When it comes to cryptocurrency exchanges, there are a few big names that always come up: Coinbase, CoinSpot, Binance and more. In this article, we're going to pit two of Australia's most popular crypto exchanges against each other: Swyftx vs eToro Australia.

Swyftx is one of the most popular cryptocurrency exchanges in Australia. It's a relatively new exchange, having only been established in 2018. Nevertheless, it has quickly gained a loyal following thanks to its low fees, user-friendly platform and excellent customer support.

eToro is a popular broker that is available to investors in Australia. It was founded way back in 2007, dealing in stocks, and have grown to include cryptocurrencies. eToro is different from most other exchanges because it offers both traditional fiat-to-crypto currency trading as well as CFD trading. This makes it a good choice for investors who want to trade cryptocurrencies without actually owning them, and allows for short selling crypto.

So, which is the better exchange for Australians in 2022? Let's find out!

Swyftx vs eToro Australia:
Comparison Table

Header

Coins

320+

75

Trading Fee

0.6%

1%

Deposit Fee

Free

Free (currency conversion applies)

Withdraw Fee

Free

$5 (plus currency conversion)

Payment Options

Bank transfer, POLi, Credit/Debit card, OSKO, PayID

Bank transfer, PayID, POLi, Credit/Debit card

Pros

- Offers more than 320+ coins

- Staking available on 20 cryptocurrencies

- Live chat support

- Lower fees than eToro

- Demo mode - trade for free with $10,000 virtual money

- Demo account for beginners to learn trading

- Staking available to earn interest

- CFD trading available

- Social trading platform where you can interact with others

- CopyTrader feature

Cons

- No CFD trading

- Only supports AUD

- Only supports 75 coins

- Currency conversion fees

Cell

(Swipe across screen to see full table)

Header

Coins

320+

75

Trading Fee

0.6%

1%

Deposit Fee

Free

Free (currency conversion applies)

Withdraw Fee

Free

$5 (plus currency conversion)

Payment Options

Bank transfer, POLi, Credit/Debit card, OSKO, PayID

Bank transfer, PayID, POLi, Credit/Debit card

Pros

- Offers more than 320+ coins

- Staking available on 20 cryptocurrencies

- Live chat support

- Lower fees than eToro

- Demo mode - trade for free with $10,000 virtual money

- Demo account for beginners to learn trading

- Staking available to earn interest

- CFD trading available

- Social trading platform where you can interact with others

- CopyTrader feature

Cons

- No CFD trading

- Only supports AUD

- Only supports 75 coins

- Currency conversion fees

Cell

Swyftx Pros & Cons

Pros

  • Offers more than 320+ cryptocurrencies
  • Staking is available on 20 coins
  • Lower fees than eToro Australia
  • Demo mode to practise trading
  • Excellent Live Chat customer support

Cons

  • No CFD trading
  • Only supports AUD

eToro Australia Pros & Cons

Pros

  • Demo account for beginners to learn trading
  • Staking available to earn interest
  • CFD trading available
  • Social trading platform where you can interact with others
  • CopyTrader feature

Cons

  • Only 75 coins available
  • Currency conversion fees

Stay up to date with vital crypto news

Get the latest news straight to your inbox

Swyftx vs eToro Australia Features

Trading cryptocurrency should be easy and accessible to everyone, which is why Swyftx was created. This platform is designed with newcomers to crypto in mind, so you can instantly buy or sell coins with just a few clicks. 

The sleek, modern interface is fully customisable, so you can make it work just the way you want, and with the demo mode, you can practice your trading skills before putting any real money on the line. Swyftx also has a mobile app that is available on both iOS and Android devices. The app allows users to easily track their portfolios and make trades on the go.

With over 320+ different coins to choose from, they've got you covered no matter what your interests are. Plus, they offer staking on 20 different coins, so you can earn rewards just for holding onto your favourite coins. 

While most crypto exchange companies have bots on their live chat support or an email ticket system, Swyftx has a responsive customer support team that handles all queries promptly.

eToro is one of the most popular social trading platforms in the world, and they've recently expanded their services to Australia. With over 13 million users worldwide, they're a big player in the industry.

One of the things that make eToro stand out is their CopyTrader feature, which allows users to automatically copy the trades of other successful traders on the platform.

