Swyftx vs eToro Australia 2023: Which Is Better For You?Last Updated on May 5, 2023 by Kevin Groves
In this comparison, we compared two of Australia’s best crypto platforms, Swyftx and eToro to see which is better to use. This assessment will compare its top features, payment methods, supported crypto, user experience, trading fees, and customer service.
The Bottom Line
For most Australians, Swyftx will be the better cryptocurrency exchange to use due to its features that are tailor-made for the Aussie crypto market. Being a locally owned and operated company, Swyftx provides more choices, better value for money, and outstanding customer support. Because Swyftx is orientated towards beginners and intermediates, all of its features are incredibly streamlined to ensure that the learning curve is short.
On the other hand, if copy trading is for you or you want to have exposure to non-crypto markets then eToro is one of the best alternatives to Swyftx. The delivery and execution of its CopyTrader and SmartPortfolio feature are world-class and will suit beginner traders who prefer a community setting.
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Swyftx vs eToro Australia: Comparison Table
|AUD, NZD, USD
|14 including AUD, USD, EUR and GBP
|Number of Crypto
|Bank transfer, POLi, PayID, BPAY, credit/debit card, crypto
|Credit/debit card, POLi, bank transfer
|Maximum Trading Fees
|None, spread only.
|None for USD. $5 and currency conversion fee for non-USD withdrawals.
|Yes (iOS and Android)
|Yes (iOS and Android)
|Live chat, email, phone
|Live chat, email
|eToro Australia Review
|Visit the Swyftx website
|Visit the eToro website
Established in 2019, Swyftx is an Australian cryptocurrency exchange based in Brisbane. With over 650,000 Australian investors, traders, and enthusiasts, Swyftx is a hugely popular place to buy, trade, and sell over 320 digital currencies such as Bitcoin (BTC) and Ethereum (ETH).
Swyftx is widely known for its streamlined systems and processes that enable it to cater to a broad range of experience levels, ranging from absolute beginners to experienced altcoin traders. The AUSTRAC-registered and ASIC licenced trading platform offers an enviable range of crypto products and services that are tailor-made for the Australian market. Its top-of-the-line features include a massive range of digital currencies to buy, support for Self-Managed Super Fund (SMSF) investors, an interest-earning wallet, and free deposits and withdrawals for fiat and digital currencies.
As an Australian-owned and operated exchange, Swyftx maintains the highest security standards to ensure the integrity of its digital infrastructure and assets. The ISO 27001 certified exchange holds digital assets at a 1:1 ratio which means that it is not exposed to market risks for those assets.
eToro Australia Overview
Trading under eToro AUS Capital Limited, eToro Australia is a hugely popular multi-asset trading platform. Headquartered in Sydney, eToro is licenced by ASIC as a Digital Services provider (DSP) where investors and traders can participate in the buying and trading of cryptocurrencies, Forex, stocks, and Contract for Differences (CFDs). However, its social trading features have propelled it to become a leader in this space and it now commands a user base of over 20 million people worldwide.
eToro Australia Pros:
eToro Australia Cons:
Swyftx vs eToro Australia: Deposit Methods
How you can deposit Australian Dollars (AUD) to fund your account for Swyftx and eToro Australia differ. Swyftx provides you with more payment options to choose from including bank transfers, POLi, PayID, BPAY, and transfers of cryptocurrencies from external wallets. As an added benefit, you also use your credit or debit card to buy digital assets.
In comparison, eToro Australia does a satisfactory job of allowing popular methods such as credit/debit cards, POLi, and transfers from an Australian bank account. Whilst these should suit the majority of Australians, the selection isn’t as varied as Swyftx.
|AUD Deposit Method
|Bank transfer (OSKO)
Winner: Swyftx 🏆
Swyftx simply offers more ways to deposit AUD into your account wallet than eToro Australia. There are currently four AUD deposit methods including bank transfers, POLi, PayID, and BPAY. You can also send cryptocurrencies from an external wallet as well as directly buy crypto using a credit/debit card.
Swyftx vs eToro Australia: Products & Services
When it comes to crypto products and services, there are a lot of differences between Swyftx and eToro Australia which will play a big role in your decision-making.
Swyftx supports over 320 digital assets compared to eToro Australia’s 90+. Both support all the major coins and tokens such as Bitcoin, Ethereum, Cardano, Solana, and Tether, however, the lack of support for more exotic coins on eToro’s behalf doesn’t make it an ideal way to invest in altcoins.
One of the major downsides to eToro is that the AUD that you deposit will be instantly converted into United States Dollars (USD). Due to the currency conversion fees, your buying power becomes diminished. This isn’t a problem with Swyftx as your cash is instantly exchanged for the asset you buy.
