Our pick: Swyftx
Overall we consider Swyftx to be a better exchange than Binance due its strong reputation for customer support, easy to use app and dedication to security.
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 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.
|Supported fiat currencies||AUD, USD, NZD|
|Deposit methods||Bank transfer, POli, PayID, credit/debit card|
- User-friendly mobile app and trading platform
- Diverse range of cryptocurrencies
- Supports SMSFs
- Earn interest on cryptocurrencies
- Free demo account
- Low trading fees
- Fast and helpful customer support
- Funds not insured
- Does not offer futures or margin trading
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.
|Fiat currencies||AUD, USD, NZD & 50+|
|Deposit methods||Bank transfer, POli, PayID, credit/debit card|
- Low trading fees (0.1% fee for spot buy and sell orders)
- Strong security reputation
- 360+ supported cryptocurrencies
- NFT marketplace
- Advanced trading options (margin & futures trading)
- Crypto staking on multiple cryptocurrencies
- Poor customer service
- Platform can be too complicated for beginners
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.
We consider Swyftx to have the more intuitive interface when compared to Binance. Binance has an abundance of features and tools for traders to use. However, for most people, especially beginners, this can be overwhelming and difficult to navigate. Swyftx makes it easy to check your portfolio, find investment opportunities and buy cryptocurrency.
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.
Binance is the clear winner in this round given their trading fees are considerably lower than Swyftx’s.
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).
Binance wins this round as they simply support more cryptocurrencies for trading.
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.
Swyftx wins this round as they are Australian based and are extremely transparent about how they deal with customer funds.
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.
Our experience with the Swyftx customer support was far better than Binance. Their support staff are attentive and dedicated to resolving your issues and answering your questions. Binance, on the other hand, took a little too long to get back to our query.
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.
Both Swyftx and Binance offer fantastic learning platform , packed full of helpful resources and educational material.
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.
Both Swyftx and Binance offer soma incredible features that improve the overal user experience of the user.
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.
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.
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