Binance and Swyftx are two currency exchange platforms you are likely to encounter when looking for the best exchange to use in countries like Australia.
While both have some fantastic platforms with various functionalities, they differ in multiple aspects, making it easier to choose between them.
Introduction: Binance Vs. Swyftx
Swyftx is an Australian crypto exchange founded in 2017 by Alex and Angus. The two dedicated an entire year to setting up and streamlining the platform to cater to the unique needs of Australian traders.
The company is the largest in Australian digital assets both by daily trading volume and the number of traders that use the exchange consistently.
Binance has been in operation since 2017. The company was founded by a Chinese entrepreneur, Changpeng Zhao, and now has its headquarters in the Cayman Islands.
The company is the largest cryptocurrency day trading platform globally, given the daily trade volumes that average around 2 billion. Also, they have a robust trading system capable of completing an impressive 1.4 million transactions per second.
Supported Cryptocurrencies
Both Binance and Swyftx trading platforms have one of the largest cryptocurrency catalogs, and you can get almost any asset you can think of on their exchanges, which makes them highly popular.
Binance offers traders an opportunity to trade over 250 different coins that create hundreds of trading pairs. These coins range from famous ones like BTC and ETH to others like TOMO and TRX. Additionally, the exchange always adds more currencies and removes the non-performing ones to ensure a smooth trading experience.
Despite being a local Australian crypto exchange, Swyftx keeps up with Binance regarding currency offerings as traders can exchange over 270 different coins. Also, like Binance, their currency offerings will include traditional ones and others like MCO (Monaco) and Nano.
Trading Fees
Overall, both Binance and Swyftx offer relatively lower trading fees as they try to keep up with the ever-increasing competition in the crypto exchange market.
Binance charges trading fees based on the user level. They categorize their uses into different VIP levels from 0 to 9 based on their average trading volumes.
For the VIP 0 level, which comprises traders with the lowest volumes, the maker and taker fee is 0.1% but can reduce to 0.075% with a BNB discount. However, if you are a VIP9 trader, you only pay 0.02% maker fee and 0.04% taker fee, which can reduce to 0.015% and 0.030 respectively with BNB.
Swyftx does not categorize fees into a maker and taker fee and instead charges a flat rate fee of 0.6% for all transactions on the platform.
While these fees might sound relatively higher than the Binance charges, they have one of the lowest spreads. A low spread ensures the actual amount deducted for each transaction is lowers than most other exchanges.
Supported Countries
Most digital currency exchange platforms are slowly going global as they try to enhance their reach. Binance takes the lead when it comes to countries supported as you can use the exchange from almost any part of the world.
There are only a few countries that Binance does not operate in, such as North Korea and a few others like Japan, Canada, and the U.K, due to ongoing struggles with the regulators there that have made it hard for them to operate.
On the other hand, Swyftx is a local Australian company that you cannot use outside the country. But, traders can probably still trade when in New Zealand, but this is not clear from their website.
Account Funding Methods
You need to be able to add funds to your trading account to buy digital assets. Hence, how easy it is to do this on the platform you use matters a lot.
But, like other leading exchanges, both Binance and Swyftx will provide numerous options on how to do this.
Swyftx is a local company, and so it tries to make things easier for Australians by accommodating local funding methods. These methods include PayID, POLI, and OSKO. Additionally, you can use bank transfer, SWIFT, and debit/credit cards. When it comes to fiat currencies, the AUD and USD are the primary ones.
When trading on Binance, you can use bank transfer, Visa and Mastercard credit/debit cards, third-party payment methods like Paxos, Simplex, and Banxa. Additionally, the exchange supports various fiat currencies from the USD and EUR to AUD and JPY. Hence you can be sure of an easy time adding funds to your account regardless of where you are or the currency you use. To know more about the exchange, check this guide on how to short Ethereum on Binance.
Opening Account & Account Limits
Opening an account on the Binance and Swyftx platforms is relatively straightforward and should only take a few minutes to complete.
After opening your account, Binance will give you a daily deposit limit of up to $100,000. Their withdrawal limit will depend on your verification status. Trade accounts that have only completed the basic verification steps can withdraw a maximum of 0.06 BTC per day. In comparison, those with complete identity verification can withdraw up to 100 BTC.
Swyftx allows traders to deposit a minimum of 30 AUD and a maximum of 100,000 AUD per day. Traders can also withdraw a maximum of 100,000 AUD per day once fully verified. There are no fees charged for any transaction made using the AUD.
