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 440+ coins, lower fees, a demo mode, and $20 free Bitcoin when you sign up here.
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Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk. |
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Fiat Currencies |
AUD, NZD |
AUD, USD, GBP, EUR |
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Number of Coins |
440+ |
110 |
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Buy/Sell Fees |
0.6% |
1% |
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Daily Deposit Limit |
$100k |
$10k |
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Deposit Methods |
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Direct Deposit |
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PayID |
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POLi |
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PayPal |
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Credit Card |
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Debit Card |
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BPAY |
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Cryptocurrency |
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Cash |
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Features |
Cell | Cell |
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User-friendly |
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Mobile app |
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Demo mode |
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Live Chat |
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Security |
Cell | Cell |
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2FA |
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Biometric security |
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AUSTRAC registered |
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ISO 27001 certified |
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Offline cold storage |
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Website |
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Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk. |
|
Fiat Currencies |
AUD, NZD |
AUD, USD, GBP, EUR |
|
Number of Coins |
440+ |
110 |
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Buy/Sell Fees |
0.6% |
1% |
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Daily Deposit Limit |
$100k |
$10k |
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Deposit Methods |
Cell | Cell |
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Direct Deposit |
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PayID |
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POLi |
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PayPal |
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Credit Card |
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Debit Card |
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BPAY |
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Crypto |
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Cash |
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Features |
Cell | Cell |
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User-friendly |
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Mobile app |
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Demo mode |
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Live Chat |
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Security |
Cell | Cell |
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2FA |
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Biometric security |
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AUSTRAC registered |
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ISO 27001 certified |
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Offline cold storage |
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Website |
Pros
- Easy to use, perfect for beginners
- Demo mode available
- Over 440+ cryptocurrencies supported
- $20 free BTC bonus
Cons
- AUD is the only fiat currency supported
Pros
- Can invest in cryptocurrencies as well as stocks
- User-friendly experience
- Demo account available
Cons
- Currency conversion fee when depositing and withdrawing
- Higher trading fees
- Only 110 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 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.
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 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 Bitcoin for free that make it my recommendation.
eToro is an excellent broker, with plenty of trading instruments such as stocks, 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, demo mode, Live Chat support and free $20 BTC make Swyftx the overall winner in this comparison.
eToro AUS Capital Limited AFSL 491139. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
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
Crypto ExchangeCrypto ExchangeBybitCoinSpotSwyftxDigital SurgeMEXCFiat CurrenciesFiat CurrenciesAUD, USD, GBP, EUR, NZD & moreAUDAUD, NZDAUDAUD, USD, TWD, AED, PHP, JPY, CAD, EUR & moreCryptocurrenciesCryptocurrenciesBTC, ETH, LTC, XRP, EOS & 280+ moreBTC, ETH, LTC, XRP, BCH, ADA & 530+ moreBTC, BTG, BCH, ADA, ETH, ETC & 440+ moreBTC, ETH, XRP, BCH, LTC & 400+ moreMEXC, BTC, ETH, EOS, BCH, LTC & 3,000+ moreDeposit MethodsDeposit MethodsVisa/Mastercard, Apple Pay, Google Pay, PayID, CryptocurrencyPayID, Direct Deposit, Cash, Card, CryptocurrencyPayID, OSKO, Bank transfer, Credit card, CryptocurrencyPayID, POLi, CryptocurrencyVisa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, CryptocurrencyTrading FeesTrading Fees0.1% for spot, 0.01/0.06% for derivativesMarket order: 0.1%, Instant buy: 1%0.6%0.5%Spot: 0%, Futures: 0.0/0.01% (Maker/Taker)Visit SiteFull Review Visit SiteFull Review Visit SiteFull Review Visit SiteFull Review Visit SiteFull Review
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