Swyftx and Digital Surge are two of the best cryptocurrency exchanges in Australia. Each platform provides low fees, and a beginner-friendly trading experience. In this comparison between Swyftx and Digital Surge, we will compare the exchanges head to head to see which comes out on top using important criteria such as products and services, ease of use, deposit options, trading experience, supported cryptocurrency, fees, security, and customer support.
|Fiat Currencies||AUD, NZD, USD||AUD, NZD|
|Deposit Methods||Bank transfer, POLi, PayID, BPAY, credit/debit card, crypto||Bank transfer, POLi, PayID, BPAY|
|Deposit Fees||None||None ($2 – $3.30 for POLi)|
|Advanced Trading Orders||Yes||Yes|
|In-built Tax Tools||No||Yes|
|Mobile App||Yes (iOS and Android)||Yes (iOS and Android)|
|Live Chat Support||Yes||Yes|
A Brief Overview
For a detailed look inside the products and services offered by Swyftx, you can read our in-depth Swyftx review.
Swyftx is a Brisbane-based cryptocurrency exchange is a standout in the Australian crypto market and has amassed over 450,000 Australian customers since its establishment. The exchange is known for its user-friendly trading experience, huge range of supported digital currencies, and its continual development of its services where new features are released on a regular basis. The AUSTRAC registered exchange stays in touch with the local crypto market by being active in the social media space.
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The design of the interface and the crypto features it provides suit both beginners and experienced investors traders. Users with no prior crypto experience will be able to navigate their way through the interface to deposit AUD and purchase 312 digital currencies including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Litecoin (LTC), and many more. There is no need for beginners to view and possibly become overwhelmed with live charting and limit orders to buy crypto. Swyftx allows for crypto to be easily purchased with the assets instantly transferred to the user's wallet where it can be tracked and managed. Experienced traders will appreciate the TradingView charting with advanced indicators and analytical tools.
One of the strengths of Swyftx is its ability to utilize multiple order books which increases its liquidity on trading pairs. This means that Swyftx can offer its customers tighter spreads and decreased price slippage, especially in volatile markets or where there is a lack of trading activity for a particular cryptocurrency. Combine this with the low trading fee of 0.6% and Swyftx becomes a highly desirable option for altcoin trading for crypto users of all levels of experience.
- Better value for money with tight spreads and low fees (0.6%)
- Integrated TradingView charting package with advanced tools and indicators to identify and optimize trades
- Purchase cryptocurrency bundles to quickly diversify portfolios with less trading fees
- A vast selection of 297 cryptocurrencies to buy, trade, and sell
- Receive quick and helpful customer support 24/7
- Start trading immediately with a rapid signup and ID verification process
You can read our Digital Surge review for a detailed insight into how the platform works and its features.
Digital Surge is a relatively new Brisbane-based platform that was established with the vision of simplifying the cryptocurrency world for everyday Australians. The platform and its features have been designed to achieve exactly this and users are able to buy and sell over 287 digital currencies with ease.
Digital Surge has proven to be a safe and secure platform and is building a reputation as a trustworthy cryptocurrency option for Australians and New Zealanders. In Australia, Digital Surge is registered with AUSTRAC as a digital currency exchange and complies with strict AML/CTF and KYC regulations and transaction monitoring programs. The platform also supports New Zealand cryptocurrency investors and is registered with the New Zealand Companies Office as a Financial Services Provider.
Digital Surge charges a flat trading fee of 0.5% that applies for cryptocurrency buy and sell transactions. This is very competitive compared to other prominent Australian exchanges. High-volume investors such as SMSF investors and those utilizing the Over-The-Counter (OTC) service will benefit from the trading fee discounts which are based on a 30-day trading volume. Digital Surge also indicates that they can offer spreads as low as 0.4%.
Navigating through the Digital Surge platform will not present any issues or confusion to beginners, including those with no prior cryptocurrency trading experience. The interface is clean and visually intuitive and the learning curve for beginners will be minimal. Users can deposit fiat currencies such as AUD and NZD into their account wallet using a variety of popular deposit methods including PayID, POLi, and OSKO. The use of credit/debit cards to fund the account wallet is not supported.
Once funds are deposited, users with verified accounts can start purchasing digital currencies such as BTC, ETH, SOL, ADA, XRP, and many more. Purchased crypto is almost instantly transferred into the user’s wallet so it can be tracked and managed. Users who are familiar with trigger orders and recurring buys can implement these order types to optimize their investment activities.
Digital Surge Pros
- One of the most competitive trading fees (0.5%) in Australia
- Visually intuitive and simple interface that suits beginners
- Buy crypto direct with AUD (no conversion fees)
- Easy crypto tax returns with the In-built Koinly and Cryptotax calculators
- Pay Australian bills using BTC
Before cryptocurrencies can be purchased, users need to fund their account wallets with fiat currencies. The method by which an account wallet is funded is a personal choice that differs amongst investors. Deposit methods are an important aspect that should be considered to support convenience and minimize fees.
