Swyftx vs Digital Surge: How Do They Compare?
In this comparison article between Swyftx and Digital Surge, we compare two of the best cryptocurrency exchanges in Australia that have taken the industry by storm. Each platform offers exceptional features, low fees and a beginner-friendly trading experience. In this comparison between Swyftx and Digital Surge, we will compare the exchanges head to head to see which comes out on top using important criteria such as products and services, ease of use, deposit options, trading experience, supported cryptocurrency, fees, security and customer support.
- 1 Quick Overview: Swyftx vs. Digital Surge
- 2 Swyftx & Digital Surge Overview
- 3 Which Is Easier To Get Started With?
- 4 What Deposit Methods Are Available?
- 5 Which Exchange Is Cheaper?
- 6 Which Has A Better User Experience?
- 7 Swyftx or Digital Surge For Trading?
- 8 Which App Is Better: Digital Surge v Swyftx?
- 9 Are There Any Differences In Security?
- 10 Who Has Better Customer Support?
- 11 Final Verdict: Swyftx or Digital Surge
- 12 Conclusion
Quick Overview: Swyftx vs. Digital Surge
Swyftx & Digital Surge Overview
Swyftx is a Brisbane based cryptocurrency exchange that was established in 2019 and has fast become a leading provider of digital currencies within Australia. The rapid surge to popularity is attributed to providing a simple and transparent way for individuals to buy, trade and sell over 280 cryptocurrency projects using their website or mobile app. Some of the top features on Swyftx include rapid AUD deposits and withdrawals, portfolio tracking, recurring orders, competitive fees, low spreads, demo mode and price alerts, responsive app, excellent customer service and engaging social communities for their members.
Digital Surge is a crypto exchange that provides Australians with direct access to buy Bitcoin with AUD or 260+ altcoins. It is a cryptocurrency exchange that provides a uniquely easy way to buy, sell and store crypto in Australia. The team behind Digital Surge have taken extreme care to ensure their platform is suited for beginners. The user interface is streamlined to make it easy to understand with little complexities. Like Swyftx, the platform is packed with features including visual portfolio management, low trading fees of 0.5%, instant AUD deposits and withdrawals and a responsive application for mobile devices.
Which Is Easier To Get Started With?
Swyftx and Digital Surge are both registered with the Australian government body AUSTRAC, which regulates financial institutions to mitigate against risks associated with terrorism funding, money laundering and cybercrimes. Therefore, both exchanges are required to adhere to AML/CTF laws which means that customers will need to complete an identity verification process known as Know-Your-Customer (KYC).
The KYC process for both exchanges is streamlined and can be completed within a few minutes, however, there are some differences in what is required. Swyftx will prompt the user to provide an email address, mobile phone number and ID document number only. There is no need to provide copies of a government-issued document such as a driver’s licence or passport.
An email and mobile phone number are also required for Digital Surge. RapidID and Two-Factor Authentication (2FA) are used to verify the user’s identity. Users verifying their identity will have the choice of using their smartphone camera for a facial recognition check or submitting a copy of a drivers licence or passport. Overall, both the Swyftx and Digital Surge verification process is simple and can be completed without hassles.
What Deposit Methods Are Available?
Swyftx and Digital offer commonly available methods to deposit AUD to fund the wallet. Both exchanges will support fiat deposits to be made via PayID, OSKO and POLi which are near-instant transfers. The main point of difference between Swyftx and Digital Surge is the support for credit/debit cards and bank transfers.
Digital Surge does not offer these payment options. Customers that use the Swyftx platform have the flexibility to use instant payment methods such as a bank card to purchase crypto with supported Australian banks. For this reason, Swyftx wins this category for deposit methods as it provides greater options for consumers.
Cryptocurrency from wallet
Which Exchange Is Cheaper?
Trading fees are an important consideration for value investors and traders that are looking to select Swyftx or Digital Surge. We have assessed the fees charged by both platforms which include deposit fees, trading fees, spreads and the cost to withdraw AUD to a bank account or cryptocurrencies to a wallet.
Deposit & Withdrawal Fees
Swyftx and Digital Surge fees are similar to deposit and withdraw AUD or transfer crypto to an external wallet. Both exchanges offer zero AUD deposit fees using PayID as the payment method. However, Digital Surge charges a POLi deposit fee that starts at $2 and is capped at $3.30. In short, Swyftx is the cheaper option to deposit AUD with a greater selection of payment methods with zero charges compared to Digital Surge.
Swyftx has a flat fee of 0.6% per transaction for buy and sell orders which is quite competitive in the Australian market. The high liquidity providers enable Swyftx to reduce slippage on its trading pairs and keep spreads as low as 0.45% per trade.
Compared to Swyftx, Digital Surge offer a slightly more attractive trading fee of 0.5%. Additionally, Digital Surge trading fees are structured in a tiered system where larger trades will be charged a different fee based on a rolling 30 day trade volume. The trading volume is calculated every 1 hour and the trading fees can be reduced to 0.1% if the volume exceeds 1 Million AUD. Overall, Digital Surge represents better value for money when comparing trading fees.
Which Has A Better User Experience?
