September 16, 2022 in crypto

Cryptocurrency derivatives exchange FTX is taking on Digital Surge in a battle for the Australian crypto investment market. Both exchanges offer tailored services and products to Australian investors, so which one should you choose? We’ve pitted them against each other to help you make up your mind.

FTX is a relatively new exchange that has quickly become one of the most popular in the world. It was launched in 2019 by Sam Bankman-Fried, a former quantitative trader at Jane Street Capital. The exchange is designed for sophisticated traders and offers a wide range of features, including margin trading, derivatives, and shorting. It also has its own token, FTT, which can be used to get discounted trading fees. In addition, FTX provides a variety of tools and resources to help users make informed trading decisions

Digital Surge is another popular choice for Australian crypto investors. This exchange was launched in 2017 and has since grown to become one of the largest in the country. The platform offers a simple and user-friendly platform with all the features that beginner and experienced investors need, including spot trading, margin trading, and OTC trading. 

Ultimately, the choice of which exchange to use is a personal one. But by weighing up the pros and cons of each, you can make an informed decision that best suits your needs as an investor. Let's get down to that!

Header

Coins

275+

300+

Trading Fee

0.02/0.07% (maker/taker)

0.5%

Deposit Fee

Free

PayID: Free; POLi: $2 - $3.30

Withdraw Fee

Free

Free

Deposit Methods

PayID and credit card

PayID, POLi

Features

275+ cryptocurrencies supported

- Low trading fees

- Advanced marketplace

- Mobile app for on the go trading

Wide range of cryptocurrencies-  300+ coins

- Beginner-friendly platform

- Responsive customer support with a live chat feature

- Allows customers to pay their bills and credit cards using BTC

Disadvantages

The platform is not beginner-friendly

- No live chat customer support

- Designed specifically for beginners with no advanced features

- Higher trading fees than FTX

Cell
Header

Coins

275+

300+

Trading Fee

0.02/0.07% (maker/taker)

0.5%

Deposit Fee

Free

PayID: Free; POLi: $2 - $3.30

Withdraw Fee

Free

Free

Deposit Methods

PayID and credit card

PayID, POLi

Features

- 275+ cryptocurrencies supported

- Low trading fees

- Advanced marketplace

- Mobile app for on the go trading

Wide range of cryptocurrencies-  300+ coins

- Beginner-friendly platform

- Responsive customer support with a live chat feature

- Allows customers to pay their bills and credit cards using BTC

Cons

- The platform is not beginner-friendly

- No live chat customer support

- Designed specifically for beginners with no advanced features

- Higher trading fees than FTX

Cell

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FTX vs Digital Surge Features

Digital Surge is a great exchange for crypto beginners.Signing up is quick and easy. No lengthy verification process needed - just create an account, and you're good to go.

The exchange is also very user-friendly. Everything is laid out in a simple and intuitive way, so you'll have no trouble navigating your way around the platform. Plus, there's a mobile app for convenient trading on the go.

Digital Surge offers a pretty impressive selection of cryptocurrencies - over 300 at last count. So whether you're looking to trade Bitcoin, Ethereum, Litecoin or the lesser-known altcoins, you should be able to find it here.

Customer support is accessible 24 hours a day, seven days a week, and there are live chat and email options. They're generally helpful and responsive, so you don't have to wait too long for answers to your queries.

Last but not least, did you know that you can use Bitcoin to pay bills on Digital Surge? So if you're tired of dealing with banks and traditional payment methods, this could be the perfect solution for you. Give it a try and see for yourself!

FTX, on the other hand, is a cryptocurrency exchange that has been designed to meet the needs of both professional traders and those new to the world of digital currencies. The exchange offers a wide range of features, including support for over 275 different cryptocurrencies, staking and interest-earning opportunities, and advanced markets for futures, stocks, leveraged tokens, volatility, and forex. Plus, there's even an NFT marketplace where you can buy and sell digital collectables.

For convenience, FTX also offers a mobile app for iOS and Android devices, as well as the Quick Swap function that allows users to quickly and conveniently swap one coin or currency for another. For those looking to get paid in fiat or crypto, FTX also offers FTX Pay. 

Overall, FTX is a great choice for those looking for a comprehensive trading platform.

Features: Both FTX and Digital Surge are feature-rich trading platforms that offer a wide range of features and benefits for users. If we were to choose one, it would be FTX, simply because it offers more features than Digital Surge. This platform offers advanced trading tools, huge range of markets, an NFT marketplace, the Quick Swap feature, and the FTT native coin which can be used to save on trading fees and earn interest as well.

Number of Cryptocurrencies

FTX supports over 275 cryptocurrencies.

Digital Surge supports over 300+ cryptocurrencies.

Coins: When choosing a cryptocurrency exchange, one of the critical factors to consider is the number of coins supported. After all, the more coins an exchange offers, the more likely you are to find the one you're looking for. In this respect, both FTX and Digital Surge are strong contenders, with FTX supporting 275+ and Digital Surge offering over 300 different cryptocurrencies.

FTX vs Digital Surge Fees

FTX offers free crypto and fiat currency deposits and low trading fees of 0.02% for makers and 0.07% for takers. Frequent traders can get even lower fees by holding the FTT native token or trading higher volumes.

