Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    Swyftx vs. Binance 2023: Deposit, Fees and Security

    Swyftx Review

    Read Disclaimer

    Binance Australia Review

    In this article, we compare Swyftx and Binance to decide which platform is best for Australian crypto investors. To decide the winner of each round we carried out exhaustive research and used both crypto exchanges.

    Swyftx vs. Binance: Verdict

    Our pick is Binance, the largest crypto exchange in the world. The exchange provides a larger cryptocurrency selection, more deposit methods, lower trading fees, and more features that make it seamless to trade crypto for Australian users.



    Binance Logo



    Swyftx vs. Binance: Unique Features

    Unique Features of Swyftx

    Over-the-Counter Trading Desk

    Swyftx OTC trading desk is suitable for SMSFS, institutions, and high net-worth individuals with a high trading volume of over $100,000. Such large trading volume is done outside the public Swyftx exchange to prevent spillage as this could affect crypto prices on the exchange. OTC gives traders access to tighter spreads and low trading fees which enables them to maximize profit and save money.

    Swyftx Earn

    Swyftx Earn

    Swyftx Earn enables users to earn daily interest on eligible cryptocurrencies held in their Swyftx Earn wallet. Cryptocurrencies added to the Earn wallet begin to earn daily interest instantly. Daily interests are added to the daily balance of the cryptocurrency. Users can claim their interests by withdrawing all or some of the cryptocurrencies in the Earn wallet.

    Swyftx users can add cryptocurrencies to the Earn wallet by clicking the “Earn” button in the Earn wallet and inputting the amount of crypto they wish to deposit in the wallet. Users may not be able to add a cryptocurrency to the Earn wallet if it has reached its Earn cap.

    All cryptocurrencies eligible for the program have an Earn cap. Swyftx users will only be able to add the asset to their Earn wallet if an existing Earn user withdraws that particular cryptocurrency from their Earn wallet. Users can also add the cryptocurrency to their wallet if Swyftx increases the Earn cap of the cryptocurrency.

    Demo Mode

    The demo mode is designed to help crypto newbies learn the basics of crypto trading before trading with real money in the actual crypto market. This will enable the user to learn how to make risk-free trades to avoid losing all their crypto investments when they start trading.

    Swyftx gives demo users fake money to trade with. The users can buy and sell any cryptocurrency available on the Swyftx exchange using fake money. The Swyftx demo mode gives users a feel of what the actual market looks like by mirroring every movement in the actual market. All price fluctuations in the actual market are reflected in the demo mode. This enables the user to learn how to navigate the volatile crypto market. Demo users also have access to advanced trading features like limit orders and stop orders.

    Unique Features of Binance

    Binance Card

    Binance Visa Card

    This is a prepaid Visa debit card that enables cardholders to spend cryptocurrencies from their Binance account like cash. The card is preloaded with the user’s preferred cryptocurrency before being used.

    Binance facilitates the conversion of cryptocurrency to cash at the point of payment using the best available market rate. The Binance card supports 12 cryptocurrencies including Bitcoin, Binance Coin, Cardano, Tether, Binance USD, Bitcoin, Polkadot, etc. The card is accepted anywhere Visa cards are accepted worldwide.

    Cardholders can earn cashback on eligible purchases made with the Binance Card. Users can get up to 8% cashback per month depending on the customer’s monthly average on Binance Coin. All cashback rewards are paid in BNB.

    Binance Coin (BNB)

    Binance Coin is the native cryptocurrency of the Binance exchange. It is traded under the ticker BNB. Binance Coin was previously on the Ethereum network but it is now on the Binance blockchain. It had a maximum supply of 200 million tokens.

    Asides from using the Binance Coin to settle transactions on the Binance Smart Chain, BNB holders also enjoy some privileges. This includes saving 20% on futures trading fees and 25% on spot trading and margin trading fees. They also have access to exclusive token sales.

    Binance Gift Card

    Binance Gift card is a way to gift family and friends customized crypto gifts. The gift card is available to both Binance and non-Binance users.

    Binance Gift cards can be purchased from Binance-verified merchants and distributors using fiat currency and other accepted deposit methods.

    Binance users can send and redeem Binance Gift cards at no fee. The cryptocurrency in the gift card is instantly credited to the recipient’s Binance wallet once the card is redeemed.

    Binance Gift cards can be redeemed in the Binance gift card marketplace.

    This is a one-stop shop marketplace for Binance gift card users. Different gift cards with multiple functions including fiat, crypto, and fixed-denomination cards are available in the Binance gift card marketplace. The Binance gift card marketplace is the upgraded version of the Binance gift card mini app.

    Winner in Unique Features

    Binance is the winner. It has many features designed to give users a good crypto trading experience.

    Swyftx vs. Binance: Cryptocurrencies Available

    Cryptocurrencies Available on Swyftx

    Swyftx supports the trading of over 320 cryptocurrencies. Some of the supported cryptocurrencies include Bitcoin, Ethereum,, Fantom, Hedera Hashgraph, Litecoin, Dodo, Bitcoin Cash, Bounce Token, Constitution DAO, Dogecoin, Bounce Token Benqi, ApeCoin, Badger DAO, PancakeSwap, Shiba Inu, Auto, Audius, Binance USD, Ontology, Ankr, Binance Coin, Ampleforth Governance Token, Chainlink, etc.

