If you're looking for a quality crypto exchange that caters to Australians, FTX and Swyftx are two great options. In this article, we'll compare the two exchanges and help you decide which is the best fit for your needs.

FTX is a newer exchange that was launched in 2019. One of the key features of FTX is its extensive range of trading pairs. The exchange offers more than 275+ coins, a variety of derivative products, margin trading, and staking options. These features make FTX an ideal choice for experienced traders who are looking for an advanced trading platform.

Swyftx, on the other hand, is geared more towards beginner and intermediate investors. The exchange offers fewer features than FTX, but it makes up for this by providing a more user-friendly platform with a simpler interface. Swyftx also offers unique features like a demo mode, where you can practise trading with play money. It also has instant buy/sell capabilities, staking, and 24/7 live chat support.

Header

Coins

275+

320+

Trading Fee

0.02/0.07% (maker/taker)

0.6%

Deposit Fee

Free

Free

Withdraw Fee

Free

Free

Deposit Methods

PayID, Credit Card

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

Features

- Advanced features like margin trading and an NFT marketplace

- Much lower trading fees

- More than 275+ cryptocurrencies to trade

- Mobile apps for Android and iOS

- Easy to use platform that's great for beginners

- Offers a demo account for beginners to practice trading

- 320+ coins available to trade

- Earn interest on 20 coins

- Offers 24/7 Live Chat support

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Disadvantages

- Can be confusing for crypto beginners

- No live chat customer support

- Higher trading fees than FTX

- No advanced trading markets

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Header

Coins

275+

320+

Trading Fee

0.02/0.07% (maker/taker)

0.6%

Deposit Fee

Free

Free

Withdraw Fee

Free

Free

Deposit Methods

Credit card, PayID

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

Features

- Advanced features like margin trading and an NFT marketplace

- Much lower trading fees

- More than 275+ cryptocurrencies to trade

- Mobile apps for Android and iOS

- Easy to use platform that's great for beginners

- Offers a demo account for beginners to practice trading

- 320+ coins available to trade

- Earn interest on 20 coins

- Offers 24/7 Live Chat support

Cons

- Can be confusing for crypto beginners

- No live chat customer support

- Higher trading fees than FTX

- No advanced trading markets

Cell

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FTX vs Digital Surge Features

FTX is a cryptocurrency trading platform that offers a wide range of features and services. Over 275 different cryptocurrencies are supported, making it one of the most comprehensive exchanges in terms of coin selection, and users can also earn interest on their holdings through staking. 

The platform also offers advanced markets for futures, stocks, leveraged tokens, and forex. The FTX mobile app is available for iOS and Android, allowing users to keep an eye on their portfolio and trade whenever they like.

With so many features and options available, FTX is a great choice for anyone looking for a comprehensive trading platform.

Swyftx is a cryptocurrency exchange designed for newcomers to the space. It offers a variety of features that make it easy to get started with buying and selling crypto. For example, the platform is extremely user-friendly, with a fresh modern design. Additionally, they offer a demo mode where you can practice how to trade crypto risk-free before investing your own money.

Swyftx also offers over 320+ cryptocurrencies, as well as staking on 20 different coins. If you ever get stuck, Swyftx’s customer service is excellent, with a responsive Live Chat support team that is available 24/7 to help you with any issues you may have.

All in all, Swyftx is a great option for anyone looking to get started in the world of cryptocurrency trading.

Features: While both platforms offer outstanding features, we'll have to give it to FTX on this one. In addition to spot trading and staking, the platform offers advanced markets for futures, stocks, leveraged tokens, volatility, forex, and an NFT marketplace.

Number of Coins

As the world of cryptocurrencies continues to grow, so does the need for exchanges that can support a large number of assets. 

FTX is a popular cryptocurrency exchange that supports a variety of digital assets. Besides its huge selection of 275 coins with major coins like Bitcoin, Ethereum, and Litecoin, the exchange also offers a wide selection of stablecoins, such as HUSD, USDC, TUSD, USDP, and BUSD. 

FTX also has a native coin, the FTT token, which can be used to get a discount on trading fees. Customers can also stake their FTT tokens to earn interest on their holdings. FTX is a popular choice for cryptocurrency traders looking for a broad selection of assets and features.

Swyftx allows you to buy, sell, and trade over 320 cryptocurrencies. In addition to popular coins like Bitcoin and Ethereum, Swyftx also supports lesser-known altcoins, making it an ideal exchange for both experienced traders and those just getting started in the world of cryptocurrency. Swyftx also offers the USD Tether stablecoin. This coin is pegged to the US dollar, making it a good option for traders who want to avoid volatility. 

Coins: Swyftx has more cryptocurrencies available to trade. However, FTX still has a decent selection of coins - 275 and an even greater range of stablecoins.

FTX vs Swyftx Fees

FTX offers free deposits and withdrawals and extremely low trading fees. For makers, the trading fee is 0.02%, and for takers, it is 0.07%. This makes FTX one of the most affordable exchanges, especially for high-volume traders.

Swyftx offers free deposits and withdrawals and a trading fee of 0.6%.

Fees: Both exchanges offer free deposits and withdrawals, but FTX's trading fees are much lower, making it the more affordable option.

Deposit Methods

FTX offers a variety of deposit methods to suit every trader's needs. Cryptocurrency is the simplest and most popular method. PayID, SEPA, and Credit card are also available for those looking for a more traditional method. Signature SIGNET is a newer deposit method that is becoming increasingly popular due to its speed and security. Lastly, Wire Transfer and Silvergate Exchange Network (SEN) are both reliable methods for those who want to deposit large amounts. FTX has you covered with free and instant deposits regardless of which method you choose.

