Trying to choose between BTC Markets and Swyftx? We've got you covered! Our comprehensive comparison takes into account everything from KYC requirements to trading fees and deposit methods. Keep reading to find out which exchange is the best fit for you!
BTC Markets was founded in 2013 by Caroline Bowler and is a registered Digital Currency Exchange with AUSTRAC. The exchange is a smaller company with over 20 employees based in Richmond, Victoria and only available for Australian citizens.
BTC Markets is the first Australian owned and operated exchange with over 320,000 Australian traders. The exchange is focused on creating a simple to use exchange that makes it easy for new crypto investors to buy and sell cryptocurrencies.
The cryptocurrency offering include a small range of 30 plus well known cryptocurrencies such as Bitcoin, Ethereum, Tether, Litecoin, Algorand, Cardano and Chainlink. For those that prefer using BTC markets on mobile, their app is also available on Android and IOS where it has 5,000 downloads.
Moving on to Swyftx, it was founded in 2018 by Alex Harper and Angus Goldman.The company is registered and based in Milton, Queensland. The exchange offers a smaller range of features which includes spot trading for over 300 cryptocurrencies such as BTC, ETH, AVAX, ATOM, SOL, DOT and many others.
When it comes to userbase, Swyftx has grown to over 700,000 registered users mainly from Australia and New Zealand. For those that prefer trading with an app, Swyftx is also available on Android and IOS where it has over 10,000 downloads.
BTC Markets vs Swyftx Signup & KYC
When it comes to signing up for BTC Markets, the process is quite lengthy as users need to complete both the signup and KYC procedure in one go. This means that users who are used to only signing up and then completing the KYC process at a later time may find it more challenging to use this exchange.
Additionally, it's important to note that only Australian residents can use BTC Markets, so those outside of this jurisdiction won't be able to create an account.
On the other hand, Swyftx has an equally comprehensive signup process that requires users to provide their full name, country of residence, phone number, and email. However, users can complete the KYC process at a later time, which makes it more convenient for those who want to sign up quickly.
Once the KYC process is complete, users can unlock fiat deposits and cryptocurrency trading capabilities. Those who want to send and receive crypto will also have to provide a selfie. Both BTC Markets and Swyftx require KYC verification, but the verification time can vary.
For BTC Markets, users can expect the verification process to take a few days, while Swyftx typically takes 1-2 days to verify accounts. It's important to note that KYC is mandatory for both exchanges, and no trading can occur without completing the process.
BTC Markets vs Swyftx Products & Services
BTC Markets and Swyftx are both Australian-based cryptocurrency exchanges that have different approaches in terms of the products and services they offer.
BTC Markets provides a limited range of products that includes spot trading for over 30 cryptocurrencies and an OTC desk for high-net-worth individuals looking to execute trades above AU$100,000 with smaller price slippage.
On the other hand, Swyftx offers a wider range of over 300 cryptocurrencies for spot trading. Swyftx's interface is quite crowded making it more challenging for beginners to navigate as there is a lot of things going on.
Besides spot trading, Swyftx also offers recurring buys for dollar-cost averaging, a demo account for practicing trades with fake money, and a mobile app for those who prefer mobile trading.
In summary, while BTC Markets has the more beginner friendly interface, Swyftx offers a wider range of cryptocurrencies. Both exchanges offer a very limited set of products and services compared to bigger exchanges such as OKX, eToro and others.
When it comes to trading fees, BTC Markets and Swyftx offer different fee structure for it's users. BTC Markets charges varying fees depending on the trading pair, with maker fees as low as -0.05% and taker fees up to 0.2% for BTC pairs.
For AUD market pairs, the trading fee starts at a high 0.85% and can be lowered based on 30-day trading volumes. The minimum threshold to begin paying lower fees starts at trading volumes that exceed $500 AUD per month.
On the other hand, Swyftx charges maker and taker fees of 0.6%, which is quite high compared to most exchanges out there. For those that conduct swaps, the minimum fee applied is 0.6% for the buy order and 0.6% for the sell order. Thus a total fee of 1.2% which is on the high side once more, not great.
Overall, BTC Markets offers lower trading fees than Swyftx only for those that trade with BTC. For those that buy and sell using AUD, they will be paying a higher trading fee than users on Swyftx. Having said that, both BTC markets and Swyftx charge fees that are 8 to 12 times higher than alternative exchanges such as OKX, Pheme and Bybit.
When it comes to depositing funds on BTC Markets and Swyftx, there are a few options available to users. Let's take a closer look at what each exchange has to offer.
BTC Markets supports fiat currencies such as AUD and cryptocurrencies, so users have a variety of options to choose from. For those who wish to deposit AUD, they can do so free of charge with either BPay or OSKO payments.
For those that prefer to deposit cryptocurrencies, they have over 30 coins and tokens to choose from, and deposits are free of charge.
As for Swyftx, they offer AUD deposits via PayID, Poli, bank transfers, and credit/debit card deposits with Visa and Mastercard. There are no fees when depositing AUD via PayID and bank transfers, but there is a 3.6% fee and up to 4% spread for those depositing with credit/debit card. That is ridiculously expensive and something that we would recommend people avoid paying.
In terms of withdrawal methods, BTC Markets offers free AUD withdrawals via BPay and OSKO. And for those that wish to withdraw their cryptocurrencies, the fees are 0.0003 BTC for Bitcoin, 0.005 ETH for Ethereum, 0.01 SOL for Solana and 7 USDT for ERC-20 USDT. These are decent fees overall, not great, not terrible.
On the other hand, users on Swyftx can withdraw two fiat currencies in AUD and NZD. While there are no fees for AUD withdrawals, the fee for NZD withdrawals are $10 excluding any possible fees charged by the bank.
For those that withdraw AUD with a bank that supports Osko, the withdrawal time is 1-2 minutes. For banks that don't support Osko, those have to wait up to 2 business days to receive their funds.
Cryptocurrency withdrawals on Swyftx come with a fee that varies based on the blockchain used, such as 0.0002 BTC for Bitcoin, 0.0018 ETH for Ethereum and 0.008 SOL for Solana. ERC-20 USDT withdrawals on Swyftx come with a fee of 7 USDT.
In conclusion, both BTC markets and Swyftx are two small local exchanges that target Australian beginners. While BTC markets offers 30 cryptocurrencies to buy and sell, Swyftx offers more than 10X that amount.
While the user experience on BTC markets is more appealing to beginners, Swyftx has somehow managed to make their interface look complicated even though they offer very few product and services.
In terms of trading fees, BTC markets is cheaper than Swyftx is users trade with BTC but more expensive if they trade using AUD as their trading pair. Whereas on Swyftx, users pay 0.6% when using the spot exchange but up to 1.2% where swapping cryptocurrencies.
While both exchanges can be a decent starting point for beginners who live in Australia, both exchanges are too basic, limited and expensive to recommend compared to alternatives in the market that offer wider offerings with much lower fees.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.