Swyftx vs Binance 2023
Swyftx is among the top cryptocurrency trading platforms in Australia. However, Binance is the biggest cryptocurrency exchange in the world in terms of trading volumes. Both exchanges are famous as well-known names in the crypto world. Which one is better one for Australian cryptocurrency traders? We believe the winner in this review is Swyftx that comes with its demo mode with live chat, the ability to stake, and a user-friendly interface however, the most appealing thing is you’ll receive $10 of BTC by signing to the site using the link below.
We’ll be comparing these two exchanges within various categories to help you pick the best one that suits you!
Table of Contents
Swyftx vs Binance Comparison Table
|Supported Coins||Over 320||Over 600|
|Payment Methods||Bank Transfer, Credit Card, Debit Card, PayID, OSKO, POLi||PayID, OSKO|
Swyftx Pros and Cons
- Very user-friendly
- Quick verification
- Live chat support available 24/7
- There are many cryptocurrencies
- Trading fees for instant trades start at 0.6 percent
- Use your Credit Card or Debit Card to buy crypto
- Trusted Australian exchange (regulated under AUSTRAC).
- There is no order-book (only instant purchasing)
- Margin trading is not supported
- Charge credit card deposit fees (at 2%)
Binance Pros and Cons
- A huge spot market that includes more than 600 different cryptocurrencies
- Affordable fee structure with the possibility to discount
- Staking options to over 70 coins
- Deposits and withdrawals that are sleek
- Separate platforms for different markets
- Advanced markets for professional traders
- A complex platform design for novice
- Excellent customer support
Swyftx is perfect for those who are new to crypto because it allows you to purchase and sell crypto instantly on your smartphone or PC. The Aussie exchange also offers live chat support, and you can test trading strategies because Swyftx has a demo option that lets you use virtual currency that is free.
Additionally, if you do not intend to engage in high-risk trading, you can earn money by staking any of the available 20 coins to be staked.
In addition, Binance is one of the exchanges for crypto that have the most crypto-related features, making it ideal for traders who are more advanced. The most popular features Binance provides are advanced tools for charting as well as an P2P marketplace Futures trading, as well as margin trading. In addition, Binance also lets their customers get involved in NFTs because they have an NFT marketplace that lets you buy, sell or even create NFTs. Additionally, you can earn passive income using the Earn feature. This feature lets you earn interest on over 70different cryptocurrency assets.
All in all, Binance wins the feature comparison since it offers more features when compared with Swyftx.
Swyftx has more than 320 crypto assets.
For Binance it has over 600 currencies.
Both exchanges have various cryptocurrency options. But, Binance provides more.
Swyftx doesn’t charge charges for deposits or withdrawals. Its trading fees are 0.6 percent.
However, Binance, it also does not charge withdrawal or deposit charges. For trading charges, Binance only charges 0.1 percent per trade. The low costs of Binance are even discounted by 25% when you choose to use BNB coins to pay. Starting at 0.1 percent, you’ll pay 0.075 percent for each trade. If you make a lot of trades in bulk it is possible to receive additional discounts depending on the how many trades you made in the last 30 days.
In the end, Binance easily wins this by offering no withdrawal or deposit fees. Trading fees are only 0.1 percent
Swyftx typically employs robots rather than real human beings for customer service. This isn’t always easy if you have a specific issue. Swyftx offers live chat support, however there is no way to receive responses by bots. There is email support available that you’ll definitely get a response from a human. Of course, the drawback is that waiting for a few minutes (sometimes days! ).
In addition, customer support can be reached via Twitter and talking to a representative or by submitting tickets. Based on customer reviews from Trustpilot, Binance doesn’t do very well. Customer service is almost automated and customers are directed to websites because of this, which isn’t a good idea for customers with complex issues.
Swyftx offers a variety of deposit methods that are completely free that include credit cards, cryptocurrency debit cards PayID POLi, PayID, and direct deposit.
For Binance it is the only one that provides OSKO along with PayID as deposit options using fiat for Aussie customers. However you can also deposit crypto into the Binance account.
To summarize to sum it up, the two Swyftx and Binance provide PayID, cryptocurrency and direct deposit as payment options. The difference is that Swyftx additionally accepts credit debit cards, cards for debit as well as POLi as payment options for Aussie users.