Swyftx and Digital Surge support the most common deposit methods available to Australians and New Zealanders. AUD and NZD can be deposited into the account wallet via direct bank transfers, PayID, POLi, and OSKO. Both platforms also support the transfer of cryptocurrencies from another platform or an external hardware wallet. The only point of difference is that Digital Surge does not support the use of credit cards to fund the wallet whereas Swyftx does allow this.
Compared to Swyftx, Digital Surge deposit methods are slightly more limited. Swyftx has the advantage on Digital Surge as it provides users with greater account financing options and flexibility.
|Deposit Method||Swyftx||Digital Surge|
|Direct bank transfer||Yes||Yes|
|Crypto from external wallet||Yes||Yes|
When it comes to innovative crypto features that cater to the needs of everyday investors and traders, Swyftx is the clear winner. Swyftx is known for its willingness to incorporate new features to bolster its crypto products and services such as the recently introduced staking.
Beginners and experienced crypto users alike will appreciate the demo mode to trade virtual funds, advanced TradingView charting with its suite of indicators and analytical tools, an in-built tax estimate reporting tool, and the ability to diversify portfolios quickly by purchasing bundles.
Want To Know More? Cryptocurrency SMSF In Australia: A 2022 Guide
Leveraged margin trading is not currently supported, however, the platform has indicated that it has identified the market need and is seeking to introduce this feature in the future. Overall, the Swyftx features cater to a wider crypto audience ranging from beginners to experienced traders.
Digital Surge is more built towards beginner investors and its suite of crypto features is reflective of this. The platform offers live charting, however, it just plots the market price over time and does not come complete with advanced indicators and analytical tools to optimize trades.
Staking crypto to earn rewards and the ability to purchase multiple crypto assets in single transactions are also not supported. Digital Surge offers its customers the unique ability to pay any Australian bill or credit card that has a BPAY biller code with Bitcoin.
|Tax Reporting Tools||Yes||Yes|
|Leveraged Margin Trading||No||No|
|Advanced Charting||Yes (TradingView)||No (in-house basic charting)|
|Pay Australian bills with BTC||No||Yes|
Which Platform Is Cheaper: Swyftx Or Digital Surge?
Deposit & Withdrawal Fees
Deposit and withdrawals fees for Swyftx and Digital Surge are generally exempt from fees, with the exception that Digital Surge charges a $2 – $3.30 fee for deposits made using POLi. Whilst considered minor, the fee can easily be avoided by utilizing one of the other supported deposits including PayID, and OSKO.
Swyftx and Digital Surge have trading fees of 0.6% and 0.5%, respectively. Both trading fees are quite competitive in the Australian market, however, Digital Surge offers customers slightly more value for money when conducting cryptocurrency transactions on its platform.
An added bonus is that Digital Surge trading fees are structured in a tiered system. If the trading volume increases, the volume of the transaction will attract a slightly lower fee (based on a rolling 30-day trade volume). For example, if the trading volume is $120,000 then a fee of 0.4% will apply instead of 0.5%. Swyftx trading fees are not structured to provide discounts however the trading fee can be negotiated with Swyftx on a case by case basis.
Spreads are an important yet often overlooked consideration when it comes to selecting a cryptocurrency platform. The spread is the difference between the market buy and sell price and is an additional trading cost to the trading fee. Since Swyftx can combine and access multiple order books to increase the liquidity of its trading pairs, the platform is able to offer lower spreads to its customers. As trading volumes in Australia are typically lower compared to the rest of the world, spreads may be as high as 4%.
On average, Swyftx spreads for Bitcoin are around 0.45%, and 1.7% for altcoins. Digital Surge indicates that they have access to significant liquidity with average spreads of around 0.4%. Overall, Digital Surge appears to be the cheaper option than Swyftx and offers more value for money, especially over the long term.
Which Platform Is Easier To Use?
Ease of use for investors is an important factor to take into consideration. The design of an interface will affect how intuitive it is for beginners. Are features and functions presented in a neat and holistic manner that makes them easily identifiable? Is the interface able to be customized?
The Swyftx and Digital Surge interfaces are both easy to navigate and use. Both platforms have been designed with simplicity in mind whilst retaining a high level of functionality. The interfaces of both platforms will be easy for beginners to navigate, even those with no prior cryptocurrency trading experience. Although the Swyftx and Digital Surge interfaces share similarities in their ease of use, the Swyftx interface offers a lot more functions simply because the platform offers more crypto features.
Both exchanges offer a quick buy/sell function where beginners can easily buy cryptocurrency from Australia such as BTC, ADA, LTC, and XRP. Digital Surge customers have the option of selecting a simple price trigger order. Swyftx users have access to a full suite of advanced order types including limit orders, market orders, stop orders, and recurring orders.
