Swyftx vs Binance | Lowest Fees Exchange For Australians?
Jack Moreau
Feb 2024
10 min read
Fact checked
Looking for a crypto exchange that suits your needs? We've compared Swyftx vs Binance across multiple metrics to help you make the best choice. We break down their KYC requirements, country availability, product offerings, trading fees, deposit methods and much more!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Swyftx was founded in 2018 and is a smaller local exchange that solely targets two markets, Australia and New Zealand. The platform offers spot trading for over 300 cryptocurrencies, including well-known coins such as Bitcoin, Ethereum, and Solana.
Swyftx exchange
The exchange has a workforce of over 100 employees based mainly in Australia and has grown to over 700,000 registered users. Swyftx has gained popularity for its user-friendly interface and ease of user for beginners.
Swyftx offers support for over 320 cryptocurrencies including BTC, ETH, SOL, ATOM, USDT, USDC and many other altcoins. For those that prefer trading with an app, Swyftx is also available on Android and IOS where it has over 10,000 downloads.
Binance offers a more comprehensive suite of trading and financial services than Swyftx does which includes spot trading, futures trading, staking, earn, staking, vaults, and many additional services.
The exchange supports over 350 cryptocurrencies, numerous trading pairs, and is the most liquid exchange in the world. Binance has over 120 million users worldwide and the Binance Android app has been downloaded over 50 million times.
Binance app
Swyftx vs Binance Signup & KYC
Swyftx and Binance are two popular cryptocurrency exchanges that require users to go through a KYC verification process before being able to trade.
Creating a Binance account takes less than a minute, but users must verify their account before unlocking full account privileges. This requires submitting all of the required information and documents for verification, such as country of residence, address, and government ID.
Generally, the KYC verification process on Binance can be as short as 15 minutes, but it can take up to 2-3 business days in some cases to complete.
On the other hand, the signup process on Swyftx is more comprehensive than other exchanges. Users must provide their full name, country of residence, phone number, and email. Users must then verify both the email address and phone number before the account is created.
Swyftx KYC
To unlock fiat deposits and cryptocurrency trading, users must verify their email, phone number, and a government ID. For those that wish to send and receive crypto, they will also need to provide a selfie. Once all the information related to KYC has been provided, it can take 1-2 days for the Swyftx team to verify the account.
Swyftx vs Binance Products & Services
Swyftx is a simple exchange that focuses on offering a somewhat beginner-friendly venue to new cryptocurrency investors. Users can buy and sell over 300 cryptocurrencies via spot trading and they can opt in to recurring buys for those who wish to dollar cost average.
Swyftx cryptocurrencies
They also offer a demo account for users who want to buy and sell with fake money without needing to go through KYC.
In terms of user experience, considering the few products offered by Swyftx, their interface is actually quite crowded. As they are mainly targeting beginners, the interface should be less crowded and easier to navigate.
Swyftx interface
Binance provides a much larger variety of trading services that Swyftx that includes spot trading, futures trading, margin trading, perpetual swaps (perps), and options trading.
Binance spot trading
Liquidity on Binance is world class with daily spot trading volumes frequently exceeding $10 billion. In terms of leverage, Binance offers a max leverage of up to 125X on futures.
For margin trading, the max leverage is 5X and underlying collateral is available for USDT, BUSD, BNB, altcoins and fiat currencies.
Binance offers contracts that can be settled either perpetually or on a quarterly basis, using USDT, BUSD, or other cryptocurrencies.
Binance also offers trading bots and copy trading, which allows users to follow and copy the trades of successful traders automatically.
Binance future contracts
Binance also provides leveraged tokens and for users who want to earn on their assets, staking, lending and different types of vaults are available to take advantage of.
Finally, Binance also has its own NFT marketplace where users can buy, sell and trade NFTs and its own Web 3 wallet in Trust Wallet.
Binance staking & earn
Needless to say, Binance is a much more comprehensive exchange than Swyftx. While Swyftx only targets users in Australia with a very limited product offering, Binance targets a global audience of retail, traders and institutional investors with a much wider product range.
