Swyftx is one of Australia's best crypto exchanges, and Binance is the largest crypto trading platform in the world based on trading volume. How can you choose between these two crypto exchanges? We have compared them across various aspects to help you figure out which one is right for you. To make things simple, it just depends what type of investor or trader you are. If you are new to cryptocurrency, then Swyftx is the one for you, with Live Chat support, a demo mode, instant buy/sell feature and a user-friendly interface. If you have a bit more experience as a crypto trader, then Binance is the better choice, with low trading fees (0.1%), over 600+ coins, and plenty of extra markets and features, including margin trading, futures, and NFT marketplace.

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Coins

320+

600+

Trading Fee

0.6%

0.1%

Deposit Fee

Free

Free

Withdraw Fee

Free

Free

Deposit Methods

Bank transfer, POLi, Credit/Debit card, PayID, OSKO

OSKO, PayID

Features

- Easy for beginners to use

- Live chat support

- Demo mode for learning how to trade with virtual money

- Earn crypto interest by staking over 70+ coins

- NFT marketplace, margin trading, futures, crypto lending

Disadvantages

- No advanced markets

- Higher fees than Binance

- No email or live chat support

- Not great for beginners

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Header

Coins

320+

600+

Trading Fee

0.6%

0.1%

Deposit Fee

Free

Free

Withdraw Fee

Free

Free

Deposit Methods

Bank transfer, POLi, Credit/Debit card, PayID, OSKO

OSKO, PayID

Features

- Easy for beginners to use

- Live chat support

- Demo mode for learning how to trade with virtual money

- Earn crypto interest by staking over 70+ coins

- NFT marketplace, margin trading, futures, crypto lending

Cons

- No advanced markets

- Higher fees than Binance

- No email or live chat support

- Not great for beginners

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Swyftx vs Binance Features

Swyftx's features are centred around making it easy for newbies to buy and sell cryptocurrency. They start with instant buy/sell functionality, with no need to look at complicated charts. There is also a demo mode where you can easily practise trading crypto using $10,000 of play money. You can easily access this by toggling a button at any time. If you do get stuck at any point, you can access responsive support via live chat, which is so helpful when you are a crypto beginner. Swyftx has also added staking on 21 coins to their platform, so you can earn interest on your crypto while you hold for the long term.

Binance is on the other end of the spectrum to Swyftx. Binance aims to attract experienced crypto traders, by offering plenty of trading markets, including spot trading, futures, margin trading, and other options such as NFT marketplace, crypto lending and crypto borrowing. You can also stake over 70+ different cryptocurrencies to earn passive income on your crypto.

Features: Binance is the clear winner when it comes to features; it is designed for serious and experienced crypto traders, and they offer plenty of trading markets and extra features. Swyftx is a basic exchange that is more suitable for new users.

Number of Coins

Swyftx offers more than 320+ cryptocurrencies.

Binance has an impressive range with over 600+ cryptocurrencies supported.

Coins: Binance has more than 600+ cryptocurrencies, beating Swyftx with their range of 320+ coins.

Swyftx vs Binance Fees

Swyftx doesn't charge any fees for depositing or withdrawing Australian dollars. Trading cryptocurrency will cost 0.6%, whether you are instantly buying/selling or placing a limit order.

Depositing and withdrawing AUD on Binance is free of charge. If you want to buy or sell crypto instantly (using the Convert function) there is no percentage fee, but instead it is included in the spread. If you prefer to trade on Binance's markets, the fee is just 0.1%, and it can be reduced to only 0.075% if you opt to pay using their native token, BNB.

Fees: Binance has lower trading fees of just 0.1%, which can be discounted if paying with their coin. This is much lower than Swyftx's 0.6% fee.

Deposit Methods

Swyftx accepts the following payment methods: Bank transfer, POLi, Credit card, Debit card, OSKO and PayID.

Binance only accepts deposits via OSKO and PayID.

Deposit Methods: Swyftx has more options for users to deposit, including credit and debit cards, whereas Binance only accepts OSKO and PayID.

Swyftx vs Binance Security

Swyftx is a safe Australian crypto exchange that is registered with AUSTRAC and meets all KYC/AML requirements. Swyftx uses various security measures including biometric authentication, 2FA, KYC verification, consultation with 3rd party security auditors and external penetration testing.

Binance has very tight security, storing most of their digital funds in offline cold storage. There are many security settings that customers can use to protect their account, eg: anti-phishing codes, whitelist devices, 2FA, managing withdrawal addresses and U2F (universal 2nd factor authentication). However, Binance was the subject of a hack in 2019 and over $40 million of Bitcoin was stolen. They covered the loss so that their users were not financially affected, and then focused a lot of effort to tighten their security. Only four months after this breach, Binance was awarded the coveted ISO 27001 certification after passing stringent external audits on their information security management. This demonstrates just how important security is to Binance.

Security:  Binance is the winner when it comes to security, with multi-layered security measures, ISO 27001 certification, cold storage of the majority of crypto assets.

Swyftx Pros & Cons

Pros
  • Demo mode to practise trading with $10,000 virtual money
  • Very easy to use, great for newcomers
  • Over 320+ coins available
  • Instantly buy/sell crypto
  • Live Chat Support
Cons
  • No advanced trading options
  • Higher fees than Binance

Binance Pros & Cons

Pros
  • The world's largest crypto exchange
  • Low trading fees of 0.1%
  • Stake over 70+ coins to earn interest on your crypto
  • Over 600+ coins available
  • NFT marketplace, crypto borrowing, P2P, futures
Cons
  • No customer support
  • Not the best choice for newcomers

Conclusion

Swyftx and Binance are two excellent cryptocurrency exchanges, and there is no easy answer to the question "Which is better?" It ultimately depends on what you need from your crypto trading platform, and what type of investor you are. If you are a complete crypto beginner and you want to start investing in some coins, then Swyftx is the better choice. It is simple to use, and live chat support is on hand if you find yourself needing assistance. You also have the option to practise in the demo mode first, so you won't risk any of your own money. On the other hand, if you have already been around cryptocurrency for a while, then you will benefit from using Binance. Their trading fees are much lower, and there are many more options in the advanced markets. You can also stake over 70+ coins to earn passive income, a great feature for HODLers. If you are still undecided, have a look at our article on the best cryptocurrency exchanges in Australia.

About the author 

Luke Campbell

Luke is an early adopter of cryptocurrency, and was buying and using Bitcoin back in 2011. He has seen the landscape of cryptocurrency change over the years, and firmly believes we are still in the early stages of mainstream crypto adoption. Luke is fascinated about the potential of the metaverse, and invests in virtual real estate.

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