The Australian cryptocurrency exchange industry has massively grown as the country hosts over 250 exchange platforms. Aussies are known to be active investors, which has contributed to the rapid growth of this industry.
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However, picking the best exchange platform has always been a problem for most newbies in this industry. For example, you must consider trading aspects such as fees, supported digital coins, and security. Besides, you have to review the top features of a specific exchange before opening an account with them.
Swyftx and Binance are among the Australian most trusted security exchanges. And if you’ve trimmed your alternatives to these two, here’s how they stuck up against each other.
This exchange site is relatively new as it was launched in 2019. However, its user base has rumped up over the years, making it one of the most used platforms in Australia.
Swyftx has over 30,000 users and many cryptocurrencies for expert and novice investors to trade with.
This platform’s portal layout has user-friendly features that make crypto trading easy and convenient for both experts and amateurs in this field.
Furthermore, it was designed specifically for the Australian market to improve the liquidity of digital assets and offer services that you can integrate with the country’s rigorous policies and tax scheme.
Top Features of Swyftx
- Tax Reports: in Australia, crypto exchanges are taxable, and Swyftx has simplified this process by generating downloadable tax returns reports. For convenience, these reports are based on AUDs and can be readily modified to cover any trading period.
- Advanced Trading: The Swyftx system is highly functional and has a configurable dashboard, making advanced trading straightforward. You can quickly look over your favourite technical indicators and plan automated crypto trades on a simplified charting interface.
- Self-Managed Super Funds (SMSFs): building a Cryptocurrency SMSF is frequently complicated, but Swyftx has simplified the procedure. You just need to give a copy of the trust deed, the trust ABN, the registered trust name, the trust address, and the beneficiary information. And though the paperwork required is comprehensive, this fund provides benefits such as reduced tax rates. Beneficiaries with more than 25% of the company must have verified accounts on this platform.
- Portfolio Monitoring: Swyftx’s side panel displays the real-time loss and profit value of your investment. This enables you to maximize your trades and increase their profitability.
While Binance may be an international exchange site, its Australian model complies fully with local regulations.
This platform, launched in 2017, is one of the most trustworthy exchanges in Australia. Besides, it boasts a vast range of digital assets, making it preferable among professional Aussie trades.
Binance launched its Australian operations in July 2020, and it only took six months for it to become the country’s leading exchange site by AUDs. It recorded a trading volume of over $130 million in AUD trading pairs on one day on January 11, 2021—quite impressive.
Since its debut in Australia, this platform has seen massive growth, and further expansion is much anticipated.
Top Features of Binance
- TradingView charts: users have access to various drawing tools and an extensive favourite array of potent metrics to help their technical analysis.
- Margin Trading: By using the Binance futures trading function, you can conveniently speculate on virtual currencies. This enables you to trade more significant positions with borrowed funds.
- High Trading Volume: This feature offers Binance trailers with a high level of liquidity.
- Multiple Trading Platforms: Binance offers basic to advanced trading systems to investors of all trading levels.
Other features include;
- A launchpad that allows you to gain access to new tokens.
- A staking function that will enable you to earn money while you sleep.
- Binance Visa Card, which will allow you to conduct cryptocurrency transactions.
Swyftx and Binance: A Comprehensive Review
Swyftx is exceptionally dependable and safe, and the platform includes several security systems to keep your information and funds secure.
Since this site conforms to KYC regulations, you must prove your identity before allowing you to trade actively. The verification process only takes a few minutes and is designed to reduce fraud on the site.
To protect your account from breaches, you must enable two-factor authentication during account sign-up.
Additionally, Swyftx also monitors accounts regularly and is integrated with auth0 to foster the security of funds and user wallets. There have been no reports of this website being compromised.
On the other hand, Binance is also one of Australia’s most dependable exchange sites, with various layers of security to protect user accounts.
Some of the platform’s security features include 2FA, anti-phishing codes, and Google verification.
They employ cryptocurrency security standards to protect accounts and have an emergency fund to protect investors in the event of a breach. However, Binance has reported one security breach where they lost approximately $40 million.
2. Ease of use
All these platforms are relatively simple to use. Swyftx provides a configurable dashboard that both experienced and inexperienced traders can use. Their website is extremely straightforward to navigate, and you can discover information quickly.
Binance, on the other hand, caters mainly to experienced traders. Their user interface is simple, but they offer many trading pairs, making it difficult for beginning customers.
3. Deposit and Withdrawal Methods
Swyftx accepts AUD deposits and withdrawals by standard methods such as PayID, POLi, OSKO, debit cards, bank transfers, and cryptocurrencies.