    Cryptocurrencies Available on Binance

    Binance users can buy, sell and swap over 600 cryptocurrencies. Available cryptocurrencies include Bitcoin, Ethereum, Litecoin, Binance Coin, BINANCE USD, Curve DAO, Tron, Polygon, Wrapped Bitcoin, Solana, Polkadot, Shiba Inu, Cosmos, Stellar Lumens, Bitcoin Cash, Quant, ApeCoin, TrustWallet Token, etc.

    Winner in Crypto Availability

    Binance wins here. It supports more cryptocurrencies than Swyftx. In fact, it offers more digital assets than most crypto exchanges.

    Swyftx vs. Binance: Can You Buy and Sell NFTs?

    Can You Buy and Sell NFTs on Binance?

    buy now nft binance

    Yes, you can buy and sell NFTs on Binance via the Binance NFT marketplace. The platform features more than 2.5 million NFTs with over 1 million of them being gaming NFTs. Binance NFT is known as the largest gaming NFT marketplace, however, you’ll also find other types of NFTs on the platform like entertainment, collectibles, sports, premium, sports, art, and charitable.

    The marketplace is built on the Binance Smart Chain and Ethereum and allows users to also mint (only for pre-approved creators) their NFTs before listing them for sale. It supports the Binance Chain Wallet, Wallet Connect, and MetaMask as wallet options. And Ethereum, Binance, and Binance USD as deposit methods.

    Winner in NFTs Availability

    Binance wins in NFT availability, the platform provides over 2.5 million NFTs in various categories. Swyftx does not offer NFTs.

    Swyftx vs. Binance: Fees

    Swyftx Fees

    Users on the Swyftx exchange incur up to a 0.60% trading fee with spreads as low as 0.41%. Swyftx does not charge any AUD deposit or withdrawal trading fee. Crypto withdrawals attract the relevant dynamic network fee.

    Binance Fees

    To charge its trading fee, Binance uses a taker and maker model based on a level system assigned to users depending on their monthly trading volume. It also offers a discount system where you can get decreased trading fees based on the amount of BNB (Binance Coin) you hold on the crypto exchange.

    That said, here are the tiered levels and BNB discounts:

    Regular User

    • 30-day trade volume (BUSD): < 1,000,000 BUSD or ≥ 0 BNB
    • Maker/Taker Fee: 0.1000% / 0.1000%
    • Maker/Taker Fee with BNB 25% discount: 0.0750% / 0.0750%

    VIP 1

    • 30-day trade volume (BUSD): ≥ 1,000,000 BUSD and ≥ 25 BNB
    • Maker/Taker Fee: 0.0900% / 0.1000%
    • Maker/Taker Fee with BNB 25% discount: 0.0675% / 0.0750%

    VIP 2

    • 30-day trade volume (BUSD): ≥ 5,000,000 BUSD and ≥ 100 BNB
    • Maker/Taker Fee: 0.0800% / 0.1000%
    • Maker/Taker Fee with BNB 25% Discount: 0.0600% / 0.0750%

    VIP 3

    • 30-day trade volume (BUSD):≥ 20,000,000 BUSD and ≥ 250 BNB
    • Maker/Taker Fee: 0.0700% / 0.1000%
    • Maker/Taker Fee with BNB 25% Discount: 0.0525% / 0.0750%

    VIP 4

    • 30-day trade volume (BUSD): ≥100,000,000 BUSD and ≥ 500 BNB
    • Maker/Taker Fee: 0.0200% / 0.0400%
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    VIP 5

    • 30-day trade volume (BUSD): ≥ 150,000,000 BUSD and ≥ 1,000 BNB
    • Maker/Taker Fee: 0.0200% / 0.0400%
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    VIP 6

    • 30-day trade volume (BUSD): ≥400,000,000 BUSD and ≥ 1,750 BNB
    • Maker/Taker Fee: 0.0200% / 0.0400%
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    VIP 7

    • 30 day trade volume (BUSD): ≥800,000,000 BUSD and ≥ 3,000 BNB
    • Maker/Taker Fee: 0.0200% / 0.0400%
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    VIP 8

    • 30-day trade volume (BUSD): ≥ 2,000,000,000 BUSD and ≥ 4,500 BNB
    • Maker/Taker Fee: 0.0200% / 0.0400%
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    VIP 9

    • 30-day trade volume (BUSD): ≥ 4,000,000,000 BUSD and ≥ 5,500 BNB
    • Maker/Taker Fee:0.0200% / 0.0400%
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    The Binance exchange does not charge fees for crypto deposit methods but users will need to pay dynamic network fees for withdrawals. Credit and debit purchases cost 4.5% of the transaction amount.

    Winner in Fees

    Binance wins in fees as it offers lower fees than Swyftx with the option of discounts.

    Swyftx vs. Binance: Payment Methods

    Swyftx Payment Methods

    Swyftx supports 4 deposit methods including bank transfer via POLi, bank transfer via PayID, regular bank transfer, and debit card.

