Swyftx vs etoro 2022

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Sinead Burgess
Sinead Burgess
Updated on September 21, 2022

Swyftx is among the most popular bitcoin exchanges that is available Australia, and eToro Australia is a popular broker that provides cryptocurrency as the one of their instruments for trade. Which one is more suitable for Australians who are looking to enter the cryptocurrency market? I’ll be comparing these two platforms in a head-to-head comparison by using a variety of different factors so that you can the decision for yourself. 

Start Trading with Swyftx

My suggestion is Swyftx which is a dedicated crypto exchange that has more than 320 coins with lower fees, demo mode as well as a $20 free Bitcoin for signing up here.

Swyftx vs eToro Comparison Table

FeaturesSwyftxeToro
Swyftx exchange logoeToro exchange logo
Cryptocurrencies320+75
Trading Fees0.6%1%
Deposit FeeFreeFree (currency conversion applies)
Withdraw FeeFree$5 (plus currency conversion)
Payment MethodsPayID, Bank transfer, POLi, Credit/Debit card, OSKOCredit/Debit card, Bank transfer, PayID, POLi

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Swyftx Pros and Cons

Swyftx homepage

Pros

  • 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

Cons

  • 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

eToro Pros and Cons

eToro website

Pros

  • Low minimum to fund an account and begin investing
  • Copy trading to match moves of popular traders
  • eToro provides simple and easy-to-use web and mobile platforms
  • You can trade fractional shares unlike some brokers
  • Test your trading strategies with a $100,000 virtual portfolio

Cons

  • Very small range of crypto assets

Features

Trading in cryptocurrency should be simple and accessible to anyone that’s why Swyftx was designed. The platform was designed with the newcomers to cryptocurrency in mind, which means it is possible to instantly buy or sell your coins in only two clicks.

The modern, sleek interface is completely customizable, making it possible to make it operate exactly the way you’d like. With its demo feature, you are able to try your hand at trading before making any real money the line.

swyftx demo mode

Swyftx also offers an app for mobile devices which is compatible with the both iOS or Android devices. It lets users effortlessly track their portfolios and trade while on the move.

 Additionally, they allow stakes for 20 distinct coins which means you earn rewards for keeping your favorite coins.

eToro is among the most well-known social trading platforms around the world. They’ve recently extended their offerings to Australia. With more than 13 million users around the world, they’re a major player in the market.

One of the aspects that makes eToro distinguish themselves is the CopyTrader feature that allows users to duplicate the trades of other traders who have been successful on the platform.

eToro has a particular focus on social trading. That means you can interact with other traders within the eToro community. This is a fantastic method to gain help and gain knowledge from others. If you’re just beginning to learn about trading or simply need to try things out you can use an account with a demo, so you’ll have a better feeling for how things work.

eToro also provides the option of staking your crypto, meaning you could earn rewards by keeping your cryptocurrency in long periods of time.

Winner: eToro

Supported Cryptocurrencies

Swyftx provides access to more than 350+ cryptocurrency.

eToro only gives 75 coins.

etoro cryptocurrencies

The number of cryptocurrency options If you’re looking for an array of different cryptocurrency and other cryptocurrencies, then Swyftx is the best choice. With more than 320 coins offered, they offer one of the largest options in Australia.

Winner: Swyftx

Fees

Swyftx is among the most cost-effective exchanges for crypto in Australia. Users pay an 0.6 percent fee for trading as well as AUD deposits and withdrawals are absolutely free.

On eToro the deposit of fiat currency is free, and withdrawals are five dollars for each transaction. But, you’ll have to pay conversion charges to withdraw or deposit funds from an Australian bank. EToro’s fees for trading are 1percent on every transaction.

It’s obvious the fact that Swyftx is the best choice for those looking to reduce fees. The traders at eToro do not just have to pay higher withdrawal and trading charges, but must also pay for charges for currency conversion.

Winner: Swyftx

Customer Support

Swyftx promises to offer live chat services, but in the face of dissatisfaction from customers that it utilizes robots. If you need assistance and assistance, you’ll often be stuck in a conversation that is a dialogue with a robot, instead of a human. 

