Swyftx vs Binance

Swyftx is an Australian cryptocurrency exchange launched in 2018. It has an easy to use platform 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	Debit card, Credit card, Bank transfer, Cryptocurrency	Debit card, Credit card, Cryptocurrency
Withdrawal Fees	AUD: $0 Cryptocurrency: $0 (network fees apply)	AUD: Not supported Cryptocurrency: Fees vary
24/7 support?	Yes	Yes
App available?	Yes	Yes
	Go to site	Go to site

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	450	404
	Go to site	Go to site

Swyftx 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	98

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, while AUD trading is not available.

Binance accepts instant AUD purchases via credit and debit cards, although the fees are relatively high.

Round 4: Costs

Minimum deposits	$0	$50
Deposit Fees	Bank transfer: $0 Card: $0 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	Go to site

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.

However, to top your Binance account up using AUD, your only option is a credit or debit card purchase, which comes with a hefty fee.

Round 5: Deposit methods

Deposit methods	Debit card, Credit card, Bank transfer, Cryptocurrency	Debit card, Credit card, Cryptocurrency
	Go to site	Go to site

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 change occurred in 2023 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 Septmeber, 2025).

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: Swyftx

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 gives it a big edge, as it supports AUD deposits, withdrawals and trading, plus it offers local SMSF customer support.

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 huge disadvantage and its customer service team has been found to be lacking at times.

And, Binance's UI and massive range of features may feel overwhelming if you're just getting started.

Overall, we found Swyftx is more likely to suit a broader range of customers, thanks largely to its AUD support and easy to use platform. While Binance offers cheaper trade fees, customers will find themselves losing out on the high AUD card deposit and withdrawal fees.

Our expert says: Mind the small print

"Binance Australia is best suited to experienced crypto investors who value low trading fees and deep liquidity, and who are comfortable navigating the extra steps required to move funds in and out of the platform. Since AUD bank transfers are no longer available, it’s less convenient for everyday retail users, but for those willing to use stablecoins or alternative on-ramps, it still offers one of the cheapest ways to trade at scale. "

Kylie Purcell

Investments Analyst

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 was 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

Co-written by

Kylie Purcell

Investments Analyst

Kylie Purcell is an experienced investments analyst and finance journalist with over a decade of expertise in a wide range of financial products, including online trading platforms, robo-advisors, stocks, ETFs and cryptocurrencies. She is a sought-after commentator and regularly shares her insights on the AFR, Yahoo Finance, The Motley Fool, SBS and News.com.au. Kylie hosts the Investment Finder video series and actively contributes to the investment community as a judge and panellist. She holds a Master of Arts in International Journalism, a Graduate Diploma in Economics, and ASIC-recognised certifications in securities and managed investments. See full bio

Kylie's expertise

Kylie has written 208 Finder guides across topics including:

• Investment strategies
• Financial platforms
• Stockbrokers
• Robo advisors
• Exchange traded funds (ETFs)
• Ethical investing
• ASX stocks
• Stock and forex markets