Swyftx is one of the cryptocurrency exchanges in Australia, and eToro Australia is a broker that offers bitcoin as a trading tool. Which one of them is superior for Australians seeking to enter the cryptocurrency market? This post will compare these two platforms using a variety of characteristics so that you can make an informed decision.
Comparison Table
 |
 |
|
| Coins | 320+ | 75 |
| Trading Fee | 0.6% plus spreads | 1% |
| Deposit Fee | Free | Free (currency conversion applies) |
| Withdraw Fee | Free | $5 (plus currency conversion) |
| Payment Options | Bank transfer, POLi, Credit/Debit card, OSKO, PayID | Bank transfer, PayID, POLi, Credit/Debit card |
| Features |
-Supports over 320+ coins - Staking available on 20 cryptocurrencies - Demo mode with $10,000 virtual money |
- CFD trading available - Social trading platform to interact with others - CopyTrader feature |
Swyftx Overview
Swyftx is a Queensland, Australia-based cryptocurrency trading platform created in 2019 by Alex Harper and Angus Goldman. It has registered with AUSTRAC and provides users with over 320 cryptocurrencies. Although Swyftx has relatively low fees compared to other exchanges, you should be aware of the red flags associated with this platform. According to many Swyftx reviews, the system of Swyft was inexplicably complicated, and customers have reported being locked out of their accounts when attempting to withdraw their funds.
Pros
AUD deposit via POLi, PayID, credit/debit card, bank transfer
Super Funds feature for staking cryptocurrencies
Cons
The lack of security certifications and trust
Its interface can take a while for users to get used to
The lack of margin, derivatives or Futures markets
Customer support via bot and human response is very slow
Only supporting fiat deposits and withdrawals for AUD
eToro Australia Overview
eToro Australia is a popular trading platform for cryptocurrencies and other traditional financial markets, including FX, equities, ETFs, and CFDs. eToro was founded in 2007 when neither Bitcoin nor cryptocurrencies existed. Unique features of this platform include “social trading,” “CopyTrader,” and “Copy Portfolio.” However, eToro Australia only supports a restricted number of coins and imposes various hidden fees.
Pros
Demo account with $100,000 play money available
Direct purchases of crypto or using a CFD
Margin trade cryptocurrencies with x2 leverage
CFDs for users to bet on the price of crypto to fall
Crypto staking for Tron (TRX) and Cardano (ADA)
Cons
Only supports 30 coins, much fewer than Swyftx
Currency conversion fees for deposits and withdrawals
Overnight fees and buy/sell spread fees are charged on CFDs
Spread fees are charged on cryptocurrency trading
Only supports US shares trading, not Australian securities
Cryptocurrencies Supported
Swyftx supports more than 320 cryptocurrencies, allowing investors to diversify their portfolios. For a seasoned investor, it can be easy to distinguish between good and bad coins to invest in potentially groundbreaking projects. Still, having too many listed coins is problematic for novice users as it’s likely that you may come across spam projects or counterfeit coins. You can read Swyftx Review to know more about the coins it supports and its features.
There are just 75 cryptocurrencies on eToro, but they include most of the popular coins on any crypto exchange. In addition to cryptocurrencies, eToro extends the features of existing crypto platforms by allowing traders to participate in many marketplaces. You can trade stocks from 16 worldwide markets, including the United States, foreign exchange, ETFs, and CFDs.
Some cryptocurrencies supported by eToro. Source: eToro
Winner: Swyftx
More than 250 cryptocurrencies are supported on Swyftx, enabling investors to discover new and potentially lucrative cryptocurrencies.
Swyftx vs. eToro Fees
Swyftx does not charge fees for AUD deposits and withdrawals via a bank account. Previously, Swyftx charged a $2 fee for deposits under $200; however, this fee has been eliminated, which is terrific for consumers. As for cryptocurrencies, you will only be required to pay the blockchain-imposed transaction fees, which vary based on the type of cryptocurrency transferred.
Swyftx’s flat price for transactions is 0.6%, much more than similar exchanges that charge fees of 0.2% or less. Their broad spreads and 0.6% trade charge contribute to extremely inefficient execution when trading into and out of various assets. Swyftx charges much more for swap transactions, charging 0.6% twice for buy and sell transactions for a whopping total of 1.2%.
While eToro Australia does not charge customers for deposits, there’s a currency conversion fee when transferring USD to AUD. The conversion cost from AUD to USD is 50 pips (0.7%) for bank transfers and 100 pips (1.38%) for credit cards, PayPal, and POLi. eToro imposes a fixed withdrawal fee of $5 (with a $30 minimum) for each withdrawal.
eToro includes trading costs in the spreads, which vary depending on the traded currency. This gap may be as little as 0.75% for BTC (Bitcoin) trading and as high as 5% for XTZ trading (Tezos).
Winner: Tie
Swyftx and eToro Australia charge high transaction and hidden fees, making them not ideal choices for most investors. You can select other exchanges such as CoinSpot Australia. Our CoinSpot review shows that it is one of the top crypto exchanges with highly competitive fee structures. You can opt for much better exchange such as CoinSpot. Read our CoinSpot vs Swyftx and eToro vs CoinSpot comparisons to know more about their fee structures before making your choice.
Deposit Methods
PayID and POLi are supported for instant payments to your Swyftx account. The settlement of OSKO deposits and bank transfers might take up to one business day. In 2021, Swyftx started accepting debit and credit cards for deposits. Daily withdrawal and deposit limits for Swyftx accounts are AUD 20,000. More verification processes will be required if you need to handle higher amounts.