Swyftx is a safe and secure cryptocurrency exchange platform since they use a range of security measures like KYC verification and biometric authentication, two-factor authentication as well as conducting external penetration testing and consulting with security auditors of third parties,
However even though Binance has been hacked before but it is extremely secure as it is AUSTRAC-registered, and offers offline storage for the majority of their cryptocurrency. After a period of four months following the hackingincident, Binance was actually awarded with the ISO 027001 certification when they had to pass rigorous audits of their security and information management.
In general, Swyftx and Binance are highly secure as they employ multi-layered security. The main difference between them is the fact Swyftx has not been attacked.
It’s a bit difficult to choose the clear winner among Swyftx and Binance since both are two of the top crypto exchanges available to Australian crypto traders. However, for me personally, if an Aussie crypto novice, I’d prefer Swyftx. If you’re a more advanced trader who requires more features for crypto for your trading, then Binance is the right choice for you! If you’re still unable to decide which one to go with check out our complete Swyftx review as well as our Binance review!
Frequently Asked Questions
Does Swyftx have an affiliate program?
Swyftx offers an affiliate program that gives users a 30% discount on all trade fees. This discount applies to all trades made through affiliate accounts. Additional discounts are available for affiliates who can also get a referral code through the platform.
Affiliates receive monthly payouts. When someone registers on the platform using their referral link, the platform’s tracking system will inform them.
What is the Self-Managed Super Fund? How does it work?
New Brighton Capital has made it possible to create the SMSF, or The Self-Managed Super Fund. This fund offers multiple tax benefits. It is a savings storage account that provides multiple tax benefits. The SMSF fun offers users a 15% tax rate on digital assets. Registered SMSF traders are considered trustees. This means they must comply with both super laws and ATO tax regulations.
Does Swyftx have a Demo account?
Swyftx offers a demo mode where you can trade, stop and limit orders and make card deposits. You can also track your portfolio and see how two-factor authentication or biometric login feels. Swyftx allows you to fully experience all the features without having to deposit funds or purchase cryptocurrencies.
Does Binance offer an account for cryptocurrency?
Since the year 2018 it has been the Binance wallet has been officially launched. Binance wallet has been Trust Wallet. It is free and simple to download via through the Internet, Trust Wallet is secure and private. It also can support thousands of different cryptocurrency.
Does Binance has a mobile application?
Yes. Binance’s app is completely free and helps you trade and organize your cryptocurrency easy. It can be downloaded through both the Apple Store and Google Play.
How do Binance earn money?
In 2021, Binance reached a record revenue in the range of $20 billion from fees to trade in trades and fees. Additionally, Binance charges margin borrow interest, futures fees, trading, as well as cross interest rates for collateral.
Do you think it is safe to connect the bank account of a customer to Binance?
The transactions that take place on the internet is 100% secure, but according to the security measures that Binance has implemented, Binance is a reputable cryptocurrency venture.
How can I take my money from Binance?
The cash-out process using Binance is simple and rapid. Go to your Wallet page on your dashboard, and then select Spot Wallet. Just next to your AUD wallet you’ll find the option to withdraw on cash Balance tab.
If your request is approved after which you’ll get your money sent to your account within 3-5 business days.
How can I earn money with Binance?
Binance provides a variety of trading options so that you can purchase and sell cryptocurrency and benefit by profiting from the advantageous price difference. Additionally, you can speculate about prices of the assets available by trading on the derivative market. Additionally, Binance features a few options for passive earnings and stakes. It is true that Binance is a great platform to make a profit, with a sound trading strategy and some luck.
