Trying to decide between Swyftx vs eToro? We've done the research and analyzed various factors, such as security measures, fees, and customer support, to help you make an informed decision. Read on to find out which platform is the best fit for your trading 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 eToro are two popular cryptocurrency exchanges that cater to different types of users with a different product range.
Swyftx is an Australian-based exchange that offers a user-friendly platform for beginners looking to invest in a variety of cryptocurrencies.
Swyftx was founded in 2018 by Alex Harper and Angus Goldman and has become a popular trading venue in Australia and New Zealand.
Swyftx exchange
With a workforce of over 100 employees mainly based in Australia, Swyftx has attracted over 700,000 registered users from Australia and New Zealand.
The exchange offers spot trading for over 300 cryptocurrencies including popular ones like Bitcoin, Ethereum, Avalanche, Solana, Cosmos, Polkadot and many others. Swyftx is also available on both Android and IOS where it has over 10,000 downloads and a good rating.
eToro supports a more limited range of 80 cryptocurrencies including Bitcoin and Ethereum, and has gained popularity for its user-friendly interface and innovative social trading features.
eToro exchange
The platform is available in 140 countries and has over 10 million downloads on its Android app with a 4-star rating. Overall, Swyftx and eToro cater to different types of users.
eToro app
Swyftx is more tailored to beginners in Australia who just want to buy cryptocurrencies while eToro is more suitable for those interested buying and selling a much wider range of financial assets.
Swyftx vs eToro Signup & KYC
In terms of signup and KYC, both Swyftx and eToro require KYC verification for trading.
To create an account on Swyftx, users must provide their full name, country of residence, phone number, and email.
Once the account is created, users must verify their email, phone number, and provide a government ID to unlock fiat deposits and cryptocurrency trading.
Swyftx KYC
Swyftx also requires a selfie for those who wish to send and receive crypto and the verification process can take up to 1-2 days.
On the other hand, eToro's signup process is even simpler as users only need to enter a username, email, and confirm email verification.
However, to unlock full account privileges, users must submit personal information such as their country of residence, address, and a valid government ID.
eToro KYC
Similar to Swyftx, the verification process on eToro can take up to 1-2 business days to complete. So while the signup and KYC process differ slightly between these two exchanges, at the end of the day, users on both Swyftx and eToro must complete KYC in order to begin trading.
Swyftx vs eToro Products & Services
Now let's talk about products and services. Swyftx is quite 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 spot trading
They also offer a demo account for users who want to buy and sell with fake money without needing to go through KYC. Besides that, Swyftx does not really offer many more products.
Swiftx dashboard
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.
Compared to Swyftx, eToro is the more versatile platform where users can buy and sell a wider range of over 3,000 financial assets.
Within its vast umbrella of offerings, eToro facilitates trading of an impressive array of more than 3,200 stocks. This includes shares from top-tier companies such as Apple, Tesla, Google, and Amazon.
eToro Stocks
But the diversity doesn’t end there. Traders can navigate the waters of over 50 currencies, delve into more than 30 commodities, and study the trends of over 20 global indices. At the time of writing, commodities, currencies and indices are not available to users in the United States.
eToro Indices
The digital currency market isn't left out either with eToro presenting a suite of over 70 cryptocurrencies, traders can invest in popular names like Bitcoin, Ethereum, Solana, and many others.
eToro Cryptocurrencies
In addition, there's a curated collection of over 400 ETFs that encompasses industry leaders like SPDR S&P 500 and Vanguard, offering another avenue for investment diversification.
eToro ETFs
Understanding the critical role of continuous learning in trading, eToro’s Academy extends a rich repository of resources that includes detailed trading courses, enlightening webinars, and practical tutorials.
eToro Academy
The platform's synergy with TradingView ensures that traders have an edge. They gain access to meticulously detailed charts, providing the insights needed to make informed trading decisions.
eToro Trading Tools
eToro's commitment to seamless trade execution is evident with accurate, on-the-dot pricing in real-time. The platform's toolkit is further enriched with customisable take-profit settings and trailing stop-loss mechanisms. Stop Loss and Take Profit are not guaranteed.
