If you're looking for the best Australian cryptocurrency exchange, you've come to the right place. In this article, we compare Swyftx and Digital Surge across a range of criteria, including KYC requirements, fees, deposit methods, and more. Read on to find out which exchange is the right fit for you.
Swyftx and Digital Surge are two Australian-based cryptocurrency exchanges that have carved out a niche in the crowded crypto market.
Swyftx was founded in 2018 by Alex Harper and Angus Goldman and has become one of Australia and New Zealand's most well known exchanges. With over 700,000 registered users, Swyftx has grown by offering a user-friendly interface that cater to novice crypto investors.
The exchange allows users to buy and sell over 320 cryptocurrencies, including well-known coins like Bitcoin, Ethereum, and Solana.
In contrast, Digital Surge is a smaller cryptocurrency exchange founded in 2017 by John Lehman and Dan Rutter. With less than 50,000 users, Digital Surge focuses on providing a simple and accessible way for Australians to buy, sell, and trade over 300 cryptocurrencies.
Both Swyftx and Digital Surge offer their services on mobile apps available on Android and IOS. Swyftx has over 10,000 downloads and a good rating of 4.0 stars based on over 1000 reviews, while Digital Surge has over 5,000 downloads and a 3.6 star rating.
Swyftx vs Digital Surge Signup & KYC
If you're looking to sign up for an exchange like Swyftx or Digital Surge, it's important to understand the signup process and KYC requirements for each platform.
Swyftx requires users to provide their full name, country of residence, phone number, and email in order to create an account.
Once the email address and phone number are verified, users must complete KYC by providing a government ID and a selfie if they wish to send and receive crypto.
KYC is mandatory for all users on Swyftx and it can take up to 1-2 days for the team to verify the account.
On the other hand, Digital Surge's signup process is relatively simple. Users only need to provide an email address and password to create an account.
However, KYC is still required afterwards and involves providing personal information like full name, address, and an Australian phone number. Non-Australian citizens won't be able to complete the KYC process. Once the documents are uploaded, Digital Surge typically verifies users within 1-2 business days.
Swyftx vs Digital Surge Products & Services
In terms of product range, Swyftx is a simple exchange that focuses on offering a beginner-friendly venue to new cryptocurrency investors.
Users can buy and sell over 300 cryptocurrencies via spot trading and they can opt in to recurring buys for those who wish to dollar cost average.
Considering they are mainly targeting beginners, one would expect a smoother and easier to navigate experience.
Similar to Swyftx, the range of products offered by Digital Surge is not vast. On the contrary, the exchange offers simple buy, sell and swap over 300 cryptocurrencies such as BTC, ETH, USDT, BNB, USDC and XRP.
For those that wish to dollar cost average, they can do so with recurring buys. And for those that simply want to be on top of prices, they can set price alerts.
The user experience on Digital Surge is actually very good with a well designed website that is easy to grasp for beginners. The exchange has made it simple for crypto beginners to signup, get verified and buy and sell cryptocurrencies.
Let's continue by taking a closer look at the trading fees offered by Swyftx and Digital Surge.
First up, Swyftx, this Australian exchange charges a maker and taker fee of 0.6%, which is definitely on the higher side compared to other exchanges out there.
Even for swaps, the minimum fee applied is 0.6% for the buy order and 0.6% for the sell order, resulting in a total fee of 1.2%, which is not great news for traders looking to save on fees. Unfortunately, Swyftx doesn't offer any rebates for higher trading volumes, so everyone pays the same fees for each transaction.
Now, let's take a look at Digital Surge. This exchange is also based in Australia and offers some pretty competitive trading fees. For spot trading, Digital Surge charges a maker fee of 0.5% and a taker fee of 0.5%, which is slightly lower than Swyftx's fees.
Overall, if you're looking to save on trading fees, Digital Surge is the better option compared to Swyftx. Having said this, both exchanges are relatively expansive and we recommend using alternative exchanges such as OKX and Gate.io instead.
When it comes to depositing funds into cryptocurrency exchanges, it's important to consider the available options and associated fees.
Starting with Swyftx, this Australian exchange offers a range of deposit options for its users. If you're looking to deposit AUD, you can do so via PayID, Poli, bank transfer, or credit/debit card. PayID and bank transfers are free of charge, but credit/debit card deposits come with a hefty fee of up to 4%.
In terms of support for fiat currencies, Digital Surge supports deposits for AUD. The available deposit methods for AUD deposits are PayID (bank transfer) and POLi.
PayID can be used to deposit money in as little as 60 seconds and it's 100% free. Deposits with POLi Pay on the other hand have a limit of $8k per day, and come with a small transaction fee.
Swyftx offers users the ability to withdraw two fiat currencies, AUD and NZD, with no fees for AUD and a $10 fee for NZD withdrawals.
Withdrawal times vary depending on whether the bank supports Osko or not, with Osko-supported banks having a withdrawal time of 1-2 minutes and non-Osko banks taking up to 2 business days.
For cryptocurrency withdrawals, Swyftx charges a fee of 0.0002 BTC for Bitcoin withdrawals, 0.0018 ETH for Ethereum withdrawals, 0.008 SOL for Solana withdrawals, and 7 USDT for ERC-20 USDT withdrawals.
For fiat withdrawals, users can withdraw their AUD from Digital Surge either via NPP/Osko withdrawals or through a normal bank transfer process. The minimum withdrawal amount is $20 and is free of charge.
When it comes to fees to withdraw cryptocurrencies, Digital Surge charges 0.0002 BTC for Bitcoin withdrawals and 0.006 ETH for Ethereum withdrawals. Solana withdrawals come with a 0.01 SOL fee and ERC-20 Tether come with a $7 USDT fee.
In summary, Swyftx and Digital Surge are two Australian-based cryptocurrency exchanges that offer a small range of services to their users.
Swyftx, being the larger of the two, offers a wider range of supported cryptocurrencies, over 320, compared to Digital Surge. It also has a larger user base, boasting over 700,000 registered users.
Its recurring buy feature and demo account option make it an attractive choice for beginners looking to venture into crypto trading. However, the crowded interface could be a challenge for new traders, and the trading fees of 0.6% for both maker and taker are relatively high.
On the other hand, Digital Surge, while smaller with less than 50,000 users, provides a simple and secure platform for Australian crypto investors. It supports over 300 cryptocurrencies and offers a simple buy, sell, and swap model, with recurring buy and price alert features.
Its user experience is praised for being well designed and beginner-friendly. The trading fees at Digital Surge are slightly more competitive, charging a maker fee of 0.5% and a taker fee of 0.5%.
Will either of these two exchanges satisfy the needs of more demanding or experienced cryptocurrency investors or traders? Unfortunately, the answer is no due to the limitation in products and services and because of the high trading 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.