While both are well-regarded in the crypto community, there are some key differences between each platform that can impact your decision about which one is right for you.
Factor 1: Platform Features
Binance is the most feature rich cryptocurrency trading platform in Australia and around the world. They offer over 700 different cryptocurrencies, cryptocurrency staking on 100+ assets, an NFT Marketplace, a Binance Debit Card and much more.
SwyftX on the other-hand provides a more simplistic user experience for Australian investors. Their platform provides over 300 different altcoins and cryptocurrency staking on 20 assets. SwyftX does not offer an NFT Marketplace or NFT Wallets.
Factor 2: Security & Regulatory Clarity
Another important consideration is the level of security offered by each exchange. Binance has implemented multiple layers of security, including 2FA and a whitelisting system for withdrawals. SwyftX also offers 2FA but does not have a whitelisting system in place.
With respect to regulatory clarity, SwyftX would be the safer exchange in our view. Binance are known to be distributed 'globally' and have had some problems with regulators in the past. These include other commonwealth countries like Binance and the United Kingdom that banned Binance for a period of time.
Factor 3: Trading Fees
One of the main factors to consider when comparing Binance vs SwyftX is their respective trading fees. Binance has a relatively low trading fee of 0.1%, while SwyftX charges higher fees starting at 0.6%.
Both platforms offer free deposit fees for users depositing AUD with Bank Transfer or via PayID/Osko.
Factor 4: Crypto Staking Services
Binance offers a more robust suite of cryptocurrency staking services with over 100 stakeable digital assets. Their platform even offers a 'locking' features, which allows users to lock their tokens for up to 30 days to earn boosted rewards.
SwyftX on the other hand only offers 20 different cryptocurrencies to stake. When you compare the same token on both platforms, we found that Binance generally paid out a higher staking reward - which means they charge less fees.
The only reason we would recommend SwyftX over Binance to stake crypto is because they are a safer venue to custody your assets.
Is SwyftX or Binance better?
SwyftX is better than Binance for Australians because their platform is safer and based locally. Their services are tailor-made for Australians with faster AUD deposits, better customer service and safer custody for your cryptocurrencies.
If you would like to use the Binance platform to trade crypto futures, or use other features - we recommend leaving only a small amount of funds on their exchange