Swyftx vs Coinbase – two top exchanges that convince with their ease of use, trading varieties, competitive fees, and attractive features. The direct comparison will show you which platform outshines the others.
Cryptocurrency has been on a wild ride in recent years. Massive returns in short intervals have encouraged countless would-be investors to enter the crypto space and seize the opportunity of becoming rich.
Swyftx vs Coinbase – Reviewed
But which exchange to choose? There is Swyftx, a widely popular Australian exchange that has grown tremendously within a short interval.
Then there is Coinbase – the world’s leading crypto broker and exchange that has extended its services to Australia.
But which among them is best? This comparison will put Swyftx and Coinbase, two of the most popular and trusted cryptocurrency exchanges, head-on and see which one comes out as a winner in the Swyftx vs Coinbase clash.
Swyftx vs Coinbase Comparison
|Currencies Accepted||AUD, USD, NZD||USD, EUR, CNY, AUD|
|Trading Fees||0.6%||Up to 3.99%|
|Daily Deposit Limit||$50k||$25,000|
|Deposit Method||Debit card, credit card, PayPal, Bank transfer||Debit card, credit card, PayPal, Bank transfer|
|Built-in Crypto Wallet||Yes||Yes|
|Supported Devices||Web, iOS, and Android||Web, iOS, and Android|
|Security||Two-factor authentication||Two-factor authentication|
|Verification Speed||2 – Minutes||2-3 minutes|
Swyftx is an interactive and feature-rich crypto exchange catering to Australian users. You will be amazed to know that Swyftx has witnessed a tremendous rise in popularity within a short interval.
Currently, Swyftx boasts a user base of around 30,000 people, which is growing further each passing day.
The driving factor behind Swyftx’s success is its simple and transparent approach allowing users to enter the crypto market.
The main focus is to provide users with an intuitive dashboard devoid of unnecessary frills and unscrupulous trading gimmicks such as cheating, excessive spread, manipulation, etc.
Swyftx Pros And Cons
There is a darker shade to the best products. Therefore, it’s prudent to analyze both the black and white aspects of the product you are considering. That’s why we curated a list of Swyftx Pros and Cons to help you with the process.
- Enhanced ease of use via carefully designed mobile and desktop applications.
- Ample trading opportunities due to its support for around 300 cryptocurrencies and altcoins.
- Simple fund deposit process with no charge AUD deposits and withdrawals.
- Specialized and robust customer support for quick resolution of issues.
- Competitive trading fees of 0.6% per trade.
- Advanced trading features like futures and derivatives are missing.
- It is limited to Australia only.
Is It Safe To Keep Your Crypto On Swyftx?
Swyftx uses a combination of hot and cold storage to protect all its crypto assets. Moreover, they have collaborated with Auth0, a specialist in cloud platform security, to further amplify its security efforts and apply top safety standards for passwords and account security.
Then there is 2FA which adds an extra security layer on top of every account. You should note that 2FA is needed for withdrawals, changing account details, and high-volume transactions.
All these factors combine to make Swyftx one of the safest crypto exchanges in Australia.
Does Swyftx Have Private Keys?
When you purchase digital assets on Swyftx, you are assigned a wallet for better safekeeping of your funds.
Each of these wallets is protected by private keys to ensure that no one other than you has access to your fund.
It’s the standard way to legitimize your claim on the crypto-assets and prevent unauthorized access to digital assets.
However, Swyftx is a centralized exchange, and therefore, it holds all the private keys of its users. In short, Swyftx act as a custodian for your private keys.
Coinbase is huge, both in terms of global presence and the number of users. The old-timer has been in the crypto market for about a decade now and serves a staggering 30 million users worldwide.
Although Coinbase is a US-based exchange, the digital trading platform is the first point of contact for many Australian newbie investors entering the crypto space.
Being a giant of the crypto market, you will witness one of the highest trading volumes on Coinbase. That’s indeed a feat and surely appeals to users, given that higher trading volumes translate to profit opportunities.
Coinbase Pros And Cons
Like Swyftx, Coinbase also has some ups and a few downs. Therefore, neglecting the pros and cons of Coinbase will be an oversight that will surely impact the final decision. To avoid the mistake, take a look at what’s good and what’s not about Coinbase.
- Leading crypto exchange with a global presence.
- Licensed by American regulatory authority FinCen.
- Provide a simple and intuitive interface to easily manage cryptos.
- Investors have about 100 cryptocurrencies at their disposal.
- Coinbase Debit cards allow easy transactions in cryptocurrencies.
- Higher trading and transaction fees indeed hurt and more so to new traders.
- Availing customer support is a lengthy process, mostly because of the large number of requests.
Is Coinbase Trustworthy?
