Swyftx vs Bybit | Leading Trading Platform for Pros?
Jack Moreau
Feb 2024
9 min read
Fact checked
Trying to decide between Swyftx vs Bybit for your crypto trading needs? We've analysed both exchanges across various factors including product offering, trading options and fees, fiat deposit methods and more. Read on to find out which exchange best suits your needs!
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.
Swyftx and Bybit are two very different cryptocurrency exchanges that differ both in terms of range of services but also which users they cater to. Let's beginning by taking a closer look at the basics of each of these exchanges.
Swyftx was founded in 2018 by Alex Harper and Angus Goldman and is based in Milton, Queensland. The exchange has grown to a decent size of over 700,000 registered users mainly from Australia and New Zealand.
Swyftx exchange
Swyftx offers spot trading for over 300 cryptocurrencies, including popular options like Bitcoin, Ethereum, and Solana.
The exchange has a workforce of over 100 employees who are dedicated to providing a user-friendly platform and a seamless trading experience. Swyftx is also available on Android and IOS, with over 10,000 downloads on each platform.
Bybit is a derivatives exchange that specializes in offering advanced trading options, including perpetual contracts, futures, and inverse contracts, for various cryptocurrencies such as Bitcoin and Ethereum.
The exchange is also available as an IOS and Android app, with over 5 million app downloads and an impressive 4.2-star rating based on over 60,000 reviews.
In short, Swyftx is more beginner-friendly exchange that mainly allows it's Australian users to buy and sell cryptocurrencies while Bybit is the much bigger, more versatile exchange with a much larger geographical footprint and userbase.
Swyftx vs Bybit Signup & KYC
Swyftx and Bybit are two popular cryptocurrency exchanges that offer a range of trading services. While both exchanges have their unique features, they share a common requirement - KYC verification.
Swyftx requires users to verify their email, phone number and a government ID in order to unlock full account privileges. The signup process is more comprehensive compared to other exchanges as users are required to provide their full name, country of residence, phone number and email.
Swyftx signup
Once all the information related to KYC has been provided, it can take 1-2 days for the Swyftx team to verify the account.
On the other hand, The signup process is easy and straightforward as users can register with their phone number or email. Bybit allows users to begin trading without KYC, however, without being verified, users are limited to 20K USDT daily withdrawal and 100k USDT per month.
Bybit KYC
In order to participate in Earn, One Click Buys and Fiat Deposits on Bybit, users must complete KYC and get their accounts verified. Generally, the KYC verification process on Bybit can be completed within 10 minutes but can take up to 48 hours in some cases.
In short, Swyftx requires KYC for all of their users while Bybit requires KYC verification only for users who wish to unlock additional account privileges. Swyftx has a more comprehensive signup process compared to other exchanges, while Bybit allows users to signup and begin trading without KYC.
Swyftx vs Bybit Products & Services
Swyftx is a simple exchange that focuses on offering a beginner-friendly venue to new cryptocurrency investors. Users can buy and sell over 300 cryptocurrencies via spot trading and they can opt in to recurring buys for those who wish to dollar cost average.
Swyftx cryptocurrencies
They also offer a demo account for users who want to buy and sell with fake money without needing to go through KYC. In terms of user experience, considering the few products offered by Swyftx, their interface is actually quite crowded. Considering they are mainly targeting beginners, one would expect a smoother and easier to navigate experience.
On the other hand, Bybit is a much more comprehensive cryptocurrency platform that offers spot trading, futures, margin trading, perpetual swaps (perps), options, and leveraged tokens.
Bybit spot trading
Liquidity on Bybit is in top 10 category with daily spot trading volumes frequently exceeding $1 billion. The max futures leverage available on Bybit is 100X, Margin trading is available on Bybit with up to 5X leverage with USDC, USDT, BTC and DAI as underlying collateral.
Bybit also offers trading bots, which can help users automate their trading strategies. Additionally, the platform features copy trading which let's users replicate the trades of successful traders.
Bybit copy trading
Bybit also includes financial services like lending and borrowing, an NFT marketplace where users can buy and sell NFTs, and the Bybit card which lets users spend their digital assets in everyday transactions.
