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, staking, Live Chat support, a demo mode, and $10 free Bitcoin when you sign up here.
Swyft Pros and Cons
Pros
1. Easy to use, perfect for beginners
2. Multiple fee-free deposit options
3. Demo mode available
4. Over 310+ cryptocurrencies supported
5. $10 free BTC bonus
Cons
1. AUD is the only fiat currency supported
Binance Pros and Cons
Pros
1. Low trading fees of 0.1% (only 0.075% if you pay fees with BNB)
2. Over 600+ different coins
3. Offline cold storage of assets
4. Advanced trading options and tools for experienced traders
Cons
1. Poor customer service – no Live Chat
2. 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 start at a low 0.1% and you can receive a further 25% discount if you use Binance’s 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.
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.
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 great tool that I think more crypto exchanges should adopt.
Swyftx is extremely user-friendly, with a fresh modern design, and a customizable interface. You can personalize 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 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% cash back on eligible purchases!
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 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.
Conclusion
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 a $10 bonus Bitcoin for free that makes 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.