Swyftx vs. Binance: Head-to-head Comparison
Supported Cryptocurrencies
Both exchanges support a wide range of cryptocurrencies and continually update the list.
Swyftx has an extensive range of over 300+, while Binance supports over 600+. This Australia-based exchange permits trading the popular cryptocurrencies for Bitcoin, Tether, and so on.
In addition to several digital currencies, Binance offers over 50 fiat currencies and up to 1,000 trading pairs, which is quite competitive compared to other exchages.
Winner: Binance
Binance is clearly the winner as it supports a broader range of cryptocurrencies, suitable for investors who want to invest multiple coins to diversify their portfolios.
Swyftx vs. Binance Fees
Swyftx charges no fee for any AUD deposit and withdrawals to Australian bank accounts.
Binance does not charge AUD deposit and withdrawal fees via any method (only PayID and OSKO supported).
Swyftx charges 0.6% in transaction fees when purchasing or selling cryptocurrencies.
Crypto transaction fees on Binance begin at a low of 0.1%. You can save an additional 25% by paying with Binance’s native token (BNB), which means that it’s only a 0.075% fee for each transaction!
Winner: Binance
Binance beats Swyftx in this aspect because its fee structure is simple to understand, and the trading fees are lower than those of Swyftx.
Deposits & Withdrawals
Users can opt for crypto, bank transfers, PayID, POLi, OSKO, and debit cards to deposit and withdraw AUD on this exchange. PayID and POLi transactions are processed nearly quickly, while OSKO takes up to 2 days, and bank transfers take some time.
Due to its extensive global reach, Binance offers diverse withdrawal and deposit methods. In addition to the payment options offered by Swyftx, credit card transactions are also possible for a 1% charge.
Winner: Binance
Binance supersedes Swyftx because this exchange provides a broader range of withdrawal and deposit methods due to its extensive global reach.
User Interface & Experience
Swyftx aims to facilitate purchasing and selling cryptocurrencies with fiat currency. Verified users can select a deposit method to fill their account with AUD and then use the list of supported cryptocurrencies to purchase or sell.
In addition, the exchange has its exclusive demo mode for beginners to practise purchasing and trading cryptocurrencies via play money with no financial risk. It is a handy tool that other crypto exchanges should include.
However, due to the poorly-designed interface, users may find it hard to buy digital assets like Bitcoin. According to many customer reviews, the overall user experience on desktop and mobile websites is a bit awkward, which is a disadvantage over Binance.
Binance, on the other hand, is geared toward cryptocurrency traders who like to speculate on hundreds of crypto-to-crypto trading pairings using its advanced trading interface. As Binance is a major exchange in terms of trading volume and liquidity, it’s also suitable for experienced traders with sufficient trading knowledge to navigate the platform across all supported markets.
Binance is also a highly developed trading platform with better capabilities for crypto-to-crypto trading. The trading terminal employs the popular Tradingview charts, which have several charting patterns, technical indicators, and drawing tools.
In addition, Visa and Binance have collaborated to provide the free Binance Crypto Card. You can spend your cryptocurrency at 60 million merchants worldwide and earn up to 8% cash back on eligible transactions!
Winner: Binance
Both exchanges have good features, but Binance is superior as it is more user-friendly for novice and advanced users.
Security Features
Swyftx employs standard security measures to safeguard your funds. It adheres to KYC regulations, so you must verify your identity before beginning trading actively. You can use the two-factor authentication function to secure your accounts from external breaches. Although Swyftx boasts about its stringent security features, it’s worth mentioning its previous security breaches, as $2.3 million was mistakenly transferred into random user accounts.
Binance is a crypto exchange that uses many security layers to protect customer accounts. The platform’s security measures include two-factor authentication, anti-phishing codes, and Google authentication. They employ cryptocurrency security standards to safeguard all users’ accounts in case of a security breach. Binance was once hacked and lost around $40 million.
Winner: Tie
Both Swyftx and Binance only use standard security measures, which justifies why they were all subject to breaches and hacks. To enjoy the highest level of security when trading cryptocurrencies, you can opt for other exchanges that have been certified and externally audited, such as CoinSpot.
Customer Support
Swyftx claims to offer a service desk with a team of up to 30 members to assist its great user base. However, many Swyftx reviews pointed out that the exchange used automatic bots to handle most customers’ questions. It’s tough to connect to human support staff and the response time was incredibly slow.
Since Binance targets users globally, its customer service is available 24/7. You can contact the Binance staff via email or live chat with automatic responses to your enquiries. Remarkably, the email and live chat support offered by Binance is available in several languages.
Winner: Binance
Swyftx’s sluggish customer support pales in comparison to Binance’s 24/7 live chat and email support, which is available in multiple languages.
Swyftx vs. Binance: Which Is Better?
Swyftx and Binance accept AUD deposits free of charge, provide a vast range of digital assets for purchase, and include charting tools and mobile apps.
However, Binance is by far better than Swyftx. As the world’s largest exchange by trading volume, Binance has various fantastic features for novice and experienced users. It’s an ideal platform for trading cryptocurrencies and gaining access to its more extensive items and premium services.
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