It's no secret that Australia is a hotbed for cryptocurrency activity. With so many exchanges popping up, it can be hard to determine which one is the best option for you. For an industry estimated to be worth $61.3 million, it's easy to see why there are so many, and the more reason investors should settle for a reliable and secure platform. Swyftx and Binance Australia are two of the most popular options in Australia, but which one is the better choice?
Swyftx is an Australian based crypto exchange platform that was founded in 2018. The platform allows you to buy, sell, and trade over 320+ cryptocurrencies. Swyftx is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) as a digital currency exchange and provides a high level of security for its users.
Binance is a global cryptocurrency exchange founded in 2017 with its headquarters in the Cayman Islands, Seychelles. The company is one of the largest cryptocurrency exchanges globally, with over $800 million worth of transactions taking place on its platform daily.
Let's see what each of these platforms has to offer to determine which is the best overall.
Swyftx vs Binance Australia:
Comparison Table
Header |  |  |
|---|---|---|
Coins | 320+ | 600 |
Trading Fee | 0.6% | 0.1% |
Deposit Fee | Free | Free |
Withdraw Fee | Free | Free |
Payment Options | Bank transfer, POLi, Credit/Debit card, OSKO, PayID, Cryptocurrency | OSKO, PayID, Cryptocurrency |
Pros | - Staking available on 20 cryptocurrencies - Offers more than 320+ coins - Live chat support - Demo mode - trade for free with $10,000 virtual money | - Supports over 600+ cryptocurrencies - Lower trading fees of 0.1% - Advanced markets for experienced traders - Staking available on 70+ coins |
Cons | - Higher trading fees of 0.6% - Only supports AUD and NZD | - No customer support - Not beginner-friendly |
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Header | | |
|---|---|---|
Coins | 320+ | 600 |
Trading Fee | 0.6% | 0.1% |
Deposit Fee | Free | Free |
Withdraw Fee | Free | Free |
Payment Options | Bank transfer, POLi, Credit/Debit card, OSKO, PayID, Cryptocurrency | OSKO, PayID, Cryptocurrency |
Pros | - Staking available on 20 cryptocurrencies - Offers more than 320+ coins - Live chat support - Demo mode - trade for free with $10,000 virtual money | - Supports over 600+ cryptocurrencies - Lower trading fees of 0.1% - Advanced markets for experienced traders - Staking available on 70+ coins |
Cons | - Higher trading fees of 0.6% - Only supports AUD and NZD | - No customer support - Not beginner-friendly |
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Swyftx Pros & Cons
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Binance Australia Pros & Cons
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Swyftx vs Binance Australia Features
For those looking to get into the exciting world of cryptocurrency, Swyftx is the perfect place to start. With a fresh and modern design, Swyftx makes it easy for even the most crypto-curious newcomers to get started trading without having to deal with confusing charts and graphs. Plus, the user-friendly interface can be customised to your liking. If you're new to the game, you will love the demo mode where you can practice trading before going live. The support team is just a live chat away if you need any help. Did we mention they also offer staking on 20 different coins of the 320+ cryptocurrency coins on offer? So not only can you invest in crypto, but you can grow your holdings at the same time.
Looking to grow your crypto portfolio and earn passive income? Binance Australia has you covered! With options such as the Savings, Locked Staking, Launch Pool, BnB vault and Eth 2.0 Staking, you can easily grow your holdings while keeping them safe in your Binance account. Plus, over 600+ cryptos are available to trade on the platform – so you’re sure to find the perfect investment opportunity. Interested in margin trading or futures? They’ve got those too! And – if you need to borrow or lend crypto, Binance is the place to do it.
Features: Binance Australia has a lot of features to offer, and the marketplaces available are enticing to seasoned crypto traders. Swyftx does not compete favourably in terms of features because it is intended to be a simple cryptocurrency exchange that is more suited to novices.
Swyftx vs Binance Australia Fees
Swyftx offers free AUD withdrawals and deposits and a trading fee of 0.6%.
Binance Australia also offers free AUD withdrawals and deposits, but the trading fee is much lower, at just 0.1%.
Fees: While both platforms offer free withdrawals and deposits, Binance's trading fee is much lower than Swyftx's and is, therefore, more appealing to traders looking for the cheapest platform.
Number of Cryptocurrencies
Swyftx offers over 320+ crypto coins and staking on 20.
Binance Australia offers 600+ cryptocurrency options and staking on over 70+ coins.
Number of cryptocurrencies: Binance Australia offers a wider range of cryptocurrencies than Swyftx, making it more appealing to traders looking for a wider variety of options.
Deposit Methods
Swyftx supports POLi, cryptocurrency, PayID, credit and debit card deposits.
Binance Australia supports OSKO, PayID and cryptocurrency deposits.
Deposit methods: Swyftx supports a wider range of deposit methods than Binance Australia, making it more accessible to a wider range of users.
Swyftx vs Binance Australia Security
Where there's money involved, there's always the potential for security breaches, and the more reason you need a crypto exchange that takes security seriously. Both Swyftx and Binance Australia have implemented strong and effective security measures to safeguard user data and customers' funds.
Swyftx's advanced security measures include Two-Factor Authentication, biometric log-ins, third-party penetration testing, and a security team that constantly assesses and responds to security threats. They are also registered with AUSTRAC and comply with KYC requirements, making Swyftx one of the safest platforms to trade cryptocurrencies.
Binance Australia is at the top of the game when it comes to cryptocurrency security. They have several features in place to protect user funds and assets, including offline cold storage facilities. Binance also has a real-time monitoring system in place to identify and mitigate any risks. In addition, they have strict security measures such as API access control, IP and wallet address whitelisting, and device management. Plus, all data is encrypted, making it virtually impossible for hackers to access. Not to mention, Binance Australia is compliant with various compliance initiatives such as KYC, AML and Law Enforcement Request System.
Security: In terms of security, Binance is the clear winner. Their cold storage system, data encryption and real-time monitoring make it virtually impossible for hackers to penetrate their system. Swyftx does have great measures in place but they don't quite compare to Binance's.
Swyftx vs Binance Australia Summary
While greater features, a robust security system, more coins and lower fees place Binance Australia ahead of Swyftx, it's worth considering that user experience matters most. Swyftx has excellent customer support (with a Live Chat feature), a demo account available for new traders and a user-friendly interface.
Binance may have completely overlooked (or ignored) these aspects, making it ideal for more experienced traders who seek more than cryptocurrency trading and is unsuitable for novices.
If you want to find out more, read our review on Swyftx or our Binance review. You can also take a look at our article on the best crypto exchanges in Australia where you are bound to find one that is suited for your needs.
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