6 Best Swyftx Alternatives To Use 2022

Updated: Apr 21st, 2022
Kevin Groves
Kevin Groves
6 Best Swyftx Alternatives To Use 2022

A leading cryptocurrency exchange in Australia, Swyftx has been a great option to buy, trade and sell over 280 digital assets since the Brisbane-based company was founded in 2019. In a short period of time, Swyftx has gone on to become one of the best exchanges to buy crypto in Australia. With over 500,000 registered users, Swyftx has done a lot of things right. But is it a suitable platform for everyone? There are now several reputable alternatives to Swyftx that rival its top features. This article will list the best Swyftx alternatives and compare important aspects such as supported assets, trading fees and ease of use.

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Best Swyftx Alternatives In 2022

These are the best alternatives to Swyftx based on features, products, markets and trading fees:

  1. Digital Surge (alternative for beginners)
  2. FTX (best for leverage traders)
  3. CoinSpot (best for secure wallet)
  4. Independent Reserve (best for SMSF)
  5. eToro (good for copy-trading)
  6. Binance (best for staking)

Swyftx Alternatives & Comparisons

These alternate exchanges to Swyftx have been selected due to similarities in features, supported countries, accepted currencies, ease of use, trading fees, security and customer support. This comparison compares the exchanges based on the number of supported assets, available markets to trade, fees and overall rating.

ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
Digital Surge Logo

Digital Surge

300+0.5%
RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
4.7/5
StarStarStarStarEmpty Star
$10 Bitcoin for creating a verified accountVisit Digital Surge

Digital Surge Review
FTX

FTX

3190.02% / 0.07%
RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
4.7/5
StarStarStarStarEmpty Star
5% off trading feesVisit FTX

FTX Review
CoinSpot Logo

CoinSpot

350+1%
RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
4.7/5
StarStarStarStarEmpty Star
None available at this timeVisit CoinSpot

CoinSpot Review
binance australia

Binance Australia

3970.1%
RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
4.4/5
StarStarStarStarEmpty Star
20% off trading feesVisit Binance Au...

Binance Australia Review
etoro australia

eToro Australia

200+Spread only
RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
4.3/5
StarStarStarStarEmpty Star
None available at this timeVisit eToro Aust...

eToro Australia Review
independent reserve

Independent Reserve

260.5%
RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
4.2/5
StarStarStarStarEmpty Star
$10 BTC for creating a verified accountVisit Independen...

Independent Reserve Review

The Best Swyftx Alternatives

1. Digital Surge

Digital Surge is a modern and advanced crypto exchange for Australians that that provides a fast and easy way to buy and sell digital currency using AUD. The overall trading experience is streamlined and intuitive making it a great option for beginners and experienced users alike. Designed for simplicity, Digital Surge does not disappoint when it comes to supported assets, fees, spreads, deposit and withdrawal methods and customer support.

Digital Surge's best feature is the modern and intuitive website and mobile application that is supported on Android and iOS devices. The overall process to create an account, deposit funds, buy and sell, and instantly withdraw AUD to a bank account is seamless. For newer investors, the user interface is basic compared to Swyftx, however, is equivalent in terms of features, performance and security.

Digital Surge features compared to SwyftxDigital Surge features compared to Swyftx

The main point of difference between Digital Surge and Swyftx is the trading fees. The trading fee on Digital Surge is a meager 0.5% for buy and sell transactions which is cheaper than Swyftx which charges 0.6% per trade. Moreover, Digital Surge has a tiered-fee structure that reduces the trading fee when the user trades higher amounts. For example, for AUD trading volumes over $250,000 per month, Digital Surge's trading fee reduces to 0.4% per trade. Therefore, Digital Surge offers better value-for-money for high net-worth individuals and serious crypto traders that trade large amounts each month.

In addition, Digital Surge boasts lower spreads compared to other exchanges in Australia including Swyftx. Across its supported assets, the average spread on Digital Surge is approximately 0.4%. Compared to an average spread of 0.9% on Swyftx. In short, value investors are better off using Digital Surge to maximize their AUD deposits. For more information on the differences on fees between Swyftx and Digital Surge, read this article next.

2. FTX Australia

FTX Australia has launched its services to the Australian market to offer a spot market and suite of leveraged cryptocurrency products. The arrival of the international derivatives exchange provides locals with a reputable, liquid and trustworthy exchange to buy, trade and sell crypto in several markets. Given Swyftx does not provide a margin or Futures market, FTX is a great alternative to use leverage to maximize potential gains.

FTX is a world-class exchange that has been built by traders and has a powerful platform that is packed with advanced features and tools. There is a wide variety of markets to trade including spot, derivatives, options, volatility products and leveraged tokens. The spot exchange has over 320 supported coins at the time of writing which is a similar offering to Swyftx, however, there are more than 40 trading pairs that can be traded with leverage against Bitcoin, stablecoins and select altcoins.

FTX Australia leverage trading Bitcoin futuresFTX Australia leverage trading Bitcoin futuresFTX Australia leverage trading Bitcoin futures.

Aside from the variety of markets and its advanced trading terminal, the trading fees on Swyftx to buy and sell crypto are very competitive. Using a maker and taker model, the transaction fees are 0.02% and 0.07% respectively. Due to the high trading volumes on its exchange, the trading fees are much lower compared to Swyftx's flat fee of 0.6%. Moreover, FTX fees are tiered and can be reduced to 0.04% for takers with higher trading volumes.

There are disadvantages with FTX that should be considered such as the lack of crypto pairs against Australian Dollars. The deposit option is limited to Visa and Mastercard only and AUD funds will be automatically converted to USD which incur a foreign conversion fee of around 3%. In short, funding FTX with AUD is very expensive and it should be avoided.