Yes, Coinbase has been a leading crypto trading platform for about a decade. Moreover, it has adopted several measures to boost its trustworthiness. Its
FDIC-secured accounts feature allows you to trade directly via your bank account. Moreover, users have insurance against their funds. Therefore, even in case of a breach, there is no threat to the user’s fund, and they will get all their money back.
Furthermore, robust security features and vast userbase that stands with Coinbase further boost its trustworthiness.
Will Coinbase Refund If Hacked?
Breach on crypto exchanges is indeed a troublesome issue and could result in a colossal loss of funds.
But Coinbase gives you immunity against such breach. Yes, it’s true; you get your every penny back in case there is a hacking event on the Coinbase exchange.
It’s a major factor why users flock to coinbase exchange in large numbers. Incidentally, Coinbase insures a portion of its funds away with insurance authorities to give its users peace of mind that their money is secure.
How Do I Get My Money Out Of Coinbase?
To get your money out of Coinbase, there is a simple two-step process;
1. Convert Cryptocurrencies into cash by selling them
- Login to your Coinbase account via the browser or mobile app.
- Find the Sell option and click on it.
- Choose the asset you want to sell and specify the amount.
- Give a click to the Sell Now option to complete the process.
2. Withdraw the cash to your bank account
- On your Coinbase account dashboard, choose the Assets option.
- Go to the Cash out tab and enter the amount.
- Fill in the details where you want to transfer your cash.
- Lastly, click on the Cash out now option to complete the step.
You should note that a cash deposit to a bank account is not an instant process and will take some time to reflect in your account.
Coinbase also includes highly intuitive features and greatly enhances the ease of use. There is a whole range of features, but here we will only present the most interactive ones;
- Advanced automation features which facilitate high-volume trading.
- A wide selection of coins to trade and maximize returns.
- Intuitive and easy to navigate dashboard reasonably well suited for new traders.
- Includes its own wallet app for mobile platforms to further ensure the safety of your funds.
- Includes Coinbase Earn – one particularly beneficial feature that allows new traders to make some crypto money while familiarizing themselves with the crypto world.
Swyftx is a feature-packed platform that efficiently assimilates every aspect of digital trading. Moreover, Swyftx aims to make available all the tools essential to get things going for the users.
Consequently, users are rewarded with interactive features which allow trading on Swyftx an enriching experience. Here are some of the top features that Swyftx exchange offers;
- The simple and hassle-free process to register an account, deposit funds, and begin trading.
- Both the desktop and mobile app is efficiently designed to allow enhanced ease of use for beginners.
- Several deposit methods, including bank transfer, POLi and PayID, and OSKO payment, further enhance the trading experience.
- Low spread fees of just 0.45% offer the best rates and more profit per trade.
- A highly secured environment that includes 2FA and offline cold storage of finds for maximum security.
- The Swyftx also includes a staking feature to allow its users to earn interest on their assets.
Swyftx vs Coinbase Features – Winner
Swyftx emerges as a clear winner in this segment. The staking feature allows Swyftx to be a more attractive platform in terms of making extra profits. On top of that, lower spread fees further boost earning potential.
Additionally, a highly polished mobile app makes trading on the move truly hassle-free.
Swyftx charges are the lowest amongst crypto trading platforms in Australia. Users have to pay a flat rate of 0.6% as a Swyftx fee for each trade.
Moreover, Swyftx does not charge any fees for the deposit and withdrawals in AUD. Additionally, users don’t incur any charges for fiat/AUD transactions.
Coinbase fee is comparatively much higher than Swyftx. The fees vary according to the services. Consequently, you have to pay separately for wallet service, Coinbase card, and staking services.
Moreover, Coinbase allows trading directly from your bank account; therefore, you have to pay an additional 3.99% as card fees. Moreover, you can’t sell cryptos on Coinbase in Australia.
You have to transfer your digital assets to a local exchange, making withdrawals unnecessary and lengthy.
Swyftx vs Coinbase Fee – Winner
In terms of fees, Swyftx beats Coinbase by a margin. Not only its 0.6% exchange fee is way lower than the 4.99% of Coinbase but, Swyftx also offers several zero charge deposit methods. On top of that, no sell option is available for Australian residents on Coinbase.
Apart from regular exchange fees, users also have to bear the cost of the spread. Now on some exchanges, it can reach as high as 2.5%, which could eat away all the profits.
But that’s not the case with Swyftx. It’s one platform that is completely transparent with its spread fees and charges a meager 0.45% for Bitcoin.
There are so many things interactive and appealing about Coinbase, but spread charges are not one of them. Unfortunately, Coinbase is notorious for high spread charges.
In general, Coinbase spread comes around 0.50% of your total trade amount; however, the spread value can be much higher depending upon market conditions and individual trades.
