makes it the winner for security.

Verdict - Swyftx

Swyftx is one of the top Australian cryptocurrency exchanges, and Binance is one of the most popular global exchanges, and the largest in the world by trading volume. The comparison between these two exchanges was always going to be close, but in the end I would say Swyftx edges out its competition.

Swyftx has an easy-to-use interface, more deposit options, a demo mode, Live Chat support and $10 bonus Bitcoin for free that make it my choice between these two exchanges.

Although Binance has lower fees, I think the exchange is so big that they have forgotten to care about customer support. If they could improve this, they would be a top choice for all crypto investors.

Overall Winner - Swyftx

User-friendly platform, various deposit methods, demo mode, Live Chat support and free $10 BTC make Swyftx the overall winner in this head-to-head comparison.

Still Researching?

If you would like detailed reviews on these two exchanges, click on the following links: Swyftx review and Binance review. If you want to check out other Australian exchanges, click here and use the comparison table below.

Comparison Table of the Best Crypto Exchanges in Australia

Swyftx
Independent Reserve
Digital Surge
CoinSpot
Binance
Crypto Exchange
Crypto Exchange
Swyftx
Independent Reserve
Digital Surge
CoinSpot
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD, USD, NZD, SGD
AUD
AUD
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, BTG, BCH, ADA, ETH, ETC & 270+ more
BTC, ETH, XRP, BCH, ADA, DOT, USDT & 15+ more
BTC, ETH, BNB, ADA, XRP & 250+ more
BTC, ETH, LTC, XRP, BCH, ADA & 280+ more
BTC, ETH, LTC, BNB, ADA, XRP & 300+ more
Deposit Methods
Deposit Methods
POLi, PayID, OSKO, Bank transfer, Credit card
PayID, OSKO, SWIFT, EFT, Cryptocurrency
PayID, POLi, OSKO, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
0.6%
Starts from 0.5%
Market order: starts from 0.5%, Instant buy: 0.5%
Market order: 0.1%, Instant buy: 1%
0.1%

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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