Swyftx vs Binance – Which Is The Best In 2022?
Hello everyone today we will be comparing the two best cryptocurrency exchanges in Australia, Swyftx vs Binance.
Amidst an ever-increasing number of crypto exchanges in Australia, we often feel overwhelmed while making a choice between two leading trading platforms Swyftx or Binance.
Contents
Swyftx vs Binance Reviewed 2022
While most of the cryptocurrency trading exchanges in Australia offer similar features and user interfaces, small details are often ignored.
Those small details and features could end up being the reason for you to go through the painstaking process of shifting to another crypto exchange.
Hence it is advised to make an informed and customized choice while selecting a trading exchange for your crypto needs.
The following discussion will help you to decide whether you need Swyftx or Binance. We did the comparison based on certain criteria like trading fee, usability, etc.
Read this Swyftx vs Binance comparison to make up your mind
Swyftx Exchange Australia: Most Trusted Crypto Exchange Australia
Swyftx is a leading Australian cryptocurrency exchange that deals in more than 260 crypto assets and comes with a USP of being the cheapest cryptocurrency exchange in terms of transactional fees.
Founded by Angus Goldman and Alex Harper, Swyftx was designed to tackle the crypto exchange overload following the Australian digital currency and NFTs regulations.
Swyftx is tailored specifically for the crypto traders of Oceania, who are new to trading and do not want to get into the details of non-regional crypto regulations.
However, Swyftx is emerging to be a global cryptocurrency exchange with its intuitive and user-centric business approach.
Swyftx Pros And Cons
After a brief introduction let us discuss the pros and cons of the Swyftx exchange.
Pros
- Intuitive, easy to use, and user-friendly trading experience
- A long list of cryptocurrencies to invest in and more to come
- Swyftx follows all the tax regulations and crypto exchange regulations specified by Australian authorities
- Lower transactional fees with no recurring membership charges
- All-round customer support with phone, live chat, and email
Cons
- Not the cheapest option in terms of Australian Dollar forex exchange rates
- Only supports AUD in terms of fiat exchange
Can I Transfer My Crypto From Binance To Swyftx?
Yes, you can. Navigate to the trade tab in your Swyftx account > search for your desired currency > deposit menu
From there you can transfer your cryptocurrencies from Binance to Swyftx using your deposit address.
Can You Stake On Swyftx?
Yes, you can stake on Swyftx crypto exchange, you can earn a generous interest ranging from 10% to 20% per annum if you help to verify transactions on a blockchain network using your device capabilities. This process is called staking.
Binance Exchange Australia: Most Popular Crypto Exchange Australia
The world’s largest cryptocurrency exchange by volume, Binance boasts lower crypto transactional fees and gives access to more than hundreds of cryptocurrencies listed in the exchange.
It comes with the support of fiat to crypto and crypto to crypto trading along with advanced trading tools including an inbuilt grid trading bot.
Even though Binance is a popular choice, It is not a platform for crypto trading beginners in Australia.
Its advanced user interface can be daunting for a fresher. However, if you are a seasoned crypto trader looking out to maximize your current profits, Binance could be an ideal choice.
Binance Pros and Cons
In this section of this Swyftx vs Binance comparison lets discuss some of the pros and cons of the Binance exchange
Pros
- Wide range of support of cryptocurrencies from around the globe
- Advanced trading features complemented by AI automated bots
- Lower trading fees with debit and credit card deposits
- Good customer support with an active user community
- Availability of staking along with other passive income options
Cons
- Shady and non-transparent corporate structure
- A confusing user interface
Is Binance Trustworthy?
From time to time Binance had attracted various regulatory attention from different legal authorities investigating potential money laundering, tax evasion, and market manipulation.
In terms of user security Binance, global exchange faced a brute-force attack leading to a loss of $40 million in 2019.
Does Binance Report To The ATO?
ATO is the Australian Taxation Office that also regulates crypto transactions and taxes digital assets.
Binance Australia onboarded Koinly for tax assistance in terms of ATO tax obligations. However, they do not report directly to the ATO, not until asked.