Swyftx also supports a wide range of deposit options. You can deposit funds into your account via credit card, debit card, bank transfer, or PaypaI. Deposits are free and typically take less than 24 hours to process. Like FTX, Swyftx deposits are also free.

Deposit Methods: When it comes to deposit methods, FTX offers a wider range of options than Swyftx. However, it's worth noting that all deposits on both platforms are free. So if you're looking for the greatest flexibility when depositing funds into your account, FTX is the exchange for you. But if you're happy to use one of the more traditional deposit methods offered by Swyftx, then either platform will be suitable for your needs.

FTX vs Swyftx: Security

FTX is a cryptocurrency derivatives exchange built by traders for traders. They understand what it takes to run a successful exchange, and their top priority is always security. They've implemented a number of measures to keep your funds safe, including

  • Password Strength and 2FA Requirement: To create an account on FTX, you must choose a strong password and enable two-factor authentication (2FA). 2FA adds an extra layer of security by requiring you to enter a code from your phone or other devices whenever you log in or withdraw funds.

  • Withdrawal Lock After 2FA Removal or Password Change: For added security, withdrawals from your FTX account are locked whenever you remove 2FA or change your password. This ensures that even if someone manages to gain access to your account, they won't be able to steal your funds.

  • Tracking and Notifying Users of Any Suspicious Activity: FTX constantly monitors all activity on the exchange for signs of fraud or suspicious behaviour. If they see anything that raises red flags, they'll reach out to you directly to let you know and take any necessary action to protect your account.

  • Subaccount Functions: The subaccounts feature allows you to create different accounts with different permissions for different users. This is perfect for managing a team or family members who also want to trade on FTX.

As part of their commitment to maintaining the highest security and compliance standards, they've also partnered with Chainalysis, a leading provider of cryptocurrency compliance solutions. The Chainalysis KYT product will help them to monitor suspicious cryptocurrency transactions in real-time, allowing them to take timely action to prevent any potential money laundering activities.

In addition, they have established a Backstop Liquidity Fund, which holds approximately USD 200 million. This fund is designed to provide liquidity in the event of a market disruption, ensuring that customers can always access their funds. These measures underscore FTX s commitment to providing a safe and compliant platform for users.

Users of the Swyftx platform and app can trade and store cryptocurrency with confidence, knowing that their data and assets are well-protected. The Swyftx team takes security seriously, implementing a range of measures to keep users safe. Some of the notable features include;

  • Two-Factor Authentication (2FA) requires users to confirm their identity before accessing their account. This adds an extra layer of protection against unauthorised access.

  • Biometric authentication is another security measure that uses unique physical characteristics, such as your fingerprint or iris, to verify your identity. This ensures that only authorised users can access your account.

  • Breached password detection is a feature that monitors for breached passwords and notifies users if their password has been compromised. This helps to keep your account safe from hackers who may try to use stolen passwords to gain access.

  • Third-party penetration testing is a process in which independent security experts assess the platform for vulnerabilities. It helps identify and fix potential security flaws before they can be exploited.

Swyftx also has a dedicated security team that constantly assesses and responds to potential threats to help them stay ahead of the curve in the ever-changing world of cybersecurity.

Security: With no reports of hacking or security breaches, it's evident that both FTX and Swyftx have strong security protocols in place. From a security perspective, both FTX and Swyftx are equally safe.

It's important to note that neither exchange is insured against losses due to hacking or theft. So, while they both have strong security protocols in place, it's still up to users to take their own precautions (such as storing their cryptocurrencies offline in a secure wallet) to protect their assets.

FTX Pros & Cons

Pros
  • Advanced features like margin trading and an NFT marketplace
  • Much lower trading fees
  • More than 275+ cryptocurrencies to trade
  • Mobile apps for Android and iOS
Cons
  • The platform is not user-friendly for beginners
  • No live chat customer support

Swyftx Pros & Cons

Pros
  • Easy to use platform that’s great for beginners
  • Offers a demo account for beginners to practise trading
  • 320+ coins available to trade
  • Earn interest on 20 coins
  • Offers 24/7 Live Chat support
Cons
  • Higher trading fees than FTX
  • No advanced trading markets

Conclusion

When choosing a crypto exchange, there are many factors to consider. Do you want a platform with a wide range of features, or one that simplicity? Are low fees more important than the number of available coins? And, of course, security is always a top priority.

There's no one-size-fits-all answer to the question of which crypto exchange is best for Australians. It depends on your individual needs and preferences. 

However, we believe that FTX is the better choice for Australians. Here's why: 

FTX has more features than Swyftx, making it a more powerful platform for traders. In terms of features, FTX definitely has the edge. In addition to spot trading, the platform also offers derivatives trading, lending, and staking. There's even a native coin, FTT, that can be used to get discounts on fees. However, if simplicity is what you're after, Swyftx (read review) may be a better choice. The platform offers a user-friendly interface and is ideal for beginners. 

It's also cheaper to use, with lower fees on trades. While Swyftx offers a wider selection of coins, FTX has more options overall, including stablecoins and the native FTT coin. And when it comes to deposit methods, FTX wins hands down - it offers more methods and is, therefore, more convenient to use. From a security standpoint, both exchanges are equally safe and secure.

So there you have it - our reasons for choosing FTX over Swyftx as the best crypto exchange for Australians. We hope this helped you make a decision!

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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