Swyftx’s Earn vs eToro’s staking
Both trading platform offer ways to generate a passive crypto income, however, they are done in different ways. The Earn feature that Swyftx offers acts like a high-interest bank account. You transfer any of the supported 20 digital currencies from your Trade wallet and into your Earn wallet with the click of a button, and interest starts to automatically generate. Payments between 3% Annual Percentage Yield (APY) and 80% APY can be obtained on popular assets such as Cardano (ADA), Tether (USDT), and Solana (SOL).
Although staking cryptocurrencies is similar to earning interest in that passive crypto rewards are generated, they function in totally different ways. Swyftx does not offer staking due to regulatory reasons, however, eToro does.
In terms of the potential to generate extra crypto rewards, the staking opportunities that eToro provides are vastly inferior to Swyftx’s Earn. There are only three assets (TRX, ADA, ETH 2.0) that can be staked to generate income and the yields are capped depending on what membership level you have.
Both platforms have demo modes
Swyftx and eToro have two of the best crypto demo platforms where both can be easily toggled on and off from their respective dashboards. The Swyftx demo mode comes equipped with $10,000 of virtual AUD to spend but the eToro version provides significantly more at $100,000 USD.
There are some limitations with the Swyftx mode where some features such as Earn are not accessible, but this shouldn’t pose any issues. There appear to be no restrictions with the eToro demo mode and we found it particularly useful with the social trading aspect. As seen in the screenshot below, a minor but understandable limitation was that we were unable to see the constituents of portfolios copied using the CopyTrader feature.
eToro’s social trading features
The world-class social trading features that eToro Australia provides Australia are simply breathtaking. Robust, easy to use, and popular at the same time, eToro is the place where like-minded investors can come together and leverage each other knowledge. Social trading cryptocurrencies is not available on Swyftx.
Social trading on eToro is offered through two modules, CopyTrader and SmartPortfolio. The CopyTrader allows you to browse the portfolios of other eToro users who have high-performing investment portfolios. There is no shortage of portfolios to choose from and there are a few filters and categories to help you find the strategy that best matches your needs. Once you find a portfolio that you like, you can spend your cash funds to acquire the same portfolio.
On the other hand, the SmartPortfolio module exposes to you to investment assets including but not limited to cryptocurrencies. It works in a similar fashion to CopyTrader where you can browse several portfolios to adopt as your own.
Social trading features can be found on global crypto exchanges such as KuCoin and Bybit, however, they can be difficult to use and particularly daunting for beginners. One of the reasons why eToro is so popular is that its features are incredibly easy to use. Building a diverse investment portfolio on eToro is a simple process, whereas you need to have some idea of which crypto to buy and HODL on Swyftx.
Features unique to Swyftx
Swyftx is a cryptocurrency exchange that has been built to satisfy the needs of the Australian crypto market. Apart from its social trading features, eToro doesn’t offer other features that would benefit investors and traders. Some of the features that only Swyftx provides include the following:
- Support for SMSF investors: Setting up or creating your own SMSF with the intention of incorporating digital currencies as investment assets is a simple process with Swyftx. The company has partnered with a super fund specialist, New Brighton Capital, to deliver these services.
- Buying crypto in bundles rather than individually: Buying multiple cryptos at once means you save on trading fees.
- Dollar Cost Averaging (DCA): DCA is a popular method of automatically designating AUD funds to buy crypto assets over time. The beginner-friendly method helps to mitigate against market price fluctuations since you don’t need to ‘time’ the market and is a common buying strategy during bear markets.
- Tax reporting tools: With Swyftx, you can easily connect an API or export your crypto transactions using either the Koinly or CryptoTaxCalculator tools.
Winner: Swyftx 🏆
The social trading aspects provided by eToro Australia’s CopyTrader and SmartPortfolio services offer top-of-the-line opportunities for beginners new to investing. However, eToro doesn’t offer much else besides these and there is a lack of support for Australian investors. For example, eToro doesn’t support SMSF investors, there are no tax reporting tools, there is a lack of ways to buy crypto, and the charting tools on Swyftx are superior.
Swyftx provides a well-rounded suite of robust crypto features that cater to the Australian market. Unlike eToro, you can directly exchange AUD into Bitcoin and Ethereum, and there is vastly more to choose from. Beginners are provided flexibility in their buying strategies through crypto bundles and DCA. overall, Swyftx is better equipped for the mass market.
Swyftx vs eToro Australia: Ease of Use
The account management and trading experience provided by Swyftx are a lot better than most Australian crypto platforms. Like eToro, Swyftx has a unique interface design and streamlined processes that enable it to be easy to use and suitable for beginners which is its target audience.
Funding your Swyftx account with cash can be done in a variety of ways. All AUD deposit methods can be found in the same interface location along with supplementary information regarding those methods. The same can be said for selling BTC for cash, withdrawing AUD into a bank account, as well as other typical account management features.