Is Swyftx Better For Trading?
Australian and New Zealand investors and traders who are seeking to identify favorable trades should opt for Swyftx. The popular crypto charting package TradingView, is integrated into the Swyftx interface where traders can utilize the advanced indicators and tools to identify and optimize their trading activities. Users also have the option of placing trades using a variety of orders to assist in managing their risk, including:
- Market order
- Limit order
- Stop order
- Recurring order
The ability for traders to understand the market price actions of digital currencies using the Digital Surge platform is limited. The available charting only shows the market price of a trading pair over time and there are no advanced tools to analyze price actions. the number of order types is also limited and comprises trigger (stop loss and take profit) orders and recurring buys. Overall, Swyftx is the better option for cryptocurrency trading due to its live charting, advanced analysis tools, and variety of order types.
Security & Safety
Based on our research, Swyftx and Digital Surge have not experienced any security breaches that have resulted in the loss, theft, or damage of digital assets or customer funds. Both crypto platforms are registered with AUSTRAC and comply with strict AML/CTF and KYC regulations.
Swyftx and Digital Surge implement industry-standard security measures to safeguard customer funds and digital assets against potential loss, theft, or damage. Controls include the storage of the majority of held assets at highly secure offline locations, withdrawal restrictions, geo-lock logins, and 2FA. Biometric fingerprint logins can also be set up on both the Swyftx and Digital Surge mobile apps to add an extra layer of account protection.
How Do The Mobile Apps Compare?
Swyftx and Digital Surge provide their users with mobile apps that are compatible with iOS and Android devices. Most of the features that are available on the desktop version can be accessed, with the exception of live charting on the Swyftx app. Biometric fingerprint login, a feature not commonly available in the crypto industry, can be set up on both the Swyftx and Digital Surge apps.
In our experience, the Swyftx mobile app performed smoothly and we did not experience any difficulties buying cryptocurrencies, contacting the customer support team, or toggling the demo mode. On the other hand, the Digital Surge mobile app allows its users to access all features. The app is as visually appealing and intuitive as the desktop version which will be highly appealing to beginner investors.
Users experiencing technical issues or having queries relating to products and services will find the Frequently Asked Questions (FAQ) sections of Swyftx and Digital Surge to be top-shelf. Both platforms provide a comprehensive library of informative and detailed how-to articles and guides. A 24/7 live chatbot is also available on both platforms for users seeking more immediate assistance.
Swyftx distinguishes itself from Digital Surge and the rest of the Australian crypto market by its customer support team. The team is one of the largest and consists of 35 team members ranging from Customer Support Officers, Resolution Managers, Compliance Officers, and Verifications Officers. Swyftx users can get in touch with the customer team via live chat, phone, email, or Telegram. The size of the customer support team is reflective of the platform's large customer base of over 450,000 Australian and New Zealand users. On the other hand, avenues to the Digital Surge support team are limited to email and the 24/7 live chatbot.
To assist investors and traders in making an informed decision, we have summarised the assessment outcomes for each category. Based on our comparison review, Swyftx is seen as the better cryptocurrency exchange option for Australian and New Zealand investors and traders.
|Deposit Methods||Swyftx||Swyftx supports credit card deposits whereas Digital Surge does not.|
|Features||Swyftx||Swyftx offers a wider range of crypto features including staking, crypto bundles, and a demo mode.|
|Fees||Digital Surge||Slightly cheaper trading fee of 0.5%, tiered fee structure, and tight spreads.|
|User Experience||Tie||Both platform interfaces are simple to navigate and use, even for beginners.|
|Trading||Swyftx||TradingView live charting, order types, and advanced indicators and analytical tools to assist in identifying and optimizing trades.|
|Security & Safety||Tie||No historical security breaches are known to have occurred and both platforms implement industry-leading security measures.|
|Mobile App||Tie||Both Swyftx and Digital Surge mobile apps are perform smoothly and are visually intuitive to use.|
|Customer Support||Swyftx||Responsive, helpful, and local customer support team. Arguably the best customer support team in Australia.|
Swyftx Versus Digital Surge: Our Verdict
Swyftx and Digital Surge are highly reputable crypto platforms that provide Australian and New Zealand investors and traders with an easy way to buy a range of digital currencies. Both platforms offer a similar number of supported cryptocurrencies, are easy to use in managing crypto portfolios, offer low fees, and are safe and secure environments.
The key difference between the two platforms is the variety of crypto features including those to satisfy experienced traders. Swyftx is the better exchange option as its offers a suite of innovative features including staking, crypto bundles, and a demo mode. Leveraged margin trading is also indicated to be implemented in the future. Experienced traders have the ability on Swyftx to analyze real-time market prices of digital currencies and perform their trades whilst minimizing risk. Digital Surge does not offer these features and the platform appears to be catered to beginner investors who want to buy and hold cryptocurrencies as a long-term store of value.