Swyftx vs Binance 2023: Which One Is Better?
Last Updated on April 17, 2023 by Kevin GrovesSwyftx and Binance Australia are two of the best crypto exchanges for Australian’s. Whilst their popularity is undisputed, they each come with a unique set of features that differ greatly. How do you which one is best for your investing or trading needs?
This review highlights the similarities and differences between Swyftx and Binance Australia. Categories that are covered include their ease of use, deposit methods, fees, and what products and services they bring to the table.
The Bottom Line
After carefully comparing and testing Swyftx and Binance, we found the main difference between is their ease of use and features. Binance is geared to experienced traders that are looking to trade crypto to crypto. Whereas Swyftx is specially designed for beginners in Australia that are looking to buy crypto using AUD instantly with no deposit fees.
In short, we believe 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.
Winner: Swyftx 🏆
Website: www.swyftx.com.au
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Swyftx vs Binance Australia: Comparison Table
| 
| |
|---|---|---|
| Exchange | Swyftx | Binance Australia |
| Fiat Currencies | AUD, NZD, USD | AUD, USD (and 60+ more) |
| Supported Crypto | 320+ | 380+ |
| Deposit Methods | Bank transfer, POLi, PayID, credit/debit card, crypto | Bank transfer, PayID, credit card |
| Deposit fees | None | None |
| Maximum trading fees | 0.6% (flat) | 0.1% (maker) and 0.1% (taker) |
| Withdrawal fees | None | None |
| Interest-earning wallet | No | Yes |
| Markets | Spot | Spot, margin, futures |
| Mobile app | Yes (iOS and Android) | Yes (iOS and Android) |
| Support | Live chat, email, phone | Email, live chat |
| Verdict |  Winner |  Loser |
| Review | Swyftx Review | Binance Australia Review |
Swyftx Overview
Swyftx is relatively new in the Australian crypto industry, but its user base has rapidly grown since its launch in 2019. Currently, there are more than 600,000 users on Swyftx and a wide range of over 320+ cryptocurrencies for experts and beginner investors to trade with.
Swyftx was specifically built in response to common issues typically seen in the Australian crypto market including poor customer service, uncompetitive trading fees, and complicated interfaces. One of the reasons behind Swyftx’s popularity are its features that make crypto trading easy and convenient. Swyftx is now the leader in the Aussie crypto market. It sports a range of features that cater to people who are totally new to crypto as well as experienced investors.
Swyftx Pros & Cons
Swyftx Pros:
Swyftx Cons:
Binance Australia Overview
Launched on Australian shores in 2020, Binance Australia gives traders and investors access to world-class products and services that other crypto exchanges aspire to. The Binance brand in Australia is operated by InvestbyBit Pty Ltd (ABN 98 621 652 579) and is registered by AUSTRAC to provide digital services.
The #1 ranking crypto exchange in the world provides Australians with access to 380+ crypto assets to buy with Australian Dollars (AUD), advanced trading markets including spot, margin, and futures, innovative financial management products, all built around cutting-edge blockchain technology.
Binance Australia Pros & Cons
Binance Australia Pros:
Binance Australia Cons:
Swyftx vs Binance Australia: Deposit Methods
Swyftx and Binance Australia share similar ways of depositing AUD to fund your wallet. Both exchanges allow you to deposit AUD using bank accounts, POLi, and PayID, as well as crypto transfers from external wallets. Although not strictly a deposit method, you can also buy crypto using credit cards on both platforms. As seen in the table below, the similarities between Swyftx and Binance Australia also extend to the deposit methods that they don’t offer, comprising cash deposits via Blueshyft and BPAY.
| Deposit Method | Swyftx | Binance Australia |
|---|---|---|
| Bank transfer | Yes | Yes |
| POLi | Yes | Yes |
| PayID | Yes | Yes |
| BPAY | No | No |
| Credit/debit cards | Yes | Yes |
| Cryptocurrency | Yes | Yes |
Winner: Tie
Swyftx and Binance Australia allow you to deposit AUD in the same ways, specifically bank accounts, POLi, PayID, and crypto transfers from another exchange or hardware wallet. Both platforms support the use of credit cards to directly purchase a range of cryptocurrencies. Overall, there is no significant difference between Swyftx and Binance Australia in terms of payment options.
Swyftx vs Binance Australia: Features
Swyftx and Binance Australia have starkly different services and features. Simply put, the features that Binance Australia offers are far superior to those offered by Swyftx. In the sections below, we outline where they share similarities and highlight the differences.
