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
|Exchange location||Australia||Cayman Islands|
|Offers a debit card|
|Earn returns on crypto|
|Offers demo mode|
|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
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
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
|Deposit Fees||Bank transfer: $0|
Card: 1.99% deposit fee
|Trading Fee||0.60%||Maker: 0.1000% - 0.0120%|
Taker: 0.1000% - 0.0240%
|Withdrawal Fees||AUD: $0|
Cryptocurrency: $0 (network fees apply)
|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.
Round 5: Deposit methods
|Deposit methods||Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID||Credit card, Cryptocurrency, Debit card, Simplex, Banxa, Apple Pay, Google Pay|
|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 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 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.
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.
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.
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