Swyftx vs Binance: Which One Should Aussies Use?

Published Mar 12, 2022Updated: Apr 12, 2022
Aaron Seng
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If you're not familiar with any crypto exchanges then you are naturally going to start investing with a well-known platform such as Binance. Binance is certainly not a bad choice as it offers a suite of premium crypto services and features with very low fees. Swyftx is regarded as the best overall exchange in Australia. It has quickly set itself apart from the rest of the Australian competition with its innovative features, user-friendly interface, and a focus on strong customer support.

So which platform is more suited for the everyday Australian? Are all Binance features available to Australians? In this comparison review, we take a look at where the platforms share similarities and where they differ in services and features.

A Quick Comparison

ItemSwyftxBinance
Our Rating4.9/5.04.8/5/0
Fiat CurrenciesAUD, NZD, USDAUD, EUR, GBP, HKD, RUB, and USD
Supported Cryptocurrencies297418
Deposit MethodsBank transfer, POLi, PayID, BPAY, credit/debit card, cryptoVaries between countries (wire transfer, credit/debit card, bank transfer, PayID, Xfers, mobile money)
Deposit FeesNoneNone (depends on deposit method)
Trading Fees0.6%0.1% (maker) and 0.1% (taker)
Withdrawal FeesNoneNone
Advanced Trading OrdersNoYes
In-built Tax ToolsYesNo
Mobile AppYesYes
Live Chat SupportYesYes

A Brief Overview

Swyftx

Based on our review of Swyftx, the platform is the leading cryptocurrency exchange in Australia. Since its establishment in 2019, the Brisbane-based cryptocurrency exchange has rapidly amassed over 450,000 Australian customers. This can be attributed to the Swyftx user-friendly trading experience, a huge range of supported digital currencies, and the continual development of its services where new features are released on a regular basis. The AUSTRAC registered exchange stays in touch with the local crypto market by being active in the social media space and is known to have a strong focus on attending to the needs of its customers.

Promotion: None available at this time
Trading Fees:0.6%
Available Crypto:312
Ease of use
Reputation
Deposit methods
Fees

We work with partners that may result in MoreCrypto earning a small commission. Read our affiliate disclaimer for further information.

The design of the interface and the crypto features it provides will suit you if you are a beginner or experienced investor. Even if you have no crypto experience, you will be able to navigate your way through the interface to deposit AUD and purchase 297 digital currencies including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Litecoin (LTC), and many more. Unlike some of the major exchanges, there is no live charting, limit orders, or order books to confuse you. Swyftx allows for crypto to be easily purchased with the assets instantly transferred to your wallet where it can be tracked and managed. If you are an experienced trader, then you will find the TradingView charting and advanced indicators and analytical tools to be appealing.

swyftx review

One of the strengths of Swyftx is its ability to utilize multiple order books which increases its liquidity on trading pairs. This means that Swyftx can offer you tighter spreads with less price slippage, especially in volatile markets or where there is a lack of trading activity for a particular cryptocurrency. Combine this with the low trading fee of 0.6% and Swyftx becomes a highly desirable option for altcoin trading for all levels of experience.

Swyftx Pros & Cons

Binance Australia

Since its establishment in 2017, Binance has grown to be the #1 ranked cryptocurrency exchange platform in the world for trading volume, liquidity, and traffic. The platform operates in over 180 countries and has a daily trading volume of over $11 billion.

Promotion: None available at this time
Trading Fees:0.1% (maker) and 0.1% (taker)
Available Crypto:600+
Ease of use
Reputation
Deposit methods
Fees

We work with partners that may result in MoreCrypto earning a small commission. Read our affiliate disclaimer for further information.

Binance Australia is one of the independently operated companies that make up the Binance global brand. Binance Australia is a legitimate exchange platform that is operated by InvestBit Pty Ltd and is registered with the Australian Transaction Reports and Analysis (AUSTRAC).

Based on our Binance Australia review, its strengths lie in its ecosystem of innovative products and services, the beginner-friendly user interface, and it's extremely competitive trading fees that translate into great value for money, especially over the long term.

binance homepage

Binance Pros & Cons

Deposit Methods

Before cryptocurrencies can be purchased, you will need to fund your account wallets with fiat or cryptocurrencies from another wallet. The method by which your account wallet is funded with fiat is a personal choice that will differ from other investors. Deposit methods are an important aspect that should be considered to support convenience and minimize fees.