Supported cryptocurrencies and trading pairs
If you simply want to buy and trade digital currencies using Australian Dollars then either Swyftx or Binance Australia will be a suitable choice. Both platforms provide sufficient support for AUD as they can be deposited and used to buy Bitcoin and other crypto. You can also sell Bitcoin back to AUD if you wish.
Swyftx and Binance Australia support a wide range of cryptocurrencies with lists of 320+ and 380+, respectively. However, the key difference is that Binance supports a multitude of trading pairs compared to Swyftx. With 15 supported fiat currencies such as AUD, USD, BRL, EUR and GBP, there are 245 fiat/crypto trading pairs available. This doesn’t into consideration Binance’s crypto-to-crypto trading pairs that goes into the hundreds. Since Swyftx does not offer other fiat currencies or crypto-to-crypto trades, Binance Australia is far more superior for advanced traders.
Features unique to Swyftx
The target audience for Swyftx is everyday Australians. As a result, the features that it offers are tailored to Australian traders and investors who want to buy crypto in the hope that it appreciates in value over time.
Buying crypto in bundles
Buying cryptocurrencies on Swyftx is an easy process. But you also can purchase multiple digital currencies in a single transaction. The advantage of this is that you quickly diversify your portfolio rather than making individual purchases.
Some Australian crypto exchanges will offer crypto bundles but not let you customise your own package. Of the 8 bundles, you can customise each one by adding or removing different crypto assets. On top of this, you can also apply trigger orders and implement recurring purchases to give yourself a degree of control. Global crypto exchange including Binance don’t offer this feature.
Swyftx has a free demo mode
Swyftx has one of the best demo modes for crypto trading in Australia, and particularly for a beginner-friendly trading platform as most demo modes are offered by the global exchanges. The demo mode can be toggled from the main dashboard and its completely free to use.
When you first toggle it, you will see that you have $10,000 of virtual AUD funds to use as you wish. You can place trades, set up trigger orders, or implement recurring purchases. Since the demo mode follows real-time market depth and liquidity, you’re going to get a fairly accurate depiction of how things turn out. At your disposal are the TradingView charts which are accompanied by an assortment of advanced indicators, drawing tools, and other features to ensure you can analyse the price action of crypto assets.
Since you are using fake money to trade, you can get familiar with how the Swyftx interface works without risking your capital. Currently, Binance does not offer a demo mode.
SMSF support
Support for Self-Managed Super Fund (SMSF) investors is provided by Swyftx and not Binance. Swyftx has partnered with New Brighton Capital, a super fund specialist, to deliver these services. For more information about cryptocurrency investing as part of super funds, you can read our SMSF guide.
Crypto tax reporting tools
Swyftx is in tune with the taxation requirements that Australian traders and investors must adhere to. The company has partnered with Koinly and CryptoTaxCalculator to integrate their crypto tax reporting tools into their interface. This enables you to easily get an understanding of your taxation obligations. For more information about the taxation of cryptocurrencies in Australia, you can read our guide.
Features unique to Binance Australia
Binance Australia has many features that Swyftx does not offer, however, the vast majority are primarily suited to experienced investors and advanced traders.
Binance Earn
If you’re looking to passively build on your crypto holdings then you can’t go past Binance. Simple Earn is one of the modules offered through Binance Earn where you deposit crypto to earn interest payments over time. Based on the sheer abundance of cryptocurrencies that are supported as well as the Annual Percentage Yields (APY) that can be obtained. Binance Australia has one of the best interest-earning wallets in Australia. Not only this, but Swyftx have removed their Earn feature and no longer offer this service.
At the time of writing (February 2023), you can earn interest yields between 1.5% to 92% on 40 digital assets. Terms options include 30, 60, 90, and 120 days with all coins supplemented with Flexible arrangements. Although the flexible rate for Bitcoin is on the low side (1.5% APY), yields for other popular coins are quite attractive. Examples include SOL (5.20%), AVAX (6%), APE (41%), and TRX (3.5%).
Binance’s Simple Earn feature is incredibly easy to use and is one of the better features for beginners to benefit from.
ETH 2.0 staking
The staking of cryptocurrencies on the Proof-of-Stake (PoS) protocol is not supported by Swyftx due to regulatory reasons. Binance Australia only offers ETH 2.0 staking with passive earnings up to 11.20% APY.
Buy NFTs
Another advantage that Binance has over Swyftx is its marketplace where you can browse and trade Non-Fungible Tokens (NFTs). Those who are digital artists and creators can also create and deposit NFTs for sale. Selling a NFT will incur a flat 1% sellers fee as well as a 1% royalty fee on top. This excludes on-chain gas fees which also apply. Buying an NFT is easy and straightforward. You can buy NFTs and mystery boxes in three different ways including fixed prices, auctions, or presenting an offer to the seller.