Swyftx vs Coinbase Spreads – Winner
In this segment, too, Swyftx is a clear winner. Lower fees on Swyftx exchange are complemented further by lower spread charges. Consequently, users have a higher chance of making greater profits on the Swyftx exchange as compared to the Coinbase exchange.
Swyftx follows all the essential security tactics to keep its platform safe and secure. Here are some noteworthy security features of Swyftx;
- Swyftx implements multiple layers of security protocols to ensure that all the operations on its platforms are safe.
- In addition to common security methods, like passwords, Swyftx also adds two-factor authentication layers to further amplify security parameters.
- Swyftx has a tie-up with Auth0, a cloud platform security firm that ensures maximum account security.
- On top of that, Swyftx includes a blend of cold and hot storage to ensure the safety of the funds.
Living up to its international reputation, Coinbase offers industry-leading security features and seems a step further than Swyftx. Here are some of the security features we found particularly attractive;
- The first thing is peace of mind because Coinbase is protected by crime insurance cover that ensures a portion of its assets. Your funds are safe even if the platform is hacked.
- Next is the storage of 98% of all the funds in offline, cold storage facilities.
- On top of that, Coinbase implements the latest security protocols, like biometrics, 2FA, and data encryption.
- Moreover, it complies with American regulatory authority FinCen to offer a safer and more trustworthy trading environment.
Coinbase vs Swyftx Security – Winner
In the security segment, Coinbase appears to outdo Swyftx. It’s near 98% cold storage combined with fund insurance in case of hacking, pushing its security way beyond Swyftx. Additionally, Coinbase also implements the latest security measures, like biometrics, to strengthen its security further.
Coinbase vs Swyftx – Number Of Coins Supported
Swyftx exchange offers more than 300 cryptocurrency coins, tokens, and digital currencies to buy, sell, or exchange. You can trade Ethereum, Litecoin, Bitcoin, XRP, Dash, Cardano, EOS, Tezos, Stellar Lumens NEO, and many more coins and tokens on Swyftx.
Likewise, Coinbase also offers a vast selection of coins and tokens for its users to trade. Incidentally, Coinbase has around 100 coins in its portfolio which seem significantly less than Swyftx.
There is no comparison in terms of supported coins between Swyftx and Coinbase. Swyftx leads with a huge margin. With Swyftx, you have way more coins at your disposal to indulge yourself in crypto trading.
Coinbase vs Swyftx Deposit Methods
Swyftx offers several free payment options for its customers to deposit funds.
Users can fund their accounts via PayID, POLi, bank transfer, and credit cards. However, Swyftx currently does not support buying cryptocurrencies using a cash deposit.
When it comes to depositing, Coinbase diverges from the traditional approach. You don’t need to fund your account; instead, you can directly buy cryptos via your debit card.
However, you have to incur higher card fees while purchasing cryptocurrencies.
Swyftx again steals the show with its multiple free deposit options. Cash buying is not available, but it’s compensated with free-of-charge deposit methods. On the other hand, Coinbase allows hassle-free and faster trading, but at the expense of higher fees.
Swyftx vs Coinbase Mobile App
Swyftx offers an intricate and carefully curated mobile app with all the functionalities. Lately, it has come up with an improved version of its mobile app, which comes with enhanced functionalities. Coinbase also offers a mobile app, but it’s not as intuitive and well crafted as Swyftx.
Swyftx Customer Support
Live chat support is the major attraction of Swyftx customer support. You can also reach out to Swyftx support via email, social media channels, and phone support.
We found Swyftx customer support to be fast and well adept and resolving users’ queries and concerns.
Coinbase Customer Support
Like Swyftx, Coinbase also maintains a robust support infrastructure for the speedy resolution of customer issues. Recently, Coinbase has also launched 24/7 phone support.
But unfortunately, Coinbase customer support lacks the agility needed to cater to such a large user base. Consequently, users have to wait longer to avail the needed support.
Coinbase vs Swyftx Customer Support Winner
Poor customer service can be an issue with larger exchanges, and unfortunately, Coinbase also suffers from this. On the other hand, Swyftx offers exceptional support service, a strong indicator of its popularity as a reputable Australian crypto exchange.
Swyftx vs Coinbase – Final Verdict
Swyftx and coinbase are both reputable exchanges and offer advanced features to allow easy and hassle-free trading. But upon this Swyftx vs Coinbase comparison to assess which one is better for Australian users, Swyftx seems way ahead of Coinbase.
Swyftx is a more reliable and feature-rich crypto service well suited for both beginners and experienced investors. On top of that, Swyftx also includes low trading fees, a user-friendly interface, and responsive customer support, which makes it a much more efficient, cheaper, and more user-friendly exchange than Coinbase.