Swyftx provides you with a lot more options to finance your accounts with fiat or digital currencies. These include bank transfers, POLi, PayID, BPAY, and credit cards where you can easily deposit Australian Dollars (AUD). USD can also be transferred into the account wallet. Both platforms also support the transfer of cryptocurrencies from another platform or an external hardware wallet. The number of ways you can deposit AUD into their Binance accounts is limited to PayID and credit cards.

Compared to Swyftx, Binance deposit methods are limited. Swyftx has the advantage as it provides you with greater account financing options and flexibility.

Deposit MethodSwyftxBinance
Direct bank transferYesNo
POLiYesNo
PayIDYesYes
BPAYYesNo
Credit cardYesYes
Crypto from external walletYesYes

Crypto Features

The suite of crypto features offered by various exchange platforms is often one of the key attributes for you to consider. The type of features desired depends on your individual goals.

Swyftx hosts a number of fantastic crypto features that are innovative in the Australian market, including:

  • A free demo mode that can be toggled on or off where you can use AUD$10,000 virtual funds to explore the features of the platform and practice trading in a zero-risk environment.
  • An in-built tax reporting tool where you can easily obtain a record of historical trading activities to assist with tax reporting requirements.
  • Staking of 14 cryptocurrencies including Solana (SOL), Cardano (ADA), and Cosmos (ATOM) to earn rewards of up to 20% Annual Percentage Yield (APY).
  • Specialist support for Self-Managed Super Fund (SMSF) investors if you want to allocate a portion of your fund to invest in crypto.
  • Buy bundles of crypto to diversify portfolios with fewer trading fees.
  • A customizable dashboard where you can set up the indicators and widgets you want to see on a daily basis.
  • Real-time profit and loss charting for stored assets.
SWYFTX FEATURES

Of the above features, the demo mode and tax reporting tools are unique to Swyftx and not available if you decide to go with Binance. However, Binance simply hosts a greater number and better-developed features than Swyftx.

  • 246 digital currencies to buy, trade, and sell.
  • The Binance NFT Marketplace where a vast number of collectibles and artwork pieces can be traded on the Binance blockchain network.
  • Staking of 76 cryptocurrencies where you can earn APYs of up to 32%.
  • State-of-the-art trading interface with advanced TradingView charting tools and risk management orders.
  • A Peer-to-Peer (P2P) marketplace where you can buy and sell crypto directly with other traders.

Unlike its global counterparts, Binance Australia does not support DeFi, finance products, or derivatives trading such as leveraged margin or futures. In terms of crypto trading, Australians are only able to participate in spot trading.

Overall, the Binance services available to Australians are limited and are not very well suited to the majority of crypto traders. The Swyftx platform and its features are more designed for Australians who want to buy crypto directly using AUD and like the idea of having some future trading options or utility.

binance NFT marketplace

Overall, the suite of crypto products and services that Binance offers is superior to those offered by Swyftx, both in terms of variety and stage of development. For example, the number of coins that you can stake Swyftx is limited to 14, acknowledging that it is a relatively new service. The staking options on Binance are greater where 76 coins can be staked to earn APY rewards.

Features unique to Binance include the P2P and NFT Marketplaces, and the Binance Card will suit you if you are an active crypto user. Another key advantage that Binance possesses over Swyftx is the availability of a state-of-the-art trading interface that comes complete with powerful TradingView charting.

Binance Is Cheaper Than Swyftx

Deposit & Withdrawal Fees

If you sign up with Swyftx then you can deposit AUD, NZD, or USD into their accounts without incurring any fees. Transfers of cryptocurrencies from an external wallet or other platforms into the Binance wallet will not incur any fees. Deposits of AUD and USD can be made free of charge. Depending on the deposit method, fees apply to deposit EUR, BGP, HKD, and RUB.

Trading Fees

Binance is well-known for having some of the lowest trading fees in the crypto market. The maximum spot trading fees users will pay are 0.1% (maker) and 0.1% (taker) and are extremely competitive. All spot trading fees can be reduced further based on a 30-day trading volume which will benefit high-net traders.

