Swyftx vs eToro Fees

Swyftx is the definite winner when we compare the range of fees. Continue reading to learn all the fees charged by Swyftx and eToro.

Deposit Fees

Swyftx charges ZERO fees on AUD deposits using any method.

eToro charges zero fees for deposits, but there is a currency conversion fee for AUD deposits. The conversion fee for AUD to USD is 50 pips for bank transfer (approx 0.7%) and 100 pips for Credit/Debit cards, PayPal and POLi (approximately 1.38% fee).

Trading Fees

eToro's trading fee is 1%.

Swyftx charges only 0.6% for their trades.

Withdrawal Fees

Swyftx charges ZERO fees for AUD withdrawals to Australian bank accounts.

eToro charges a flat fee of $5 for withdrawals, with a minimum withdrawal amount of $30. On top of that, there is a currency conversion fee of 50 pips (~0.7% fee).

Cryptocurrency Transfer Fees

On Swyftx, when sending crypto out of your account, standard network mining fees apply. These fees do not go to Swyftx, but rather are absorbed in the blockchain validation process. These fees dynamically change depending on the demand of the network and thus causing the fees to then fluctuate.

eToro charges a fee of 0.5% to transfer the crypto from the eToro trading platform to the eToro wallet, with a minimum fee of $1 and maximum fee of $50.

Swyftx vs eToro Deposit Methods

Swyftx offers a variety of fee-free deposit methods including direct deposit, PayID, POLi, debit cards, credit cards and cryptocurrency. 

eToro offers bank transfer, debit cards, credit cards, POLi and PayPal for Australian users. 

Swyftx vs eToro Features 

Swyftx is a feature-packed cryptocurrency exchange while eToro is a trading platform that has crypto as one of its investment options. They both have some unique features that make them stand out, which I will discuss below. To see the full range of services provided, you can see my Swyftx review and eToro Australia review.

Swyftx has a user-friendly interface, with a fresh modern design, and a customisable interface. You can personalise the Dashboard however you like, displaying only information you find useful, and in the order you choose.

Swyftx offers staking on 20 coins, which means you can earn interest on your crypto while you hold it for the long term. It is a great way to grow your crypto investment without needing to spend any money.

Swyftx has excellent customer service, with its responsive Live Chat support team. Many crypto exchanges don't offer Live Chat, but only have a bot or email ticket assistance. If you are experiencing issues with your account, you will want it solved right away via Live Chat, you don't want to wait days or weeks for a response that may be unhelpful.

Swyftx has a demo mode where you can practise trading with virtual money and no risk. This is a great way to learn before investing your hard-earned money. eToro also has a demo account with $100,000 free virtual money to play with.

eToro has a focus on social trading, and it has a News Feed within the platform, where you can connect and interact with other traders in the eToro community, seeking advice and learning from others. This is a great feature that makes eToro stand out from other cryptocurrency exchanges.

eToro offers crypto staking, which is where you earn rewards (paid in the coin you are staking) for holding them, similar to how you normally earn interest when you leave money in a bank account. You can stake Cardano (ADA), Tron (TRX) and Ethereum (ETH), and eToro is planning to support more cryptocurrencies for staking in the future. Staking rewards are paid automatically each month and investors are eligible for staking if their coins are held on eToro's trading platform.

Swyftx vs eToro Security

Swyftx takes security very seriously, and uses a number of security practices to ensure their customers can trade safely, including:

• Using JSON Web Tokens (JWTs) and session expiry
• KYC verification
• Biometric authentication
• Offering and encouraging 2FA account protection
• Breached password detection
• Consulting with 3rd party security auditors 
• Undertaking external penetration testing
• Internal least-privilege security model

eToro is also a safe broker, keeping their customers’ funds secured in tier 1 banks, and all their personal information is guarded under SSL encryption. Most of their cryptocurrency is stored offline in cold storage to prevent loss in case of a cybersecurity breach.

Verdict - Swyftx

Swyftx wins this comparison against eToro, which is expected, since it was built as a cryptocurrency-exclusive platform. Swyftx has an easy-to-use interface, much lower fees, a demo mode, Live Chat support and $20 Bitcoin for free that make it my recommendation.

eToro is an excellent broker, with plenty of trading instruments such as forex, stocks and commodities, but when it comes to cryptocurrency, it can't stack up against exchanges that deal solely in crypto. The currency conversion fee on deposits and withdrawals, and the much higher fees charged on crypto trades mean it can't compete with the best Australian crypto exchanges.

Still Researching?

If you would like to find out more information about Swyftx or eToro, read my in-depth reviews here: Swyftx review and eToro review. For other options, you can read about the best crypto exchanges for Aussies here and have a look at the quick comparison table below.