The Australian cryptocurrency market is growing rapidly as are the number of exchanges available for investors to open an account with.
Choosing an exchange is not as simple as seeing what platform sells the cryptocurrency you are looking to buy. Factors such as fees, number of digital tokens, level of security and the features the exchanges offer are all important considerations before opening an account.
If you’ve narrowed down your options between Swyftx and Binance, in this article we’ll discuss the similarities and differences between the two.
Although Binance is a global crypto exchange, the Australian version of the exchange is built to be fully compliant with the Australian financial regulation requirements. Binance was globally launched in 2017 with the Australian exchange becoming live in July 2020. In January 2021, the exchange saw trading volumes upwards of $130 million AUD in one day!
Swyftx is considered to be a fairly new player in the crypto space, with the exchange launching in Australia in 2019. At the time of writing, there are over 30,000 users on the platform. Swyftx allows for advanced trading including users the functionality to place automatic crypto trades. The platform also allows for real-time portfolio tracking, tax reporting and SMSF asset allocation.
Binance VS Swyftx Features
Binance has over 260 supported cryptocurrencies on its platform and is constantly adding new coins to its offering. In addition to crypto, Binance also offers 40+ fiat currencies which is what makes the platform popular amongst advanced traders. The interface is quite complex and can be confusing for beginner investors.
Swyftx offers over 270 coins on the exchange and has live chat features on its user-friendly mobile app. Swyftx is the only Australian exchange that has a demo account that allows users to try out the platform and become comfortable with the interface before committing to investing. This feature is great for beginners to get a feel for the platform. It also allows users to customise the dashboard to display only the notifications that you find relevant and useful. This can be a powerful tool as you build your crypto portfolio and are looking for quick insights.
Binance VS Swyftx Security
Binance offers a varied range of security measures to protect users including two-factor authentication, anti-phishing codes and Google authentication. It must be mentioned that the global platform had a breach and was hacked losing $40 million. Ever since, the platform has an emergency fund as a way of protecting investors in case of another breach.
Swyftx is AUSTRAC accredited but does not currently hold an ISO 27001 certification. Swyftx also does not have an offline cold storage option which means that it is less secure for users who buy cryptocurrency on the exchange and choose to store it on the exchange as opposed to a cold wallet. Both Swyftx and Binance fulfil the AML/KYC verification requirements to protect against money laundering and financing of terrorism.
Binance VS Swyftx Payment Options
As Binance is a global platform, it has a wide variety of withdrawal and deposit methods available. The platform also allows you to transact using credit cards, though this incurs a 1% fee. For trading, Binance charges between 0-0.1% on all trades and offers users a discount if they trade using the Binance token (BNB).
Swyftx charges $0 fees on AUD deposits and withdrawals. The exchange also charges 0.6% in fees when buying or selling crypto. You can fund your Swyftx account via debit or credit card, direct deposit, PayID, POLi and cryptocurrency.
The Pros and Cons
Still deciding which crypto exchange to go with?
Deciding which exchange is best for you can be difficult from a first glance, but once you begin using the platform, you’ll likely get a feel for whether it is right for your needs or not. Before investing large amounts of money into one crypto asset on one exchange, it could be worthwhile investing a small amount into your desired platform to see if you’re happy with the usability and features.
Just like every investor is different and has unique personal circumstances, no one exchange is built the same. To find the best exchange for you, it’s important to consider your investment timeline, risk tolerance and reasons for investing. Perhaps you’re looking to trade altcoins, or maybe you’re looking to buy and hold Ether for the next 10 years. Both situations might call for a different exchange with varying features to suit the differing needs.
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