On the other hand, Swyftx has a flat trading fee of 0.6% per transaction when buying and selling crypto with AUD, USD, or BTC pairs. Whilst this is very competitive against other Australian-based exchanges, it simply does not compete with the fees that Binance offers. Swyftx spreads are as low as 0.45% for the most liquid digital currencies such as BTC. Trading volume-based fee discounts are available, however, you will need to get in touch with Swyftx for more information.

swyftx fees
Swyftx deposit, trading, and withdrawal fees

Compared to Swyftx, the very low spot trading fees of Binance are simply too good to ignore and should factor into your decision-making process.

Which Is Easier To Use?

Ease of use is an important factor that you take into consideration. The design of an interface will affect how intuitive it is to use. Are features and functions presented in a neat and holistic manner that makes them easily identifiable? Is the interface able to be customized?

The Swyftx user interface is well designed where you can easily finance your account with fiat currencies (i.e. AUD, NZD, or USD), buy a variety of cryptos such as BTC, ADA, and ETH, and soundly manage your portfolio.

The left panel can be used to deposit and withdraw fiat currencies, set up recurring orders, or purchase bundles of crypto to quickly diversify your portfolios. An added advantage is that the widgets on the Swyftx dashboard can be customized to suit your individual needs. Don't want to see the top crypto movers in the last week? Simply remove the panel or replace it with something more useful. This is a simple but innovative feature that is unique to Swyftx and is not available to Binance users, let alone other local exchange platforms in Australia.

swyftx interface
The various widgets on the Swyftx interface can be customized to suit the users needs.

If you are an experienced or advanced investor or trader then you will be adept at using the Binance interface. Although there are a lot of features and are seemingly complicated, the design of the interface results in an enjoyable experience that is visually appealing and purposeful. If you have little or no crypto experience then you may be overwhelmed, especially by the spot and derivatives trading interfaces and live charting.

Overall, both the Swyftx and Binance platforms are easy to use, however, it should be noted that the platforms are targeted towards different audiences.

Swyftx or Binance Australia For Trading?

Swyftx markets itself towards a wide range of crypto users from absolute beginners to advanced traders, however, it is more geared towards beginners and intermediate users. After you verify your ID, you can deposit AUD, NZD, or USD fiat currencies into your account using a variety of ways including bank transfer, POLi, BPAY, or credit cards. Once the desired cryptocurrency is found using the search function, you only need to enter in the amount of fiat to spend or the amount of crypto to buy to complete the transaction. Purchasing crypto such as Bitcoin on Swyftx can be completed in five easy steps.

Swyftx also provides you with a variety of order types to add control and risk mitigation to crypto purchasing. These include limit orders, market orders, stop orders, and recurring orders. To cater to advanced Australian traders, Swyftx incorporates the TradingView charting package into the interface along with a suite of tools and indicators.

swyftx trading interface

If you are after a premium trading experience then you will appreciate the Binance trading interface which is now available in two formats:

  • Classic: a simple and easy-to-use trading interface using TradingView charting.
  • Advanced: a TradingView charting interface equipped with the full suite of advanced trading tools and indicators.

Both Binance trading interfaces are clean, modern, and responsive when switching between different trading pairs. They include the standard features that most advanced interfaces offer including a price chart, order box, trading pairs list, trade history, and active/pending positions. The charting is powered by TradingView, the premium charting tool in the crypto space as it provides you with a wide range of time frames and tools to draw trend lines and add indicators and chart patterns.

binance interface
Binance charting is powered by the powerful TradingView package

Overall, both the Swyftx and Binance platforms are easy to use with their designs resulting in a short learning curve for the majority of users. The spot trading interfaces may be overwhelming if you are totally new to crypto trading so choosing between the two platforms depends on the goals of the individual. If crypto-to-crypto trading is desired then Binance is the easy option where you can also take advantage of the cheaper trading fees. If you want a no-fuss way of buying and managing their crypto then Swyftx is the better option.

Are Swyftx And Binance Secure And Safe To Use?

Swyftx and Binance implement industry-standard security measures to safeguard customer funds and digital assets against potential loss, theft, or damage. Controls include the storage of the majority of held assets at highly secure offline locations, withdrawal restrictions, geo-lock logins, and 2FA. Biometric fingerprint logins can also be set up on both the Swyftx and Binance mobile apps to add an extra layer of account protection.

