Swyftx vs Binance: Which One Should You Sign up For?
Summary: After carefully comparing and testing SwyftX and Binance , we found that SwyftX to be the better exchange for beginners due to its low fees, easy to use interface and amazing support. Swyftx is also based here in Australia making it faster and safer for Aussie investors.
The Australian crypto trading industry is rapidly growing, and currently, the country is home to more than 250 exchange sites. Aussies are also active investors and have fueled the industry’s growth.
Choosing the best platform to trade with is often difficult because you need to consider factors such as fees, supported digital coins, and security. You also have to look at the top features of a particular exchange site before creating an account.
Swyftx and Binance are 2 of Australia’s most reliable security exchanges, and if you’ve reduced your options down to these two, here’s a quick side-by-side comparison.
This platform is relatively new in the industry, but its user base has rapidly grown since its launch in 2019.
Currently, there are more than 30,000 users on Swyftx and a wide range of cryptocurrencies for experts and beginner investors to trade with.
One of the reasons why Aussies prefer trading with this account is its features that make crypto trading easy and convenient.
It was also built specifically for the Australian market to increase the liquidity of digital assets and provide services that can be integrated with Australia’s stringent regulations and tax system.
Top Features of Swyftx
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Binance may be an international exchange site, but its Australian version is fully compliant with the country’s regulations.
This platform was launched in 2017 and is one of the most reputable exchanges. It also boasts a wide range of digital coins, which is why it’s popular among professional Aussie trades.
Binance began Australian operations in July 2020, and it only took 6 months for it to be the leaving exchange site by AUDs in the country. On 11 Jan 2021, it recorded a trading volume of more than $130 million in AUD trading pairs on one day, which is pretty impressive.
This site has experienced phenomenal growth since its launch in Australia, and this isn’t about to stop soon.
Top Features of Binance
Other features include;
How Do Swyftx and Binance Compare to Each Other?
Swyftx is highly reliable & secure, and the platform has a variety of security features to keep your funds safe.
This site is compliant with KYC rules, so you have to verify your identity to start trading actively. The verification process typically takes a few minutes and is aimed at reducing cases of fraud on the site.
On account sign-up, you have to activate the two-factor authentication feature to protect your account from external breaches.
Swyftx also conducts regular account monitoring and is integrated with auth0 to increase the security of funds and user wallets. This site has never been hacked.
Binance is also one of the most reliable exchange sites in Australia and has multiple layers of security to protect user accounts.
Some of the security measures on the platform include; 2FA, anti-phishing codes, and Google authentication.
They use cryptocurrency security standards to protect all accounts and also have an emergency fund that protects investors in case of a breach. Binance has, however, been hacked once, and they lost around $40 million.
2. Ease of use
Both platforms are fairly easy to use. Swyftx has a customizable dashboard that can be navigated by both expert and novice traders. Their site is also easy on the eye, and you can find information without much struggle.
Binance, on the other hand, is mostly geared towards expert traders. Their user interface is easy to navigate, but they have a lot of trading pairs that make it complex for new users.
3. Deposit + Withdrawal methods
AUD deposits and withdrawals on Swyftx are swift and can be done using popular methods like PayID, POLi, OSKO, debit cards, bank transfers, and cryptocurrency.
For PayID and POLi transactions, the funds are processed almost immediately; OSKO takes at most 24 hrs while bank transfers could take a while.
You can only transact with up to $20,000 daily, but with enhanced verification, the amount is increased to $100,000.
Binance has a heavy global presence, so it has a wide variety of withdrawal and deposit methods. In addition to the methods supported by Swyftx, you can also transact using credit cards, which incur a 1% fee.
Swyftx and Binance both have low trading fees.
On Swyftx, all trades are executed at market value, and you don’t incur any charges for withdrawals and deposits below $200. They also have a 0.6% trading fee which is fairly low and spreads of about 0.45%. Swyftx doesn’t impose any trading limits.
Binance, on the other hand, charges 0-0.1% on all cryptocurrency trades and provides considerable discounts to users that trade using BNB tokens. Deposits are free on the platform.
5. Supported Cryptocurrencies
Both platforms have over 260 supported cryptocurrencies and are constantly updating the list. You can trade with popular coins and lesser-known ones like Civic (CVC. Swyftx allows you to trade these coins against BTC, USD, and AUD.
In addition to multiple digital currencies, Binance also supports more than 40 fiat currencies which can be overwhelming to new investors. You can trade with more than 1000 pairs and 100 altcoins, which is why this platform is popular among expert traders.
Binance also has some new coins, including Dogecoin (DOGE) and Harmony (ONE)
Both platforms are registered and regulated by AUSTRAC, which means that they have to comply with Know Your Customer rules and Anti-Money Laundering regulations.
Even though Binance is a global exchange site, it’s compliant with Australia’s laws and is registered under InvestByBit Pty Ltd.
7. Mobile App
Mobile trading is becoming more popular, mostly due to the convenience it offers traders. You can easily trade on the go, and the only aspects you’ll have to give up is trading on a large screen.
Both Binance and Swyftx have mobile apps that are compatible with both android and iOS devices. These apps have been designed to offer the same experience as the web version, including the features.
8. Customer Support
Swyftx customer support is highly responsive and is available at specific hours during weekdays and weekends. You can reach them using a live support feature on their site, email tickets, phone calls, and telegram. Swyftx also has a short response time and replies to queries within 3 minutes on all avenues except email.
Binance has impressive customer support structures, and you can easily reach them by email or telegram. In 2018, they launched 24/7 customer support which ensures that you get quick feedback.
9. Demo Account
Swyftx has a demo account feature that allows novice traders to practice their skills before investing this cash.
This account comes with $200,000 of virtual money that you can use to emulate real trades. In case you use up all the money, there’s a reset feature that you can use to start afresh. Swyftx also has a free $10 worth of bitcoin awarded to users on sign up.
Binance doesn’t have a demo account, and to start trading, you need to make a deposit.
10. Affiliate Programs
Both Binance and Swyftx have affiliate programs that allow you to earn commissions every time new users join the platforms using your referral code.
Swyftx only gives you a 30% commission, while Binance’s is as high as 40%.
Swyftx vs Binance: Which Exchange Site Is the Best?
Swyftx and Binance both have impressive features, and it all boils down to your level of expertise.
Binance is mostly geared towards expert investors as it has advanced trading tools and multiple trading pairs to choose from.
Swyftx, on the other hand, has a beginner-friendly interface and a demo account that beginners find helpful.
What is our personal favourite?
Personally, I think either is fine BUT if you want a more user-friendly interface and better support go with Swyftx! I find it the better option of the two.