Swyftx vs Binance Compared
This table contains complete information on both Swyftx and Binance crypto exchange
| Swyftx | Binance | |
| Coins | 260+ | 500+ |
| Buy/Sell Fee | 0.6% | 0.1% |
| Deposit Fee | Free | Free |
| Withdrawal Fee | Free | Fee |
| Spread | 0.41% | Varies |
| Payment Methods | Bank transfer POLi Credit/Debit card OSKO and PayID | OSKO and PayID |
| Offline cold storage | No | Yes |
| Security | Biometric authentication 2-factor authentication | 2-factor authentication SMS and email verification Biometric authentication |
| Mobile App Support | Yes | Yes |
| Customer Support | FAQ and support page Email support Social media messaging Phone call support. | Email support |
| Pros | Intuitive, easy to use, and user-friendly trading experience | Lower trading fees with debit and credit card deposits |
| Cons | Not the cheapest option in terms of Australian Dollar forex exchange rates | A confusing user interface |
| Regulator | Austrac | n/a |
| Fiat Supported | AUD | USD, EUR, CNY, AUD, INR, RUB, and much more |
Swyftx Features
Swyftx comes with an Australian-centric user experience and has transactions only in Australian dollars.
It has robust customer support on all conventional platforms with a response time lower than 10 mins.
Swyftx allows you to generate a passive income through staking and also have a demo mode that is absent in Binance.
In terms of security, they have multi-factor authentication and biometrics login to avoid data breaches from the end-users and facilitate fast and passwordless login.
From real-time price feed to integrated trading view chart, Swyftx could be the best choice for any Australian crypto trader.
Binance Features
Binance comes with one of the lowest trading fees in the market and comprehensive charting options.
The Binance global lists over five hundred cryptocurrencies and 60+ on Binance US. It supports Limit order, market order, stop-limit order, peer-to-peer trading, margin trading, one-cancels-the-other order, and much more.
Binance also has two-factor authentication, Federal Deposit Insurance, device management, address whitelisting, and support for cold storage crypto wallets.
Binance also entertains software tools integration through public application programming interface and 13+ transaction types as per the choice of the trader.
Advanced features and powerful trading tools make it one of the best crypto exchanges for intermediate and advanced cryptocurrency traders.
Swyftx vs Binance Features – Winner
Swyftx emerges out to be a better choice when compared with Binance in terms of easy-to-use interface, beginner-friendly demo mode, and clear history with regular ATO audits.
However, Binance could still be a choice for those seasoned crypto traders in Australia.
Swyftx Fees
Swyftx accepts only AUD and NZD in fiat to crypto transactions. It also supports Bank transfer, credit card, crypto to crypto, debit card, Osko, and PayID as deposit methods.
Swyftx fees for trading are 0.6% and $0 deposit and withdrawal fees, Swyftx is on the cheaper side when it comes to trading fees.
Binance Fees
With 0.1% as trading fees for non-BNB trading, Binance offers one of the cheapest fees in the crypto markets and you can also use BNB to pay your trading fee on Binance and earn a 25% discount on each payment.
Like Swyftx it also has $0 deposit fees and automated withdrawal fees adjusted on the basis of the status of the markets.
Swyftx vs Binance Fee – Winner
Binance clearly earns the badge for a better choice when it comes to attractive trading fees.
It has a wide range of fiat to crypto support and it is one of the major reasons for being an extremely popular choice among Australian crypto traders.
Swyftx Spreads
While many trading platforms are charging larger chunks in the form of market spreads, Swyftx is offering a market spread as low as 0.41%, being one of the lowest spreads of any crypto trading platform in the market.
Swyftx claims to have a large liquidity pool from global trading partners that allows them to offer usually non-variable and almost fixed spread rates.
Binance Spreads
Binance is popular for offering consistently higher spreads when it comes to altcoins, ranging from 0.04% to a whopping 7.19%.
The role of market depth and adequate volume of open orders results in narrower spreads however a major chunk of these wide buying and selling order differences goes to the overall profits of the vendor which in this case is Binance.
The absence of a clear spreads rate across the platform makes Binance not an ideal choice if you want fixed and narrow crypto spreads.
Swyftx vs Binance Spreads – Winner
Swyftx offers a clear and fixed rate for its crypto trading spreads which in the case of Binance is not that easy to determine due to the complexity of its not so beginner-friendly user interface.
It also offers one of the lowest cryptos spreads in the market and does not shy away from making it a marketing USP.
