Swyftx vs Binance 2022: Which Is Better For Australians?

Updated: Jun 19th, 2022
Kevin Groves
Kevin Groves
Swyftx vs Binance 2022: Which Is Better For Australians?

In this comparison article between Swyftx and Binance Australia, we will compare two of the best crypto exchanges for Australia. Each exchange is reputable, trustworthy and a secure platform to get started with crypto. But which exchange is the better option for Australians that want to buy and sell crypto?

We’ve reviewed both platforms based on their supported currencies, features and services, payment methods, trading fees, security and customer support so you can decide which option is right for you.

Swyftx vs Binance: Overview

Established in 2019 and based locally in Brisbane Australia, Swyftx has become one of the fastest-growing cryptocurrency exchanges in Australia with over 450,000 registered users. Swyftx is AUSTRAC licenced and a major sponsor of several Australian sporting teams. The sudden popularity of the exchange is attributed to providing a customer-first exchange that is rich with features.

Some of the best features on Swyftx include rapid AUD deposits and withdrawals, portfolio tracking, recurring orders, competitive fees, low spreads, demo mode and price alerts, a responsive app and excellent customer service.

Binance is a leading global cryptocurrency provider that is ranked #1 in the world in terms of trading volume and liquidity. Its Australian subsidiary provides a secure and safe trading environment with instant AUD deposits and several features available on its global website. There are certain limitations with Binance Australia, however, the exchange uses the same innovative technology, advanced trading terminal and security features that have become industry-leading.

In short, Binance is a top exchange to buy Bitcoin and hundreds of altcoins due to its professional and reliable trading platform, un-matched trading volume and liquidity across its orders books and abundance of trading features that cater to serious traders and investors. Few exchanges provide a wide range of products and services like Binance to a high standard.

Swyftx vs. Binance: Quick Overview

SwyftxBinance Australia
Website
Promotion$20 Bitcoin for creating a verified account20% off trading fees
Fiat CurrencyAUD, USDAUD
Supported Cryptocurrency290+397
Deposit MethodBank transfer, POLi, PayID, credit/debit card & cryptoPayID & credit/debit card
Max. Trading Fee0.6%0.1%
Recurring OrdersYesYes
Instant fiat withdrawalsYesNo
Live Chat SupportYesNo
Mobile AppYesYes
Overall Rating
HedgewithCrypto Score
HedgewithCrypto Score
4.8/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
StarStarStarStarEmpty Star
Visit Swyftx
HedgewithCrypto Score
HedgewithCrypto Score
4.4/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
StarStarStarStarEmpty Star
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ReviewRead our full Swyftx reviewRead our full Binance Au... review

Swyftx vs Binance: Features & Services

There are subtle differences in the design of the platform to suit various groups of cryptocurrency investors. This affects the features offered on both platforms which are tailored for their customers.

Swyftx began as a fiat-to-crypto gateway for residents in Australia to onboard quickly and easily to buy and sell digital currencies with AUD. The modern design of the platform and mobile app is simple to use with elegant and streamlined workflows. Notable features on Swyftx include:

  • Deposit and Withdraw AUD via PayID, OSKO, Bank Transfer & POLi
  • Secure digital hot wallet that has not been compromised to date
  • Real-time profit and loss value across all of your asset holdings
  • Recurring deposits in AUD that can be used to automate purchases
  • Local customer support team with live-chat support

There are unique features on Swyftx that are not offered on Binance. These include cryptocurrency coin bundles, demo trading mode that can be switched from the live crypto market and individual tax reporting tools to assist with ATO obligations The latter is a major advantage as the CSV exports on Binance do not include all of its trading markets thus making it very difficult to report capital gains in accordance with Australian Law.

Related: Beginners guide to crypto tax in Australia.

Swyftx featuresSwyftx featuresSwyftx features.

Binance offers a broader range of products, services and features on its platform that caters to the needs of various investors and traders alike. Initially, the platform was designed for advanced traders with a broad range of supported cryptocurrencies, trading pairs and markets. Binance has far greater options compared to Swyftx for speculating on crypto using its spot, margin, derivatives, leveraged tokens and peer-to-peer markets. Some of the best features on Binance include:

  • Over 400 coins and 1,639 trading pairs to speculate on
  • Best platform for buying altcoins due to its high volume and liquidity
  • State-of-the-art trading terminal with advanced charting tools and risk management orders
  • Binance Earn with an interest-bearing savings account, staking, liquidity farming & more
  • NFT marketplace to browse, buy and sell digital arts, cards and collections
  • Industry-leading mobile app with the full features on the desktop site

There are several features on Binance that are not offered on Swyftx that will appeal to serious crypto traders and high net worth individuals. These include margin and derivatives markets, maker and taker fee model for rebates, trading fee discounts based on volume and multiple orders types.