The NFT marketplace is vast, extensive, and comes well-stocked with some of the world’s most popular collections including Bored Ape Yacht Club and Moonbirds.
Winner: Swyftx 🏆
Although Binance Australia has a well-developed interest earning features through its Simple Earn and ETH 2.0 staking, Swyftx has its measure with its assortment of features that have been specifically tailored to the Australian market. Moreover, all of Swyftx features including its crypto bundles, tax reporting tools, demo mode, and SMSF support are all beginner-friendly.
Swyftx vs Binance Australia: Ease Of Use
The Swyftx interface differs quite a lot from the Binance Australia interface and this results in a totally different user experience. From the get go, the Swyftx interface is visually intuitive, simple, and modern with its unique design. Finding features or managing your crypto assets through its customisable dashboard results in an enjoyable experience that will appeal to beginners, including those who have not created an account on an exchange before as the learning curve is short.
On the other hand, the Binance Australia interface with all of its features and intricacies will take some time to get used to. At first, beginners may feel that it’s a bit complicated for them. Despite this, we consider the ease of use on Binance to be highly streamlined and easy once you familiarise yourself with the platform. For a global crypto exchange, Binance has done a good job of ensuring that its advanced features are still easily accessible for users of all types of experience.
Winner: Swyftx 🏆
The user experience and ease of use that Swyftx provides is more likely to benefit more Australians than the Binance platform. The simplicity and design of the Swyftx platform is a fresh look compared to other local exchanges that still have traditional and outdated interfaces.
However, if you have used another crypto exchange before then using Binance Australia will be a breath of fresh air. Of all the global crypto exchanges, the ease of use on the popular platform is a lot better than others where it seamlessly integrates its features into one place.
Swyftx vs Binance Australia: Fees
Swyftx and Binance Australia are similar in that they charge zero fees for depositing AUD into their wallets using any of their supported methods. The similarities extend to the use of credit cards to buy cryptocurrencies with Swyftx and Binance Australia charging fees of 3.6% and 3.0%, respectively. Binance is a little cheaper but not by much.
It’s the trading fees where Swyftx and Binance Australia differ. Swyftx will charge you a flat 0.6% fee for every buy and sell order you place. Since their fee structure isn’t tiered, you can’t get any fee discounts for trading high volumes. But don’t be discouraged as the 0.6% fee is highly competitive in the Australian market. Compare this to CoinSpot’s 1% fee for instantly buying or selling crypto, and you’ll quickly understand how much value for money Swyftx brings to the table. If you don’t choose Swyftx, then look for trading fees around the 0.5% – 0.6%.
On the other hand, maker and taker fees on Binance start at 0.1%. Based on your 30-day trading volume, you can significantly reduce your trading fees. Although Binance is vastly cheaper, the downside is that beginners may not necessarily know how to place market orders on an advanced crypto exchange like Binance. Secondly, beginners are not likely to have the trading volume to reduce their trading fees.
Winner: Binance Australia 🏆
On fees alone, Binance Australia is 0.6% cheaper than Swyftx when it comes to buying crypto with a credit card, and 0.5% cheaper buying crypto on the exchange. However, the caveat is that the lower trading fees on Binance are not likely to be accessible by everyday Australians, particularly beginners who are starting to build their portfolios. Knowledge and a level of expertise is required to place orders on Binance’s spot trading interface which beginners might find overwhelming.
With its 0.6% fee which is highly competitive for a local crypto exchange, Swyftx still offers great value for money.
Swyftx vs Binance Australia: Markets & Trading
The only trading markets you have access to on Swyftx is spot trading where the only trading pairs are AUD/crypto AUD is the only supported fiat currency. You cannot convert one crypto asset to another and crypto-only trading pairs are not supported. United States Dollars (USD) used to be supported by Swyftx, however, this is no longer the case. Therefore, you can only use Swyftx to buy and sell crypto using AUD.
As expected, Binance Australia offers far superior trading markets and options than Swyftx. In addition to its premium spot trading markets where leverage up to 3x can be applied, Binance provides access (via Binance Futures) to strong derivatives markets comprising:
- USDS-M Futures: Perpetual or Quarterly Contracts that are settled in USDT or BUSD.
- Coin-M Futures: Perpetual or Quarterly Contracts settled in Cryptocurrency.