Swyftx Security
Swyftx comes with a wide range of trusted security protocols that include KYC verification, Biometric authentication, 2-factor authentication, password breach detection tool, regular 3rd party security audits, external penetration testing undertakings, internal least-privilege security model, and JSON web tokens that come with session expiry.
The features mentioned above could be critical while deciding the right cryptocurrency exchange to make sure that not only your crypto but all of your banking details are in safe hands.
After a thorough testing and research Swyftx emerges to be one of the most trusted crypto exchanges that are available in Australia.
Binance Security
Binance entertains most of its digital assets in cold storage facilities with real-time monitoring of transactional attempts and activities.
It also offers safe sign-in protocols using 2-factor authentication, hardware wallet and keys support, SMS and email verification, and biometric authentication.
Binance uses advanced data encryption and multi-signature and threshold signature schemes that add to the multilayer security of this crypto exchange.
Binance offers industry-standard security protocols that can be trusted and emerge out to be no less than any of its major competitors in the market in terms of customer security.
Offering such security with minimal trading fees goes in the favor of Binance.
Binance vs Swyftx Security – Winner
Both Binance and Swyftx promote industry-standard user security protocols and adhere to safe organizational security.
Binance on the one hand offers a decent security standard a lower trading fees while Swyftx provides additional layers of security with open external penetration testing undertakings and third-party security audits and consulting
which makes Swyftx a more reliable and transparent option when it comes to security.
Binance vs Swyft Number Of Coins Supported
Binance supports over 500 coins including Bitcoins and all the major altcoins and its native BNB.
Swyftx on the other hand has a long list of more than 290 digital assets on which its users can trade.
With a higher number of coin support, Binance comes out to be a clear winner in this segment.
Binance vs Swyftx Deposit Methods
Binance supports various deposit methods including fiat to crypto and crypto to crypto payment methods.
You can avail of crypto deposits, bank deposits, credit, and debit card deposits with Visa and Mastercard, bank transfer with over 60 alternative options, and the third part payment options via Banxa and Simplex.
With no deposit fees and a wide range of deposit methods, Binance provides a hassle-free funds deposit process.
Swyftx comes with the sole support of AUD when it comes to fiat to crypto deposit methods and if you are not a citizen of Oceania, forex rates can be an additional burden while trading through Swyftx.
The Swyftx offers bank transfers, POLi, PayID, and OSKO. Swyftx is just the right choice for the people living in Oceania or who want to trade in AUD or NZD.
Binance Vs Swyftx Mobile App
Swyftx recently launched their Android and iOS app with a modern UI, automated portfolio tracing, and multi-buy, sell, and swap features.
Binance’s mobile application is no less with tons of advanced features coming from the web version of Binance Global that supports real-time trade analysis and instant buy and sell options.
Swyftx Customer Support
With a detailed FAQ and support page, Swyftx also provides email support, live chat, social media messaging, and phone call support.
With under 10 mins response time, Swyftx brags providing high-priority customer support that is better than industry average standards.
Good user reviews back this claim of Swyftx and makes it one of the best exchanges in Australia that value its customers.
Binance Customer Support
Not the best in the segment but Binance offers decent and responsive customer support that can help its customers with the technical details that are usually required when it comes to the overall complex Binance user interface.
Binance offers email support but no chat or phone call support to its customers and in the present market that is lower than the industry standards.
Binance vs Swyftx Customer Support – Winner
Swyftx is a clear winner in this segment with a variety in its customer interaction platforms and a quick response time.
Swyftx also entertains FAQs and helpful blogs to support its customers without the need to reach its support team.
Binance however, needs some major improvements to aid its not-so-friendly user interface.
Swyftx vs Binance – Final Verdict
Even though the choice of one’s trading platform could be a subjective decision, a wise investor will always research to reach a conclusion backed up by solid reasons and not only through repetitive marketing.
In our Swyftx vs Binance comparison, Swyftx is undeniably a better choice when it comes to a perfect crypto trading exchange for traders based in Australia
It is up to you whether you can compromise a bit on the quality for lower rates of Binance.
The lowest trading rates and advanced tools without the extra cost make Binance a tailored choice for seasoned traders who are willing to multiply their profits through advanced automated and complex tools of Binance.
