FTX vs. Swyftx 2023
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IMPORTANT: FTX is in a major crisis at the time of writing, so we recommend avoiding the exchange.
Swyftx and Ftx both are among the most popular cryptocurrency exchanges in Australia. In this article we’ve conducted an in-depth comparison to help you determine which one is the best fit for you. In short the winner in the exchange competition is Swyftx since it’s based in Australia and has more features that will meet your cryptocurrency requirements.
Table of Contents
FTX vs. Swyftx Comparison Table
|Withdraw Fee||Network Fees||Free|
|Payment Methods||PayID, bank transfers, credit/debit cards, and wire transfers||PayID, Bank transfer, POLi, Credit/Debit card, OSKO|
FTX Pros and Cons
- Staking is available on a handful of coins, such as FTT which offers additional advantages
- Over 275+ different cryptocurrencies & 10 fiat currencies supported
- Fastly and easily swap out money and fiat currencies.
- A wide range of markets, ideal for traders in derivatives
- Mobile app for iOS and Android
- The product is not readily available in USA
- A hefty USD withdrawal fee of $75
- Live chat is not available.
Swyftx Pros and Cons
- Comes with a staking option for crypto traders/investors who wish to generate passive income from their cryptocurrency holdings
- Wide variety of available crypto assets and trading options
- Quick verification process
- High liquidity
- Easy tax reporting for each client
- No deposit or withdrawal fees
- Easy-to-use iOS and Android compatible mobile app
- Industry low fees and spreads
- No security breaches so far
- Great live chat, email, and phone customer support
- Built-in TradingView marketplace charting
- Doesn’t offer margin or derivatives trading
- Their financial services are only available for Australian crypto traders as well as those users based in New Zealan
FTX was designed specifically for traders, and it shouldn’t come as a surprise that there’s a wide range of trading options to choose from. Apart from spot trading, you’ll see stocks, futures as well as the leveraged token, volatile and even forex. The list is so extensive of markets to investigate that you must visit the FTX website to understand the depth of this platform. FTX also has an NFT marketplace in case you’re interested in this too.
Additionally, Swyftx is perfect for newbies due to its simplicity of use, easy access to immediately trade and buy crypto, both mobile and desktop access, as well as an option to demo.
Demo mode is a great feature for beginners as it allows them to trade with virtual currency and test what is working before attempting the real deal. Swyftx allows users to earn passive income through earning interest through the staking of 20 coins. This is ideal for those who intend to keep their money for a long time.
Since Swyftx is more focused on crypto and is based in Australia and based in Australia, it is the winner of the feature comparison.
FTX supports more than 275 currencies accepted.
Swyftx offers a wide selection of more than 320 currencies.
Because Swyftx is a better digital asset available It is definitely the winner.,
It’s free to make a deposit of the AUD in FTX. Refunds made from FTX are free of charge.
Fees for trading for FTX are very low, averaging 0.02 percent for the makers and 0.07 percent for users. If you’re a large volume trader or are a holder of FTX’s cryptocurrency (FTT) you can cut these charges even more.
Swyftx doesn’t charge fees for deposits or withdrawals. Their trading charges are 0.6 percent.
Because FTX offers very low fees for trading It is the clear winner on the fee front.
If you experience an issue regarding the platform or one or all of the financial instruments it offers you can get in touch with the FTX support team via sending an issue ticket. You may also request a support-only link. If you choose this option and the exchange sends you a link which allows users to sign into your account to only be able to receive and forward assistance messages.
With Swyftx you are able to directly connect with an individual from the support team using the live chat option on the platform. If you reach out to support with a query the chatbot will be able to answer your initial inquiries, however should you need to address issues that are more complex an actual, live person from the team of support will be in the communication.
There are several options in the transfer of funds into Swyftx. They provide six main options that include bank Transfer, Paypal, Visa and Mastercard debit and credit card, PayID Polit, Silvergate SEN; however, the most important factor is the type of currency you’d like to have deposited into your account. Swyftx allow AUD as deposits.
The daily limits for transfers via Swyftx is 0 daily (most users won’t require this amount).
Ftx provides deposits that can be made using Bank transfer Paypal, Visa and Mastercard debit and credit card, PayID, Poli, Silvergate SEN. The daily limit for deposits isn’t a minimum amount to deposit.
We believe that Swyftx is the best option because they offer a variety of options for depositing money, making it much easier to transfer funds.
Swyftx is well-known for its security measures. They employ JWT tokens and sessions expiry and 2FA account security as well as checking for passwords that have been compromised on other websites.
FTX also is a company that takes the security of its customers very seriously. Although both exchanges are secure but it appears that Swyftx has more security than FTX.
FTX is a brand new participant in the crypto market. It’s the reason why it doesn’t appear to be growing as fast as Swyftx. While the fees of Swyftx are only 0.6 percent. They also have an extensive selection of coins, have staking options as well as live chat and even the option of a demo account. In the end, Swyftx is the winner in this exchange comparison.
Frequently Asked Questions
Does FTX have a mobile app?
It is easy to track your crypto transactions, positions, balances with the FTX Pro mobile app. The FTX app enables the tracking of over 10,000 different digital assets to provide traders with the most current and reliable data. Moreover, this application provides statistical information from over 500 various market sources. The FTX mobile app is fully functional on all Android and iOS devices.
What countries are supported by FTX?
Even though FTX is a global crypto exchange, certain jurisdictions cannot use its financial services due to legal constraints and security restrictions. The United States, Cuba, Crimea, Iran, Iraq, and Syria have restricted access to the FTX platform.
