Binance vs Swyftx: Which is the Better Exchange?

If you’re looking to trade cryptocurrency in Australia, you may be considering two of the best crypto exchanges, Binance and Swyftx. Both offer a range of features and benefits, but which one is the best for you? In this article, we’ll compare Binance and Swyftx and help you decide which one to choose.

Swyftx summary 

Swyftx is an Australian crypto exchange that is headquartered in Brisbane. Founded in 2018, Swyftx has seen enormous growth in a short amount of time, now boasting over 600,000 users. It is an AUSTRAC registered exchange with a wealth of trading features and listed cryptocurrencies. Exchange details and pros and cons can be found below

In depth Swyftx review.  

Binance summary

Binance is the largest crypto exchange in the world by trading volume and one of the most popular cryptocurrency exchanges in Australia. It is available in over 140 countries and is considered to be one of the most advanced and functional crypto apps on the market. Binance Australia is the Australian operation of Binance that is registered with AUSTRAC and complies with national digital asset exchange laws. 

Binance was founded in 2017 by Changpeng Zhao in Hong Kong, though the company is headquartered in Caymen Islands. 

In depth Binance Australia review.

Swyftx vs Binance: Detailed comparison 

Mobile App and ease of use

Both Binance and Swyftx offer mobile apps for trading on the go. 

Swyftx’s mobile and desktop trading apps have a user-friendly interface, making it easy to buy, sell, and monitor your cryptocurrency assets. The platform has a modern look and is navigable, even for beginners. Users can customise their dashboard to show only relevant information, useful for experienced traders. Customisation is done by clicking the settings icon and choosing features in the menu.

While Binance’s platform may be complicated for beginners, they offer a user-friendly mobile app called Binance Lite for buying, selling, and trading cryptocurrency. However, note that it has fewer features than Binance Pro. The desktop platform is better suited for experienced traders, with candlestick charts, trading pairs, and numerous trading features. Starting with a small amount is recommended when buying cryptocurrency on Binance.

Fees

Fees are an important factor to consider when choosing a cryptocurrency exchange. Swyftx charges a flat fee of 0.6% for all trades, which is relatively low compared to other Australian exchanges. Additionally, there are no deposit or withdrawal fees, which can save you money in the long run. 

On the other hand, Binance also provides free deposits and offers an even lower trading fee of only 0.1%. Furthermore, Binance offers a discount of 25% on trading fees if you use their native coin (BNB) to pay, which reduces the fee to a mere 0.075%. For high volume traders, additional discounts can be obtained based on the total dollar amount of trades made within the previous 30 days.

Supported Cryptocurrencies

Both Binance and Swyftx offer a wide range of cryptocurrencies to trade. Binance supports over 500 cryptocurrencies, including Bitcoin, Ethereum, and Ripple, while Swyftx offers over 320 cryptocurrencies. Swyftx does, however, list some cryptocurrencies that Binance doesn’t such as Baby Doge (BABYDOGE), Floki Inu (FLOKI) and Blur (BLUR). 

Security

Swyftx is an AUSTRAC registered crypto exchange that complies with AML/CTF laws. They have a security team with 50+ years of experience and implement industry-leading practices such as 2FA, biometric logins, KYC verification, breached password detection, and penetration testing to safeguard customer funds and information. The were awarded with ISO27001 certification, an internationally recognised standard for information security.

Binance prioritises user safety with offline storage for most cryptocurrency and registration with AUSTRAC. Even with their security measures, attacks can occur, as seen in the 2019 hack, but Binance covered the losses. They also obtained the globally recognised ISO 27001 certification to reinforce their commitment to security, building trust with customers as a reliable platform for crypto transactions.

Customer Support

Swyftx strives to offer excellent customer support, as shown by their 4.7/5 TrustPilot rating. They have support teams located in Australia, New Zealand, the UK, and Europe, providing 24/7 customer support. You can reach Swyftx’s customer service through their live chat support.

Binance’s large global presence has led to difficulty managing a high volume of customer queries and complaints. During busy periods, response times from their customer support team can take weeks. Furthermore, their support staff is primarily located overseas, which may result in communication challenges.

Learning material 

To invest in cryptocurrency, one should understand its fundamentals, and exchanges should educate their users.

Swyftx offers Swyftx Learn, an educational platform with guides, courses, and quizzes to help users improve their crypto and blockchain knowledge. Additionally, Swyftx’s blog keeps customers updated on important news related to the crypto market.

Binance Academy is a well-known learning platform that provides guides and resources on crypto and blockchain. Their ‘Learn and Earn’ feature allows users to earn crypto rewards while learning about blockchain.

Additional features

Swyftx has a number of useful features, including bundles, a crypto newsfeed and a fully functioning crypto demo mode. This mode allows users to practice trading strategies with $10,000 in mock currency. Other features include crypto-to-crypto swaps, price alerts, tax reporting, and bundles.

Binance continuously enhances its user experience by adding useful features. In addition to Earn, Learn and Earn, and Binance Academy, they also have an NFT marketplace for purchasing non-fungible tokens, and a prepaid Visa card for using cryptocurrency to buy goods and services like a regular credit or debit card.

Overall winner: Swyftx 

Having used both Swyftx and Binance extensively, it’s clear that Swyftx offers a more user-friendly and intuitive platform.

While Binance is more suited for experienced traders, Swyftx has created a platform that is perfect for beginners and more advanced users alike.

Swyftx offers a wide range of features, including the ability to buy and sell over 310 cryptocurrencies, and customise your trading dashboard. Additionally, Swyftx offers a comprehensive educational platform, Swyftx Learn, to help users better understand cryptocurrency and blockchain.

If you’re looking for a user-friendly and feature-rich crypto exchange, Swyftx is definitely worth considering.

Conclusion

So, which exchange is better, Binance or Swyftx? It ultimately depends on your personal preferences and trading needs. If you’re a beginner trader looking for a user-friendly platform with low fees, Swyftx may be the right choice for you. If you’re an experienced trader looking for advanced trading features and a wide range of cryptocurrencies, Binance may be the better option. Both exchanges offer high levels of security and responsive customer support, so you can’t go wrong with either choice.

Check out these other guides:

• Swyftx vs Coinspot
• Coinspot vs Binance