Based on our research, Swyftx has not experienced any security breaches that have resulted in the loss, theft, or damage of digital assets or customer funds. The platform is registered with AUSTRAC and adheres to strict AML/CTF and KYC regulations that are designed to monitor transactions over $10,000 and reduce risks associated with financial crimes. 

Binance has been the subject of several security breaches in the past:

  • August 2019: Loss of 7,000 Bitcoin (approximately $40 million at the time) from hot wallets. Funds were reimbursed via its emergency insurance fund.
  • August 2021: Loss of approximately $2.6 million worth of cryptocurrencies.

Noting the aforementioned security breaches, Binance is still considered a safe and secure crypto exchange. Given the daily trading of Binance (over $19 billion at the time of writing), the losses are considered to be very minor. Additionally, the company has the funds, resources, and insurance to improve security and deal with incursions. Swyftx is a trustworthy and reliable platform that implements top-of-the-line security measures and is trusted by over 450,000 users.

Mobile App

If you like to trade on the go or during the commute to work, then you will enjoy both the Swyftx and Binance mobile apps that are compatible with iOS and Android devices. Most of the features that are available on the desktop versions can be accessed, with the exception of live charting on the Swyftx app. Biometric fingerprint login can be set up on the Swyftx mobile app to provide another layer of account protection against unauthorized access.

In our experience, the Swyftx and Binance mobile apps were generally smooth and we did not experience any difficulties buying cryptocurrencies or contacting the customer support team. Overall, we found no significant advantages from either app.

Customer Support

Swyftx has a great reputation for attending to the needs of its customers and its support team is arguably the best in Australia. The team comprises 35 team members including Customer Support Officers, Resolution Managers, Compliance Officers, and Verifications Officers. The impressive size of the team is a reflection of the platform’s large customer base which spans over 450,000 investors and traders. You have a number of ways to get in touch with the Swyftx customer support team including live chat, phone, email, or Telegram.

swyftx customer support

Although the Binance Help Centre contains a plethora of helpful and informative guides to assist you with technical issues, avenues to customer support are limited to tickets and the live chatbot.

Comparison Outcomes

To assist investors and traders in making an informed decision, we have summarised the assessment outcomes for each category. Based on our comparison review, Swyftx is the superior crypto exchange for Australians who want to buy, trade, and invest in digital assets using AUD.

Assessment CriteriaWinnerReason
Deposit MethodsSwyftxSwyftx provides a lot more account financing options
FeaturesSwyftxSwyftx services complement the needs of the everyday Australian
FeesBinance AustraliaSwyftx fees are higher
Ease Of UseSwyftxThe Swyftx UI oozes simplicity and is suitable for beginners
TradingSwyftxExcellent advanced trading features. Binance users are limited to spot trading.
Security & SafetyTieNo historical reports of security breaches
Mobile AppTieBoth mobile apps are clean and fast
Customer SupportSwyftx100% local and responsive customer support team

Swyftx Vs Binance Australia: Our Verdict

Based on our comparison review, Swyftx is seen as the better cryptocurrency exchange option for Australian investors and traders who are new to the crypto space or who have a moderate amount of experience. The simpler interface and features will appeal to those who want to buy and hold cryptocurrencies or those who want future options to expand their trading into more complex activities in the future.

Binance caters to novice users but also advanced traders who are more active and want to maximize their trading performance. The platform is superior with its ecosystem of advanced features and astute traders will find themselves at home. If you are new to the world of cryptocurrency then you may find yourself a little overwhelmed by the multitude of Binance's features and services.

Aaron Seng
Aaron Seng
Aaron Seng is the Founder of MoreCrypto.com. His journey in the world of cryptocurrency began in 2016 where he was an early investor in Bitcoin and Ethereum. His initial interests revolved around blockchain technologies and their application in a variety of industries and markets. Over the years, he has watched the slow and steady progression and growth of digital currencies around the world.
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All content on www.morecrypto.com is provided solely for informational purposes. This information should not be misinterpreted as an endorsement to buy, trade or sell a cryptocurrency or any specific product or service. The opinions expressed in this blog do not constitute investment advice and independent financial advice should be sought where appropriate.