Swyftx vs Binance

Swyftx is an Australian cryptocurrency exchange launched in 2018. It's one of the more cost-effective local platforms for buying cryptocurrency and offers additional features like SMSF support and cryptocurrency "bundles".

Binance is by far the most-used cryptocurrency exchange in the world. The global platform was only founded in 2017, but regularly sees daily trading volume more than double its closest competitor. Binance is well-known for hosting a huge range of features, including staking and lending, an NFT marketplace and more.

When comparing reputable exchanges, there's usually no such thing as the "best" choice – just one which best suits your personal needs.

Round 1: Vital statistics

Finder Score	4.0 ★★★★★	4.0 ★★★★★
Trading Fee	0.1 – 0.6%	Maker: 0.0110 – 0.1000% Taker: 0.0230 – 0.1000%
Deposit method	Bank transfer,Credit card,Cryptocurrency,Debit card,PayID	Credit card,Cryptocurrency,Debit card,P2P
Withdrawal Fees	AUD: $0 Cryptocurrency: $0 (network fees apply)	AUD: Not supported Cryptocurrency: Fees vary
24/7 support?		Yes
App available?	Yes	Yes
	Go to site More Info	Go to site More Info

Swyftx is headquartered in Brisbane, Australia. Conversely, Binance has faced a number of regulatory challenges and is now registered in the Cayman Islands. Both platforms are registered with the Australian regulator, AUSTRAC, and comply with know your customer (KYC) and anti-money laundering (AML) laws.

Each exchange has native support for a multi-token wallet that can store hundreds of different coins. Binance also has an earning hub, where users can earn a return on their cryptocurrency assets.

A key to Binance's success is its thriving ecosystem. The platform has created its own blockchain, the Binance Smart Chain, and a native BEP-20 token known as Binance Coin (BNB). This network has expanded the scope of Binance's platform, allowing the release of a decentralised exchange and a suite of benefits for BNB holders.

Swyftx's notable features include its crypto "bundles" (a basket of equally weighted crypto assets), SMSF support and a "demo mode", where newcomers can test the cryptocurrency waters without risking any capital.

Round 2: Supported coins

Number of tradeable crypto assets	432	385
	Go to site More Info	Go to site More Info

Binance comes out ahead in terms of number of supported cryptocurrencies, though not by a huge margin.

Both platforms offer a large range of assets, so it's likely you'll be able to find the coins you're looking for when using either exchange.

Round 3: Supported fiat currencies

Number of supported fiat currencies	3	114
	Go to site More Info	Go to site More Info

Swyftx is an Australian-market focused cryptocurrency exchange and only supports a limited number of fiat currencies – Australian dollars and New Zealand dollars. Cryptocurrencies are traded against AUD.

Binance is a global platform and supports a large range of fiat currencies, although it no longer accepts AUD bank transfers. Most trading is done against USD stablecoins, BTC or ETH.

Binance accepts instant AUD purchases via credit and debit cards, although the fees are considerably higher than using the spot market.

Round 4: Costs

Minimum deposits	$0	$50
Deposit Fees	Bank transfer: $0 Card: Fees vary PayID: $0 Cryptocurrency: $0	Cryptocurrency: None
Trading Fee	0.1 – 0.6%	Maker: 0.0110 – 0.1000% Taker: 0.0230 – 0.1000%
Withdrawal Fees	AUD: $0 Cryptocurrency: $0 (network fees apply)	AUD: Not supported Cryptocurrency: Fees vary
	Go to site More Info	Go to site More Info

Swyftx hangs its hat on being one of the lowest fee AUD-denominated exchanges. There is a flat 0.6% fee on all trades which is competitive compared to other Australian founded exchanges.

Binance operates using a tiered fee structure that offers some of the most competitive rates on the global market.

The base fee for trades is 0.1%, but this figure can drop as low as 0.02% for customers with large portfolios of BNB or that trade considerable amounts each month. Traders can also receive a 25% discount on their fees when using BNB to pay.

Round 5: Deposit methods

Deposit methods	Bank transfer, Credit card, Cryptocurrency, Debit card, PayID	Credit card, Cryptocurrency, Debit card, P2P
	Go to site More Info	Go to site More Info

Swyftx offers a number of useful deposit methods for Australians. Customers can choose from near-instant, free deposits using Osko, PayID and POLi. Alternatively, users can fund their accounts using an old fashioned bank transfer, which can take up to 48 hours to arrive.