The Swyftx user interface is well laid out with a simple navigational bar along the left side with quick options to trade, deposit funds, withdraw AUD, configure recurring orders and view the asset list. The Swyftx layout can be customised to the needs of the user including toggling of dark-mode, and the hiding or presenting of widgets. A significant advantage of Swyftx is the availability of a demo account that is unique in the Australian market.
Similarly, the Digital Surge interface is intuitive and easy for beginners to get accustomed to. Instead of a sidebar, navigation on the interface is done using four main tabs: dashboard, wallets, buy & sell and markets. The dashboard tab will show the performance of your portfolio over selectable periods. Crypto can easily be purchased or sold in a few easy steps, and currently held assets can be seen in the wallets tab. The user navigation is quite easy to follow however can not be customised like on Swyftx which applies to the mobile application as well. This is a useful features for regular users.
Which interface is better comes down to personal preference. Swyftx offers more functionality and options to choose from, whereas Digital Surge has a cleaner and more simplistic arrangement that is ideal for beginners.
Swyftx or Digital Surge For Trading?
Features and ease of use underpin the Swyftx and Digital Surge platforms making both suitable for beginners. In terms of buying cryptocurrencies, there was no significant difference between the two platforms, with assets able to be bought through ‘quick buy’ features. Users will be able to easily find the buy function, enter in the amount of asset to buy or the amount of AUD to spend, and confirm the transaction.
The similarities end where advanced trading begins. Digital Surge offers the ability for investors to set up trigger orders (stop loss or take profit orders) and recurring buys, otherwise known as Dollar-Cost-Averaging (DCA). In comparison, the Swyftx platform is more advanced in the buying and selling crypto experience. The available orders types include:
- Market order
- Limit order
- Stop order (not offered on Digital Surge)
- Recurring orders
Customers can quickly enter the size of trade using the percentage auto-fill options (e.g. 25%, 50% or 75%) of available trading capital. Advanced trading charts and tools such as candlestick charts are available for intermediate and advanced traders to maximise the performance of their trading strategy. Intermediate to advanced traders that use conditional orders such as stop-orders to buy at a higher price in a bull market (e.g. break out traders), Swyftx is the better option in our opinion.
Which App Is Better: Digital Surge v Swyftx?
Swyftx has a mobile trading app that has an overall user rating of 4.5/5 on the Android Play store based on 5,767 reviews. The vast majority of the features on the desktop site are available on the app which makes it easy to monitor balances, places trades or view charts while on the go.
Digital Surge has released a mobile platform that is compatible with iOS and Android devices. Rather than entering in login details, the Android app supports biometric login which streamlines the process. The interface performs seamlessly and almost all of the desktop features are accessible, including the ability to set trigger orders and the 24/7 live chat.
Are There Any Differences In Security?
Swyftx and Digital Surge are both registered with AUSTRAC and adhere to AML/KYC requirements. Both exchanges appear to be safe and secure exchanges that implement industry-standard security measures which include 2FA verification, hot storage wallets and multi-layered security processes. In addition to this, Digital Surge store user’s digital assets in a combination of hot and offline cold wallets. This means that in the unlikely event that a security breach occurs, assets held in cold storage will be inaccessible and kept safe. Since the exchanges were established, there have been no reported hacks of loss, damage or theft of funds on Swyftx or Digital Surge.
Who Has Better Customer Support?
Swyftx has a 24/7 service desk with at least 29 members in the customer support team. The level of commitment to customer service is second to none and is reflected with a 4.7/5 star rating according to Trust Pilot reviews based on 2,900 user reviews and comments. Approximately 88% of customer feedback on the trading platform, mobile app and customer service has been rated as excellent, which is outstanding for crypto platform with over 350,000 users. The website also provides a comprehensive section with over 100 articles on how-to guides, tutorials and Frequently Asked Questions (FAQ).
The customer support team at Digital Surge can be contacted through a live chat app or via email. The response time of the live chat app is very quick and within the same hour. The exchange provides an interactive Bitcoin wizard to help users get started or the FAQ section that answers the most commonly asked questions. The feedback on the customer support service was mostly positive on TrustPilot and Reviews.io which is a good sign.
In short, Swyftx provides a dedicated customer service team that is active on all their social media channels to provide rapid responses to queries. Given their much larger customer base compared to Digital Surge, it is apparent Swyftx is leading the industry by providing first-class customer service.
Final Verdict: Swyftx or Digital Surge
To assist investors and traders in making an informed decision between Swyftx and Digital Surge, we have created a simple scoring system for each of the evaluation criteria as shown below. Based on our comparison review, we have chosen Swyftx as the better option in most of our categories.
Account creation & ID verification
Based on our comparison review, the two key differences between Swyftx and Digital Surge are the trading fees and the availability of advanced trading features and charts. Digital Surge’s slightly lower trading fee of 0.5% will appeal to individuals that want to buy and hold assets. However, the simplistic design and lack of advanced trading features and charting on Digital Surge may deter experienced traders.
Swyftx and Digital Surge are both are reputable exchanges in Australia and offer excellent platforms for individuals to get started with cryptocurrencies. The charting features and overall trading experience on Swyftx will also appeal to experienced investors and this holds an advantage over the beginner-friendly interface of Digital Surge. Swyftx has a large user base and has established itself as a leader in the Australian crypto market and is our top-rated exchange in Australia.