Top Crypto Exchanges Compared
|Exchange||Deposit Methods||Fiat Currencies||Cryptocurrencies||Trading Fees||Deposit Fees||Withdrawal Fees||Sign Up|
|Bank Transfer, Crypto, Credit and Debit Card, Osko, PayID||New Zealand Dollars and Australian Dollars||Over 320||0.6%||Australian Dollars Deposits: 0% Crypto: 0%||Australian Dollars Withdrawals: 0% Crypto: 0%||Visit Swyftx|
|Crypto, Credit and Debit Cards, Osko, PayID||10 Fiat Including USD and AUD||Over 600||0% to 0.1%||0%||Vary||Visit Binance|
|Bank Transfer, Fiat, Crypto, POLi, and PayID||Australian Dollars||Over 370||Instant Buy/Sell: 1% OTC: 0.1% Market Order: 0.1%*||Direct Deposit: $0 Cash: 2.5% PayID, POLi, and direct deposits: $0 BPAY: 0.9% Direct Bank Transfer: $0||Australian Dollars Withdrawals: $0||Visit CoinSpot|
|Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, credit card, and debit card||50+||160+||0.1% spot trading 0.01% – 0.06% market makers/market takers fee||$0||Does not support direct fiat withdrawals Crypto withdrawal fees: Network fees||Visit Bybit|
|PayPal, Cryptocurrency, SWIFT, Fedwire, Wise, Debit Card, Credit Card, SEPA, BPAY, Bank Transfer (ACH)||USD, AUD, SGD, and 15+ more||250+||0.04% to 0.4%||$0||FREE via bank transfer. $25 for USDC withdrawal via SWIFT Network||Visit Crypto.com|
|Bank Transfer, Crypto, POLi, Osko, PayID||Australian Dollars||Over 300||0.1% to 0.5%||Deposit Fees Bank Transfer: $0 POLi: $2 (capped at $3.30)||$0 for AU Bank Accounts Cryptocurrency: Depends On the Network||Visit Digital Surge|
|Fiat, Bank Transfer, Crypto, Credit or Debit Card, Apple Pay, Google Play||Pound Sterling and Australian Dollars||Over 50||Maker: 0.04 to 0.1% Taker: 0.04 to 0.1%||Fiat: 1.5% CoinJar Users: $0 NPP: $0||$0||Visit CoinJar|
|Crypto, Osko, PayID, Electronic Fund Transfer, SWIFT||Australian Dollars, US Dollars, New Zealand Dollars||Over 25||0.05% to 0.5%||For SWIFT Deposit: $15 for deposits under Australian $5,000 equivalent $0 for deposits over Australian $5,000 equivalent For Electronic Fund Transfer: Australian $0.99 for deposits under $100 $0 for deposits more than Australian $100||Crypto: Fees vary Bank Transfer: $0 for AUD $20 for non-AUD||Visit Independent Reserve|
|Bank Transfer, Debit Cards, Neteller, PayPal, Online Banking, and Skrill||15 Fiat Currencies Including USD and AUD||Over 70||Vary||Vary||$5 but minimum withdrawal of USD50||Visit eToro|
|Debit Card||More than 20 Fiat Currencies Including USD and EUR||Over 200||Vary||Credit Card and Debit Card: 3.99%||2.49%||Visit Coinbase|
|Bank transfer (ACH)||Euro and US Dollars||Over 320||0.25%||$0||Vary||Visit Bittrex|
|Bank Wire Transfer, Crypto, Credit Card||US Dollars, Japanese Yen, Euro, Pound Sterling||Over 200||Taker: 0.055% to 0.2% Maker: 0% to 0.1%||Crypto: $0 Wire: 0.1% (min 60 Euro/USD)||Crypto: $0 Wire: 0.1% Express Bank Wire (within 1 day on business days): 1% (min 60 Euro/USD)||Visit Bitfinex|
|Bank Card, SWIFT, Google Pay, SEPA, and Fedwire||6 Fiat Currencies Including USD and AUD||Over 10||2.93% to 3.9%||0% to 5%||N/A – assets are directly sent to the user’s crypto wallet||Visit Coinmama|
|Bank Transfer, Crypto, Wire Transfer, osko, SEPA, Apple Pay and Google Pay||7 Fiat Currencies Including USD and AUD||Over 140||Maker: 0% to 0.16% Taker: 0.10% to 0.26%||Vary||Vary||Visit Kraken|
|Crypto, PayPal, Wire Transfer, Credit or Debit Card, SEPA||9 Fiat Currencies Including USD and AUD||over 645||0.1%||$0||Vary||Visit KuCoin|
|Bank transfer, P2P, POLi, OSKO||AUD||100+||0.5% – 1.6%||$0||Fiat Withdrawal fees: $0 Crypto withdrawal fees: Network fees||Visit Easy Crypto|
|Crypto, PayID, Bank Transfer||AUD||410+||0.85%||$0||Crypto withdrawal fees: Network fees Fiat Withdrawal fees: $0||Visit Coinstash|
About The Author
This page was last updated on July 14, 2023