    Binance Payment Methods

    Binance offers a couple of deposit methods for Australians including credit/debit cards, bank transfer via PayID, bank transfer via Osko, Binance Pay, bank transfer via POLi, and P2P trading.

    Winner in Payment Methods

    Binance wins in payment methods. The exchange offers more options for deposits.

    Swyftx vs. Binance: Security

    Swyftx Security

    Swyftx security features

    Swyftx is regulated by AUSTRAC. It also partners with Chainalysis to ensure the security of the platform and users’ cryptocurrencies.

    Swyftx implements security measures like regular security audits by third-party auditors, and two-factor authentication for all accounts.

    Binance Security

    Binance is operated by InvestByBit Pty Ltd (ABN 98 621 652 579) in Australia, This company is registered with AUSTRAC. Binance encrypts all users’ data and personal information. It also stores the majority of users’ assets in cold storage offline.

    All Binance accounts are secured with two-factor authentication. Changes to account security measures like password reset, email address change, two-factor authentication, as well as, all withdrawal attempts from Binance accounts are reviewed by the Binance team before approval.

    Users can also protect their Binance account by activating address whitelisting, IP whitelisting, device management, and API access control.

    If the Binance team suspects unusual activities in an account, withdrawals are suspended from the account for about 24 to 48 hours.

    Winner in Security

    Binance is the winner here. It has better security measures than Swyftx.

    Swyftx vs. Binance: Earn/Staking Rewards

    Swyftx Earn/Staking Rewards

    The Swyftx Earn program enables users to earn up to 65% APY on eligible crypto assets. Supported crypto assets in the Earn program include Kusama, Tron, Harmony, Elrond eGold, Axie Infinity, Tezos, Polygon, Solana, Kava, Algorand, Solana, Polkadot, Flow, Cosmos, Cardano, and Zilliqa.

    Binance Earn/Staking Rewards

    The Binance exchange offers up to 104.62% APY in staking rewards. There are over 180 cryptocurrencies that you can earn on through the various products offered on Binance Earn. This includes stablecoins.

    Binance Earn

    Winner in Earn/Staking Rewards

    Binance wins in earn/staking rewards. The cryptocurrency exchange offers a higher APY than Swyftx and more eligible digital currencies.

    Swyftx vs. Binance: Usability

    Swyftx Usability

    The Swyftx cryptocurrency exchange is built for beginners. The platform features a demo account that newbie crypto traders can use to learn how to trade with fake money and real-time market scenarios. Its interface is seamless to navigate with most screens being a single tap away. Advanced users won’t find features like margin trading, selling crypto automatedly, etc.

    Swyftx also provides interface customization features like a light or dark mode toggle. For Australians, you can purchase crypto on the platform using AUD without having to change to other currencies like USD or GBP. The exchange supports several bank Australian transfer options.

    Binance Usability

    The Binance exchange is geared towards advanced users. It offers a lot of products and features which makes the interface appear busy and confusing to most beginners. Binance also supports various order types and trades including; peer-to-peer trading, margin trades, market orders, trailing stop orders, Limit orders,one-cancels-the-other orders, post-only orders, etc.

    Winner in Usability

    This round is a draw. Swyftx is great for beginners while Binance is best for advanced users.

    Swyftx vs. Binance: Customer Service

    Swyftx Customer Service

    Swyftx Customer Support

    Swyftx offers support to customers via phone or email at

    It also has well equipped help center with answers to frequently asked questions about different aspects of the platform. Crypto newbies can also learn all they need to about Swyftx and crypto trading in general with Swyftx Learn.

    Binance Customer Service

    Binance offers customer service via live chat support or by submitting a support ticket. The live chat support feature starts with an AI bot. The AI bot answers using FAQ list on the live chat support. If its answers are not satisfactory then you can request for human interaction on its live chat support page. The exchange also has a dedicated Twitter account for attending to customers’ complaints.

    Binance has a well-equipped help center with lots of helpful guides and articles on how to use the different features on the Binance website.

    Winner in Customer Service

    Swyftx wins in customer service. The support team offers a quicker response to customer complaints than Binance.

    Conclusion: Final Verdict

    Binance wins in general. The cryptocurrency exchange offers NFTs, more digital assets, higher staking rewards, ample payment methods for Australians, and lower fees. Swyftx, on the other hand, offers high trading fees (up to 0.60%), a smaller selection of digital currencies, and doesn’t provide an NFT marketplace.

    Overall Winner

    Binance wins with a score of 4.3/5.


    Most frequent questions and answers

    Yes, via cryptocurrency bank transfer, you can move assets from Swyftx to Binance as long as you have the receiving wallet address of the particular crypto from Binance.

    Swyftx is owned by Alex Harper and Angus Goldman.

    Yes, Binance is one of the many regulated crypto exchanges under AUSTRAC.

    No, Swyftx is a unique Australian-market-focused cryptocurrency exchange that allows users to buy and sell crypto. Binance, on the other hand, is one of the world’s leading crypto exchanges where users can buy and sell crypto and NFTs.

    Yes, Swyftx supports bank transfer for Australian users.