An advantage that Swyftx has over eToro is its aesthetically pleasing dashboard that can be customised to suit your daily needs. The dark mode and demo mode can be toggled from the dashboard.
The eToro user interface takes on a different approach from its Swyftx counterpart. As a result, there is less navigation to do due to the fewer section. However, this is also related to the fewer features that eToro has to offer.
If you have some experience with cryptocurrency trading exchanges then the eToro user experience might be unfamiliar at first. The design of the interface revolves around its social trading features, CopyTrader and SmartPortfolio. These are supplemented with commonly found windows such as the dashboard where you can get a holistic understanding of your portfolio.
After spending some time on the platform and utilising the demo mode to invest in crypto and non-crypto portfolios, we quickly appreciated how easy it was to use. The layout is clean and modern, and the social aspect of the eToro community is emphasised. Overall, we found the eToro Australia user experience to be refreshing and enjoyable and will suit beginners.
Although the interfaces of Swyftx and eToro Australia are starkly different in design, they still result in a high level of ease of use that caters to beginners. The Swyftx interface is customisable and visually intuitive. The eToro interface may take some getting used to, however, the learning curve is short.
Swyftx vs eToro Australia: Fees & Charges
Deposit & withdrawal fees
As with most Australian crypto exchanges, Swyftx does not charge any fees to deposit or withdraw AUD to and from your wallet. The same can be said for deposits and withdrawals of digital assets. However, to facilitate withdrawals of crypto, a small blockchain fee will apply. This network fee isn’t paid to Swyftx and will depend on the type of asset transferred as well as the level of network congestion.
In comparison, it is more expensive to deposit and withdraw AUD funds on eToro than Swyftx. Although AUD can be directly transferred into your wallet, eToro will automatically convert your AUD into USD. This means that you will incur currency conversion fees. With current currency exchange rates, your buying power isn’t as great on eToro as it is on Swyftx where AUD is directly exchanged for crypto.
If you withdraw a non-USD fiat currency such as AUD, then a $5 fee will apply on top of the currency conversion fee. The conversion of AUD into USD as well as the $5 fee makes eToro an expensive platform in terms of account management.
Whilst eToro is expensive to deposit and withdraw fiat currencies, the popular platform offers zero trading fees to buy and sell digital assets. Instead, a spread charge applies (the difference between the buy and sell price). Although this may sound attractive, eToro isn’t overly transparent with their spreads but we anticipate figures between 1% and 4%, depending on the digital asset’s liquidity.
In comparison, Swyftx charges a flat fee of 0.6% for all buy, swap, and sell orders. The 0.6% trading fee is not the lowest you can obtain but is highly competitive when you consider other popular exchanges. For example, the trading fees for Independent Reserve, CoinSpot, and BTC Markets are 0.5%, 1%, and 0.85%, respectively.
Swyftx spreads vary between approximately 0.45% for Bitcoin to about 4% for assets with less liquidity. one of the better features of Swyftx, is that the fees associated with all trades will be clearly presented and this provides a great deal of transparency.
Winner: Swyftx 🏆
Whilst Swyftx offers free deposits and withdrawals of AUD, eToro is simply too expensive as currency conversion fees will apply when you deposit or cash out AUD. Swyftx provides a very competitive fee of 0.6% for all crypto trades and discounts are available for high-net orders.
Swyftx vs eToro Australia: Markets & Trading
Due to Australian government regulations, Swyftx is only able to offer spot trading. This is where you directly exchange your cash for digital assets such as Ethereum. Advanced trading markets such as futures and leveraged margin are not available, and you will need to sign up with an alternative such as Bybit, OKX, or KuCoin instead.
Swyftx offers a degree of flexibility and control when you buy or trade crypto. You have the option of applying Dollar-Cost-Averaging (DCA) to automate regular purchases of crypto over a period of time. This is a popular method for beginners to slowly build their portfolios whilst minimising the effects of price volatility. Trigger orders can also be set. If you want to buy crypto at a certain price, then the trigger order will only execute the trade if the market price matches your desired price.
For the more experienced trader, Swyftx’s provides access to a TradingView-powered charting window where you can analyse the price action of cryptocurrencies. In addition, there are several advanced tools and indicators to assist.
Given the nature of eToro’s CopyTrader and SmartPortfolio features, adding digital assets to your portfolio is quite different from Swyftx. More detail on these features work is described above. However, eToro still provides a ‘quick buy’ feature where USD is near-instantly converted into digital assets. Stop loss and take profit orders are available to use.
However, Swyftx possesses a superior real-time charting package over eToro. Whilst Swyftx provides TradingView charting, eToro only provides a simple in-house charting panel that comes equipped with several analytical tools.
Winner: Swyftx 🏆
If you’re intending on building an altcoin portfolio or have an idea of what you’re trading needs are then Swyftx will be the better option. Swyftx offers substantially more digital assets to buy with cash, provides a superior charting package, and will cater to the majority of users.