For Australian customers, eToro supports bank transfers, debit cards, credit cards, POLi, and PayPal. The minimum deposit required by eToro for traders in the United States and the United Kingdom is $50. In Australia, the minimum deposit is $10, while in other countries, it may be up to $1000.
Winner: Swyftx
eToro Australia and Swyftx both support limited deposit methods, but Swyftx is superior to eToro because it allows you to deposit your existing digital assets.
eToro vs. Swyftx Security
Swyftx features standard security measures, including JSON Web Tokens, biometric sign-ins, KYC verification, and two-factor authentication (2FA). However, Swyftx has shown security vulnerabilities, with $2.3 million inadvertently transferred to arbitrary client accounts. Some users have also complained on Productreview.com that Swyftx’s withdrawals are questionable. The verification process is lengthy, and transferring funds from Swyftx is difficult.
eToro is regulated by the Australian Securities and Investments Commission (ASIC). Data about the company’s users are protected by encryption, firewalls, and two-factor authentication (2FA). The platform stores users’ funds in cold storage to reduce the risk of loss due to hacking or operational error. It has partnered with an industry-leading cybersecurity firm, GK8, to develop a cold storage Custody as a Service (CaaS) solution. eToro has never suffered a major security breach or client funds loss.
Winner: eToro
eToro has the edge over Swyftx because of its cold storage techniques, FDIC insurance, and supervision by numerous foreign financial agencies.
Customer Support
Swyftx claims to offer live chat service, but to many customers’ dissatisfaction, it uses bots. If you require assistance, you will frequently be trapped in a dialogue loop with a robot rather than a human person. The automated bots can only address a few simple inquiries, not clients’ complex issues. Many Swyftx customers complained that the customer service is nothing but terrible. They take days to react to emails, and even if you are fortunate enough to receive a reply, you are not guaranteed to speak with human support staff. Several investors have reported that their Swyftx accounts are locked when they attempt to withdraw their funds.
A negative review about Swyftx. Source: Productreview.com.au
The customer care team at eToro is bilingual and available 24 hours a day, seven days a week. You must log in and file a support ticket to contact customer support. On Trustpilot, several consumers expressed their dissatisfaction with this platform, stating that they could not reach the support personnel or had to wait a long time for a response. It’s such a frustrating experience, particularly for novices who usually encounter multiple issues in the crypto space and seek immediate support.
Winner: eToro
eToro is the winner here as you can get instant assistance from REAL customer support staff.
Standout Features
Swyftx provides a free Demo Mode for you to practise trading cryptocurrencies using their risk-free simulation, which gives $10,000 in play money. You can acquire practical experience without incurring financial risk. The Demo Mode simulates real-world events, including market behaviour and investments’ effect on liquid assets.
Swyftx also offers mobile applications for Android and iOS, which eliminates the need to run to your computer anytime you see volatility in the cryptocurrency realm. Trading in any market can be challenging, and success often depends on having current knowledge and the ability to respond swiftly. With the Swyftx app installed on your devices, you can take action as soon as you open your phone.
Swyftx allows you to Bundle your portfolio purchases with one of seven handpicked cryptocurrency collections to diversify your crypto holdings. This is similar to the traditional method of Index Stocks, in which you can buy a tiny portion of some firms based on a single index. Swyftx observes the market to identify packages that meet your financial goals. If this function appeals to you, it’s better to opt for CoinSpot. They provide 12 Bundles, much more than Swyftx.
eToro’s platform enables traders to acquire crypto-assets directly or speculate on crypto-asset price fluctuations via Contracts For Difference (CFD). When trading a crypto asset via a CFD, you do not own the asset. For example, if you acquire $1,000 worth of Bitcoin CFDs, you will profit if the price of BTC rises, but you WILL NOT REALLY OWN ANY BTC tokens.
The exchange also enables copy trading by giving a list of “Popular Investors” whose portfolios can be tracked by other users. eToro compensates these “investors” differently based on their investment, time spent on the platform, and the number of cloned portfolios. Investors are assigned a risk score visible to all users to minimise risk; if their risk score exceeds a certain level, it cannot be duplicated by other users.
eToro CopyPortfolios. Image: eToro
Moreover, eToro’s portfolio products are unique because you invest in bitcoin portfolios. The minimum investment required to join eToro is $2,000 to $5,000. (based on your chosen portfolio). Because crypto experts advocate spending no more than 5% of your whole portfolio, these high minimums might dissatisfy many users, particularly newcomers to the crypto space.
Winner: eToro
eToro Australia is superior since it’s not limited to simple crypto trading. On eToro, cryptocurrency investors can access CFDs, copy trading, social trading, and stock trading.
Final Verdict
It is difficult to say if Swyftx or eToro is the superior cryptocurrency exchange because both exchanges have advantages and disadvantages. Swyftx provides a Demo Account, over 320+ cryptocurrencies, staking on 20 coins, and diverse deposit methods, but the fees are high, and the customer support is terrible. Meanwhile, eToro enables you to diversify your crypto portfolio, thanks to its CFDs and social trading platform, where you can get insights from other traders. However, this exchange only supports 75 coins, and the fees add up quickly.
The following review is for informational purposes only and should not be construed as financial or investment advice. It is important to note that cryptocurrency is a highly volatile and speculative market, and there is no guarantee of profit or loss. This review is based on the author’s personal experience and research, and individual results may vary. The author is not affiliated with any of the exchanges mentioned in this review and does not receive compensation for their mention. It is recommended that readers conduct their own due diligence and consult with a financial advisor before making any investment decisions.
The information regarding performance may be different from the time of publication. Past performance does not guarantee future results. While we believe that all content was accurate at the time of posting, it is possible that some offers included in the content may no longer be valid.
