Comparison of Swyftx vs Simpleswap [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Swyftx vs Simpleswap comparison!

Your expert: Alejandro Borja

Swyftx

Swyftx

Your expert: Xavier Tarrasó

simpleswap

Simpleswap

Main points

Fees

≈ 0,06%

Earns

No

Customer service

4/5
≈ 1,20%/2%

Fees

No

Earns

3/5

Customer service


Recommended for

Beginners

Yes

Trading

Yes

Passive income

No

Buy and hold

Yes
Yes

Beginners

No

Trading

No

Passive income

Yes

Buy and hold


Comparison of fees

Rating

4.0 – Competitive fees with strong local support in Australia and New Zealand.
4.0 – Competitive fees with a focus on instant crypto swaps.

Level

≈ 0,06%
≈ 1,20%/2%

Brief explanation

Swyftx charges a competitive trading commission which is built into the spreads, typically around 0.6%, making it quite transparent and straightforward. The platform does not charge any deposit or withdrawal fees for AUD transactions, which is a notable advantage for local users. Additionally, Swyftx keeps its fee structure uncomplicated with no hidden charges, allowing traders to easily understand what they will pay when executing trades on the platform.
SimpleSwap’s commission structure is streamlined to cater primarily to crypto-to-crypto transactions. It charges a variable fee for each transaction, which typically ranges from 0.1% to 0.5% depending on the specific cryptocurrencies involved and market conditions. This fee is integrated into the exchange rate displayed at the time of the transaction, ensuring transparency. The platform does not impose additional fees for deposits or withdrawals in cryptocurrencies, which is a significant advantage for users looking to minimize costs. However, users should be aware of network fees determined by the blockchain of the cryptocurrency being used, which are not controlled by SimpleSwap but are necessary for processing the transactions on the respective networks.

Swyftx

Simpleswap

Comparison sponsored by the best exchange

eToro

eToro Special Offer*

Earn up to 4.90% APY on uninvested cash with eToro USA.

Account Minimum

Get started with just $50.

And 1% fee on all cryptocurrency trades.

etoro logotipo

Investing risks losing your money

Product selection

Native token

No
No

Earns

No
No

NFT marketplace

No
No

Cripto/debit card

No
No

Company information

Full name

Swyftx Pty Ltd.
SimpleSwap Ltd

Regulation

Regulated in Australia
Not regulated

Year founded

2017
2018

Founder

Alex Harper
Unknown

Payment methods

Transfers

Yes
No

Mastercard

Yes
No

Wire transfer

Yes
No

Card

Yes
No

Comparative table

Swyftx FEATURES Simpleswap
Swyftx allows for relatively low minimum trades, making it accessible for beginners who wish to start small.
Minimum Trade
SimpleSwap supports flexible trading with no minimum deposit, making it accessible for casual users and beginners to start trading with any amount.
The platform has competitive fees, lower than many of its local competitors, though slightly higher than global exchanges.
Trading and Transaction Fees
The platform operates with a straightforward fee structure but lacks the transparency of detailed fee breakdowns that might benefit users looking for cost efficiency.
Swyftx offers a wide selection of cryptocurrencies, catering to traders interested in both popular and less-known coins.
Number of Cryptocurrencies
Offers a wide variety of over 300 cryptocurrencies, providing users with extensive options for trading different digital assets.
Offers a robust range of trading pairs, enabling flexible trading strategies across various digital assets.
Crypto-to-Crypto Trading Pairs
Supports numerous trading pairs, allowing for versatile crypto-to-crypto exchanges, though it could expand into more niche or emerging cryptocurrencies.
The Swyftx website provides clear, detailed information on fees, policies, and trading options, aiding users in making informed decisions.
Website Transparency
While the website is user-friendly, it could improve by providing more detailed information about the company’s background and operational logistics.
The Swyftx crypto debit card seamlessly converts cryptocurrencies to fiat for easy everyday transactions, with added benefits such as reward points on purchases.
Credit/Debit Card
SimpleSwap focuses solely on cryptocurrency exchanges and does not provide additional financial tools like an exchange card, limiting its utility for everyday transactions.
Provides secure storage options, though it’s always recommended users keep large amounts in personal wallets for added security.
Storage Offering
Provides secure storage options, though detailed information on security measures and storage capabilities could be more transparent.
Offers staking options but with fewer choices and rewards compared to leading competitors.
Staking and Rewards
Limited staking options and rewards are available, which could be enhanced to attract long-term investors.
Both mobile and desktop platforms are highly rated for their user-friendly interfaces and functionality.
Mobile App and Desktop
Offers a functional mobile app that is efficient and convenient for trading on the go, although further enhancements could improve user experience and features.
Generally responsive and helpful customer service, but peak times can see slower responses.
Customer Service
Generally receives positive feedback for customer service, but could benefit from extended support hours and faster response times.
Deposits and withdrawals are generally efficient, though some users report delays during high-demand periods.
Deposit and Withdraw
Crypto deposits and withdrawals are supported, but the addition of fiat options and reduction of withdrawal fees would improve this feature.

