Swyftx is one of Australia's most popular crypto exchanges, and always makes the top 3 list for the best crypto platforms for Aussies. Binance is a global cryptocurrency exchange that is the largest in the world based on trading volume. Anyone looking to get started with cryptocurrency investing will have come across these two exchanges, so which one should you pick?
It ultimately boils down to what type of crypto investor or trader you are and what specific features you want. If you are a beginner just getting started with cryptocurrency, Swyftx is definitely the better choice, as it is more basic and user-friendly, has Live Chat customer support, and you can instantly buy or sell any of the 320+ coins available. However, if you are an experienced trader, Binance is the best option since they have low trading fees of 0.1%, and include many advanced features such as margin trading, futures, P2P and a NFT marketplace. Keep reading to see how we compared these two platforms across various criteria, and see if you agree with our decision.
Swyftx vs Binance:
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, PayID, OSKO | PayID, OSKO |
Pros | - Live chat support - Demo mode so you can practise trading without risking your money | - Stake over 70+ coins to earn passive crypto interest - Margin trading, futures trading, P2P, NFT marketplace |
Cons | - Higher trading fees - No advanced trading markets | - No live chat support - Can be confusing for newbies |
Cell |
(Swipe across screen to see full 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, PayID, OSKO | PayID, OSKO |
Pros | - Live chat support - Demo mode so you can practise trading without risking your money | - Stake over 70+ coins to earn passive crypto interest - Margin trading, futures trading, P2P, NFT marketplace |
Cons | - Higher trading fees - No advanced trading markets | - No live chat support - Can be confusing for newbies |
Cell |
Swyftx Pros & Cons
Pros
Cons
Binance Pros & Cons
Pros
Cons
Stay up to date with vital crypto news
Get the latest news straight to your inbox
Swyftx vs Binance Features
Swyftx is built for newcomers to crypto, so they make it easy to instantly purchase or sell crypto, without dealing with confusing graphs. Swyftx also has a unique demo mode where you can practise how to trade crypto using $10,000 of play money. You can get a hang of how to buy and sell crypto, and how price fluctuations work, without risking any of your real money. This makes it an excellent choice for beginners to crypto. If you find yourself with any issues, whether it is in the demo mode, or when trading with real money, you can easily contact the support team using live chat. For those that have been around crypto for a while, you may have heard of staking, which is a method of earning passive income on your coins. Swyftx offers staking on 14 different coins, which is a great way to grow your holding while you invest.
Binance is an incredibly feature-rich crypto exchange that has attracted many experienced traders. Aside from standard spot trading, Binance also supports margin trading, futures trading, P2P marketplace and even NFT marketplace. If you want to earn interest on your crypto, you can stake over 70+ coins, and crypto lending and borrowing is available. In saying that, the huge range of options can be overwhelming for new users, so this is something to keep in mind.
Features: Binance has plenty of features, and was built from the ground up to be an all-in-one crypto trading platform. Experienced crypto traders are spoilt for choice with the markets available. Swyftx does not stack up in terms of features, as it is meant to be a simple crypto exchange that is more suited to beginners.
Swyftx vs Binance Fees
Swyftx has free fiat deposits and withdrawals, regardless of payment method. Buying and selling crypto will incur a cost of 0.6% per transaction.
Binance also has free AUD deposits and withdrawals. If you want to instantly buy or sell (also known as 'Convert') on Binance, no commission is charged, but there will be a fee included in the spread. When you trade on Binance's markets, the trading fee is just 0.1%, and you can reduce it if you pay your fees with Binance Coin (BNB). Users can lower their fees by 25% if they pay trading fees using BNB, so the fee drops to just 0.075%.
Fees: Binance has fee-free withdrawals and deposits, and trading fee of 0.1% is much lower than Swyftx's 0.6% fee. The ability to reduce fees by paying with Binance Coin makes it an even more attractive option to large-volume traders.
Number of Cryptocurrencies
Swyftx has over 320+ different cryptocurrencies.
Binance offers more than 600+ different coins.
Number of cryptocurrencies: Binance wins with over 600+ coins, while Swyftx has over 320+.
Deposit Methods
Swyftx offers Bank transfer, POLi, Credit/Debit card, OSKO and PayID.
Binance only accepts PayID and OSKO.
Deposit methods: Swyftx offers the same deposit methods that Binance does, with the addition of bank transfer, POLi, credit card and debit card.
Swyftx vs Binance Security
Swyftx complies with Australian regulation and is registered with AUSTRAC. It is a safe crypto exchange that uses multi-layered security comprising biometric authentication, 2FA, KYC verification, consultation with 3rd party security auditors and external penetration testing.
Binance is also incredibly secure, with a range of security measures, and cold storage of most of their crypto assets offline. Binance's security measures include settings to enable 2FA, whitelist devices, manage withdrawal addresses, anti-phishing codes and even U2F (universal 2nd factor authentication). Unfortunately, no matter how secure an exchange is, there is always the chance of a vulnerability. In 2019, Binance was hacked and more than $40 million of Bitcoin was stolen. The good news is that Binance's response was highly commendable. They covered all losses, so that none of their customers would lose any funds, and Binance drastically improved their security. After just four months, Binance passed external audits on their information security management, and were awarded the ISO 27001 certification.
Security: Binance is more secure, with the ISO 27001 certification and storing the majority of their cryptocurrency offline in cold storage.
Swyftx vs Binance Summary
Swyftx and Binance are both excellent cryptocurrency exchanges, but it is not possible to say that one is better than the other, because they each target different markets. Swyftx is the better choice for newcomers to crypto, because of the simple interface, demo mode, live chat, and instant buy and sell functionality. If you have some experience with crypto trading, then you will enjoy Binance for the variety of markets, lower trade fees, and additional features like NFT marketplace.
If you want to do some more research before deciding on a crypto exchange, you can have a read of our article on the best crypto exchanges for Australians.
0 comments