3. CoinSpot

Regarded as one of the best exchanges in Australia, CoinSpot is another alternative to Swyftx investors can consider. Established in 2013, CoinSpot is an AUSTRAC licensed and Blockchain Australia member that provides a safe and secure platform to buy, trade and sell over 350 coins using its Instant Buy/Sell or Exchange. The best feature on CoinSpot is the easy-to-use platform to quickly and safely make it ideal for beginners.

Coinspot australia websiteCoinspot australia website

Like Swyftx, there is an abundance of listed cryptocurrencies on the CoinSpot platform that can be directly purchased with Australian Dollars that will appeal to various investors. A point of difference to Swyftx is the ability to purchase crypto using cash vouchers. While the fees are higher than using a traditional bank transfer, it gives users the flexibility to obtain crypto with Flexpin vouchers at news agencies in Australia.

The only downside with CoinSpot is users will likely pay higher fees than Swyftx which has a flat 0.6% fee. The trading fee using the instant buy and sell feature is 1% which include take profit, stop loss order and recurring buys which is expensive in the crypto market. There is the option to trade crypto on CoinSpot's exchange for a cheaper 0.1% fee, however, it lacks trading volume, liquidity and is difficult to use.

In short, investors in Australia that are looking for a trusted and reputable alternative, then CoinSpot comes to mind however expect to pay higher fees compared to Swyftx. For more information and a detailed comparison on Swyftx vs CoinSpot, read this article.

4. Binance Australia

Binance is one of the best destinations for serious crypto traders that want to speculate on altcoins. Geared for professional retail and institutional traders, Binance features a state-of-the-art user interface and over 395 cryptocurrencies to buy, trade and sell. The main difference between Binance and Swyftx is the user experience. Binance is not suitable for beginners and does require an advanced understanding of markets and trading. While there is the option to buy crypto with AUD using PayID on Binance, the site navigation and interface are a little difficult to use and can be overwhelming for beginners.

Buying and trading crypto's on Binance AustraliaBuying and trading crypto's on Binance AustraliaBuying and trading crypto's on Binance.

A major benefit for Australian cryptocurrency traders is the lower trading fees on Binance Australia. While Swyftx uses a flat fee of 0.6% per transaction, the fees on Binance use a maker and taker model that starts at 0.1% for buy and sell trades. Therefore, traders will save 0.5% in fees per trade on Binance compared to Swyftx. Moreover, traders do not lose out on spread costs or slippage as Swyftx obtains its liquidity from Binance. In short, Binance is a cheaper alternative to Swyftx when it comes to trading cryptocurrency.

In addition, Binance is a superior exchange for advanced trading with access to a variety of markets that are not offered on Swyftx. For example, Binance users can trade on a Peer-to-Peer exchange, Futures and leveraged tokens on the global website which provides greater flexibility to manage and trade a crypto portfolio. Moreover, Binance allows for greater staking options, lending and borrowing to take out crypto-backed loans or earn interest on deposits. Overall, Binance offers a wider selection of features and products and is a better alternative to Swyftx for experienced investors and traders.

5. eToro Australia

eToro is a powerful financial platform that offers crypto, stocks and indices for serious traders and investors. Etoro was established in 2007 and has grown into a popular online trading platform that is highly visual, intuitive and beginner-friendly. The user interface on eToro is very simple to use, modern and elegant which is useful for investors that are not familiar with trading.

etoro australia cryptocurrency dashboardetoro australia cryptocurrency dashboardeToro Australia cryptocurrency dashboard.

eToro has gained popularity for its ease of use and social community. While individuals can only purchase a CFD, otherwise known as a Contract-For-Difference and not the actual cryptocurrency asset. Therefore any potential gains are realized in fiat currency and not crypto. Its best feature is the ability to follow other traders and use the copy-trade system.

There are limitations with eToro Australia that should be considered. The platform offers CFD's only - not the actual asset. The selection of cryptocurrency pairs is also very limited compared to Swyftx. Although, for individuals that are looking to grow an AUD-based trading portfolio but want to take advantage of the volatile crypto market, trading with eToro is a great option. Moreover, eToro offers a different dimension for Swyftx users can maximize investment gains by following the top traders on the platform.

6. Independent Reserve

Independent Reserve is a trusted and reputable crypto exchange that has over 200,000 customers Australia-wide. While not the largest or most popular exchange in the country, Independent Reserve is a professional platform that is geared for high net-worth individuals and Self-Managed Super Fund (SMSF) investors. It is one of the best exchanges for SMSF investors with its premium OTC desk, detailed reports and taxation tool and customer support. In addition, SMSF investors can use dollar-cost averaging instead of making a lump sum investment.

Related: Where to buy crypto with an SMSF in Australia.

Independent Reserve SMSF featuresIndependent Reserve SMSF featuresIndependent Reserve SMSF features.

Independent Reserve trading fee starts at 0.5% and can be reduced to as low as 0.02%. While there is a minor AUD deposit cost for transactions under $1,000, the trading fees on Independent Reserve are cheaper than Swyftx and best-suited for serious crypto investors. The downside is the clunky user interface which does not have the modern, sophisticated and easy-to-use platform and mobile app compared to Swyftx.

Conclusion

Swyftx is a premium exchange for buying and selling cryptocurrencies in Australia with AUD, USD, NZD and Bitcoin. The feature-rich platform, competitive fees, wide selection of assets and intuitive mobile app are a few examples of why Swyftx is a top-rated exchange. However, there are similar exchanges to Swyftx which offer lower trading fees, leverage trading, copy-trading and a secure platform for SMSF investors. Ultimately, deciding on the best Swyftx alternative will depend on the user's financial objective and personal preference.

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Kevin GrovesKevin GrovesKevin Groves

Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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