The customer support staff on eToro can be found in two languages and is accessible 24/7 all week. Log in to the site and submit an issue ticket in order to reach support. 

eToro is the clear winner because you get immediate assistance from real customer service staff.

Winner: eToro

Deposit Methods

Swyftx accepts POLi, PayID, credit debit card and card transactions.

eToro also accepts PayID, POLi, credit card as well as the deposit of debit cards.

It’s a tie as both platforms accept the same variety of payment options. The one difference is that eToro accepts other fiat currency deposits such as USD, EUR, and GBP however Swyftx only accepts deposits in AUD.

Winner: Tie

Security

Swyftx offers regular security measures, like JSON Web Tokensand biometric signing-in, KYC verification as well as Two-factor verification (2FA). But, Swyftx has shown security issues, including $2.3 million accidentally transferred to unrelated client accounts. 

eToro is controlled through the Australian Securities and Investments Commission (ASIC). The company’s customers’ data are secured through firewalls, encryption as well as two-factor authentication (2FA). The platform stores user cash in cold storage, which reduces the chance of losing it because of operating error or hacking. It has joined forces with a leading cybersecurity firm, GK8, to develop an innovative cold storage Custody as a Service (CaaS) solution. eToro has not experienced an attack of this magnitude or loss of client funds.

eToro is superior to Swyftx due to its cold storage strategies, FDIC insurance, and oversight by various international financial institutions.

Winner: eToro

Conclusion

Swyftx wins this comparison against eToro, which is expected, since it was built as a cryptocurrency-exclusive platform. Swyftx is user-friendly with a simple interface, with less expensive fees, a demo mode as well as live Chat support, and a bonus of $20 Bitcoin to use for free, making it my choice.

eToro is a great broker, offering a variety of trading instruments, including commodities, stocks, and forex however in the case of cryptocurrency it’s not able to stand up against exchanges which solely deal in cryptocurrency. The fee for currency conversion on withdrawals and deposits and the more expensive fees for crypto transactions means it isn’t able to compare to the top Australian cryptocurrency exchanges.

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.

What’s the difference between social trading and copy trading?

When you think of copy trading, you think of trading platforms that let you auto-copy the technical indicators of other investors’ trades and build a portfolio of other brokers as a future reference for your trading strategies. With just a click, you can connect your account to another trader’s account – the only action you need to take is to click the ‘Copy’ button, and that’s it. From here on, your trades are automatically managed by following the copied portfolio’s trading strategies.

On the other hand, social trading is a broader phrase that includes copy trading. Social trading is a methodology used to cut down on the risks in a market like crypto trading, which is volatile and prone to fluctuations and instability. When beginners follow the strategies of more experienced traders, they can learn a lot about how to trade, compare different approaches, and eventually form their own investment objectives.

Does eToro have a beginner-friendly mobile app?

The eToro brokerage has several upgrades of its mobile app for Android and iOS that you can use on your phone. You can get the app from the App Store or Play Store, where you need to look for the “eToro – Social Trading”.

Does eToro Have a Cryptocurrency Wallet?

Yes the trading platform can provide a cryptocurrency wallet that is native to the platform to store and deposit cryptocurrency assets. Simplex lets users transfer crypto funds directly into their wallets, in the form of credit card transactions. However, once the funds are placed inside the wallets, they can’t return to eToro trading system.

Is eToro an International Platform?

A majority of the world’s countries have access to eToro but the site has the following listing of nations that cannot be because of laws and rules. The list includes The United States, Canada, Cuba, Japan, Turkey, Serbia, Albania, North Korea, Iran, Syria, and Sudan.

The platform is not available for the United States because the SEC (Securities and Exchange Commission) prohibits trading CFDs. Because that the United States is a big market The platform has been working hard to create a distinct product that doesn’t contain CFDs and is available in all 30 states.

