The Australian government, in 2017, pronounced cryptocurrencies legal. This move makes them liable to Counter-Terrorism Financing Act and Anti-Money Laundering 2006 (CTF/AML 2006), section 5 and other relevant rules.
Since then, the Australian crypto market has seen a significant influx of cryptocurrency exchange platforms.
Swyftx and Digital Surge are the top cryptocurrency exchanges in Australia. They both come with exceptional features and privileges that people often find it hard to pick the best.
In this article, we’ve compiled a head-to-head comparison of the two to help you pick your ideal cryptocurrency platform.
Swyftx and Digital Surge Overview
Swyftx, based in Brisbane, is a crypto exchange launched in 2019, which has swiftly gained a position in the top-ranked digital asset providers in Australia.
This sudden surge to recognition can be accredited to its transparent and straightforward process for buying, trading, and selling digital currencies.
Moreover, this platform offers a wide range of digital assets compared to other exchanges—with over 280 assets.
Swyftx comes with superb features such as high-speed deposits and withdrawals, recurring orders, portfolio tracking, demo mode and price alerts, incomparable customer service, competitive fees, low spreads and interactive social communities for users.
- It’s a famous platform with community support.
- It has a quick verification process, sophisticated trading apparatus and charts.
- It comes with minimum trading fees of 0.6% and low spreads
- Their app has features compatible with mobile phones
- Newbies need some time to master the platform
Digital Surge is an Australian-based crypto exchange that gives Aussies direct access to purchase Bitcoin and 270+ altcoins with AUD. This platform offers an outstandingly simple process to buy, sell and store crypto coins in Australia.
The Digital Surge designers have ensured that the platform layout is conveniently easy for everyone, including newbies. The User Interface (UI) has been simplified to ensure that it’s simple to grasp with little complexity.
The platform, like Swyftx, is jam-packed with features such as visual portfolio management, 0.5% trading fees, fast AUD deposits and withdrawals, and a mobile-friendly interface.
- Its straightforward interface arrangement is suitable for beginners
- It has an exceptional customer service
- There’s a fee discount for voluminous trading
- It comes with a low 0.5% maximum fee and low spreads
- Order types are limited
Other Comparable Features
Additionally, we can compare both platforms based on the features below:
Ease of Use
Swyftx and Digital Surge are certified with AUSTRAC, an Australian government entity that oversees financial institutions, to prevent cybercrime, terrorism funding, and money laundering risks.
As a result, both platforms are obligated to follow AML/CTF rules, implying that clients must go through an identity verification procedure known as Know-Your-Customer (KYC).
While both exchanges have simplified the KYC process and can be done in a matter of minutes, the requirements for this process vary.
Swyftx, for example, requires the user to simply provide a mobile number, email address, and ID number. You don’t need additional copies of government-provided documents such as your driving license or passport.
Digital Surge also requires an email address and a cell phone number. RapidID and Two-Factor Authentication (2FA) are employed to authenticate user identity.
Users who want to verify their identification must submit a copy of their driver’s license or passport. Overall, both Swyftx and Digital Surge certification processes are basic and straightforward.
Swyftx and Digital both offer widely accessible means for depositing AUD to load the wallet. The exchanges accept fiat deposits made using PayID, POLi, and OSKO, all of which are near-instant transactions. Swyftx and Digital Surge vary primarily in their support for credit/debit cards.
Digital Surge exchange users can not load their wallets using credit and debit cards. Even so, credit card purchases come with a hefty fee of 4% of the deposited amount. On the other hand, Swyftx platform users can buy cryptos with bank cards of supported Australian banks.
This difference gives Swyftx an advantage over Digital Surge as it offers more excellent alternatives for users.ft
Key Distinguishing Features
We won’t dwell on the whole range of features of the Swyftx and Digital Surge exchanges. In lieu, we’ll only focus on features that make them distinctive from other platforms.
Swyftx has an exceptional demo mode that you can’t come across in any other Australian crypto platform.
This feature allows first-time users of Swyftx to get familiar with the trading platform, navigate the dashboard, and stimulate trading cryptocurrency using play money.