Binance does not currently support AUD deposits. This is a recent change and Binance have stated they hope to reinstate the service as soon as possible.

Both exchanges offer "instant buy" for crypto assets using a credit/debit card. Swyftx's third-party service may charge up to 4% for credit card purchases, while Binance's card transaction fee rises to a maximum of 2%.

Round 6: What our users are saying

Finder users have left plenty of reviews for both Binance and Sywftx which are overwhelmingly positive.

Binance scores an average of 4.8/5 while Swyftx comes in slightly lower with 4.4/5 (as of May, 2023).

Swyftx reviews

Swyftx users consistently praise its customer service team, with many users saying how quick they were to respond. Beginner cryptocurrency investors appear to have an easy time using the platform.

Criticism of Swyftx appears to revolve around accounts being banned and users struggling to retrieve funds. The small number of users affected by this also voiced their frustration with the customer service team.

Fantastic app to trade crypto. Easy to use and great support. I've needed help as I've learned more about crypto and the team at Swyftx have always provided prompt and amazing support. Recommend.

Terry, QLD, Finder Member

Absolutely terrible website and poor mobile app. Worst of all, they're blocking your funds without any reason almost on daily basis. I done KYC and was a diamond customer but they blocked all withdrawals from my account. No reason given. Lost thousands of $$$ as a result.

Brano, NSW, Finder Member

Great Aussie platform, setup of my SMSF was easy and straight forward. Their support team have always been very helpful and responded to my questions and actioned my tasks really quickly. Love that they are local based to me in Brisbane and that they include API Endpoint's which my inner programmer loves.

Greg, QLD, Finder Member

Binance reviews

Reviews of Binance praise the smartphone app in particular, which offers all the features of the desktop exchange in a compact format. Users also enjoy the wide range of coins available as well as the extra features like staking.

Binance users appear to critique it for two main reasons – poor customer service and an overwhelming user interface that is not well suited for beginners. Mind you, the Binance App offers a lite mode with a simplified interface which is tailored to beginner investors.

Really easy and intuitive platform. Has a quick start tutorial to get you going with easy to follow steps.

Anurag, NSW, Finder Member

Very advanced and overwhelming. Too many charts and numbers, I required something more easy to use with features less difficult.

CryptoIntro, NSW, Finder Member

The fees are quite low, there also is a massive selection of cryptocurrencies available to purchase as well. The staking options are also neat.

D@D, WA, Finder Member

Winner: Tie

It is difficult to pick a winner between Swyftx and Binance. Both platforms offer a suite of features that will appeal to beginners right through to experienced cryptocurrency users.

Swyftx's focus on an Australian audience may give it a slight edge for some, as it supports SMSF customers and has an Australia-based customer support team. And, Binance's UI and massive range of features may feel overwhelming if you're just getting started.

Binance does take the cake when it comes to low trading fees and offers a breadth of features that are industry-leading. However, its lack of AUD deposits and withdrawals is a distinct disadvantage and its customer service team has been found to be lacking at times.

Overall, most cryptocurrency traders will find what they're looking for on either platform, and may even end up using a combination of features from both.

Frequently Asked Questions

• Is Binance legit in Australia?

  Yes, Binance is a legitimate cryptocurrency exchange in Australia. It is registered with AUSTRAC and follows Australian regulations, although it has faced regulatory scrutiny.

• Is Binance shutting down in Australia?

  As of the time of writing, Binance is not shutting down in Australia, but it has faced increased regulatory scrutiny, leading to some changes in its services for Australian users.

• Is Swyftx a good trading platform?

  Yes, Swyftx is considered a good trading platform, especially for Australian users, offering a wide range of cryptocurrencies, low fees, and strong customer support.

Written by

Ben Knight

Writer

Ben Knight is a contributing cryptocurrency writer for Finder. Having written for Alternative Assets, PianoDreamers and YeahAustralia in the past, his passion for language and creativity with words drives his work. Ben has a master’s degree in writing, editing and publishing, and a bachelor’s degree in creative writing. See full bio