How to Make Money on eToro

To earn money on eToro You must stay up-to-date on upcoming economic events as well as the latest news to be aware of each asset before trading and spread your money across different types of assets and asset classes. Another option is to look for the most profitable trading platforms and emulate the strategies they have used to succeed.

Related:

Best Crypto Exchanges Compared

ExchangeDeposit MethodsFiat CurrenciesCryptocurrenciesTrading FeesDeposit FeesWithdrawal Fees

Swyftx

PayID, Osko, Debit Card, Credit Card, Cryptocurrency, Bank TransferAUD / NZD320 +0.6%AUD Deposits: $0 Crypto: NoneAUD Withdrawals: $0 Crypto: NoneVisit

CoinSpot
Coinspot exchange logo

PayID, POLi, Cryptocurrency, Cash, BPAY, Bank TransferAUD370+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, RChainDirect Bank Transfer: 0% Direct Deposit: 0% Cash: 2.5% BPAY: 0.9% PayID, POLi, and direct deposits: None AUD withdrawals: $0Visit

Binance
binance logo

PayID, Osko, Debit Card, Credit Card, CryptocurrencyUSD, AUD, CNY, EUR, CAD, GBP, UAH, NGN, TRY, RUB600+0% – 0.1%NoneVaryVisit

Bybit
bybit logo

Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, debit card/credit card50+160+0.1% to 0.6%Bank transfer: $0VaryVisit

Crypto.com
crypto.com logo

Bank Transfer (ACH), Crypto, SWIFT, Fedwire, Wise, PayPal, Debit Card, Credit Card, SEPA, BPay19 including USD, AUD, and SGD250+0.04% to 0.4%$0FREE via bank transfer. $25 for USDC withdrawal via SWIFT NetworkVisit

CoinJar
coinjar new logo

Google Pay, Apple Pay, Debit Card, Credit Card, Cryptocurrency, Bank Transfer, CashAUD, GBP50+Taker: 0.04-0.1% Maker: 0.04-0.1%CoinJar users: No fee NPP: No fee Cash: 1.5%0 Withdrawal FeesVisit

Digital Surge
Digital Surge logo

PayID, Osko, POLi, Cryptocurrency, Bank TransferAUD300+0.1% – 0.5%POLi: $2 (capped at $3.30) Deposit Fees Bank Transfer: NoneNone for AU Bank Accounts Cryptocurrency: Network feesVisit

Independent Reserve
Independent Reserve exchange logo

SWIFT, EFT, PayID, Osko, CryptocurrencyUSD, AUD, NZD270.05% – 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$100Cryptocurrency: Fees vary Bank Transfer: None for AUD, $20 for non-AUDVisit

eToro
eToro exchange logo

Skrill, Online Banking, PayPal, Neteller, Debit Card, Bank TransferUSD, AUD, EUR, NZD, GBP, HKD, CAD, CHF, NOK, SGD, and 5+ more70+Vary (overnight and weekend fees apply)Vary (conversion fees for non-USD deposits) ($50 minimum deposit)$5 (minimum withdrawal of $50)Visit

Kraken
Kraken exchange logo

SWIFT, Google Pay, Apple Pay, SEPA, Osko, Wire Transfer, Cryptocurrency, Bank TransferAUD, USD, GBP, EUR, CAD, JPY, CHF140+Taker: 0.10% – 0.26% Maker: 0.00% – 0.16%VaryVaryVisit

KuCoin
KuCoin logo

SEPA, Debit Card, Credit Card, Wire Transfer, PayPal, CryptocurrencyAUD, EUR, USD, RUB, GBP, KRW, CNY, VND, TRY645+0.1%NoneVaryVisit

Easy Crypto
easy crypto logo

Bank transfer, POLi, OSKO, P2PAUD100+Taker fees: 0.5% – 1.6% Maker fees: 0.5% – 1.6%Card deposit fees: 0%$0Visit

Coinstash
coinstash logo

Crypto, Bank Transfer, PayIDAUD410+Taker fees: 0.85% Maker fees: 0.85%$0$0Visit