Bybit NFTs
Bybit offers a great user experience with loads of trading products that will satisfy the needs of professional traders. The interface however is very cleverly designed as is easy to navigate even for beginners.
If you're looking to trade cryptocurrencies, fees are an important factor to consider. So how do the fees of Swyftx and Bybit compare?
Let's start with Swyftx. This exchange charges maker and taker fees of 0.6%, which is on the higher side compared to most other 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. This means a total fee of 1.2%, which is very high.
Swyftx trading fees
Now, let's take a look at Bybit which offers much lower fees than Swyftx, with maker and taker fees of only 0.10%. For trading futures, the fees are even lower at 0.01% for makers and 0.06% for takers. Plus, if you trade above the minimum threshold during a 30-day period, you can further reduce your fees.
Bybit trading fees
So when it comes to trading, Bybit is the much cheaper exchange compared to Swyftx which means that users can save a lot of money by using it.
For those that wish to deposit fiat currencies, Swyftx and Bybit have different deposit that they support.
Starting with Swyftx, this Australian-based exchange offers fiat deposits in only one currency, AUD. However, there are several options for depositing AUD, including PayID, Poli, bank transfers, and credit/debit card deposits with Visa and Mastercard.
While there are no fees when depositing AUD via PayID and bank transfers, credit/debit card deposits come with a steep 3.6% fee and up to 4% spread. We recommend avoiding this fee and using the free options instead.
On the other hand, Bybit offers support for 5 different fiat currencies, including USD, RUB, MXN, BRL, ARS, and TRY. The available deposit methods on the exchange are bank transfer, SEPA, FPS, QiWI, Advcash, and PIX.
Bybit fiat deposit
While bank transfers are free for all other fiat currencies, there is an $8 deposit fee via wire transfer. Keep this in mind when deciding which deposit method to use.O
And when it comes to withdrawals, Swyftx offers two fiat currencies for withdrawal which are AUD and NZD. AUD withdrawals are free of charge while there is a $10 fee for NZD withdrawals, excluding any possible fees charged by the bank.
Withdrawals using Osko are processed within 1-2 minutes while other banks take up to 2 business days. As for cryptocurrency withdrawal fees, Swyftx charges 0.0002 BTC for Bitcoin withdrawals, 0.0018 ETH for Ethereum withdrawals, 0.008 SOL for Solana withdrawals, and 7 USDT for ERC-20 USDT withdrawals.
On the other hand, Bybit only supports fiat withdrawals for USD, BRL, and TRY. There are no fees for bank withdrawals in BRL and TRY, but a high fee of $25 is charged for USD wire transfers.
Bybit fiat withdrawals
For those that wish to withdraw their digital assets, Bybit charges 0.0002 BTC for Bitcoin withdrawals, 0.0006 ETH for Ethereum withdrawals, 0.01 SOL for Solana withdrawals, and 3-10 USDT for ERC-20 USDT withdrawals.
In conclusion, Swyftx and Bybit are two very different exchanges both in terms of geographical footprint, user base and products and services offered.
Swyftx is a beginner-friendly exchange that offers spot trading for over 300 cryptocurrencies, recurring buys, and a demo account for users to practice trading without KYC.
Swyftx targets mainly the Australian market and has a much smaller user base than Bybit does. In terms of trading fees, Swyftx charges maker and taker fees of 0.6%, while Bybit offers much lower fees with maker and taker fees of only 0.10%.
On the other hand, Bybit is the more comprehensive platform that offers spot trading, futures, margin trading, perpetual swaps, options, and leveraged tokens.
Bybit also includes financial services like lending and borrowing, an NFT marketplace, trading bots, and the Bybit card. Most of the services that Bybit offers are simply not available on Swyftx. For deposit options, Swyftx offers fiat deposits in AUD while Bybit supports 5 different fiat currencies with more deposit options.
Ultimately, the choice between Swyftx and Bybit will depend on the needs and preferences of each individual user. For Australian users who just want to buy and sell cryptocurrencies and don't care about higher fees, Swyftx will get the job done.
For those looking for more cost efficient exchanges with plenty of additional products and services, only Bybit will satisfy those needs.
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.
