Choosing a crypto exchange can be overwhelming. Do you want the cheapest option? The most user-friendly? The one with the most features?
Swyftx is one of Australia’s leading crypto exchanges, offering users low fees, a wide range of coins and a user-friendly platform. But how does it compare to Kraken, another popular US-based exchange founded in 2011? Kraken is one of the oldest exchanges in operation and is often lauded for its security features. Kraken also offers advanced features and tools, making it a strong competitor to Swyftx.
So, which is the better crypto exchange in Australia? Let’s take a look at some key features to find out.
Swyftx vs Kraken:
Comparison Table
Header |  |  |
|---|---|---|
Coins | 320+ | 19 |
Trading Fee | 0.6% | Instant buy/sell: 1.5%; Market trade: 0.16/0.26% maker/taker |
Deposit Fee | Free | Bank transfer/OSKO: Free; Google Pay & Apple Pay: 3.75% + $0.25; Credit/Debit card: 3.75% + €0.25 |
Withdraw Fee | Free | Free |
Payment Options | Bank transfer, POLi, Credit/Debit card, OSKO, PayID | Bank Transfer, OSKO, Credit/Debit card, Google Pay, Apple Pay |
Pros | - User-friendly platform - Offers more than 320+ coins - Staking available on 20 cryptocurrencies - Live chat support - Demo mode - trade for free with $10,000 virtual money | -Advanced trading options including margin trading - Staking available to earn interest - Lower fees when trading on market - Supports AUD, CAD, USD, JPY, GBP, EUR, CHF |
Cons | - Only supports AUD - Doesn't cater for advanced traders | - Only offers 19 coins in Australia - Higher transaction fees of 1.5% when instant buying/selling |
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Header | | |
|---|---|---|
Coins | 320+ | 19 |
Trading Fee | 0.6% | Instant buy/sell: 1.5%; Market trade: 0.16/0.26% maker/taker |
Deposit Fee | Free | Bank transfer/OSKO: Free; Google Pay & Apple Pay: 3.75% + $0.25; Credit/Debit card: 3.75% + €0.25 |
Withdraw Fee | Free | Free |
Payment Options | Bank transfer, POLi, Credit/Debit card, OSKO, PayID | Bank Transfer, OSKO, Credit/Debit card, Google Pay, Apple Pay |
Pros | - User-friendly platform - Offers more than 320+ coins - Staking available on 20 cryptocurrencies - Live chat support - Demo mode - trade for free with $10,000 virtual money | -Advanced trading options including margin trading - Staking available to earn interest - Lower fees when trading on market - Supports AUD, CAD, USD, JPY, GBP, EUR, CHF |
Cons | - Only supports AUD - Doesn't cater for advanced traders | - Only offers 19 coins in Australia - Higher transaction fees of 1.5% when instant buying/selling |
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Swyftx Pros & Cons
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Cons
Kraken Pros & Cons
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Cons
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Swyftx vs Kraken Features
Swyftx may have only been founded in 2018, but it has quickly become one of the most popular exchanges in Australia. Swyftx was created by a team of ex-bankers, traders, and developers with years of experience in financial markets. This experience has been used to create an exchange that is simple to use yet packed with features.
Swyftx understands that getting into cryptocurrency can be a bit daunting, which is why they have a platform that allows everyone to participate in the crypto revolution, regardless of their experience level. The demo mode is a great way for newcomers to get familiar with how the platform works, and a user-friendly interface makes it easy to buy or sell crypto instantly.
With over 320 cryptocurrencies available on the platform, you'll have more than you need. For investors looking to earn interest on their coins, Swyftx offers a staking option on 20 coins.
Kraken, on the other hand, is one of the oldest and most renowned cryptocurrency exchanges in operation today. Founded in 2011, Kraken has weathered the storm of cryptocurrency's early days and has emerged as a trusted resource for buying and selling digital assets.
They offer a robust platform with advanced features for more experienced users, which can be intimidating for new traders, but Kraken's customer support team is always happy to help. You can submit a ticket, call or use the live chat feature on the website.
With Kraken, you can trade only 19 cryptocurrencies in Australia. You can also stake your cryptocurrencies to earn interest, and unlike most exchanges, Kraken also allows you to earn interest on fiat currencies. Kraken even offers futures and margin trading to take your trading to the next level.
