Swyftx vs Digital Surge 2023
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Note: Due to their exposure to FTX (an exchange that went bankrupt as a result of a liquidity problem), Digital Surge has temporarily suspended withdrawals and deposits.
If you’ve been a crypto enthusiast for some time, you’ve probably come across both Swyftx and Digital Surge.
These two cryptocurrency exchanges are among the best ones for Australians. In this post, we’ll compare the two and see how they stack up in terms of features, fees, security, customer support, and other factors.
But for people that want to get straight to the point, we currently prefer Swyftx over Digital Surge. They’ve got great support, a neat demo mode, and a tad more experience compared to Digital Surge.
It also helps that they offer $20 worth of BTC for new traders 🙂
Table of Contents
Swyftx vs Digital Surge Comparison Table
|Cryptocurrencies||More than 320||More than 300+|
|Deposit Fee||$0||$2 to $3.30 for POLi and $0 for PayID|
|Deposit Methods||PayID, OSKO, Debit Card, Credit Card, Bank Transfer, POLi||POLi, PayID|
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
Digital Surge Pros and Cons
- In-platform system for paying bills with crypto
- Options for advanced orders and dollar-cost average, together with the standard trading interface
- All-in-one beginner-friendly design
- SMSFs support
- Wide range of over 300 digital assets
- Highly responsive customer support
- Low fees for instant buys
- No possibility for credit-card deposits
- No access to DeFi markets and NFTs
Swyftx is a simple crypto exchange. It’s easy to use, has instant sells and buys and a unique demo mode and live chat service, and even a mobile application. The demo mode on Swyftx is great for novice traders as it gives users the chance to test their trading strategies and strategies with virtual $10,000. If you’re not looking to engage in any risky trading but you’re not worried because Swyftx allows you to stake on 20 different crypto currencies which means you can earn an income from the comfort of your home.
In addition, Digital Surge is also specifically designed with crypto novices in mind. It features an interface that is basic enough for beginners are able to navigate. In addition, Digital Surge come with 24 hour customer support.
In addition, the exchange has a unique feature that lets you pay your BPAY charges using BTC.
Because Swyftx has more to offer than Digital Surge, it wins the category of features.
Swyftx includes more than 320+ cryptos, as Digital Surge has over 300 more coins.
Because Swyftx has more cryptocurrencies on provide this is the clear winner.
Swyftx does not charge fees for withdrawals or deposit transactions and their trading charges are 0.6 percent.
In the case of Digital Surge, they don’t charge deposits fees for PayID. If you choose to use POLi, you will incur charges of $2- $3.30. Digital Surge withdrawals are free and the fees for trading are 0.5 percent. If you’ve traded a lot of crypto within the last thirty days Digital Surge can reduce the cost of trading.
Due to the fact that Digital Surge has low trading costs of 0.5 percent and offers no-cost deposits and free withdrawals of AUD using PayID This is the way to win this contest.
Winner: Digital Surge
Swyftx provides live chat service, however it utilizes robots to answer most questions. If you have questions that are complex it is possible to get caught in a chat that is dominated by an AI, not the real person.
Of course, they’ve got real-time human support however, it could take a long time to respond to your the request. There is also email support for those who are willing to sit and wait.
In the case of Digital Surge, they have both live chat support and email support.
The response time for their chat-based support for live chat is less than 1 minute. That’s quite rapid. In addition, Digital Surge offers a extensive knowledge base to answer various often asked-for questions.
Winner: Digital Surge
The two Swyftx along with Digital Surge offer a number of deposit options to add funds to your account. Swyftx along with Digital Surge allow deposits made with cryptocurrency Bitcoin, POLi, and PayID.
The distinction is that Swyftx accepts debit as well as credit card deposit (with no fees for any deposit method) and Digital Surge does not. Digital Surge does not.
Swyftx is a highly secure platform with various security features to guard the assets of their users as well as information. A few of these security features include outside penetration tests, consultation with security auditors from third parties as well as know-your-customer-verification, two-factor authentication and biometric authentication.
Additionally, Digital Surge is also an extremely secure and trusted cryptocurrency exchange. They regularly update their security layers to safeguard their customers. The majority of their cryptocurrency holdings are stored in an off-line cold storage facility to avoid hackers from gaining access to their data.
Each of Swyftx along with Digital Surge have no reported hacks since the time they were founded.
When you consider it, Swyftx and Digital Surge are pretty similar to one their counterparts. Both were designed for beginners, they have over 300+ crypto with very low spreads and fees. But, Swyftx offers a couple of additional features, including an demo mode, and staking, which makes it the most reliable exchange.
Additionally, Swyftx offers free Bitcoin worth $20 to everyone who sign-ups using this link.
Frequently Asked Questions
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.
Do I have to pay taxes when using Digital Surge?
Yes, Digital Surge is a regulated exchange platform that cooperates with Australian tax authorities and keeps reminding its users to always keep clean records of their crypto trades and file taxes on time. Be sure to fulfil your crypto tax obligations on time; otherwise, you’ll end up paying serious fines for tax evasion.
How many customers does Digital Surge have?
Digital Surge counts an impressive number of over 1 million customers who have utilized the exchange service.
Is Digital Surge a crypto wallet?
Digital Surge is an exchange for digital currencies that comes with the benefit of a inbuilt wallet which allows you to save and manage the funds you purchase through the platform, or transfer funds from a different digital wallet you have. There’s a separate wallet tab, where you can view your balance total and the balances of every crypto you own. The best part is Digital Surge allows you to purchase, sell, or transfer cryptocurrency directly through your wallets.
Who owns Digital Surge?
Digital Surge is an ASIC-registered company that has the ABN (89 820 473109) that is operating with the official name Digital Surge Pty Ltd. Digital Surge is headquartered in Brisbane and is led by Co-Founder Dan Rutter as its CEO.
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|