In summary, there are distinct differences between Swyftx and Binance in terms of the features offered. The suite of products and services available on Binance is ideal for professional traders, whereas Swyftx is better suitable for investors that are less active with trading between digital assets.

Swyftx vs. Binance: Supported Crypto

Binance is well-known for its wide support for multiple cryptocurrency projects. In total, there are over 419 coins listed across a combined 1,639 trading pairs. The advantage with Binance is the liquidity across its markets and is currently ranked #1 in the world for its trading volumes. This means there is reasonable volume across its major and minor trading pairs for large orders to be filled with minimum slippage.

In comparison, Swyftx supports 280 digital currencies for buying and selling on its platform includes the major assets and meme coins such as Dogecoin and Shiba Inu. It is also important to acknowledge that Swyftx is a broker and obtains its liquidity directly from Binance and other providers. Therefore, individuals can access top liquidity compared to local exchanges in Australia. However, the selection of coins and markets to trade on Swyftx does not compare with Binance which is better suited for serious altcoin traders.

Swyftx vs. Binance: Deposit Methods

Swyftx and Binance both provide the option for individuals to connect a bank account to transfer Australian Dollars (AUD) to the exchange to buy crypto directly without a 3rd party. Being a local exchange in Australia, Swyftx offers a greater range of methods to fund an account. These include bank transfers, POLi, PayID, credit/debit card and cryptocurrency. Each deposit method is common within Australia and accessible to most individuals that have a bank account. Credit/debit card payments are via a 3rd party which incurs a 4% fee which is expensive. All other AUD deposit methods have zero fees.

On the other hand, the selection of payment options to transfer AUD to fund a Binance account is limited to PayID and credit/debit cards only. Similar to Swyftx, the cost to deposit AUD using PayID with Binance is $0 and is processed near-immediately. Overall, the ways to fund an account with AUD are similar on both exchanges, however, there is more flexibility with Swyftx.

Swyftx vs. Binance: Ease of Use

Swyftx and Binance are geared toward different types of users that are reflected in the ease of use of both platforms. Swyftx is primarily focused on allowing its customers to buy and sell crypto using fiat currencies (i.e. AUD, NZD and USD). The Swyftx user experience has been designed to simplify workflow for Australian investors to create an account and complete verification in a matter of minutes. Once verified, the person can choose a deposit method to fund an account with AUD and browse the list of supported cryptocurrencies to buy or sell.

Swyftx user experienceSwyftx user experienceSwyftx user experience (desktop version).

The overall navigation on the website is straightforward to find an asset such as Bitcoin, Ethereum or XRP to purchase using a single transaction, recurring order or a Coin Bundle. In short, the overall user experience on the desktop and mobile website is very easy to use and is best for beginners and retail investors. The uniqueness of the user interface, navigation and menus does take a while to become familiar with, however, the dashboard is fully customizable to suit each individual which is an advantage over Binance.

Binance is aimed for cryptocurrency traders to speculate on hundreds of crypto-to-crypto trading pairs using its advanced trading terminal. As mentioned, Binance is the biggest exchange in the world for its global trading volume and liquidity. As such, the platform caters to advanced users with a reasonable amount of trading experience to navigate the platform across a variety of supported markets.

Binance trading interfaceBinance trading interfaceTrading crypto with Binance (desktop version).

The trading terminal uses the popular Tradingview charts that include a plethora of charting patterns, technical indicators and drawing tools. Placing trades does require knowledge of the various order types and specific price entries which might be overwhelming and complicated for first-time investors. Moreover, Binance is an advanced trading platform with superior features geared towards crypto to crypto trading. On the other hand, for users that want a convenient and easy-to-use platform to buy and sell crypto with AUD, Swyftx is the better option.

