Swyftx and eToro are some of the most popular cryptocurrency exchanges in Australia. Like all exchanges, the one that is best for you will depend on what you’re looking for in an exchange.
We take a look at all the important aspects and the pros and cons to help you decide.
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|About||Swyftx is an Australian cryptocurrency exchange platform popular for its security and compliance features.||eToro is an Israeli cryptocurrency exchange platform and a muti-brokerage company.|
|Currencies Accepted||AUD||EUR, GBP, AUD, RMB, THB, IDR, MYR, VND, PHP, SEK, DKK, NOK, PLN, CZK|
- Swyftx is exclusive to Australia, which is why it is designed with average Australian investors in mind.
- difficult for a foreign investor to use Swyftx.
Founded in 2019, Swyftx is an Australian cryptocurrency exchange platform popular for its security and compliance features. Swyftx managed to gain a vast user base even though the platform is exclusive to Australia.
Almost all the major crypto blogging channels in Australia recognise Swyftx as one of the leading crypto exchanges in the region.
Coin Companion offer: Free $10 to trade with in Swyftx when you register through the link below.
- eToro is a global exchange platform, which means anyone can use it without any restrictions.
- eToro platform itself has been around for a long time.
- The security features offered are a major advantage of using eToro.
- eToro is that the trading fee could be on the higher side for new investors.
eToro is an Israeli cryptocurrency exchange platform and a muti-brokerage company. First launched in Israel with the name RetailFx in 2007, eToro joined hands with Coindash in 2017 during the first major crypto bubble and soon developed a social trading platform. You can read more about that in our detailed eToro review.
The platform is available globally with a few exceptions. eToro has offices in Australia, Cyprus, UK, Israel, and the USA. eToro has a very vast community of users from all over the world. The company’s value crossed 800 million dollars in 2018.
Swyftx vs eToro: Exchange Comparison
Fiat Currencies Accepted:
Swyftx accepts only Australian dollars since it is exclusive to Australia. If you want to use Swyftx from a different country, you have to deposit the AUD equivalent in that fiat currency. Swyftx then converts your assets to USD in the backend for lower processing and transaction fees.
Since eToro is a global exchange, you have a few more fiat options on the platform. As of now, eToro accepts USD, GBP, EUR, and AUD. However, not all payment methods may accept all these currencies.
🏆 Winner: eToroeToro is a global exchange, you have a few more fiat options on the platform. As of now, eToro accepts USD, GBP, EUR, and AUD.
Swyftx has more than 250 listed cryptocurrencies on its platform. The wide array of options allows you to discover new and interesting cryptocurrencies. If you are a seasoned investor and know the good coins from the bad, you can take advantage of the variety of options available and search for a potentially groundbreaking project.
However, there is an issue with having too many listed cryptocurrencies. You may occasionally come across spam or fake coins. However, Swyftx keeps the platform clear of most cryptocurrencies like that.
On the other hand, eToro only has around 30 listed cryptocurrencies. Dogecoin was added recently to the list after the boom in January. All the listed cryptos on eToro are well-known and trusted by most investors. If you are new to the crypto space and want to start with the most trusted coins first, eToro should be your first choice.
🏆 Winner: SwyftxSwyftx has more than 250 listed cryptocurrencies on its platform. The wide array of options allows you to discover new and interesting cryptocurrencies.
Swyftx has quite a few deposit methods that are available in Australia. You can deposit money into your account using either PayID, OSKO, Bank Transfer or POLi.
Since eToro is a global exchange, it accepts more generalized payment methods like wire transfers, debit, and credit cards. eToro also accepts PayPal, Neteller, and Skrill. You can easily deposit money from anywhere on eToro.
🏆 Winner: eToroeToro is a global exchange, it accepts more generalized payment methods like wire transfers, debit, and credit cards.
Swyftx is known to have low transaction and trading fees. If you want to deposit less than 200 dollars, you may have to pay a fee of around 2 dollars. However, the more you deposit, the lower will be the fee. If the deposit money is high enough, the fee will be essentially zero.
One of the best things about Swyftx is that the trading fee is just around 0.6%, which is standard for most coins. You don’t have to pay any additional network fee when depositing or withdrawing crypto either. The base gas fee is all you have to pay.
The trading fee on eToro varies depending on the cryptocurrency. However, it is a tad higher than that of Swyftx in most cases. Many users also feel that the price to trade Tezos is a bit too high on eToro.
🏆 Winner: SwyftxSwyftx is known to have low transaction and trading fees.
Swyftx is known for being one of the most secure exchanges in Australia. They regularly commission external penetration tests to detect any vulnerabilities in their network. This keeps the application healthy and makes it invulnerable to any discovered exploits.
Users on Swyftx also have to verify their identity. This helps keep the network safe and secure from spammers and crypto attackers.
eToro is also a pretty secure platform. All of the clients’ assets on eToro are stored in tier 1 banks. The platform uses SSL encryption to store the customers’ personally identifiable information. The verification process is also quite strict on eToro, making it a safe network.
👔 Winner: TieBoth Swyft and eToro are pretty secure platform.
Swyftx is a regulated platform and is registered with AUSTRAC (Australian Transaction Reports and Analysis Centre). Since it is exclusive to Australia, registration with AUSTRAC is enough for them to operate. Swyftx also implements a two-factor authentication process. The 2FA helps keep unauthorized users off the platform.
eToro is also a regulated platform and is perfectly safe to use. eToro complies with the regulations set by FCA, CySEC and ASIC. These regulations ensure that the platform is safe for traders to use globally. Regulated platforms ensure that your digital assets are protected from scammers.
👔 Winner: TieSwyftx is a regulated platform and is registered with AUSTRAC (Australian Transaction Reports and Analysis Centre) and eToro is also a regulated platform and is perfectly safe to use. Both Platform are reliable.
Both Swyftx and eToro have amazing customer support teams. Since Syftx is region-exclusive, the customer support response times are slightly better than that of eToro. However, users reported that both platforms have decent customer support.
👔 Winner: TieBoth Swyftx and eToro have amazing customer support teams.
Pros and Cons of Swyftx
Swyftx is exclusive to Australia, which is why it is designed with average Australian investors in mind. If you are from Australia, you can take advantage of its features like trading from the numerous cryptocurrencies listed on the platform, depositing money using the methods that you are accustomed to, etc.
However, it may be difficult for a foreign investor to use Swyftx. Moreover, not all the listed coins are standard or recognized. This may make it difficult for new users to invest in the right coin out of the many different options, some of which may be scams.
Pros and Cons of eToro
eToro is a global exchange platform, which means anyone can use it without any restrictions. Even though crypto trading is relatively recent on eToro, the platform itself has been around for a long time. The security features offered are a major advantage of using eToro.
The primary disadvantage of using eToro is that the trading fee could be on the higher side for new investors.