When it comes to trading fees, Swyftx and Binance are two exchanges that offer different rates for their services.
Let's start with the trading fees of Binance which charges a spot maker fee of 0.1% and a spot taker fee of 0.10%. For futures trading, Binance charges a maker fee of 0.02% and a taker fee of 0.04%.
Binance spot fees
The exchange also offers margin trading fees. Interestingly, trading fees on Binance can be lowered if monthly trade volumes exceed $1 million or if users hold at least 25 BNB tokens.
On the other hand, Swyftx charges maker and taker fees of 0.6% for spot trading, which is quite high compared to most exchanges out there.
Swyftx trading fees
For those that conduct swaps, the minimum fee applied is 0.6% for the buy order and 0.6% for the sell order. Thus a total fee of 1.2%, which is on the high side once more.
In summary, Binance and Swyftx have different rates for their trading fees. Binance offers lower fees for spot and futures trading and even has the potential to lower fees further if trade volumes are high enough or if users hold BNB tokens.
Moving on to deposit methods, there are many things that sets Swyftx and Binance apart. Let's start with Swyftx.
This Australian-based exchange only supports AUD deposits via PayID, Poli, bank transfers and credit/debit card deposits with Visa and Mastercard.
There are no fees when depositing AUD via PayID and bank transfers. However, for those depositing with credit/debit card, there is a 3.6% fee and up to 4% spread, which is quite expensive.
Binance supports many more fiat currencies and deposit methods than Swyftx. More precisely, Binance supports over 20 fiat currencies in total including USD, EUR, AUD, GBP, and many others.
The fiat deposit methods for Binance include bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP).
Binance fiat deposit
Fiat deposits are also possible with Visa, Mastercard, PayID, and Advacash. However, in terms of deposit fees, fiat currencies deposited with Visa and Mastercard incur a 1.8% fee while bank transfer via SEPA comes with a 1 EUR fee. For those that have an Advcash account, they can deposit with a 1.5% fee.
As such Binance's support for a wide range of fiat currencies and deposit methods gives it an big edge over Swyftx.
Swyftx offers users the ability to withdraw AUD and NZD. While AUD withdrawals are free, NZD withdrawals have a fee of $10 excluding bank fees.
If users withdraw AUD with an Osko-supported bank, they can expect to receive their funds in 1-2 minutes.
For banks that don't support Osko, the wait time is up to 2 business days. When it comes to cryptocurrency withdrawals, users can expect to pay 0.0002 BTC for Bitcoin, 0.0018 ETH for Ethereum, 0.008 SOL for Solana, and 7 USDT for ERC-20 USDT.
On the other hand, Binance offers multiple fiat withdrawal methods. Users can withdraw USD via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP).
Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard. SEPA withdrawals have a 1 EUR fee while bank withdrawals for many other fiat currencies are free.
When it comes to cryptocurrency withdrawals, users can expect to pay 0.0002 BTC for Bitcoin, 0.000768 ETH for Ethereum, 0.008 SOL for Solana, and 10 USDT for ERC-20 USDT.
In conclusion, while Swyftx is a smaller, local exchange available only to users only in Australia and New Zealand, Binance is the worlds biggest exchange with availability in over 180 markets.
While Swyftx offers a solid range of over 300 cryptocurrencies, the exchange is limited in terms of product features which only includes spot trading and swaps.
In terms of trading fees, those are on the higher end and range between 0.6% to 1.2% depending if you use the spot exchange or swap.
Swyftx requires KYC for all of their users and even though the exchange targets mainly beginners, the user experience in our opinion could be much more simple. In other words, it's quite a limited experience that won't attract users who don't mind paying higher fees.
Binance on the other hand offers many more products than Swyftx with lower trading fees and much better liquidity.
While the user experience takes a bit more getting used to than Swyftx, in our opinion, it's more than worth the 5-10 minutes required to get familiarised with the exchange.
While Binance also requires KYC for all of it's users, the signup process takes less than a minute and Binance normally verifies accounts on the same day.
Overall Binance is the much better exchange and beats Swyftx across every category.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
