Swyftx vs Binance 2023

Swyftx is among the most popular 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 is the most suitable one for Australian cryptocurrency traders? Our pick in this competition is Swyftx which comes with a demo mode and live chat support. Staking, a user-friendly interface. However, the most appealing thing is you’ll receive $20 of BTC by clicking the link below.

Start Trading with Swyftx

Let’s take a look at how we compare the two exchanges in several different categories to help you pick the best one for you!

Swyftx vs Binance Comparison Table

Swyftx Pros and Cons

Pros

• Comes with a staking option for crypto traders/investors who wish to generate passive income from their cryptocurrency holdings
• Wide variety of available crypto assets and trading options
• Quick verification process
• High liquidity
• Easy tax reporting for each client
• No deposit or withdrawal fees
• Easy-to-use iOS and Android compatible mobile app
• Industry low fees and spreads
• No security breaches so far
• Great live chat, email, and phone customer support
• Built-in TradingView marketplace charting

Cons

• Doesn’t offer margin or derivatives trading
• Their financial services are only available for Australian crypto traders as well as those users based in New Zealan

Binance Pros and Cons

Pros

• Favorable fee system with possibilities for discount
• A large spot market with over 700 different cryptocurrencies
• Sleek deposit and withdrawals
• Advanced markets for pro-traders
• Staking options for over 70 coins
• Separate platforms for separate markets

Cons

• Has some regulatory issues with several countries
• Newbies might get overwhelmed by the vast offer of trading instrument

Features

Swyftx is a great choice for beginners to crypto since it allows you to purchase and sell cryptocurrency in real-time from your smartphone or PC. The Aussie exchange also offers live chat support, and you can also test trading strategies since Swyftx provides a demo feature in which you can play with virtual currency for free. If you don’t wish to take on any risky trading, you can earn by staking one of the 20 coins that are available to be staked.

In addition, Binance is one of the exchanges for crypto that have the most crypto-related features, making it perfect for experienced traders. Some of the most well-known features Binance provides include advanced tools for charting and the P2P marketplace as well as futures trading and margin trading. Additionally, Binance also lets their customers participate in NFTs since they offer an NFT marketplace that lets you buy, sell or even create NFTs. You can also earn passive income through its Earn feature. Earn feature. This feature lets you earn interest on over 70 cryptocurrency assets.

All in all, Binance wins the feature comparison since it offers more features when compared with Swyftx.

Winner: Binance

Supported cryptocurrencies

Swyftx has more than 320+ cryptocurrency assets.

For Binance it has over 600 currencies.

Both exchanges have an extensive selection of cryptocurrency. But, Binance provides more.

Winner: Binance

Fees

Swyftx does not charge any charges for deposits or withdrawals. The trading fee is 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 pay with BNB coins to pay. Starting at 0.1 percent, you’ll pay 0.075 percent per trade. If you make a lot of trades in bulk it is possible to receive additional discounts based on the quantity of trades made within the last 30 days.

In the end, Binance easily wins this by offering no withdrawal or deposit fees. and trading fees that are just 0.1 percent

Winner: Binance

Customer Support

Swyftx mostly makes use of robots instead of human beings when it comes to customer service. This can be a challenge if have a particular question. Swyftx provides live chat support but it is a fact that you will only get responses by bots. There is email support available that you’ll definitely get a response from a human. The downside is waiting for a few days (sometimes days! ).

In addition, customer support choices include contacting them via Twitter or talking to a representative or submitting tickets. However, based on reviews of customer service posted on Trustpilot, Binance doesn’t do very well. The customer support is nearly automated and customers are directed to webpages because of this, which isn’t ideal for those who have more complex queries.

Winner: Tie

Deposit Methods

Swyftx offers a variety of deposit methods which are free that include credit cards, cryptocurrency debit cards PayID POLi, PayID direct deposit.

In the case of Binance it is the only one that provides OSKO as well as PayID as deposit options using fiat for Aussie customers. However you can also transfer crypto into you Binance account.

In the end to sum it up, each of Swyftx and Binance provide PayID, cryptocurrency and direct deposit as payment options. But, Swyftx additionally accepts credit debit cards, credit cards as well as POLi as payment options for Aussie users.

Winner: Swyftx

Security

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 and conducting external penetration tests and consulting with security auditors from third parties,

However even though Binance has an history of hacking however, it is now extremely secure as it is AUSTRAC-registered, and offers offline storage for the majority of their cryptocurrency. A little over a year after the hack, Binance was actually awarded an ISO 027001 certification when they had to pass rigorous audits of their security measures for information.

In general, Swyftx and Binance are highly secure as they employ multi-layered security. The main difference lies in the fact that Swyftx has not been attacked.

Winner: Swyftx

Conclusion

It’s difficult to determine the clear winner among Swyftx and Binance because both are among 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 an experienced trader and require more features in crypto for your trading, then Binance is suitable for you! If you’re not sure which one to go with check out our complete Swyftx review as well as our Binance review!

Frequently Asked Questions

Is it legal to use Swyftx in Australia?

Swyftx is fully regulated by AUSTRAC, which means it complies with all Australian laws and tax regulations regarding cryptocurrencies, so it’s perfectly legal to use Swyftx.

Is Swyftx safe?

Swyftx is considered one of the most secure Australian crypto exchanges, thanks to their robust security measures, third-party safety audits, and their clean history regarding platform hacks.

Does Swyftx have a withdrawal limit?

The maximum withdrawal limits for Swyftx depend on the verification level you have. In the end, you can withdraw up to 100,000 dollars each day. This is greater than other international exchanges such as Binance ($8,500) or Coinbase ($3,000) as well as most Australian cryptocurrency exchanges such as the Digital Surge ($10,000) as well as CoinJar ($5000).

Who is Swyftx owned by?

Swyftx operates and owns controlled through Swyftx Pty Ltd (ACN 623 556 730) with Alex Harper as the CEO of the exchange.

Does Swyftx have an affiliate program?

Swyftx provides an affiliate program which gives users 30% off the total cost of trade. The discount is applicable to any trades that are made using affiliate accounts. Additional discounts are offered to affiliates that also obtain an affiliate referral code via the platform.

Affiliates receive monthly payments. If someone signs up through their referral link our tracking systems notify the affiliate of their new registration.

Does Binance provide a wallet?

This one is also a yes. In 2019, Binance acquired Trust Wallet after their security breach. The wallet can be used to store a wide range of cryptocurrencies as well as NFTs.

Where is Binance accepted?

Binance is accepted in almost any country in the world but fiat payments from cards are prohibited in countries like Iraq, North Korea, Iran, Afghanistan, and Syria. Some US states also lack credit and debit card deposit features – they are New York, New Mexico, Georgia, Connecticut, and Washington.

How does Binance make money?

In 2021, Binance reached a record revenue that was $20 billion from fees to trade as well as trades. In addition, Binance charges margin borrow interest, charges for futures trading, as well as Cross collateral rates.

Is it safe to link a bank account to Binance?

There is no way to guarantee that anything that happens on the internet is risk-free, however according to the security measures that Binance has implemented, Binance is an trusted crypto business.

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