Swyftx vs eToro Australia

Swyftx vs eToro Australia

Daniel Chan

September 30, 2021

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 270+ coins, lower fees, a demo mode, and $20 free Bitcoin when you sign up here.

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Fiat Currencies

AUD

AUD, USD, GBP, EUR & 11 more

Number of Coins

270+

30

Buy/Sell Fees

0.6%

Daily Deposit Limit

$100k

$10k

Deposit Methods

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Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Cryptocurrency

Cash

Features

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User-friendly

Mobile app

Demo mode

Live Chat

Security

Cell
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2FA

Biometric security

AUSTRAC registered

ISO 27001 certified

Offline cold storage

Website

Cell

Fiat Currencies

AUD

AUD, USD, GBP, EUR & 11 more

Number of Coins

270+

30

Buy/Sell Fees

0.6%

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
  • Multiple fee-free deposit options
  • Demo mode available
  • Over 270+ 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 30 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 does not charge a fee, but their fee is built into the spread. The spread is the difference between the buy and sell price and varies depending on the coin. The lowest spread is 0.75% for Bitcoin. The spreads for some other popular coins are 1.90% for Ethereum (ETH), 2.45% for Ripple (XRP), 2.90% for Cardano (ADA) and 5% for Tezos (XTZ). To see spreads for all 30 coins, click here.

The spreads for eToro CFD crypto trading are the same as the spreads for trading the actual coin, plus a small fee if the position stays overnight. The fees are charged in USD, per night, per unit, and a full list can be found here.

Swyftx charges 0.6% fees when buying or selling cryptocurrency. They do not have a list of spreads like eToro does, but they do have a list of all cryptocurrencies and their current buy and sell prices. To compare their spreads with eToro, I looked at the buy and sell prices for Bitcoin, Ethereum, Ripple, Cardano and Tezos and calculated the spread.

If you want to work out the spread yourself, take the Buy price and substract the Sell price. Then divide this number by the Buy price, and multiply by 100 to get the spread as a percentage.

For example, Bitcoin's Buy price on Swyftx at the time of writing is $60 992.60 and Sell price is $60 675.00. 

60 992.6 - 60 675 = 317.6 

317.6 Ă· 60 992.6 x 100 = 0.52%

Here are the spreads on Swyftx that I calculated for Bitcoin, Ethereum, Ripple, Cardano and Tezos.

Bitcoin: 0.52% spread

Ethereum: 0.48% spread

Ripple: 0.53% spread

Cardano: 1.02% spread

Tezos: 1.32% spread

You can see that the spreads on Swyftx are much lower than the spreads on eToro. Even after you take into account the 0.6% transaction fee on Swyftx, it is still cheaper to trade with Swyftx.

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 spreads are high, varying from 0.75% up to 5%.

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 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, demo mode, Live Chat support and free $20 BTC make Swyftx the overall winner in this comparison.

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

Swyftx
CoinSpot
Digital Surge
eToro
Binance
Crypto Exchange
Crypto Exchange
Swyftx
CoinSpot
Digital Surge
eToro
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD
AUD
AUD, USD, GBP, EUR & 11 more
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, BTG, BCH, ADA, ETH, ETC & 270+ more
BTC, ETH, LTC, XRP, BCH, ADA & 300+ more
BTC, ETH, BNB, ADA, XRP & 270+ more
BTC, ETH, BCH, XRP, LTC, ADA & 24 more
BTC, ETH, LTC, BNB, ADA, XRP & 300+ more
Deposit Methods
Deposit Methods
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
PayID, POLi, OSKO, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
0.6%
Market order: 0.1%, Instant buy: 1%
Market order: starts from 0.5%, Instant buy: 0.5%
Included in spreads
0.1%

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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