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 earning, 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, margin trading, 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 rating	Finder rating ★★★★★	Finder rating ★★★★★
Exchange location	Australia	Cayman Islands
Offers a debit card
Earn returns on crypto
Offers SMSFs
Offers demo mode
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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. Both platforms also have earning hubs, 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	313	371
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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	2	53
Supported fiat currencies	AUD, NZD	GBP, ARS, AUD, EUR, AZN, INR, BRL, BGN, CAD, CLP, CNY, COP, NZD, HRK, CZK, DKK, USD, EGP, GEL, GHS, HKD, HUF, IDR, ILS, JPY, KZT, KES, CHF, MYR, MXN, MAD, ZAR, NGN, NOK, PEN, PHP, PLN, RON, RUB, SAR, SGD, KRW, SEK, TWD, THB, TRY, UGX, UAH, AED, UYU, VND, LBP, VES
	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.

Binance is a global platform and supports a large range of fiat currencies, ranging from AUD to JPY to CAD.

Round 4: Costs

Minimum deposits	$0	$50
Deposit Fees	Cryptocurrency: None AUD deposits: $0	None
Trading Fee	0.6%	0-0.1%
Withdrawal Fees	Cryptocurrency: None AUD withdrawals: $0	Fees vary
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Swyftx hangs its hat on being one of the most cost-effective and transparent Australian exchanges. There is a flat 0.6% fee on all trades. Swyftx is also known for having tight "spreads", the difference between the price of a coin at the time of purchase and the price it is eventually sold for. Swyftx's average spreads are around 1.7%, while some competitors regularly have spreads of over 4%.

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. 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, Osko, PayID
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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 a bank transfer, which can take up to 48 hours to arrive.

Binance also supports instant and free deposit methods for AUD using Osko, PayID or POLi.

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%.

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.

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.