Swyftx vs Easy Crypto | Is Either Exchange Worthy of Consideration?
Jack Moreau
Feb 2024
8 min read
Fact checked
Are you trying to decide between Swyftx vs Easy Crypto? We've done the research for you by comparing metrics like KYC requirements, country availability, product offerings, trading fees, product range and more. Keep reading and find out which exchange is the best fit for you!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
If you're looking for a beginner-friendly cryptocurrency exchange that's easy to use, both Swyftx and Easy Crypto are two options to consider.
Swyftx was founded in 2018 and has quickly become a popular exchange in Australia and New Zealand. The exchange supports over 300 cryptocurrencies available for spot trading, including popular coins like BTC, ETH, AVAX, ATOM, SOL, and DOT.
Swyftx exchange
The platform's user-friendly interface and focus on simplicity have helped it attract over 700,000 registered users, mostly from Australia and New Zealand. Swyftx is only available via browser and on mobile on either Android or IOS, making it easy to access on-the-go.
Swyftx app
Easy Crypto, on the other hand, was founded in 2018 by siblings Janine and Alan Grainger and is headquartered in New Zealand. The platform is designed to be simple and beginner-friendly, offering a well-designed interface that makes it easy to buy and sell cryptocurrencies.
Easy Crypto exchange
With a range of 160 cryptocurrencies available, including popular coins like Bitcoin, Ethereum, Solana, Algorand, and Cosmos, Easy Crypto is a beginner friendly option for novice investors. Unlike Swyftx, Easy Crypto is only available via browser and currently not mobile for either Android or IOS.
Swyftx vs Easy Crypto Signup & KYC
To create an account on Swyftx, users must provide their full name, country of residence, phone number and email. Once this information has been submitted, users must verify both their email address and phone number before their account is created.
Swyftx signup
KYC is obligatory on Swyftx and no trading can occur without completing it. To unlock full account privileges, users must verify their email, phone number and a government ID. In addition, those wishing to send and receive crypto will also need to provide a selfie.
Swyftx KYC
Once all the information related to KYC has been provided, it can take 1-2 days for the Swyftx team to verify the account. Note that Swyftx is only available to residents living in either Australia or New Zealand.
Moving on to Easy Cryoto, creating an account is quick and easy and users can sign up via Gmail, Facebook or a regular email. However, KYC is mandatory on Easy Crypto and no trading can occur without having received approval.
Easy Crypto signup
To complete the KYC process takes roughly 5 minutes and users need to provide their full name, date of birth, phone number and a valid government ID. Once all the details have been provided, it can take up to 24 hours for Easy Crypto to verify the account. Similar to Swyftx, Easy Crypto is available in Australia, New Zealand in addition to Brazil and South Africa.
Swyftx vs Easy Crypto Products & Services
Swyftx and Easy Crypto are two cryptocurrency exchanges that both cater to beginner investors with simple interfaces and a limited range of products and services.
Swyftx offers spot trading for over 300 cryptocurrencies, as well as recurring purchases and a demo account option.
They focus on providing a beginner-friendly experience and aim to make cryptocurrency trading accessible to all. However, their interface can be crowded and overwhelming for some users, which might be a drawback for beginners.
Swyftx cryptocurrencies
Easy Crypto also offers basic buy and sell services for over 160 well-known cryptocurrencies, as well as an OTC desk and recurring purchases options.
They have a well-designed and simple interface that is specifically designed for beginners. However, their product range is limited and not suitable for users who are looking for a wider range of services.
Easy Crypto crypto markets
In terms of liquidity, Swyftx has higher daily trading volumes than Easy Crypto, and both exchanges have lower liquidity than larger exchanges like Binance and Coinbase. Overall, both Swyftx and Easy Crypto are beginner-friendly cryptocurrency exchanges with a limited range of products and services.
For users who are looking for more product diversity and lower fees, we recommend signing up to alternative exchanges such as OKX, Binance and Gate.io where more versatility can be found.
