Swyftx is widely regarded as one of Australia's most popular, safest, and leading cryptocurrency exchanges, while Digital Surge is a lesser-known platform that offers extremely low spreads and fees.

If you are an experienced cryptocurrency trader, you will probably have heard other people discussing at least one of these two excellent cryptocurrency exchanges. But which cryptocurrency exchange should you use in Australia?

Ultimately, you need to consider how much trading you plan on doing. Digital Surge is the right platform for you if you see yourself making plenty of trades, as it offers lower trading fees and spreads than Swyftx. However, if you are looking for useful features, Swyftx is the way to go, with staking on 20 coins, and a demo mode where you can practise with play money.

Swyftx is a highly secure and safe platform that offers its customers live chat support in case you ever find yourself in a confusing situation, and they have more than 320+ cryptocurrency coins to pick from.

Read on to see how Digital Surge and Swyftx compare across various areas to help you make the right choice for your trading needs.

Digital Surge vs Swyftx:
Comparison Table

Header

Coins

320+

300+

Trading Fee

0.6%

0.5%

Deposit Fee

Free

PayID: Free; POLi: $2 - $3.30

Withdraw Fee

Free

Free

Payment Options

POLi, PayID, Debit card, Credit card

POLi, PayID

Pros

- Demo mode available

- Support for credit and debit card

- Free to deposit AUD using any payment method

- Staking available on 20 coins

- Lower fees (0.5%) and spreads (average 0.21%)

- Excellent easy-to-use interface

- High security priorities, with offline cold storage

Cons

- Higher trading fees and spread

- No debit/credit card deposits

- No staking

Cell

(Swipe across screen to see full table)

Header

Coins

320+

300+

Trading Fee

0.6%

0.5%

Deposit Fee

Free

PayID: Free; POLi: $2 - $3.30

Withdraw Fee

Free

Free

Payment Options

POLi, PayID, Debit card, Credit card

POLi, PayID

Pros

- Demo mode available

- Support for credit and debit card

- Free to deposit AUD using any payment method

- Staking available on 20 coins

- Lower fees (0.5%) and spreads (average 0.21%)

- Excellent easy-to-use interface

- High security priorities, with offline cold storage

Cons

- Higher trading fees and spread

- No debit/credit card deposits

- No staking

Cell

Swyftx Pros & Cons

Pros

  • Demo mode available to practise trading 
  • Support for credit and debit card deposits
  • Staking available on 20 coins
  • Free to deposit AUD using any payment method

Cons

  • Higher trading fees (0.6%)
  • Higher spreads (average 0.51%)

Digital Surge Pros & Cons

Pros

  • Lower fees (0.5%) and lower spreads (averaging 0.21%)
  • Excellent easy-to-use interface
  • High security priorities, with offline cold storage
  • Easy to use mobile app and desktop site
  • 24/7 customer support via live chat and email

Cons

  • No staking available
  • No debit or credit card deposits

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Digital Surge vs Swyftx Features

One of the best features of the Swyftx cryptocurrency platform is its unique demo mode. Not only is this a fantastic feature, but it is also one that no other Australian crypto exchange offers its users.

The demo mode lets new users become comfortable with the platform, further understand the dashboard, and even practise trades with fake money. This tool is fantastic for anyone that is new to trading cryptocurrency, who might worry about losing money as they learn the ropes.

The Swyftx interface is another excellent feature. You have the power to adjust the dashboard to display as much or as little information as you want. You can even structure the order of the information to suit your needs.

On the flipside, Digital Surge has its own excellent features. For starters, it was the first Australian crypto exchange to allow users to pay their bills using Bitcoin through their accounts.

This feature is extremely rare on cryptocurrency exchanges, but it is a huge step towards cryptocurrency getting integrated into mainstream finance.

Digital Surge and Swyftx provide their customers with Live Chat functionality, which is invaluable for new users who are finding their feet. Plenty of Australian cryptocurrency exchanges offer email support but tend to struggle when immediate support is needed.

