If you have been doing some research into cryptocurrency exchanges, no doubt you have come across the names Swyftx and Binance. Both are excellent crypto exchanges that have made their way onto our list of the best exchange for Australians, which you can find here. Swyftx is made specifically for the Australian and recently New Zealand market, whereas Binance is a global trading platform, and the largest in the world based on trading volume. Which is the better choice for Australians to use?
It really depends on who you are and what you plan to do with your crypto. If you are a beginner and you want to buy crypto and see how much your investment grows in the long term, then Swyftx is the exchange for you. On the other hand, if you are a seasoned crypto trader, and you want to make frequent trades on the market with low fees, Binance will be the better choice.
After reading our article, you may have a better idea of which one to choose, depending on your personal requirements.
Comparison Table
Header |  |  |
|---|---|---|
Coins | 320+ | 600+ |
Trading Fee | 0.6% | 0.1% |
Deposit Fee | Free | Free |
Withdraw Fee | Free | Free |
Payment Methods | Bank transfer, Credit/Debit card, OSKO, PayID | PayID/OSKO |
Features | - Live Chat support - Demo mode to practise trading with free play money | - Earn interest on 70+ coins - Margin trading, futures trading and a P2P marketplace |
Cell |
Header | | |
|---|---|---|
Coins | 320+ | 600+ |
Trading Fee | 0.6% | 0.1% |
Deposit Fee | Free | Free |
Withdraw Fee | Free | Free |
Payment Methods | Bank transfer, Credit/Debit card, OSKO, PayID | PayID/OSKO |
Features | - Live Chat support - Demo mode to practise trading with free play money | - Earn interest on 70+ coins - Margin trading, futures trading and a P2P marketplace |
Cell |
Pros & Cons: Swyftx
Pros & Cons: Binance
Fees
Swyftx has free deposits and withdrawals, and trading fees are 0.6%.
Binance has free deposits and withdrawal fees and trading fees are only 0.1%. The extremely low fees can be discounted by 25% if you use Binance's coin (BNB) to pay. This reduces the trading fee to only 0.075%. If you are a high volume trader, you can also receive further discounts based on the dollar amount of your trades in the previous 30 days.
Fees Winner: Binance
Binance easily wins the section on fees, with free deposits and withdrawals, and trading fees that are only 0.1%.
Number of Coins
Swyftx has a large range of over 320+ cryptocurrencies.
Binance offers users access to over 600+ different cryptocurrencies.
Number of Coins Winner: Binance
Both Swyftx and Binance have a large collection of coins, but Binance has more, offering over 600+ different coins.
Features
Swyftx is perfect for beginners to cryptocurrency, as you can buy and sell crypto instantly on your phone or computer, there is Live Chat support, and you even have a demo mode where you can play with virtual money. The demo mode is great if you are new to crypto and you are afraid of making mistakes with your trades. You can also use the feature to test out different trading strategies, and it is easily toggled on and off with the simple click of a button.
Binance is one of the cryptocurrency platforms with the most features, targeting experienced users, with margin trading, futures trading, a P2P marketplace and advanced charting tools. Binance also allows users to get involved with NFTs, offering a marketplace where you can buy, sell and create NFTs. Binance Earn gives their users the chance to earn interest on over 70+ different coins, so they grow their portfolio passively while they invest. Unfortunately, Binance is missing customer service, which is the main downside. If you experience any issues, it is not possible to contact Binance, as they have no email or Live Chat support.
Features Winner: Binance
Binance wins when it comes to features, with plenty more than Swyftx. Even seasoned crypto traders will find something new to enjoy on Binance's platform.
Security
Swyftx is a safe crypto exchange utilising many security measures such as biometric authentication, 2FA, KYC verification, consultation with 3rd party security auditors and conducting external penetration testing.
Binance is very secure, with AUSTRAC registration, and offline storage of most of their cryptocurrency. However, even the safest platforms can be vulnerable to attack, and in 2019 Binance was hacked and more than $40 million of Bitcoin was stolen. Binance covered the loss, so their users were financially unaffected. Four months after this incident, Binance was awarded the ISO 27001 certification after passing stringent audits on their information security management. This is a clear demonstration to their customer base that they are serious about keeping their platform secure.
Security Winner: Swyftx
Both exchanges are very secure and use multi-layered security, but Swyftx has never been hacked since its establishment in 2017.
Overall Winner
We cannot give a clear winner in the comparison between Swyftx and Binance, since personal needs will vary between individuals. What I can say is, if you are new to crypto and you're looking for your first exchange, then Swyftx is a much better option. With 24/7 Live Chat customer support and a demo mode to practise trading on, Swyftx will get you on your way to enjoying cryptocurrency and all it has to offer. If you are a bit of a crypto veteran and like to make a lot of trades, then Binance is the one for you. With extremely low trading fees and plenty of advanced features, experienced traders that don't need customer support will thrive on Binance's platform.
If you are still undecided, you can have a look at the table below which includes a few more options to choose from. You can also read our article on the best crypto exchanges in Australia which might help you make up your mind.