When it comes to trading fees, Swyftx and Easy Crypto are two exchanges that differ quite a bit. Let's start with Easy Crypto, which charges a swap fee of roughly 0.7-1% on each transaction, making it one of the highest fees in the market.
Although they do offer discounts based on lifetime spends on the exchange, the minimum threshold of $1,000 to receive a 5% discount is still not a great bandaid.
On the other hand, Swyftx charges maker and taker fees of 0.6%, which is lower than Easy Crypto but still higher than most exchanges out there. For those that conduct swaps, the minimum fee applied is 0.6% for the buy order and 0.6% for the sell order which means that the total fee is 1.2%.
As such, both Easy Crypto and Swyftx charge unreasonably high trading fees when there are much better and cheaper alternatives in the market.
When it comes to depositing fiat currencies on cryptocurrency exchanges, the options can vary greatly. Let's take a look at Swyftx and Easy Crypto, and explore their deposit methods.
Swyftx offers its Australian users a variety of deposit options for AUD, including PayID, Poli, bank transfers, and credit/debit card deposits. The good news is that there are no fees when depositing via PayID and bank transfers.
However, those who choose to deposit with a credit/debit card may find the 3.6% fee and up to 4% spread to be quite steep. We would recommend avoiding this method if possible.
On the other hand, Easy Crypto doesn't offer traditional fiat deposits like most other exchanges. Instead, users from New Zealand, Australia, Brazil, and South Africa can buy cryptocurrencies with their respective national currencies.
Easy Crypto offers a variety of deposit methods, including Account2Account ($0.50 fee), POLI Pay (1% fee up to $3), debit/credit card (2.6% + $0.34), and bank transfer (free of charge).
It's clear that Swyftx and Easy Crypto cater to their respective audience with basic fiat currency deposits for each respective country.
When it comes to withdrawing funds, Swyftx offers users the ability to withdraw two fiat currencies, AUD and NZD. AUD withdrawals come with no fees while NZD withdrawals have a fee of $10, excluding any fees charged by the bank.
Additionally, AUD withdrawals with a bank that supports Osko are almost instantaneous, while other banks may take up to 2 business days.
When it comes to cryptocurrency withdrawals, Swyftx charges a 0.0002 BTC fee for Bitcoin withdrawals, a 0.0018 ETH fee for Ethereum withdrawals, a 0.008 SOL fee for Solana withdrawals, and a 7 USDT fee for ERC-20 USDT withdrawals.
On the other hand, Easy Crypto withdrawal process is different than most as users must create sell orders for the cryptocurrency they wish to sell. The money is then sent to the connected bank account, or users can provide a bank account if none is selected.
If users wish to change their bank account, they can do so in their My Account section. In terms of cryptocurrency withdrawal fees, Easy Crypto charges a 0.0001 BTC fee for Bitcoin withdrawals, a 0.04 ETH fee for Ethereum withdrawals, a 0.03 SOL fee for Solana withdrawals, and a 10 USDT fee for ERC-20 USDT withdrawals.
In summary, Swyftx and Easy Crypto are both smaller exchanges that target beginner investors looking for an easy-to-use cryptocurrency exchange.
Swyftx offers a wider range of +300 cryptocurrencies compared to only 160 available on Easy Crypto.
The trading fees on both exchanges are on the higher end with Swyftx being slightly cheaper for those that use their spot market.
In terms of user experience, the interface on Swyftx can be overwhelming for some users while we find Easy Crypto to have a simpler and more straightforward interface.
In terms of product range, both Swyftx and Easy Crypto are very limited and don't offer much beyond basic buying and selling and an OTC desk.
This limits the target group of both exchanges as no intermediate to experienced users will use these platforms.
This is both due to the fact that their trading fees are high but also because they offer a very limited range of products and services.
The competition in the market is way too high these days to be able to compete with such a limited offering.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