This exchange also offers CFD trading. With a CFD (contract for difference), you don't have to actually own the asset you're trading. So, if you think the price of Bitcoin is going to go up, you can open a long CFD position and make a profit if the price does indeed rise. However, if the price falls, you will incur a loss. You can also short sell crypto using CFDs, which means you bet on the price to fall.

eToro has a strong focus on social trading, which means you can connect and interact with other traders in the eToro community. This is a great way to get advice and learn from others. If you're new to trading or just want to test things out, they offer a demo account, so you can get a feel for how everything works.

eToro also offers crypto staking, so you can earn rewards for holding your cryptocurrencies for the long term. 

FeatureseToro wins as it isn't limited to basic crypto trading. Cryptocurrency investors on eToro have CFDs, a CopyTrading feature, social trading, and you can even trade stocks.

Swyftx vs eToro Australia Fees

Swyftx is one of the cheapest crypto exchange platforms in Australia. Traders only need to pay a 0.6% trading fee, and AUD deposits and withdrawals are free.

On eToro, fiat deposits are free, while withdrawals cost $5 per transaction. However, you will have to pay currency conversion fees to deposit from or withdraw funds into your Australian bank. eToro's trading fees are 1% on all transactions.

Fees: It's clear that Swyftx is the best option for those who want to save on fees. eToro's traders not only pay higher trading and withdrawal fees, but they also have to pay currency conversion fees.

Number of Cryptocurrencies

Swyftx offers access to over 320+ cryptocurrencies.

eToro only offers 75 coins. 

Number of cryptocurrencies: If you're looking for a wide selection of cryptocurrencies, then Swyftx is the better option. With over 320 coins on offer, they have one of the biggest selections in Australia.

Deposit Methods

Swyftx supports POLi, PayID, credit card, and debit card deposits.

eToro also supports PayID, POLi, credit card, and debit card deposits.

Deposit methods: This is a tie since both platforms support the same number of payment methods. The only difference, however, is that eToro supports other fiat currency deposits like USD, EUR, and GBP while Swyftx only accepts AUD deposits.

Swyftx vs eToro Australia Security

Swyftx goes above and beyond to provide a secure cryptocurrency trading experience. Their advanced security features include two-factor authentication and biometric log-ins to ensure that only authorised users can access your account, while third-party penetration testing ensures that they are always one step ahead of the bad guys.

A team of security experts is constantly on the lookout for attackers targeting the platform or users, so you can focus on trading without worry. If for some reason your account is ever compromised, there's a breached password detection system in place that will alert you immediately. 

Swyftx meets rigorous KYC and AUSTRAC requirements, so you can be confident that your data is always protected to the highest standards. 

eToro is the perfect platform for anyone who wants to get into the exciting world of online trading. They not only offer a great trading experience, but they also prioritise security. 

Customer funds are always kept safe in FDIC-insured banks, and personal data is always encrypted. They have a strict verification process for all new clients to ensure that only legitimate users can access the platform.

For even more peace of mind, eToro employs two-factor authentication (2FA) as well as 24/7 monitoring by a professional security operations centre (SOC) team.

Committed to securing customers' funds, eToro is regulated by some of the most trusted financial organisations in the world, including FINRA and FinCEN in the United States, FCA in the United Kingdom, CySEC in the European Union, and The Australian Securities and Investments Commission (ASIC) in Australia. 

Plus, they use both warm storage (online wallets) and cold storage (offline wallets) to ensure that your digital assets are always safe.

Security: Both Swyftx and eToro have implemented robust security measures to protect their customers' funds. However, eToro's cold storage measures, FDIC insurance, and regulation by multiple international financial authorities give it a slight edge over Swyftx.

Swyftx vs eToro Australia Summary

It's hard to say definitively which is the "better" crypto exchange between Swyftx and eToro. Both exchanges have their pros and cons and have similar features like a demo mode for beginners, a staking option for advanced traders, and offer a high level of security for customer funds.

However, if we had to choose one, we would go with Swyftx. They offer a great selection of 320+ coins and a lower fee structure. Plus, their customer support team is responsive and handles all queries promptly.

eToro is also a great choice if you're looking for more opportunities to grow your crypto portfolio with features like CFDs and a social trading platform where you can get insights from other traders. This exchange, however, has a limited selection of 75 coins and the fees add up quickly.

If you are still doing your research, have a look at our Swyftx review and eToro Australia review. You can also read this article on the best crypto exchanges in Australia to find one that is the perfect match for your needs.

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.

Stay up to date with vital crypto news!