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Swyftx Vs eToro Australia: A Head-To-head Comparison 2022.image
Swyftx is one of the cryptocurrency exchanges in Australia, and eToro Australia is a broker that offers bitcoin as a trading tool.image 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.
AUD deposit via POLi, PayID, credit/debit card, bank transfer.
The lack of security certifications and trust.
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.
Demo account with $100,000 play money available.
Only supports 30 coins, much fewer than Swyftx.
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.
More than 250 cryptocurrencies are supported on Swyftx , copy traders crypto 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 copy trading crypto review 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).
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 5 traded cryptocurrency 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.
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 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.
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:
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.image

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