If a trader is new to the eToro ecosystem or simply wishes to test its waters, the platform's demo mode offers an ideal playground where newbies can trade without any real-world repercussions.
eToro Demo Trading
A standout feature that differentiates eToro from many competitors is the CopyTrader system. This innovative tool enables novice and experienced traders alike to mimic the strategies of seasoned professionals.
eToro Copy Trading (Past performances are not an indication of future results)
Finally, acknowledging the burgeoning interest in non-fungible tokens, eToro presents Delta. This is a dedicated segment for NFT enthusiasts, streamlining the process of discovering, buying, selling, and managing these unique digital assets.
eToro NFTs
In terms of user experience, we think that eToro is more beginner friendly than Swyftx. While the design of eToro is not as modern looking, it is overall less crowded and easier to navigate for beginners.
When it comes to trading fees, Swyftx and eToro different fee structures. Let's start with eToro which charges a flat 1% fee for buying and selling cryptocurrencies. Unlike many other exchanges, eToro does not offer fee rebates for high volume traders.
On the other hand, Swyftx charges maker and taker fees of 0.6% for those that trade spot. For those that conduct swaps, the minimum fee applied is 0.6% for the buy order and 0.6% for the sell order. Thus, a total fee of 1.2% which is higher than eToro.
Swyftx trading fees
As such, both Swyftx and eToro are on the higher end compared to the market average when it comes to trading fees. It bears mentioning that eToro offers different products like stocks with 0% commission. As such, not all transaction on the platform come with a 1% transaction fee.
When it comes to deposit options, Swyftx and eToro both offer a range of fiat currencies and deposit methods for their users.
Swyftx only allows users to deposit AUD and NZD via 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, those depositing with credit/debit card will incur a 3.6% fee and up to 4% spread.
This is a hefty fee, so it's recommended that users avoid paying it if possible.
Moving on to eToro, they support four fiat currencies including USD, EUR, GBP, and AUD. Deposit methods include bank transfers, PayPal, Skrill, Neteller, and debit cards.
The best part? All fiat deposits are free of charge on eToro. This is a great perk for users looking to save on fees and keep more of their funds for trading. Conversion fee may however be applied as deposits are conducted in $.
In this category eToro has the clear advantage with support for more fiat currencies, more deposit methods and lower deposit fees.
Swyftx offers a simple and straightforward way to withdraw fiat currencies. Users can withdraw AUD and NZD for free, but there is a $10 fee for NZD withdrawals.
Withdrawals to banks that support Osko only take 1-2 minutes, while other banks may take up to 2 business days.
When it comes to cryptocurrency withdrawals, Swyftx charges a small fee for each transaction. Bitcoin withdrawals cost 0.0002 BTC, while Ethereum and Solana withdrawals cost 0.0018 ETH and 0.008 SOL, respectively. Those who wish to withdraw ERC-20 USDT will have to pay a fee of 7 USDT.
eToro offers both fiat and cryptocurrency withdrawal options. Users can withdraw fiat currencies to their bank account or debit card, but there is a $5 withdrawal fee. Non-USD currencies are also subject to conversion fees.
For cryptocurrency withdrawals, users can only transfer their crypto from the eToro investment platform to the eToro Money crypto wallet.
eToro charges a steep 2% fee for this transfer, with a minimum cost of $1 and a maximum cap of $100. Withdrawals are available for cryptocurrencies such as BTC, ETH, ADA, XRP, LTC, and a few other coins.
Swyftx and eToro are two very different beasts that caters to different types of users across different regions.
While Swyftx is available to users only in Australia and New Zealand, eToro is a global social trading platform with over 30 million users and a foot print in over 140 countries.
Both exchanges require KYC verification and no trading can occur without being approved.
One benefit that Swyftx has over eToro is the fact that it offers over 300 cryptocurrencies compared to the 80 currently offered by eToro.
Swyftx is however the more limited platform as it does not really offer anything besides cryptocurrency trading.
eToro is the more versatile platform with financial assets such as cryptocurrencies, stocks, in addition to demo accounts and copy trading tailored to beginners.
In terms of fees, Swyftx charges maker and taker fees of 0.6% for spot trading but 1.2% for those swapping cryptocurrencies.
On the other hand, In terms of fees, eToro charges a flat 1% fee for buying and selling cryptocurrencies and 0% commissions for those that wish to buy stocks.
At the end of the day, eToro is the winner of this comparison as it's the overall more comprehensive exchanges across categories such as country availability, range of financial products and product range.
Disclaimer
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured.
Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance.
luckyaltcoin.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.
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.
