Swyftx and Digital Surge are two of Australia’s most popular crypto exchange platforms. Both provide robust platforms with hundreds of digital assets to trade in and good liquidity given their relatively high daily trade volume.
Whether you opt for Swyftx or Digital Surge, you can be sure you will end up on a secure and easy-to-use platform you can use to exchange all your favorite coins. However, the two have essential differences that every trader needs to understand to pick the right fit.
The two crypto exchanges will differ in trading fees, deposit methods, security, and customer support. Understanding these differences is vital when deciding which Australian cryptocurrency exchange will give you the best experience.
Swyftx vs. Digital Surge: Supported Cryptocurrencies
Swyftx is the largest Australian trading platform going by the daily trading volumes and number of users. But, what some traders might not know is that it is also the industry leader when it comes to cryptocurrency offerings.
Traders can exchange over 250 different currencies on the Swyftx. Their catalog of supported cryptocurrencies is also highly diverse because, besides the traditional ones like Bitcoin, Ethereum, Ripple, and Litecoin, there are also many other less famous options.
These other options on the Swyftx platform include TROY, AVA, and VIA. Some traders find these other “smaller” assets less volatile than the more popular options.
Digital Surge also offers more than enough cryptocurrency options as there are at least 260 different coins you can exchange. Like Swyftx, their catalog is also quite diverse as they include both traditional and some less known options. Additionally, the company adds more coins often than most other Australian exchanges.
Trading Fees
Trading fees on both platforms are within the industry standard or at least close to what a majority of Australian crypto exchanges will charge.
Swyftx charges a flat-rate fee of 0.6% for every transaction, and they do not divide it into maker and taker fees like many other global exchanges tend to do. However, they provide some discounts for large volume traders. Also, the company has lower spreads that go as low as 0.45%; meaning traders spend a little over 1% as the total trading fee per transaction.
Digital Surge also has a flat-rate fee instead of a separate maker and taker fee. Their fees are based on the monthly trade volume, ranging from 0.1% to 0.5%. The low-volume traders that trade under 100,000 AUD will pay 0.5% per transaction, while the high volume traders that average over 1 million AUD per month pay 0.1%.
Account Funding Methods
Given that Swyftx and Digital Surge serve the local Australian traders, both provide convenient local methods for funding trading accounts.
Swyftx allows for bank transfer, POLI, and PayID. With their bank transfer method, you get instant deposits to your account when using OSKO bank accounts and up to 6 days when using others. PayID and POLI deposits are typically instant, which is why most traders on this platform prefer these methods. Additionally, the exchange also accepts credit/debit deposits, but this method is still not streamlined enough, given it is relatively new on the platform.
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When using the Digital Surge exchange, you can add cash to your account using PayID or POLI. If you opt to use PayID, the transaction is 100% free, and all subsequent deposits after the first one will take under 1 minute. POLI deposits are also instant but attract a small transaction fee between $2 and $3.30 and a daily limit of $8,000.
It is important to note that Digital Surge will not accept credit card payments. All deposits have to come from a bank with similar names to the trader’s account. Otherwise, the deposits are rejected.
Swyftx vs. Digital Surge: Opening Account & Account Limits
Registering on both Swyftx and Digital Surge is fast and easy. In most instances, you should be ready to start trading in as little as 5 minutes for both exchanges.
Like any other crypto exchange, Swyftx and Digital Surge have account limits that traders must adhere to when trading. Traders can deposit/withdraw a maximum of $20K per day, but the limit for both exchanges can be increased up to 100,000 when traders provide extra documentation.
How to Create Swyftx Account
- Click the “Sign Up” button to open the registration page
- Fill up your email address, name, phone number and create a password
- Agree on the terms/conditions and then click on “Create My Account” to finish
- For verification, go to the “Profile” on the sidebar and click “Verification.”
- Verify your phone number, email, and ID by following the prompts
- Deposit AUD to your account and start trading
How to Create Digital Surge Account
- Navigate to the “Sign Up” page
- Enter your email and create a password
- Verify email to finish the basic account setup
- Login to the account and use RapidID and 2-factor authentication for identity verification
- Add funds to your wallet and start trading.
Swyftx vs. Digital Surge: Ease of Use & Interface
Both Swyftx and Digital Surge have some reasonably intuitive user interfaces that are both easy to comprehend and simple to navigate, even for the absolute beginners using an exchange for the first time.
Swyftx has both web-based and mobile trading platforms. The interface on both platforms makes it easy to navigate the different items like the wallet, asset list, and charts. Additionally, the dashboard is fully customizable to allow the users to fine-tune it to suit their specific preferences.
Another fantastic feature of the Swyftx platform is the demo account that new users can sharpen their skills without risking real assets.
Digital Surge provides a simple dashboard that allows traders to see their investment performance by checking their portfolios. A live chart and other valuable tools traders can use to monitor and track your trading.
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Security Features
Digital Surge and Swyftx are secure enough crypto exchanges that Australians can use with no worries of losing their digital assets.
Digital Surge has a multi-layered security system that receives regular updates to ensure maximum security for user assets. Also, the exchange provides a 2-factor authentication for the withdrawals to ensure only the actual account holders can access your funds.
Swyftx also uses a multi-layer security system to keep client’s funds safe. Both customer wallets and accounts require 2-factor authentication, which makes unauthorized account access difficult. You will need the 2-factor authentication for things like withdrawals and changing the account details. Also, some high-volume traders will require you to use 2FA before execution.
Customer Support
When you run into trouble in any of the two platforms, you can be sure of prompt resolution of your problem, given that both have excellent customer support.
Swyftx has a highly responsive customer support team that is reachable through live chat, phone calls, telegram, and even email through their support ticket system. The team takes as little as 1 minute to respond to your issues for their live chat and phone support, while emails take under 24 hours. Additionally, you can get help on most social media platforms.
Digital Surge boasts of a highly professional customer support team that is also super friendly and knowledgeable on the cryptocurrency exchange to ensure they always have a solution for your issues. The support is available through live chat and email. Response time for live chats is under an hour, while emails take less than a day.
Is Swyftx a safe exchange?
Swyftx is one of the safest exchanges you can use in Australia, and the fact that it has never been hacked is enough proof of this. With the inclusion of multiple layers of security, you can be sure your wallet and account are always secure.
The crypto exchange website integrates with Auth0, a cloud-based service that helps ensure the highest level of account safety by giving accounts and passwords an extra layer of security.
Most of the trader assets on the Swyftx are stored in cold offline storage to ensure that even if the exchange is ever compromised or hacked, the assets will be unreachable. But, there is also a hot wallet to ensure the platform still maintains smooth operation.
Is Digital Surge a safe exchange?
Although Digital Surge is a relatively new exchange, it has proven to be safe enough. Like Swyftx, the exchange has never been compromised, and there have not been any cases of trader funds being stolen or hacks.
Their multi-layer security protocols and other things like 2FA have proven effective enough to keep the exchange secure. The company uses hot and cold storage wallets to ensure that most user funds are stored offline, which keeps them out of reach for hackers.
Conclusion
For any Australian looking for a reliable cryptocurrency exchange platform, Swyftx and Digital Surge are two great options. Both platforms offer various digital assets for trading, highly secure platforms, excellent customer support, and easy setup accounts.
However, the right option for you between these two depends on what you are looking for in an exchange. You have to consider whether you want an exchange with the lowest fees, highest liquidity, or the most straightforward user interface.
That said, Swyftx is the larger and older exchange of the two, and it seems to have the edge over Digital Surge in all these aspects. Hence, it will be the better option for traders who prefer a tried and tested crypto exchange.
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