FTX understands that when it comes to fiat currencies, every little bit counts. That's why they offer free fiat currency withdrawals except for BRL and USD. As you will be using AUD in Australia, this is not an issue. 

Digital Surge is also popular for its low fees offering free AUD withdrawals and a maximum 0.5% trading fee. Depositing using PayID or crypto is free but there is a cost of $2 - $3.30 if you use POLi. Like FTX, Digital Surge's trading fees reduce with increased trading volumes.

Fees: FTX is unquestionably the more cost-effective exchange to trade on for both low and high-volume investors in Australia. It offers free AUD withdrawals and deposits and a maximum 0.07% trading fee. Digital Surge cannot compete on trading fees, with a 0.5% fee.

FTX vs Digital Surge Deposit Methods

FTX supports plenty of options to cater for customers around the world including Wire Transfer, Credit card, Signature SIGNET, Cryptocurrency, PayID, Silvergate Exchange Network (SEN), and SEPA deposits. The most relevant options for Australians are PayID, credit card, and cryptocurrency.

Digital Surge only supports POLi, PayID, and cryptocurrency deposits.

Coinspot, on the other hand, supports all of the major deposit methods, including direct deposit, POLi, BPAY, PayID, and cash deposits. This gives users greater flexibility when it comes to funding their accounts. 

Deposit Methods: FTX is leaps and bounds ahead of Digital Surge when it comes to deposit methods. Not only does FTX support more methods but it also offers free AUD deposits on all the methods. Digital Surge only supports three methods.

FTX vs Digital Surge Security

FTX is committed to protecting its users' data and assets. The exchange has implemented several security measures to ensure that only authorised users can access user accounts and that all transactions are legitimate. One of the most important security measures is the requirement for two-factor authentication (2FA) for all withdrawals and withdrawal password changes. This ensures that only the account owner can access the account and that any suspicious activity can be quickly detected and tracked. Other security measures include whitelisting IP addresses, allowing only authorised users to access the account and tracking and sending notifications to alert customers of any suspicious activity.

It doesn't stop there. FTX has also implemented a number of security measures to protect against fraud and money laundering. First, FTX has partnered with Chainalysis to monitor suspicious cryptocurrency transactions. This allows FTX to identify and flag any questionable activity quickly. Second, they have set up the FTX Backstop Liquidity Fund, which holds approximately $200 million which provides a cushion in case of market fluctuations or unexpected losses. Lastly, FTX employs a strict Know Your Customer (KYC) policy to ensure that all users are properly identified and verified. These measures show that FTX takes security and compliance seriously, making it a safe and trusted platform for users.

On the other hand, Digital Surge does not have any partnerships with compliance companies. They also do not have a Backstop Liquidity Fund to protect against market volatility, but they have something that FTX doesn't: cold and hot storage wallets with multi-signature protection. This means that users' funds are spread out offline, making it much harder for hackers to get access to them.

Digital Surge also understands that customers need to be confident that their funds are safe. They've implemented a number of measures to ensure that the platform is secure. 

For starters, they require a two-step verification process for all withdrawals. This adds an extra layer of protection, making it more difficult for hackers to access your account. Their website traffic runs entirely over encrypted SSL (HTTPS), and all passwords are hashed and salted in the database. They also keep application credentials separate from their database and codebase, making it more difficult for hackers to obtain sensitive information. In addition, their servers are located in a secure environment, and the network is closed off from the rest of the internet. This helps to prevent data leaks and protects your information from being compromised.

Security: Seeing that neither exchange platform has been hacked before and both have implemented robust security measures, it is safe to say that both are equally secure.

FTX Pros & Cons

Pros
  • 275+ cryptocurrencies supported
  • Low trading fees
  • Advanced marketplace
  • Mobile app for on the go trading
Cons
  • The platform is not beginner-friendly
  • No live chat customer support

Digital Surge Pros & Cons

Pros
  • Wide range of cryptocurrencies - 300+ coins
  • Beginner-friendly platform
  • Excellent customer support
  • Numerous payment methods
Cons
  • Doesn’t offer advanced trading markets
  • Higher trading fees than FTX

Conclusion

FTX is a newer cryptocurrency exchange that has been gaining popularity among Australian investors. The exchange offers a wide range of features, including margin trading and derivatives.

Digital Surge is another popular cryptocurrency exchange in Australia. The exchange offers a simple interface and a wider range of cryptocurrencies.

In short, both platforms offer a wide range of features and benefits, making them both viable options for traders of all levels of experience. After all, both have implemented robust security measures and offer traders a wide range of coins to trade. However, there are some key differences between the two exchanges. 

While FTX has more to offer in terms of features and markets, it lacks great customer support and user experience. Digital Surge provides a more intuitive and user-friendly experience than FTX.

However, considering the lower fees, more features, advanced trading markets, and interest-earning opportunities, FTX is the better choice for Australian investors.

About the author 

Luke Campbell

Luke is an early adopter of cryptocurrency, and was buying and using Bitcoin back in 2011. He has seen the landscape of cryptocurrency change over the years, and firmly believes we are still in the early stages of mainstream crypto adoption. Luke is fascinated about the potential of the metaverse, and invests in virtual real estate.

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