Features: While both Digital Surge and Swyftx offer excellent features, on the whole, the fact that Swyftx offers customers a demo mode to test out their skills means that they win this round.

Digital Surge vs Swyftx Fees

Deposit Fees

If you use PayID on Digital Surge, deposits incur no fee. However, if you choose to use POLi instead, you will be charged anywhere from $2 to $3.30, depending on the size of your deposit.

Swyftx does not charge any fees for AUD deposits made with any of the available methods.

Trading Fees

However, when it comes to trading fees, Digital Surge comes out on top. They charge 0.5% for any purchase or sale of cryptocurrency on its exchange, whereas Swyftx charges 0.6%.

When considering trading fees, it is important to bear in mind the spread, which marks the difference between the purchase and selling price of each cryptocurrency. Digital Surge has lower spreads averaging 0.21%, whereas Swyftx averages spreads of 0.51%. These are results from a comprehensive test by Marketplace Fairness.

Withdrawal Fees

Pleasingly, neither Swyftx nor Digital Surge charges their customers for AUD withdrawals that are made to Australian bank accounts.

Fees: This round was a close one, but Digital Surge just comes out on top. Once you start to make several trades on your account, you will notice the fact that it only charges you 0.5% per trade, plus the lower spreads means you save even more money in comparison to Swyftx.

Number of Cryptocurrencies

Digital Surge has over 300+ different cryptocurrencies.

Swyftx has more than 320+ cryptocurrencies.

Number of cryptocurrencies: Swyftx edges this one, with over 320+ different cryptocurrencies on offer.

Deposit Methods

On the Digital Surge platform, you can deposit with PayID or POLi.

On Swyftx, you can deposit using the same methods, as well as credit cards and debit cards.

Deposit methods: As Swyftx offers a wider variety of deposit methods, they take this round.

Digital Surge vs Swyftx Security

When it comes to security, it is almost impossible to locate a safer cryptocurrency exchange than Digital Surge. The site is regulated by ASIC and AUSTRAC and adheres to the requirements of KYC and AML.

Not only that, but Digital Surge prides itself on ensuring all of their security measures are kept up to date and its customers are well-protected. One of the reasons their customers' assets are so secure is due to storing them offline.

Because of this, Digital Surge has never experienced a successful hack.

Swyftx also adheres to the regulations laid out by AUSTRAC, and it is another very safe cryptocurrency exchange.

Security: While both companies boast market-leading security, the fact that Digital Surge has never been hacked and keeps more of its assets in cold wallets means that they take the win here.

Digital Surge vs Swyftx Summary

To summarise, Digital Surge and Swyftx are both excellent options for you when it comes to cryptocurrency exchanges.

Swyftx offers more cryptocurrencies for you to trade and a couple more deposit methods than Digital Surge. It also provides its customers with a demo mode to test out the platform before spending their hard-earned cash. Another great feature of Swyftx is that they allow staking of 20 different coins, so you can earn interest and grow your crypto holdings. This is why Swyftx is the winner in this comparison.

However, if you are a frequent trader and not fussed about staking, then you may prefer the lower trading fees and spreads offered by Digital Surge. The average combined fee and spread of Digital Surge is only 0.71%, compared to Swyftx 1.11%. This means you are saving about 0.4% on each of your trades. While it doesn't sound like much, when you are trading frequently, or large amounts, it adds up.

Is Digital Surge trustworthy?

Digital Surge is highly trustworthy, as it boasts some of the top security features on the market. To date, the cryptocurrency exchange has never gotten hacked.

Can I trust Swyftx?

The Swyftx website is regulated and licensed by AUSTRAC, making it an extremely trustworthy cryptocurrency exchange.

Who owns Digital Surge?

Digital Surge is owned by Josh Lehman, a co-founder of the coin exchange.

About the Author Andy Carter

Andy Carter is the CEO of Freedom Dividend, where he teaches you about dividend income that can change your life for the better. As a financial expert, Andy explores securities investing (stocks & shares) with an aim to provide a steady flow of income, enough to sustain you in your life.

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