- Leveraged Tokens: Trade with leverage without the need to put up collateral, maintain and margin level, or worry about the risk of liquidation.
- Options: Cash-settled contracts where the options can be exercised before the time expires.
The number of crypto trading pairs with AUD as the fiat currency is limited to 18. Popular ones include AUD/BTC, AUD/ETH, AUD/SOL, AUD/FTM, AUD/ADA, and AUD/DOGE. However, with 14 other supported fiat currencies, there is no shortage of fiat trading pairs. And this is not even considering the wealth of crypto/crypto trading pairs that are available for experienced traders to dabble with.
However, not all of Binance’s trading features require practice to use. The Binance Convert feature allows beginners to swap one digital currency for another with the click of a button. With zero fees to worry about, it’s a great way of balancing out your crypto portfolio.
Winner: Binance Australia 🏆
If you only need to buy and sell digital currencies such as Bitcoin and Ethereum then Swyftx is for you. However, the trading utility stops there and Binance Australia takes over with its world-class trading markets. There is an abundance of fiat/crypto and crypto/crypto trading pairs across its spot, futures, and options markets.
Swyftx vs Binance Australia: Mobile App
Both Binance Australia and Swyftx have apps for Android and iOS mobile devices. These apps have been designed to offer the same experience as the web version, including the features. Both apps implement 2-Factor Authentication (2FA) measures to ensure that the apps are secure places to buy, sell, and store digital assets.
Winner: Tie
Swyftx and Binance Australia provide functional and easy-to-use mobile apps. In terms of their ease of use and how they integrate their respective crypto products and services, we found no significant difference.
Swyftx vs Binance Australia: Customer Service
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 the live chat. Although the avenues to their customer support team are not as varied as Swyftx, they do provide one of the best Help Centres in the world.
Winner: Swyftx 🏆
As you might come to expect, better customer service is provided by the local crypto platform, Swyftx. They have a team dedicated to performing this service and their responsiveness was swift. Binance Australia provides support via the standard avenues, live chat and an email ticket system. However being a global exchange, don’t be surprised if you wait for a long time for a response.
Swyftx vs Binance Australia: Security
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 crypto exchanges 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.
Swyftx vs Binance: Comparison Outcomes
Swyftx and Binance both have impressive features and choosing between the two boils down to your level of expertise and what you want to achieve with your crypto portfolio. Swyftx is better suited to you if just want to use your cash to buy and hold popular digital currencies such as Bitcoin and Ethereum. The simplicity of the platform results in a no-fuss trading experience and you’re still getting value for money with their flat 0.6% trading fee.
If you run into any issues, you’ll get help faster on Swyftx than on Binance Australia. Although Australians of all levels of experience can benefit from Swyftx, the Brisbane-based company mostly targets beginners and novices who are starting their crypto journey.
Before transferring your crypto from Swyftx to Binance, take note that Binance is a suitable Swyftx alternative that is mostly geared toward more experienced users. It provides world-class trading markets that every serious or advanced trader could need and all the tools to do the job. This isn’t to say that beginner can’t use Binance Australia to take advantage of its cheaper fees, but the learning curve will be longer.
| Comparison Criteria | Winner | Reason |
|---|---|---|
| Deposit Methods | Tie | Both provide similar ways to fund your wallet with AUD. |
| Products & Services | Swyftx | Swyftx offers beginner-friendly features tailor-made for Australians. Binance is suited to more experienced users. |
| Ease of Use | Swyftx | The ease of use for both platforms is similar except the learning curve for Binance is greater. |
| Fees | Binance Australia | Depending on the fee type, Binance is 0.5% – 0.6% cheaper than Swyftx. |
| Markets & Trading | Binance Australia | Binance offers multiple advanced trading markets. Swyftx is limited to spot trading with AUD. |
| Mobile Apps | Tie | Both platforms provide easy to use and functional apps for iOS and Android mobile devices. |
| Customer Service | Swyftx | Swyftx offers more ways to get assistance and their responsiveness is high. |
| Security | Tie | Both platforms implement industry-leading security protocols. |
If you found this comparison between Swyftx and Binance Australia to be useful, here are other Australian crypto exchange comparisons to read next:
- Swyftx vs CoinSpot
- Swyftx vs Independent Reserve
- Swyftx vs BTC Markets
- Swyftx vs Crypto.com
- Swyftx vs Coinbase
- Swyftx vs CoinJar
Warren is the co-founder of CoinCryption. He has a passion for cryptocurrency and has been involved in this space for more than 7 years. His other love is digital marketing and has over 15 years of experience.