SwyftX vs Binance Review (2021)

Summary: When comparing SwyftX vs Binance, our review found that SwyftX is the superior exchange due to it being headquartered in Australia. This ultimately means they are a safer institution for Australian investors to trade and hold crypto assets.

By
James Glennon
on
September 17, 2021
Is SwyftX better than Binance?

SwyftX vs Binance Review

Swyftx and Binance are both popular crypto exchanges that thousands of Australians use on a daily basis. With that said, comparing Swyftx and Binance is a step that investors must take to enable them to get the best possible execution on their crypto buys and sells. Both exchanges provide reliable services to Australian investors and traders but they are quite different. 

One of the key differences between them is that Swyftx is a local exchange in Australia while Binance is global. As there is a growing number of crypto investors and users in Australia, this review seeks to help provide some answers and help you decide on which exchange to use.

Let’s start with the table below highlighting the major characteristics of the two exchanges. 

Swyftx vs Binance Comparison


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SwyftX
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Binance
Trading Fees 0.6% 0.5% - 1%
Supported Cryptos 270 250
Deposit Methods Bank Transfer, Debit Card, Credit Card, POLi, PayID + more Bank Transfer, Debit Card or Credit Card
Year Founded 2017 2017
Beginner Friendly Image Image
Built in Crypto Wallet Image Image
Supported Devices Web, iOS and Android Web, iOS and Android
Verification Speed Fast Very Slow
Verdict Winner 🏆 Loser

Let’s consider further details on some of the features highlighted in the table above, so that you will be able to make an informed decision on the exchange of your choice.

Trading Fees

Fees are an important factor when choosing an exchange right? I mean you don’t want to lose a large chunk of your money to an exchange in fees. In this regard, both Swyftx and Binance have done well.

Binance, though an exchange with a global coverage is reputed as one with one of the lowest fees in the industry. The 0.5% is for instant buys while 0.1% is charged for conversion of cryptocurrencies. Deposit fees for fiat with Debit/Credit Cards attract a charge of upto 4.5% while Wire Transfer attracts a flat fee of $15 for U.S users. This may be higher for non-U.S users.

Swyftx is also known as the cheapest exchange for buying and selling cryptocurrencies in Australia. This is one of the foremost things the exchange is known for. Instant buy fee is fixed at 0.6% which isn’t very different from Binance’s. Interestingly, both fiat and crypto deposits and withdrawals are 100% free while spreads are as low as 0.45%.

Winner: SwyftX 🏆

SwyftX has lower fees for deposits, withdrawals and does not have other hidden fees like Binance.

Ease of Use

The ease with which users can effectively work on an exchange is critical in choosing one for buying, selling or trading cryptocurrencies. This is especially important now as new members get in every day.

Swyftx apart from being the exchange with the lowest fees in Australia is also reputed as one designed with newbies in mind. This means that its user interface is so simple that someone entering the space for the first time can navigate it successfully.

Although it is not really a bad thing, Binance is more suited for more advanced users of crypto. The user interface is quite easy for more experienced users but for a new user, it can be a little bit confusing.

Winner: SwyftX 🏆

Binance is more tailored for advanced and sophisticated traders, whereas SwyftX are optimised for the everyday investor.

Security and Regulation

Security is one of the most important factors when choosing an exchange. If for any reason you have to leave your funds on the exchange, you want to be sure they are safe. Well technically, both Binance and Swyftx are fully regulated exchanges in Australia. Both also adopt additional security measures such as Two-Factor Authentication which every customer is advised to use.

However recently, Binance has been facing some regulatory hurdles in different countries including the U.K and Japan. This can be disturbing if you are using the platform for buying, selling or even trading crypto.

Swfytx on the other hand has never had issues with Australian authorities which is the only place where it operates. Because it has a physical office in the country, the users can easily follow things up in case of any losses. We cannot say the same for Binance.

Winner: SwyftX 🏆

For Australian users, it is better to stick with Swyftx which has a physical office in the country.

SwyftX vs Binance: Final Verdict

Considering all the points, Swyftx stands out as far as Australian users are concerned. If you are not in Australia, Binance is absolutely a good option to consider in pursuing your crypto investment goals compared to the many others out there.

visit Swyftx
James Glennon

I spent 5 years as a Commercial Lawyer in Australia before stumbling across the innovations behind Bitcoin and the cryptocurrency space. Ever since, I have been committed to learning more and educating the broader Australian community about Bitcoin, hard money, investing and decentralized finance.

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