Swyftx vs eToro Australia

Swyftx vs eToro Australia

Robert McDougall 

April 3, 2022

Cryptocurrency

Swyftx is one of the best cryptocurrency exchanges in Australia, and eToro Australia is a popular broker that offers cryptocurrency as one of their trading instruments. Which is better for Aussies looking to get started in the crypto market? I'm going to compare these two platforms head-to-head using several different criteria so you can make up your own mind. My recommendation is Swyftx, a dedicated crypto exchange with over 320+ coins, lower fees, a demo mode, and $20 free Bitcoin when you sign up here.

Cell

Crypto assets are unregulated & highly speculative.  No consumer protection.  Capital at risk.

Fiat Currencies

AUD

AUD, USD, GBP, EUR & 11 more

Number of Coins

320+

75

Buy/Sell Fees

0.6%

1%

Daily Deposit Limit

$100k

$10k

Deposit Methods

Cell
Cell

Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Cryptocurrency

Cash

Features

Cell
Cell

User-friendly

Mobile app

Demo mode

Live Chat

Security

Cell
Cell

2FA

Biometric security

AUSTRAC registered

ISO 27001 certified

Offline cold storage

Website

Cell

Crypto assets are unregulated & highly speculative.  No consumer protection.  Capital at risk.

Fiat Currencies

AUD

AUD, USD, GBP, EUR & 11 more

Number of Coins

320+

75

Buy/Sell Fees

0.6%

1%

Daily Deposit Limit

$100k

$10k

Deposit Methods

Cell
Cell

Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Crypto

Cash

Features

Cell
Cell

User-friendly

Mobile app

Demo mode

Live Chat

Security

Cell
Cell

2FA

Biometric security

AUSTRAC registered

ISO 27001 certified

Offline cold storage

Website

Pros
  • Easy to use, perfect for beginners
  • Staking on 20 coins
  • Demo mode available
  • Over 320+ cryptocurrencies supported
  • $20 free BTC bonus
Cons
  • AUD is the only fiat currency supported
Pros
  • Can invest in cryptocurrencies by buying directly or using a CFD
  • CFDs allow you to bet on the price of crypto to fall
  • Margin trade cryptocurrencies with x2 leverage
  • Crypto staking available
  • Demo account available
Cons
  • Currency conversion fee when depositing and withdrawing
  • Higher trading fees
  • Only 75 cryptocurrencies supported

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.

Winner - Swyftx

Swyftx is the obvious winner when it comes to fees. Swyftx has free deposits and withdrawals, and a low 0.6% trading fee. eToro charges $5 for withdrawals, plus an additional currency conversion fee for deposits and withdrawals, and the trading fee is 1%

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. 

Winner - Tie

Swyftx and eToro have very similar deposit methods. The only difference between the two is that Swyftx offers PayID and cryptocurrency deposits whereas eToro offers PayPal instead. Which one you prefer for deposit options comes down to your personal needs. 

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 offers CFD trading which is not available on regular cryptocurrency exchanges. For those of you unfamiliar with the term CFD, it stands for 'contract for difference'. Simply put, if you buy a crypto CFD on eToro and the price of that particular coin rises, they will pay you the difference. Conversely, if it falls you owe them the difference. You don't actually own the cryptocurrency, you just have a contract with eToro for paying the difference in value from the time of buying to the time of selling. You can use this to 'short' crypto as well - for example, if you think Bitcoin is going to drop in value, you can make money on that, which is not possible on a regular exchange where you need to buy and sell the actual coin. You can also margin trade with x2 leverage, which is not available on many crypto exchanges.

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.

Winner - eToro

I'm surprised that eToro has so many great features since it isn't a dedicated cryptocurrency broker. eToro wins because it has a demo account, the option of trading CFDs with x2 leverage, staking and social trading.

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.

Winner - Swyftx

As a dedicated cryptocurrency exchange, Swyftx has more robust security measures, and has registration with AUSTRAC, meeting all its strict KYC/AML requirements.

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 bonus 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.

Overall Winner - Swyftx

A user-friendly interface, lower fees, staking, demo mode, Live Chat support and free $20 BTC make Swyftx the overall winner in this comparison.

"eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139.  eToro offers both real crypto assets as well as crypto assets as OTC Derivatives.

Real crypto assets are unregulated & highly speculative.  Being unregulated, there is no consumer protection.  Your capital is at risk.

Leveraged positions are OTC Derivatives, which are regulated financial products. OTC Derivatives are considered risky financial products, speculative and include leverage. Not suitable for all investors. Capital at risk. See PDS"

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.

Comparison Table of the Best Crypto Exchanges in Australia

Bybit
CoinSpot
Swyftx
Crypto.com
MEXC
Crypto Exchange
Crypto Exchange
Bybit
CoinSpot
Swyftx
Crypto.com
MEXC
Fiat Currencies
Fiat Currencies
AUD, USD, GBP, EUR, NZD & more
AUD
AUD, NZD
AUD, USD, CAD, CHF, EUR, GBP, NZD, SGD, JPY & 10+ more
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, LTC, XRP, EOS & 220+ more
BTC, ETH, LTC, XRP, BCH, ADA & 360+ more
BTC, BTG, BCH, ADA, ETH, ETC & 320+ more
BTC, ETH, LTC, XRP, CRO, ADA & 250+ more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
Deposit Methods
Deposit Methods
Visa/Mastercard, Apple Pay, Google Pay, PayID, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank Transfer, PayID, BPAY, Credit/Debit card, Cryptocurrency
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Trading Fees
Trading Fees
0.1% for spot, 0.01%/0.06% for derivatives
Market order: 0.1%, Instant buy: 1%
0.6%
Included in spread
0.2%

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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