Swyftx vs. Binance

Hedge With Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for education purposes only. Hedge With Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries.

Quick Verdict

Swyftx and Binance are some of the leading exchanges in Australia. Of the two, Binance is the most reputable with a global presence. Swyftx is a much newer platform that is available in Australia only but surged in popularity with more than 660,000 users and a TrustPilot rating of 4.5/5 based on thousands of reviews.

In our opinion, Swyftx is the better crypto exchange for Australians who want a straightforward way to buy digital assets or use their SMSF. However, frequent traders will prefer Binance due to the lower trading fee of 0.1% versus 0.6% on Swyftx. However, the user experience on Binance is difficult to use and may not be suitable for some people.

	Swyftx	Binance Australia
Website	https://www.hedgewithcrypto.com/go/swyftx/	https://www.hedgewithcrypto.com/go/binanceaustralia
Promotion	$20 Bitcoin for creating a verified account	Up to $50 welcome bonus
Fiat Currency	AUD, USD	AUD
Supported Cryptocurrency	422	600+
Deposit Method	Bank transfer, POLi, PayID, credit/debit card & crypto	Debit and credit card
Max. Trading Fee	0.6%	0% to 0.1%
Overall Rating	HedgewithCrypto Score 4.9 / 5 We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. Visit Swyftx	HedgewithCrypto Score 4.4 / 5 We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. Visit Binance Australia
Review	Read our full Swyftx Review	Read our full Binance Australia Review

Established in 2019 and based locally in Brisbane Australia, Swyftx has become one of the fastest-growing cryptocurrency exchanges in Australia with over 660,000 registered users. Swyftx is AUSTRAC licensed 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. Swyftx also offers free $20 worth of Bitcoin for signing up with a unique Swyftx referral code and completing ID verification. To claim the bonus, click on this link.

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, unmatched trading volume and liquidity across its orders books and abundance of trading features that cater to traders and investors. Few exchanges provide a wide range of products and services like Binance to a high standard. Like Swyftx, there is a welcome bonus for creating an account using a Binance referral code. New customers get to claim up to $50 for free in their wallet using a unique link.

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.

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 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 models for rebates, trading fee discounts based on volume, and multiple order types.

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 320 digital currencies for buying and selling on its platform including 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 safely 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 who have a bank account. Buying crypto with a credit or debit card is 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.

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 at 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.

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. Moreover, Binance is an advanced trading platform with superior features geared toward crypto-to-crypto trading. On the other hand, for users who 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.

Transaction	Swyftx	Binance
Buy/Sell with AUD	0.6%	0.1%
Buy/Sell with BTC	0.6%	0.1%
Buy/Sell with Bank transfer	0.6%	0.1%
Buy/Sell with credit/debit card	0.6% + 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. The fees can be reduced to as low as 0.015% and 0.03% for makers and takers which is significantly cheaper and a better alternative to Swyftx for day traders.

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.

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 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 their 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 resulting 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.

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.