However, if the social trading aspect of eToro appeals then this is a no-brainer. The ability to copy the investing moves of successful traders is a feature that is executed to perfection on eToro.
Swyftx vs eToro Australia: Mobile Apps
Based on our experience, we found the Swyftx and eToro mobile apps to be serviceable and functional. All of their respective features can be accessed and allow you suitably build and manage your portfolios. Whilst they aren’t up there with the best crypto mobile apps, they do the job satisfactorily and we didn’t find any major deficiencies.
Swyftx and eToro offer sound mobile apps that can be used to buy and trade crypto on the go. Whilst they are not the most refined apps, they are quite robust, responsive, and modern.
Swyftx vs eToro Australia: Customer Service
Swyftx is known for the quality of customer service it provides and has maintained this since its establishment in 2019. Based on popular review websites such as TrustPilot, Swyftx has an overall score of 4.7 out of 5.0 from over 3,800 reviews. Approximately 96% of customer feedback was rated as ‘great’ or ‘excellent’ and is an indication of the quality of assistance that you will receive.
Reaching out to the local team can be done in several ways including by email, the live chatbot (which connects you to a member of the team), or by phone. In fact, Swyftx is one of the few exchanges where you can call them directly for assistance.
The quality of customer service from eToro doesn’t appear to be as good as Swyftx. Although the sample is small (over 100 reviews on Product Review) to sufficiently derive an understanding of how eToro performs, the platform has a poor score of 1.6 out of 5.0. In addition, customer support is only available through a ticket system and live chat, and does not support phone calls.
Winner: Swyftx 🏆
When it comes to customer support, the service provided by Swyftx is of better quality than eToro Australia. Both platforms allow you to get in touch with their respective customer service teams via email and live chat, however, Swyftx also allows phone support. Based on popular customer feedback websites, Swyftx has an outstanding reputation compared to eToro’s poor track record. eToro’s reputation amongst its user base is a major area for improvement.
Swyftx vs eToro Australia: Security
Based on our research, neither Swyftx nor eToro Australia has been previously hacked and appears to have intact security track records. This is a welcome sight and should provide good consumer confidence.
There are some differences in the security of their digital frameworks. Although Swyftx and eToro are registered with AUSTRAC, licenced with ASIC, and implement industry-standard security measures, Swyftx has the advantage due to its ISO 27001 accreditation. This means that Swyftx needs to adhere to tighter security protocols to protect the integrity of its information security assets.
Winner: Swyftx 🏆
Swyftx and eToro Australia share similar security features and track records, however, Swyftx maintains the internationally recognised ISO 27001 accreditation. This means that Swyftx adheres to strict regulations and requirements surrounding the protection of information security and storage.
Swyftx vs eToro Australia: Comparison Outcome
In short, Swyftx is by far the superior cryptocurrency exchange over eToro Australia. The popular trading platform has had a solid reputation as a provider of digital asset trading services to Australians since its inception in 2019.
The major advantages that Swyftx has over eToro are that you can directly exchange cash for crypto (and a lot more assets to choose from), it’s more economical with its competitive fees, and there are a lot more features that will benefit everyday Australians. Examples include the interest-earning wallet, availability of better crypto charting and analytical tools, trigger orders and DCA, and SMSF support.
If buying and holding cryptocurrencies is for you then Swyftx should be your choice. However, eToro does provide some attractive features, namely its CopyTrader and SmartPortfolio features. It is not an accident that eToro is the world’s leading social trading platform and beginners who prefer an interactive way of building a portfolio may enjoy its convenience and ease of use.
|Swyftx offers more AUD deposit methods than eToro.
|Products & Services
|Swyftx provides robust crypto services for Australians. eToro doesn’t have much else besides its high-quality social trading features.
|Ease of Use
|Their interfaces are uniquely different but still result in easy and enjoyable experiences.
|Swyftx has competitive fees and free deposits/withdrawals. eToro is too expensive to deposit and withdraw funds.
|Markets & Trading
|The more traditional trading features of Swyftx will cater to more Australians then eToro’s social trading services.
|Both mobile apps are highly functional and easy to use.
|Swyftx has a good customer service reputation. eToro has a lot of poor feedback.
|Neither platform has been hacked, but Swyftx has ISO 27001 accreditation.
If you found this comparison between Swyftx and eToro Australia useful, here are other Australian crypto exchange comparisons to read next:
- Swyftx vs Binance
- Swyftx vs CoinSpot
- Swyftx vs Digital Surge
- Swyftx vs CoinJar
- Swyftx vs Coinbase
- eToro vs CoinSpot
Kevin is a cryptocurrency writer that has published hundreds of articles, guides, and reviews. He has been in the crypto space since 2016 and is passionate about sharing his expertise and knowledge with others.