Swyftx and Digital Surge are both the largest cryptocurrency trading platforms in Australia. These are not some decade-old Exchanges. Swyftx was founded in 2017, while Digital Surge was founded in 2017. So, you see both these exchanges have earned their users through their robust features, and with the latest technological developments, they provide on their platforms. Then, Cryptocurrency in itself has become extremely popular because of the increasing acceptance of these coins by large companies leading to the surge in their prices, and valuations.
Currently, cryptocurrencies are the hottest financial products everywhere. Most talked about and with the highest potential in the market. So, new users are constantly opening accounts and looking for opportunities to buy in early, and earn double-triple digit returns. But, there are so many Exchanges available in the market that the customers are not sure which ones to go with. There are a number of factors that a user needs to check before starting with any of the Crypto Exchanges. For Example, Security Features, Fees and charges, compatibility with beginners, variety of options to invest or trade, etc.
So, below you can find the complete comparison between Swyftx and Digital Surge. But before that, this article is not made to declare a winner between the two exchanges. Both the Exchanges may specialize in certain specific features, and both may have a few drawbacks over the other. But that can change anytime, and therefore I would recommend the viewers not to try and choose a winner between the two. Instead, look for the features that you would want from your broker and then check which one’s better with that, and then go ahead with it.
Security and Safety
In any Trading Exchange security of information and the safety of capital, of its clients, is crucial. But, cryptocurrency exchanges, which facilitate trading and investing in digital currencies. It is a matter of great concern and importance. As there has been news of hacks and frauds in many Exchanges.
Swyftx has 400,000+ users on its platform. And it basically boasts the fact that it had had zero security breaches since it was founded in 2017. It is an achievement. Swyftx offers advanced 2 Factor Authentication and password security for added security of the user accounts. It also accepts biometrics login for faster and easier logins. Also, Swyftx is registered with the AUSTRAC, which is a regulating body for financial institutions of Australia.
Digital Surge does not compromise with the security or safety of its client’s assets and information either. It has a highly sophisticated multi-layered security system. It has the 2 Factor authentication for withdrawals as well. One of the additional features it provides over Swyftx is its cold wallet storage facilities along with the hot wallet storage. Cold wallet storage systems are highly secured and convenient, for a lot of clients. Digital Surge keeps the application credentials of its clients in a separate database and codebase for protection. Digital Surge is also registered with the AUSTRAC, like Swyftx.
Fees and Charges
Be it a trader or an investor, everyone looks for an Exchange that charges the lowest fees and charges. Especially the active traders or arbitrage traders, who need to make constant trades, withdrawals, and deposits. And higher trading or deposit/withdrawal fee could affect their profits substantially.
Swyftx charges a flat 0.6% trading fee for each trade from its users. While it does not charge a single penny for deposit and withdrawal of funds made via fiat. Though, charges are deducted as network fees by the coins/tokens when deposits and withdrawals are made via crypto. These charges are unavoidable by any kind of Exchange and Swyftx does not charge any additional fee on top of the network charges. Swyftx is bigger and has a good reach with foreign exchanges, which helps provide proper liquidity to its platform. It also helps Swyftx to have lesser spreads on its platform. It has 1.7% in average spreads across all trading pairs.
Digital Surge charges a flat 0.5% trading fee for each trade from its clients, which is 0.1% lesser than the trading fee charged by Swyftx. It does not charge a Withdrawal/Deposit fee either, with a few exceptions. As mentioned earlier, Digital Surge also provides both hot and cold storage wallet facilities. So, withdrawal of funds through those wallets to any kind of external wallet attracts some network transaction fees. Then in deposits Crypto and PayID deposits are free, but the POLi deposit fee starts at $2, capped at $3.30.
Accepted Fiat and Crypto
To increase the customer reach and provide a variety of coins, every exchange aims to accept maximum fiats and have a wide variety of Coins/Tokens. If a customer wants to deposit a currency into an Exchange that it does not accept, he’ll have to first convert his currency into the one that the Exchange accepts, and pay the conversion charges. To avoid such charges customers look for exchanges that accept their common currency.
Swyftx accepts three fiat currencies for deposits on its exchange i.e. AUD, USD, & NZD. It initially started off as an Australian-only Exchange, but with time, and its rapid growth, it started exploring the international markets and is still trying to increase its reach in several other nations. Swyftx also supports 280+ currencies on its platform, which is again huge, for an exchange that is not even half a decade old.
Digital Surge accepts a single fiat i.e. AUD. It is still an Australian Exchange and is working on grabbing the maximum market share in Australia. Digital Surge accepts 270+ crypto coins on its platforms, which is only a little shy of Swyftx’s acceptable crypto coins.
Accepting the deposits in the maximum possible modes is crucial. An Exchange should have a proper payment accepting solution so that a customer does not have to struggle with depositing his funds into the account.
Swyftx accepts payments in many modes i.e. Bank transfer, POLi, PayID, credit/debit card & crypto. This list has almost everything a borrower would require to make the transfer of funds.
Digital Surge accepts does not accept deposits in various modes, it has the facility to accept payments in POLI, PayID & BPAY only. This is a criterion where Swyftx betters Digital Surge with a large margin. Because the customers who find the Bank transfers or Credit/Debit Card transfer payment modes convenient would definitely go with Swyftx.
These were the four criteria I found the most important for a potential client to go through, before making their choice. There are a lot of important features that didn’t even get a mention in this article. The reason behind that is that those features didn’t vary enough, to mention them here on the comparison draft.