The money is processed instantly for PayID and POLi transactions; OSKO takes 24 hours, while bank transfers may take longer.
You can only deal with up to $20,000 per day, but with improved verification, you may transact with up to $100,000.
Binance has a solid global footprint; thus, it offers a wide range of withdrawal and deposit options. In addition to the ways Swyftx supports, you may also use credit cards, which carry a 1% charge.
Both Swyftx and Binance offer cheap trading costs.
Swyftx executes all deals at market value, and there are no fees for withdrawals or deposits under $200. They also offer a pretty modest 0.6 percent trading charge and spreads of roughly 0.45 percent. Swyftx does not apply any trading restrictions.
Binance, on the other hand, charges 0-0.1% on all cryptocurrency trades and offers significant discounts to users who utilize BNB tokens. On the platform, deposits are completely free.
5. Supported Cryptocurrencies
Both sites offer over 260 coins and are continually upgrading their lists. You may trade with both famous and lesser-known cryptocurrencies, such as Civic (CVC). Swyftx lets you exchange these currencies for BTC, USD, and AUD.
Binance offers over 40 fiat currencies in addition to various digital currencies, which might be intimidating for new investors. This site is famous among skilled traders since it allows you to trade with over 1000 pairings and 100 altcoins.
Dogecoin (DOGE) and Harmony (ONE) are two new currencies on Binance.
Both platforms are AUSTRAC-registered and regulated, which means they must adhere to Know Your Customer and Anti-Money Laundering guidelines.
Despite being a worldwide trading platform, Binance is compliant with Australian legislation and is registered as InvestByBit Pty Ltd.
7. Mobile App
Mobile trading is getting increasingly popular, owing mainly to the convenience it provides traders. Trading on the move is simple, and the only thing you’ll have to give up is trading on a huge screen.
Binance and Swyftx both feature mobile apps that work on both Android and iOS smartphones. These applications are intended to provide the same experience as the online version, including all features.
8. Customer Support
Swyftx customer service is prompt and available at particular times during the week and on weekends. You may contact them using their website’s live help function, email tickets, phone calls, and Telegram. Swyftx also boasts a quick response time, responding to inquiries within 3 minutes on all channels except email.
Binance offers excellent customer service mechanisms, and you may simply contact them by email or Telegram. In 2018, they introduced 24-hour customer service, ensuring that you receive prompt responses.
9. Demo Account
Swyftx offers a demo account that allows new traders to perfect their abilities before spending real money.
This account includes $200,000 in virtual money that you may use to simulate real-world trading. If you spend all of your money, you may utilize the reset function to start over. Swyftx also provides users with a free $10 worth of bitcoin upon registration.
Binance does not provide a demo account, and to begin trading, you must first make a deposit.
10. Affiliate Programs
Binance and Swyftx offer affiliate programs that let you earn money when new users join the platforms using your referral code.
Swyftx only charges a 30% fee, but Binance charges up to 40%.
11. Additional Features
Swyftx and Binance are both feature-rich cryptocurrency exchanges, but instead of going into detail about all of them, I’ll focus on a handful that set them distinct from the other. If you want to learn more about the services provided by these exchanges, check my Swyftx review and Binance review.
Swyftx’s distinguishing feature is its one-of-a-kind demo mode, which is not accessible on any other Australian cryptocurrency exchange. It’s a fantastic opportunity for newbies to purchase and trade cryptocurrency using simulated money with no danger to their wallets. It’s an excellent feature that I believe other cryptocurrency exchanges should use.
Swyftx has an exceedingly user-friendly interface with a fresh modern style. You may customize your Dashboard to show only the information you want, in any order you desire.
Swyftx’s customer service is excellent, thanks to its competent Live Chat support team. It is pretty helpful to obtain real-time support from a live representative when you are experiencing a problem. Binance is severely deficient in this area; they do not have Live Chat, and it is difficult to discover even an email address through which to contact them.
Binance provides strategies to increase your cryptocurrency while it is HODLing in your Binance account. Instead of letting your cryptocurrency lie idle, you may grow it in the same way you would earn interest in a savings account with your fiat cash. These are the many staking options provided by Binance.
Binance has partnered with Visa to provide its free Binance Visa Card. You may spend your cryptocurrency at 60 million merchants worldwide with no admin or processing costs, plus you can earn up to 8% cashback on qualified transactions.
Swyftx and Binance both offer remarkable features; however, it all depends on your degree of competence.
Binance is primarily aimed towards experienced investors since it offers complex trading tools and a wide range of trading pairings.
Swyftx, on the other hand, provides an easy-to-use interface and a sample account that novices like.