Swyftx vs. Binance: Trading Fees

Swyftx has a flat trading fee of 0.6% per transaction when buying and selling crypto with AUD, USD or BTC pairs. There are spreads as low as 0.45% for purchasing the most liquid assets such as Bitcoin and Ethereum. There are fee discounts available for high volume traders, however, the rates are not visible on the website and users need to get in touch with the support team for more information.

On the other hand, Binance has one of the lowest fees for trading. The maximum trading fee is 0.1% on its spot exchange using a maker and taker fee system. Furthermore, there are discounts available based on a 30 day trading volume and 25% off for holding Binance Coin (BNB).

The maximum fees for Swyftx and Binance are shown below.

TransactionSwyftxBinance
Buy/Sell with AUD0.6%0.1%
Buy/Sell with BTC0.6%0.1%
Buy/Sell with Bank transfer0.6%0.1%
Buy/Sell with credit/debit card0.6% + 4%0.1% + 3.5%

As mentioned, Swyftx is a broker that draws its rates and liquidity from other exchanges around the world such as Binance. Therefore, Swyftx is charging a 0.5% premium on Binance's maximum fee for crypto-to-crypto trading. In short, Binance offers better value for money for serious crypto traders which can be reduced to as low as 0.015% and 0.03% for makers and takers which is significantly cheaper.

Binance vs. Swyftx: Customer Support

Swyftx has a 24/7 service desk with at least 29 members in the customer support team to provide first-class support for its user base. There is a live chat feature that is very responsive during work hours and the option to leave an email address to receive a reply after-hours. Based on their customer reviews, Swyftx has a 4.7/5 star rating according to Trust Pilot based on 3,495 user reviews and comments. For an exchange with over 500,000 customers, the customer service has been rated as excellent by its members.

Swyftx customer support teamSwyftx customer support teamSwyftx Australia customer support team.

In comparison, Binance Australia has a poor customer satisfaction rating with a 2/5 star rating according to 2,964 reviews. Overall, Binance is well known to take several weeks to obtain a reply to a customer service support ticket which is the cause of frustration amongst its users. Given the millions of users on the platform, delays in receiving a response can be somewhat expected. However, there are reports of customers getting responses from the Binance team after several weeks and months later which is poor. It should be noted the support team with the Binance Australia platform is more responsive than the global website.

Swyftx vs. Binance: Security & Safety

Binance and Swyftx are both considered to be safe and secure platforms for its customers to deposit, trade and withdraw funds. Binance has a better reputation for providing world-class security features such as 2FA, wallet and API whitelisting and offline cold storage systems. However, between the two platforms, Binance has been hacked in the past that resulted in 7,000 Bitcoin or approximately $40 million in assets from a single hot wallet.

Binance is an industry leader with deeper resources to remain on top of security risks, but it is also a bigger target for hackers. Equally, Swyftx does include state-of-the-art security measures with biometric login on its mobile app and has never been hacked.

Final Verdict: How Do They Compare?

There are many similarities between Swyftx and Binance which both allow AUD deposits with zero fees, have a wide selection of digital assets to purchase, charting tools and intuitive and responsive mobile apps.

Swyftx is the simpler exchange to use for individuals in Australia with its easy-to-use navigation and well-designed user interface for buying and selling. For beginners and newer investors that want a straightforward onramp to buy their first crypto with local currencies, Swyftx is a great option. On the other hand, Binance is the world's largest crypto exchange for several reasons.

It is packed with features that will appeal to various types of individuals with an advanced trading terminal and competitive trading fees. The platform is a little complicated to use and can take time to adjust. However, for serious crypto traders, Binance offers more than a trading platform with multiple products and services that will not disappoint.

In short, Swyftx is the better option for beginners and an excellent alternative exchange to Binance for those that are looking to buy crypto with AUD. While Binance is a superior platform for trading digital currencies and accessing its wider products and services, not all investors want to use these advanced features to begin with. For more information on each exchange, read our full reviews below:

Comparison Criteria

This comparison of Swyftx vs. Binance has taken into consideration important criteria such as products and services, ease of use, deposit options, trading experience, supported cryptocurrency, fees and researching other aspects such as customer support reviews and security measures.

The methodology included creating an account, depositing AUD, trading crypto, and withdrawing funds to a bank account to compare the overall experience. The assessment on Binance evaluated the global website and Binance Australia.

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Kevin GrovesKevin GrovesKevin Groves

Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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