This feature is a relief for most newbies in the crypto field, especially those who can’t afford to commit mistakes and lose their hard-earned cash.
Additionally, Swyftx’s UI is highly customisable, allowing you to customise the dashboard to only display information you perceive to be necessary. It even enables you to pick the sequence of the information displayed to suit your needs.
On the other hand, Digital Surge boasts as a forerunner in allowing investors to buy Australian bills or credit cards using bitcoin in their accounts.
This feature is not available on most platforms: it paves the path for cryptocurrencies to become a more widespread financial instrument.
Both platforms (Swyftx and Digital Surge) offer Live Chat customer services—a unique feature. Most Australian exchange platforms only provide support via email, which can be an issue if you need assistance instantly.
Account Opening Procedures And Limits
Opening a trading account is fast and straightforward on both Swyftx and Digital Surge platforms. In a best-case scenario, you’ll be done in five minutes or less on both platforms.
Swyftx and Digital Surge, like other crypto exchanges, have account limits that investors have to observe when trading.
Investors are only allowed to withdraw or deposit a maximum of $20,000 a day. However, both platforms can increase the limit up to $100,000 if you provide additional documents.
How to Create an Account on Swyftx
- Press the “Sign Up” icon to initiate the registration process
- Enter your name, phone number, email address, and create your unique special password
- Accept the terms and conditions and press on “Create My Account” to complete the process
- Move to the “Profile” on the sidebar and press “Verification.”
- Verify your details (phone number, ID, and email address)
- Make your first AUD deposit and start trading
How to Create Digital Surge Account
- Navigate to the “Sign Up” page
- Fill your email and create your password
- Verify your email to complete the account configuration
- Sign in to your account and use RapidID and 2-factor authentication to verify your identity
- Load your wallet with funds and start trading
Which Exchange Is Cheaper?
Trading costs are a key factor when choosing between Swyftx and Digital Surge for value investors and traders.
We compared the charges levied by both platforms, including deposit fees, spreads, trading fees, and the cost of withdrawing AUD to your bank account or cryptocurrency to your wallet.
Deposit and Withdrawal Fees
Swyftx and Digital Surge charges are the same as deposit and withdrawal of AUD or transferring cryptocurrency to your wallet. Both platforms don’t charge their users who pay through PayID.
However, for POLi deposits, Digital Surge charges a fee starting at $2 to $3.30. In other words, Swyftx is the cheaper alternative to deposit AUD with greater options of payment methods and zero fees compared to Digital Surge.
Swyftx offers a flat rate of 0.6% per transaction for buying and selling orders which are pretty competitive in the Australian market. The high liquidity providers allow Swyftx to decrease slippage on its trading pair and maintain spreads as low as 0.45% per trade.
Contrarily, Digital Surge gives a slightly more lucrative trading fee of 0.5%.
Furthermore, Digital Surge trading costs are arranged in a tiered way, with larger trades charging a different fee depending on a rolling 30-day trade volume.
The trading volume is calculated every hour, and if the volume surpasses 1 million AUD, the trading costs are decreased to 0.1 per cent.
Generally, Digital Surge offers you a greater value for your money when comparing trading fees, which may be up to 50% lower when compared to Swyftx when trading fees and spreads are included.
The Swyftx UI is well-arranged and has a straightforward navigation bar on the left side with a fast option to trade, deposit, withdraw, set up recurring orders and view the asset list.
Swyftx’s layout may be modified to the user’s preferences, including the ability to toggle dark mode and hide or show widgets. Swyftx has a key edge in that it offers a demo account, which is unique in the Australian market.
Likewise, the Digital Surge user interface is straightforward for novices to use. Instead of a sidebar, the interface is navigated by four primary tabs: dashboard, wallets, buy & sell, and markets.
The dashboard tab displays the success of your portfolio across various periods.
Crypto may be acquired or traded in a few simple steps, and users can view existing assets under the wallets page. While the user interface is simple, traders cannot customise it, as is the case with Swyftx.