How to Open Binance Account
- Please register an account by visiting Binance’s website
- Verify your identity by providing the documentation that will be requested
- Secure your account with 2-factor authentication
- Make a crypto or fiat deposit to your account
- Start trading by choosing from the different product offerings
How to Open Swyftx Account
- Click the “Sign Up” button on the home page
- Enter email and set a password
- Add your name and phone number and create an account
- To verify the account, click “Verify Now” on the “Profile” tab
- Verify email, phone, and identity by clicking on the respective buttons to receive a verification code or upload the required documentation
Ease of Use & Interface
Binance and Swyftx offer some intuitive and relatively easy-to-use interfaces that cater to all trader abilities, from beginners to the more experienced traders.
However, the Binance interface seems to be geared toward the needs of experienced traders. The platform is quick and easy to navigate, but they include more trading pairs and tools that can make things look a little more complicated for novices. The robust tools are powered by TradeView and include depth and candlestick charts, time intervals, technical indicators, and drawing tools.
On the other hand, Swyftx offers a customizable dashboard, and their interface is easy on the eye, which is just what every beginner wants when visiting a trading platform for the first time. They also use the TradingView interface, and some of the tools will include technical indicators and several charts.
Security Features
Both Binance Futures and Swyftx will require identity verification for the traders to access higher withdraw and deposit limits and various other benefits. User verification makes the platforms more secure as it provides an easy but effective way of weeding out scammers.
Besides user verification, each platform has specific security features that aim to protect their traders and ensure they do not lose their digital assets when trading.
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Binance uses several features and functionalities to ensure trader privacy and security. They include their Yubikey 2-factor authentication, Google authentication for withdrawals and security modifications, SMS authentication, and anti-phishing code.
Swyftx also has 2-factor authentication that minimizes the likelihood of anyone accessing the account besides the registered trader. Also, the platform uses Auth0 (cloud-based service) integration to provide an extra layer of security and maintains round-the-clock account monitoring to ensure they never miss any security threat.
Customer Support
Although leading exchanges like Binance and Swyftx try to make trading on their platform as smooth as possible, at some point, a trader might still need some customer support. The good news is that both provide multiple channels that traders can use when this happens.
The Binance customers support is available 24/7, given they have a global audience with thousands of traders always on their platform at any particular moment. They provide live chat support in multiple languages with swift responses to chats and an email ticketing system. The company mostly responds to email queries in under 24 hours.
What’s more, Binance can provide support on all social media as they have a more substantial presence in channels like Twitter, Facebook, and Instagram than many other exchanges.
Swyftx provides one of the best customer support you can get from any exchange in Australia and globally. They have a live chat and phone support that works 12 hours daily from 9 am to 9 pm AEST. Traders can also open a ticket for mail support, and the team responds in under 24 hours.
- Is Swyftx a safe exchange?
Swyftx appears to be secure enough for cryptocurrency trading, given that it uses multiple security layers to minimize the risk of unauthorized access to customer account and wallets.
Also, the company uses a mixture of hot and cold wallets, meaning the digital assets are stored both on the exchange and offline, ensuring maximum security and minimizing the loss if the exchange was hacked.
One more thing that should give you extra confidence that the platform is safe to use is that the crypto exchange is registered and regulated by AUSTRAC. The strict regulations enforced by AUSTRAC make the platform safer by preventing vices like money laundering.
- Is Binance a safe exchange?
The number of traders using the Binance exchange and their daily trading volumes indicate that the company is trustworthy and safe to use.
Additionally, Swyftx uses several internal mechanisms to ensure the traders and their assets are safe. These mechanisms range from strict identity verifications to 2-factor authentication for use account safety.
Binance uses both hot and cold wallets to ensure safety for use funds. However, most assets are stored in cold storage to ensure that they are still secure even if the platform is hacked.
Conclusion
Binance and Swyftx are both market leaders in the cryptocurrency exchange industry. While Binance is a global leader with some of the highest daily trade volumes, Swyftx exchange is Australia’s largest and most popular crypto buying and selling platform.
Both companies have some highly impressive features that aim to make their exchanges easier to use and more secure for the traders. Therefore, you can be sure of a fantastic trading experience regardless of which one you use.
That said, Binance seems to be more geared towards professional and more experienced traders. At the same time, Swyftx is a beginner-friendly platform that anyone can use even with no prior trading experience.
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