Swyftx vs Kraken: Which one should you use? [2021]

Swyftx and Kraken are two of the best crypto exchanges available in Australia. In today’s post, we’ve done a side by side comparison so you can figure out which one is right for you.

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Rating
Cheaper Fees
Payment Methods
Direct Deposit
PayPal
Pay ID
Poli
Features
Beginner Friendly
Mobile App
Cold Storage
2-Factor
Currencies Accepted AUD USD, EUR, GBP, AUD, CHF, JPY

Swyftx

Pros

  • Call feature for beginners
  • Lower transaction fee
  • Lower spreads

Cons

  • Automatic conversion from AUD to USD

Swyftx’s Australian-based cryptocurrency trading and exchange platform has gained immense popularity among its users. It is also said to be one of the highest rated exchanges in Australia, with cryptocurrencies such as Bitcoin, Ethereum and 260 other crypto assets on their platform since 2017.

Coin Companion offer: Free $10 to trade with in Swyftx when you register through the link below.

Sign Up Here

Kraken

Pros

  • Low non-instant buy fees
  • Advanced trading platform

Cons

  • Extremely high instant buy fees

Kraken is a cryptocurrency exchange. The company was founded in 2011, and it now supports over 40 digital currencies for trading such as Bitcoin or Ethereum amongst other things like XRP (Ripple).

Sign Up Here

Fees

Let’s take a look at the prices for buying and selling Bitcoin on Swyftx vs Kraken.

The first thing to consider are the deposit fees.

First you’ll need to deposit your AUD on the exchange. Swyftx takes a cut of 0 and Kraken charges a 0 for deposits.

Swyftx charges 0.60% of your purchase price while Kraken charges 0.16%.

When selling crypto – Swyftx charges 0.60% while Kraken is 0.26%.

Deposit Methods

Swyftx offers 3 methods to deposit AUD. These are:

bank transfers, BPay, PoLi, PayID, credit and debit cards.

The daily deposit limit is 0. Most people won’t need to worry about hitting that limit.

Kraken offers a few methods to deposit AUD to your account. They are:

bank transfer, PayID, Credit card and Debit card, Crypto deposit

The daily deposit limit is €50.

Overall, Swyftx is a better option because it has more deposit methods available which makes it easier to transfer funds.

Security Features

Swyftx protects your privacy and security using the following methods:

using JWT tokens & session expiry

offering 2FA account protection

checking for breached passwords on other websites

Kraken also has security measures in place and here is what they do to protect your assets:

2FA withdrawal email confirmation

airgapped cold storage

strict surveillance

While both exchanges are secure, it appears that Swyftx has better security over Kraken.

Mobile App

Swyftx has a great, user-friendly mobile app which can be downloaded on the Apple app store. It has a user rating of 4.6 on the Apple app store.

While Kraken does not have an official application available yet it’s website is accessible through your regular browser along with all of its regular features.

For traders on the go who love smooth experiences, Swyftx is your best bet.

Final Verdict

Both exchanges have great service but if I’d had to pick one overall it would be Swyftx.

Sign up now using the links below:

Swyftx

Coin Companion offer: Free $10 to trade with in Swyftx when you register through the link below.

Sign Up Here

Kraken

Sign Up Here

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