While Swyftx provides more features and a range of options to pick from, Digital Surge has a simple and more easy layout than beginners find ideal.
Exceptional features and simplicity hold up the Swyftx and Digital Surge exchanges, making them perfect for beginners.
When it comes to buying cryptocurrencies, there isn’t a significant difference between the two exchanges. Users can easily find the buy option, enter the number of assets they desire to buy or the amount of AUD, then confirm the transaction.
However, the similarities come to an end where complex trading starts:
- Digital Surge enables the traders to configure trigger orders (take profit orders or stop loss) and recurring purchases, known as Dollar-Cost-Averaging (DCA).
- The Swyftx exchange offers greater flexibility to pick a trigger order depending on the market direction.
The following order kinds are available:
- Market order
- Limit order
- Stop order (not available on Digital Surge)
- Recurring orders
Users can swiftly fill the size of the trade using the percentage auto-fill choice (e.g. 20%, 40% or 60%) of the available capital.
Sophisticated trading charts and tools like the candlestick charts are provided for intermediate and expert traders to maximise the performance of their trading approach.
The intermediate and advanced traders who use conditional orders like the stop-order to buy higher in a pull market should find Swyftx an ideal option.
Platform Access and Application Availability
Swyftx platform is accessible on mobile phones and has a general user rating of 4.5/5 on the Android Play store, depending on over 5,767 reviews. Most of the functions on the desktops site can be accessed on the app, making it easy to track balance, place trade or view charts.
Digital Surge also launched a mobile platform compatible with Android and iOS devices. Instead of entering the sign-in details, the Android app integrates biometric login, simplifying the whole process.
Moreover, the UI operates seamlessly, and virtually all of the desktop features are available, including the capacity to align trigger orders and the 24/7 live chats.
Swyftx and Digital Surge are certified by the AUSTRAC and observe the AML/KYC requirements.
Additionally, they implement high-end security measures, including hot storage wallets, 2FA verification, and multi-layered security protocols.
Digital Surge also keeps users’ assets in a combination of hot and offline cold wallets, making it hard for unauthorised individuals to access the digital assets held in cold storage if the security system is compromised.
Since their launching, the two firms have never reported any hacks of loss, damage or theft.
Swyftx offers a customer support team of at least 29 people available 24 hours a day, seven days a week. Their degree of devotion to customer service is exemplary, as evidenced by a 4.7/5 star rating from Trust Pilot evaluations based on over 2,900 user reviews and remarks.
Nearly 87% of users’ feedback on the trading platform, phone app, and customer service have received an excellent rating, which is exceptional for a cryptocurrency forum with over 350,000 members.
The website has over 100 articles on how-to instructions, explanations, and frequently asked questions (FAQ).
On the other hand, Users may reach Digital Surge’s customer care service by email or a live chat app. The live chat software has a very rapid response time—usually within one minute.
The platform features a comprehensive section that addresses the most frequently asked questions. The customer assistance service has received great reviews on TrustPilot and Reviews.io, which is a good indicator.
In summary, Swyftx has a committed customer care team active on all of their social media channels and responds quickly to inquiries.
Swyftx dominates the field in customer care, owing to their more extensive client base compared to Digital Surge.
However, some customers have reported longer delays of up to three days.
The Winner Is—Digital Surge
Digital Surge offers simple processes, and perhaps that’s why it is so popular in Australia. Its platform is highly easy-to-use that we’re convinced even a complete novice would find it manageable.
Setting up an account will only take two minutes, and depositing using AUD will ease your journey into the crypto world. There is a wide range of coins to pick from, such as Bitcoin, Ripple, Ethereum and over 270 altcoins accessible on this platform.
Moreover, unlike other platforms that force traders to buy Bitcoins first then use them to purchase altcoins, Digital Surge allows you to buy any digital coin with AUD.
Additionally, Digital Surge features cheap costs and spreads, meaning you get more cryptocurrency for your money. And by a vast extent, Digital Surge has the lowest fees and spread.
Furthermore, Digital Surge includes valuable information and courses to help newcomers learn about cryptocurrencies and investments on their websites.