Does FTX provide a cryptocurrency wallet?
Yes. Users may use FTX’s custodial wallet to hold and exchange cryptos. If you use a custodial wallet, you should know that the exchange has access to your wallet’s private keys.
Is it legal to use Swyftx in Australia?
Swyftx is fully regulated by AUSTRAC, which means it complies with all Australian laws and tax regulations regarding cryptocurrencies, so it’s perfectly legal to use Swyftx.
Is Swyftx safe?
Swyftx is considered one of the most secure Australian crypto exchanges, thanks to their robust security measures, third-party safety audits, and their clean history regarding platform hacks.
Does Swyftx have a withdrawal limit?
The maximum withdrawal limits for Swyftx depend on the verification level you have. In the end, you can withdraw up to 100,000 dollars each day. This is greater than other international exchanges such as Binance ($8,500) or Coinbase ($3,000) as well as most Australian cryptocurrency exchanges such as the Digital Surge ($10,000) as well as CoinJar ($5000).
Who is Swyftx owned by?
Swyftx operates and owns controlled through Swyftx Pty Ltd (ACN 623 556 730) with Alex Harper as the CEO of the exchange.
Does Swyftx have an affiliate program?
Swyftx provides an affiliate program which gives users 30% off the total cost of trade. The discount is applicable to any trades that are made using affiliate accounts. Additional discounts are offered to affiliates that also obtain an affiliate referral code via the platform.
Affiliates receive monthly payments. If someone signs up through their referral link our tracking systems notify the affiliate of their new registration.
Best Crypto Exchanges Compared
|Exchange||Deposit Methods||Fiat Currencies||Cryptocurrencies||Trading Fees||Deposit Fees||Withdrawal Fees||Sign Up|
|PayID, Osko, Debit Card, Credit Card, Cryptocurrency, Bank Transfer||AUD / NZD||320 +||0.6%||AUD Deposits: $0 Crypto: None||AUD Withdrawals: $0 Crypto: None||Visit|
|PayID, POLi, Cryptocurrency, Cash, BPAY, Bank Transfer||AUD||370+||OTC: 0.1% Instant buy/sell: 1% Market order: 0.1%* (applies to BTC, LTC, XRP, ETH, DOGE, POWR, NEO, TRX, GAS, XLM, EOS, RFOX, RChain||Direct Bank Transfer: 0% Direct Deposit: 0% Cash: 2.5% BPAY: 0.9% PayID, POLi, and direct deposits: None||AUD withdrawals: $0||Visit|
|PayID, Osko, Debit Card, Credit Card, Cryptocurrency||USD, AUD, CNY, EUR, CAD, GBP, UAH, NGN, TRY, RUB||600+||0% – 0.1%||None||Vary||Visit|
|Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, debit card/credit card||50+||160+||0.1% to 0.6%||Bank transfer: $0||Vary||Visit|
|Bank Transfer (ACH), Crypto, SWIFT, Fedwire, Wise, PayPal, Debit Card, Credit Card, SEPA, BPay||19 including USD, AUD, and SGD||250+||0.04% to 0.4%||$0||FREE via bank transfer. $25 for USDC withdrawal via SWIFT Network||Visit|
|Google Pay, Apple Pay, Debit Card, Credit Card, Cryptocurrency, Bank Transfer, Cash||AUD, GBP||50+||Taker: 0.04-0.1% Maker: 0.04-0.1%||CoinJar users: No fee NPP: No fee Cash: 1.5%||0 Withdrawal Fees||Visit|
|PayID, Osko, POLi, Cryptocurrency, Bank Transfer||AUD||300+||0.1% – 0.5%||POLi: $2 (capped at $3.30) Deposit Fees Bank Transfer: None||None for AU Bank Accounts Cryptocurrency: Network fees||Visit|
|SWIFT, EFT, PayID, Osko, Cryptocurrency||USD, AUD, NZD||27||0.05% – 0.5%||For SWIFT: $15 for deposits under AU$5,000 equivalent None for deposits over AU$5,000 equivalent For EFT: AU$0.99 for deposits under $100 None for deposits over AU$100||Cryptocurrency: Fees vary Bank Transfer: None for AUD, $20 for non-AUD||Visit|
|Skrill, Online Banking, PayPal, Neteller, Debit Card, Bank Transfer||USD, AUD, EUR, NZD, GBP, HKD, CAD, CHF, NOK, SGD, and 5+ more||70+||Vary (overnight and weekend fees apply)||Vary (conversion fees for non-USD deposits) ($50 minimum deposit)||$5 (minimum withdrawal of $50)||Visit|
|SWIFT, Google Pay, Apple Pay, SEPA, Osko, Wire Transfer, Cryptocurrency, Bank Transfer||AUD, USD, GBP, EUR, CAD, JPY, CHF||140+||Taker: 0.10% – 0.26% Maker: 0.00% – 0.16%||Vary||Vary||Visit|
|SEPA, Debit Card, Credit Card, Wire Transfer, PayPal, Cryptocurrency||AUD, EUR, USD, RUB, GBP, KRW, CNY, VND, TRY||645+||0.1%||None||Vary||Visit|
|Bank transfer, POLi, OSKO, P2P||AUD||100+||Taker fees: 0.5% – 1.6% Maker fees: 0.5% – 1.6%||Card deposit fees: 0%||$0||Visit|
|Crypto, Bank Transfer, PayID||AUD||410+||Taker fees: 0.85% Maker fees: 0.85%||$0||$0||Visit|