Swyftx vs Digital Surge

Dominic Harper // January 7 // 0 Comments

If you're doing your research on cryptocurrency exchanges in Australia, you have most definitely heard of Swyftx and Digital Surge. They are two of the top crypto exchanges for Aussies and for good reason. How can you know which of them is better? I will help you decide with my head-to-head comparison of the two platforms.

If you want the answer now: my recommendation is Swyftx with 280+ coins, staking on 14 coins, Live Chat support, and a demo mode. Read through this comparison article to make up your own mind, because what suits the majority of people may not be what you personally need.

Comparison Table

Header

Coins

280+

280+

Trading Fee

0.6%

0.5%

Average Spread

0.50%

0.21%

Deposit Fee

Free

PayID: Free; POLi: $2 - $3.30

Withdraw Fee

Free

Free

Payment Methods

Bank transfer, POLi, Credit/Debit card, OSKO, PayID

PayID, POLi

Features

- Live Chat support

- Demo mode to practise trading with free play money

- Lowest fees and spreads

- Pay BPAY bills using Bitcoin

- Live Chat support

Cell
Header

Coins

280+

280+

Trading Fee

0.6%

0.5%

Average Spread

0.50%

0.21%

Deposit Fee

Free

PayID: Free; POLi: $2 - $3.30

Withdraw Fee

Free

Free

Payment Methods

Bank transfer, POLi, Credit/Debit card, OSKO, PayID

PayID, POLi

Features

- Live Chat support

- Demo mode to practise trading with free play money

- Lowest fees and spreads

- Pay BPAY bills using Bitcoin

- Live Chat support

Cell

Pros & Cons: Swyftx

  • P R O S
  • Demo mode so you can practise trading with free play money
  • Over 280+ different coins supported
  • Staking available so you can earn interest on your cryptocurrency
  • Live Chat customer support
  • C O N S
  • Higher fees and spreads compared to Digital Surge

Pros & Cons: Digital Surge

  • P R O S
  • Lowest combined fees and spreads in Australia
  • Over 280+ cryptocurrencies supported
  • Live Chat customer support
  • Pay BPAY bills using Bitcoin
  • C O N S
  • No staking available
  • No demo mode

Fees

Swyftx does not charge a fee for deposits and withdrawals, and their trading fees are 0.6%.

Digital Surge does not charge a deposit fee for PayID, but if you use POLi there is a fee of $2 - $3.30. Withdrawals from Digital Surge are free. The trading fees on Digital Surge 0.5% but they can be reduced if you are a high-volume trader over the previous 30 days.

Fees Winner: Digital Surge

Digital Surge has free AUD withdrawals and free deposits using PayID, with low trading fees of 0.5%. 

Spread

Everyone knows to check for the fees when you are comparing crypto exchanges, but beginners may not think about the spread. Spread is the difference between the buy price and the sell price for any given cryptocurrency. If the spread is wide, you could be losing more in hidden fees than you realise, even if the trading fee is a lower percentage.

From the results of this reliable real-world test on lowest fees and spreads, conducted by Australia's best crypto exchange review site, Swyftx has an average fee (including spread) of 1.1%, whereas Digital Surge's average fee (including spread) is just 0.71%.

Spread Winner: Digital Surge

Digital Surge has lower spreads than Swyftx, and in fact won the test on lowest fees and spreads in Australia.

Number of Coins

Swyftx nad Digital Surge both have an impressive range of more than 280+ cryptocurrencies.

Number of Coins Winner: Tie

Both Swyftx and Digital Surge have 280+ cryptocurrencies, so there is no winner in this section.

Features

Swyftx is perfectly designed with beginners in mind. It is so simple to use, has instant buys and sells, a mobile app, Live Chat support team, and a unique demo mode. The demo mode is great for newcomers because it gives them a chance to practise trading with $10,000 play money to get the hang of the cryptocurrency market. Swyftx also allows staking on 14 different coins, so you can grow the amount of crypto you own, while you invest in the long-term.

Digital Surge is also very beginner-friendly, with a basic interface that newcomers can easily navigate. They have 24/7 customer support via Live Chat or email, so you don't need to worry if you run into any issues. Digital Surge also has a cool feature where you can pay any BPAY bills using Bitcoin. This is great for convenience, as well as a big step in the right direction for making cryptocurrency a mainstream payment method.

Features Winner: Swyftx

Swyftx's demo account is the main feature that sets it apart from Digital Surge. It is so useful to be able to practise buying and selling, especially for beginners that are not comfortable with how it all works. Being able to stake on Swyftx is also a great feature, allowing you to get more out of your investment.

Security

Swyftx is a safe and trusted cryptocurrency exchange implements many different security features to ensure users' data and assets are protected. This includes biometric authentication, 2FA (Two-Factor Authentication), KYC verification, consultation with 3rd party security auditors and conducting external penetration testing.

Digital Surge is also very secure, with frequent updates to their multi-layered security. The majority of their cryptocurrency is stored safely offline in cold storage to prevent losses via hacks or theft. There has been no reports of hacks or cybersecurity breaches since Digital Surge was founded in 2017.

Security Winner: Tie

Both Swyftx and Digital Surge are top crypto exchanges with the highest levels of security. Neither have been hacked since their establishment.

Overall Winner

Swyftx and Digital Surge are quite similar crypto exchanges. They are both built for beginners, with low fees and spreads, and offer 280+ coins. Even though Digital Surge's fees and spread are slightly lower than Swyftx, I feel that Swyftx manages to edge out the competition due to two main features.

Firstly, Swyftx has the useful demo account which is the perfect tool for crypto beginners to learn on. With $10,000 of virtual money at your disposal, you can practise trading with no risk, and see the real-time results of your decisions, as the actual prices of crypto are reflected in your demo account.

Secondly, Swyftx has added staking to their platform in late 2021, and is the first of the big Australian crypto exchanges to do so. You can stake 14 different coins on Swyftx, which is a way for you to earn more crypto simply by holding it in your account. This is a great strategy for long-term holders, because you might as well make some money while you wait for your crypto to increase in value.

If you still can't make up your mind about which crypto platform to use, you can check out the full reviews here (Swyftx and Digital Surge), or even read our helpful article on the best crypto exchanges in Australia. There's also a small table below, where you can compare the main info on the best crypto exchanges.

Digital Surge
Swyftx
CoinSpot
eToro
Binance
Crypto Exchange
Crypto Exchange
Digital Surge
Swyftx
CoinSpot
eToro
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD, NZD
AUD
AUD, USD, GBP, EUR & 11 more
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BNB, ADA, XRP & 280+ more
BTC, BTG, BCH, ADA, ETH, ETC & 280+ more
BTC, ETH, LTC, XRP, BCH, ADA & 330+ more
BTC, ETH, BCH, XRP, LTC, ADA & 24 more
BTC, ETH, LTC, BNB, ADA, XRP & 300+ more
Deposit Methods
Deposit Methods
PayID, POLi, OSKO, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
Market order: starts from 0.5%, Instant buy: 0.5%
0.6%
Market order: 0.1%, Instant buy: 1%
Included in spread
0.1%

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About the Author: Dominic Harper

Dominic has a background in finance and is passionate about cryptocurrency, blockchain technology and NFTs. He has been investing in crypto since 2017, and is excited about the potential for innovation and creative uses for NFTs in the near future.

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