Key features

Analysis tools

Advanced charting tools, technical analysis
No trading tools, primarily a swap service

Mobile APP

No
No

Security

High 4,6/5
High 4,5/5

Additional features

Staking, fiat on/off ramps, Swyftx Earn, demo mode
Instant crypto swaps, SimpleSwap Earn, loyalty program

Anonymity

No
Yes

Key points

Available cryptocurrencies

300+
300+

User-friendliness

Swyftx features an intuitive and user-friendly interface that is easy to navigate, making it suitable for beginners. The platform focuses on providing a seamless trading experience.
SimpleSwap features an intuitive and user-friendly interface that is easy to navigate, making it suitable for beginners. The platform focuses on providing a seamless trading experience.

Value for money

Delivers good value for money with competitive fees and strong local support in Australia, making it a good choice for regional users.
Delivers good value for money with competitive fees and a straightforward swapping service, making it an easy option for quick trades.

Countries of operation

Australia, New Zealand
Global, including United States, Canada, United Kingdom, Australia, Germany

Best for

Best for Australian and New Zealand investors looking for a user-friendly platform with competitive fees and strong local support.
Best for traders looking for a straightforward and quick cryptocurrency swapping service with competitive fees.

Base currencies available

AUD, BTC
BTC, ETH (varies by transaction)

Account

Trading

Swyftx is a popular exchange in Australia, offering a user-friendly platform and easy fiat integration. It supports a wide range of cryptocurrencies and competitive fees but lacks some advanced trading features.
SimpleSwap is a non-custodial exchange known for its fast and anonymous transactions. It offers a wide range of cryptocurrencies but lacks advanced trading features and tools.

Deposit and withdrawal

Swyftx is popular in Australia, offering easy fiat and cryptocurrency deposit methods. Withdrawals are processed efficiently, with competitive fees.
SimpleSwap is a non-custodial exchange known for its fast transactions. It supports various deposit methods, and withdrawals are processed quickly with low fees.

Account opening process

Swyftx provides an easy and fast account opening process. Users need to provide personal details and verify their identity. The process is fully digital and usually completed within a day.
SimpleSwap offers an easy and quick account registration process. Users need to submit personal details and verify their identity. The process is fully digital and typically takes less than a day to complete.

KYC required?

Yes
No

Customer Service

Swyftx provides support through email and live chat. The support team is responsive and available 24/7, making it reliable for users in Australia and beyond.
SimpleSwap offers customer support via email and live chat. The response time is quick, but the support team is not available 24/7, which may be a drawback for some users.

Security

Swyftx ensures security through 2FA, encryption, and cold storage. It is regulated by Australian authorities, providing a secure environment for investors.
SimpleSwap offers strong security with 2FA and encryption. Despite its robust security measures, the platform is not regulated by top-tier financial authorities, which could be a concern for some investors.

Which of these exchanges is for you?

As a cryptocurrency investment analyst, I find Swyftx to be an excellent choice for those new to the crypto market or looking for a user-friendly trading experience. The platform offers a wide range of cryptocurrencies and has a straightforward, easy-to-navigate interface that simplifies trading. While it could improve its offerings for more seasoned traders by adding advanced trading tools, for most users, Swyftx provides a reliable and secure environment to start their cryptocurrency investment journey. If you’re based in Australia, I highly recommend considering Swyftx as your go-to exchange.
As an expert on cryptocurrency exchanges, I find SimpleSwap to be a commendable platform for those just starting with cryptocurrencies. Its straightforward and intuitive interface removes much of the complexity typically associated with crypto trading. This accessibility makes it an excellent choice for newcomers who might be overwhelmed by more advanced trading platforms. However, it’s important to note that while SimpleSwap excels in simplicity and ease of use, it may not fully satisfy the needs of more seasoned traders looking for advanced trading tools and features. For those just entering the crypto space, SimpleSwap offers a gentle introduction without the intimidating barriers to entry seen in other exchanges.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

 

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).


For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

More comparatives Swyftx and Simpleswap