Crypto trading is all the rage nowadays and it won’t be going down in the future as long as there’s a real-life value attached to its usage. If you are looking to buy or sell cryptocurrencies and are confused between Swyftx and Binance, then this side-by-side comparison will help you make the right choice.
Swyftx vs Binance Overview:
Swyftx is one of the leading Australian crypto exchanges with over 250 cryptocurrencies and digital assets. Although it is a relatively newer player in the space, Swyftx climbed the ranks very quickly mainly due to its excellent customer service, tight spreads, transparency, incredible security, and deep liquidity.
Binance is one of the big guys in the crypto industry, operating in the international markets. But in this review, we are only going to focus on Binance Australia to keep the comparison fair. It was launched in Australia in 2020 and is also registered with AUSTRAC just like Swyftx. With a large selection of cryptocurrencies and incredibly low fees, Binance gives tough competition to Swyftx in Australia.
Deposit Method:
Swyftx allows deposits via bank transfer, Osko, POLi, PayID, cryptocurrency, and debit/credit card. Almost all of the deposit methods are fast with Osko and POLi being instant.
Binance lets you deposit via PayID, Osko, P2P trading, credit/debit card, and 3rd party payments like Simplex, Banxa, and Paxos.
Bottom Line: Swyftx seems to be more deposit friendly to Aussies as they offer more deposit methods than Binance but on the other hand, Binance allows P2P and 3rd party payments. So it’s a tie.
Swyftx vs Binance Fees:
Deposit Fee:
Swyftx charges no fee on fiat or crypto deposits but if you transfer under $200, you will have to pay a $2 fee. Plus, on credit/debit card transfers, you will have to pay a processing fee as well but that goes to your payment processor and not to Swyftx.
Although deposits to Binance via PayID/Osko are free as well, credit card deposits attract at least a 1% fee, which is not the case with Swyftx. Plus, there can also be some fees for transfers via P2P and 3rd party payments.
Trading Fee:
Swyftx charges a flat 0.6% trading fee across the sale and purchase of all digital assets, which is very high compared to what Binance charges.
If you trade on Binance, you will first start with a 0.1% fee, which will then further reduce to as low as 0.02%, if your trade volume exceeds 15000 bitcoins. There are more levels of fees between this, learn about them here.
Bottom Line: Binance clearly wins this one because if you deposit via Osko/PayID, you don’t have to pay a transfer fee, and then the trading fee is also just 0.1%, which 0.5% less than Swyftx.
Sign-Up & Verification:
Swyftx allows you to sign up and verify your account almost instantly with their rapid verification feature. Plus, you don’t have to provide any selfies with ID documents to verify your account.
Binance also lets you sign up and verify your account quickly – in as little as 1 hour. However, that’s only their basic level that allows 2 bitcoin withdrawals per day. For the advanced level, you need to provide a photo ID document and wait for 2-3 days for the process to complete.
Bottom Line: Swyftx offers an easier and faster verification process.
Availability of Coins:
Swyftx has more than 250 coins and digital assets listed on their platform with their buy/sell prices and 24 hour volume rates. You can check that list without even signing up on the website.
Binance doesn’t have any more than 150 cryptocurrencies and digital assets available to be bought and sold on their platform. Still, they have all the big coins available even the SHIB coin is on there.
Bottom Line: Swyftx wins this one as it has more coins and better transparency, something which you don’t get on Binance. However, Binance does offer all the major coins.
Customer Support:
Swyftx offers multiple ways to contact their team including phone calls, live chat, email, and Telegram. Their support staff is very friendly and the response time is also great.
Customers can contact Binance by submitting requests through their website or contacting their team via social media but we don’t know how fast their social media responses are.
Bottom Line: Swyftx wins here because being small in size than Binance, they can better manage their customer’s requests and be available for them through multiple communication modes.
Parting Words:
If the fee is your main concern then Binance is the platform you should join as they offer way lower trading fees than Swyftx and deposits via OSKO/PayID are absolutely free.
However, for smaller, less popular altcoins, better customer support, and availability of free deposit methods other than OSKO/PayID, Swyftx is a good alternative.