Advanced charts and analysis tools make it easy to track your progress and plan your next moves, while the mobile app allows you to trade on the go. With its comprehensive features, Kraken is the perfect choice for those who want more than just trading cryptocurrencies.
Features: Being able to take your trading game up a notch is what really sets these two platforms apart. While they both have great features, one thing that makes Kraken stand out from Swyftx is the advanced markets and tools for traders who want more than just basic functionality. If your interest primarily lies with the features, Kraken will be your best bet.
Swyftx vs Kraken Fees
Swyftx traders enjoy free AUD withdrawals and deposits and a low trading fee of 0.6%.
For instant trades, Kraken charges a 1.5% transaction fee, but trading fees on market trades are much lower; 0.16% and 0.26% for makers and takers, respectively. Frequent high volume traders get lower fees, as low as 0% for makers and 0.10% for takers on trades worth $10,000,000.
Kraken also offers free AUD withdrawals to Australian banks, but deposit fees vary depending on the payment processor. OSKO deposits are free, while Google Pay and Apple Pay will cost 3.75% + $0.25. Credit and debit card deposits cost 3.75% + €0.25. All credit/debit card payments are charged in Euros, which is why the fee is €0.25 instead of $0.25. You need to ensure your card can convert EUR to AUD otherwise your payment will be declined.
Fees: Swyftx is the cheaper option as buying or selling instantly will only cost you 0.6% trading fee. On the other hand, Kraken has higher deposit and instant trades fees. A lower fee structure is available by trading on the market, so if that is where you will conduct most of your trades, you can opt for Kraken for lower fees.
Number of Cryptocurrencies
Swyftx offers access to over 320+ cryptocurrencies.
There are a total of 185 cryptocurrencies available on Kraken, but you can only access 19 in Australia.
Number of cryptocurrencies: Swyftx is the better option when it comes to the number of coins offered. Kraken's focus on only a few major assets may limit some investors' ability to find the right investment for them.
Deposit Methods
Swyftx supports OSKO, POLi, PayID, credit card, and debit card deposits.
Kraken supports OSKO, credit card, Google Pay, Apple Pay, and debit card deposits.
Deposit methods: Kraken has more variety in deposit methods, with the inclusion of Google Pay and Apple Pay.
Swyftx vs Kraken Security
Swyftx uses advanced security features to protect users' funds and provide a secure crypto trading environment.
There's Two-Factor Authentication (2FA) in place to add an extra layer of security when logging in and biometric authentication to ensure that only you can access your account.
In case of a threat, the breached password detection system will immediately flag any suspicious activity on your account, and of course, a security team is always assessing and responding to potential threats. Plus, they regularly undergo third-party penetration testing to identify potential vulnerabilities and ensure that the security system is effective.
In addition to all security measures, Swyftx complies with KYC requirements, is AUSTRAC registered and their security program and risk management practices conform to the ISO27001 framework of policies and controls.
As a leading digital currency exchange, Kraken is committed to the safety and security of their clients' assets with a world-class security team and industry-leading security measures that keep the systems secure and client data protected.
To further safeguard client assets, they maintain 95% of all deposits in offline cold storage. All sensitive account information is encrypted using the latest industry-standard technology. They also have 2FA authentication and SSL encryption for website access.
Kraken also undergoes regular penetration testing to identify potential vulnerabilities and is regulated by several financial authorities, including FinCEN in the USA, FINTRAC in Canada, FCA in the UK, AUSTRAC in Australia, and the FSA in Japan.
Security: Both exchange platforms have unique and advanced security measures to protect user funds. However, we'll have to give it to Kraken. They have cold storage and advanced encryption measures and are regulated by multiple financial authorities.
Swyftx vs Kraken Summary
Swyftx and Kraken are great choices for those looking for a secure and reliable crypto exchange platform in Australia. They both offer a wide range of features and benefits, but from what they've presented so far, Swyftx appears to be the better option for Aussies.
Swyftx offers more free deposit methods, excellent customer support, lower buy/sell fees, a wider selection of coins, and caters for beginners with the demo mode and simple interface. Kraken is a great choice for those looking for an exchange that caters to international traders and has more features for advanced traders, but its high fees and fewer coins make it less appealing to local users.
If you want to find out more first, read our Swyftx review or this article on the best crypto exchanges in Australia to find one that is well-suited to your needs.
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