Swyftx vs CoinJar – Which Is The Best
Are you in a dilemma of choosing between Swyftx and CoinJar? It isn’t easy, we know! That’s why we have put up a detailed Swyftx vs CoinJar comparison to help you out.
Swyftx vs. CoinJar – two leading cryptocurrency exchanges with millions of users. Both the exchanges have many pomps to attract customers, including extensive coin support, additional features, and top-notch trading conditions.
But between Swyftx and CoinJar, which one is better? Our direct comparison will answer this question.
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Swyftx vs CoinJar – Reviewed
Swyftx and CoinJar are the two top dogs of the crypto world, and both continuously work for the favor of investors and therefore keep on improving their offerings.
Despite that, the differences between the two crypto exchanges are huge. Consequently, they are not equally suitable for every type of crypto enthusiast.
Therefore, we took it upon us to test and analyze the services of these online brokers at length and provide you with clear answers through a Swyftx and CoinJar comparison.
Read till the end to have a clear understanding and a better overview to choose between Swyftx and CoinJar.
Swyftx Exchange
Swyftx is a cryptocurrency exchange, which means it allows buying and selling of cryptocurrencies. Incidentally, you can trade over 250 crypto coins listed on the platform.
Swyftx exchange was founded in 2017, and since then, it has become one of the top exchanges in Australia, allowing Australian users to quench their thirst for cryptocurrencies.
Besides trading, Swyftx exchange also allows staking coins to earn interest on your crypto assets and further boost your profits.
Swyftx Pros And Cons
After a brief introduction let us discuss the pros and cons of the Swyftx exchange.
Pros
- A trusted platform with a convenient interface and robust security.
- Widespread coin support allows countless trading opportunities
- Quality customer support with a multichannel approach
- Zero deposit fees, lower trading fees, and straightforward funds withdrawals
- A robust and highly intuitive mobile app puts all the features of Swyftx at the tip of your finger.
Cons
- Isolated incidents of technical bumps during funds withdrawal.
- Technical glitches during account registration and verification process.
Is It Safe To Keep Your Crypto On Swyftx?
Swyftx is a secure exchange with robust security parameters guarded by top-of-the-line security protocols.
Therefore it’s quite safe to keep your crypto on Swyftx. However, we will still recommend a wallet as it gives you more control over your private keys.
Does Swyftx Have Private Keys?
Yes, Swyftx has private keys. But being a centralized exchange, Swyftx crypto exchange holds all the private keys and acts as a custodian, giving little control to the users.
CoinJar Exchange
In comparison to Swyftx, CoinJar is a relatively older crypto trading platform. It came into existence in 2013, and besides Australia, CoinJar exchange also extends its services to UK users. You can trade in several cryptocurrencies on CoinJar.
CoinJar enjoys a good reputation among its users, and its USP is its straightforward approach to crypto trading. CoinJar charges are quite competitive, and the platform also offers some incredibly useful features.
Additionally, users also have CoinJar MasterCard at their disposal for a smoother shopping experience via cryptocurrencies.
CoinJar Pros And Cons
Some of the pros and cons of the CoinJar exchange are mentioned below.
Pros
- A trustworthy platform regulated by the Australian Financial Conduct Authority.
- Simple interface suits beginners, allowing them to trade with ease.
- High security with 2FA and offline storage of crypto assets.
- Offer CoinJar MasterCard, so you can use your crypto funds to pay bills online or in stores.
- Numerous deposit methods make funding the account a hassle-free process.
Cons
- Cryptocurrency support is quite limited, which limits trading offers.
- Customer support is limited, which prevents instant resolution of issues.
Is CoinJar Trustworthy?
CoinJar is a reliable exchange trusted by millions. Besides that, CoinJar implements solid security protocols and abides by standard KYC regulations to ward off unethical elements
Moreover, CoinJar platform has FCA registration which boosts its trustworthiness further.
Is It Easy To Withdraw From CoinJar?
Withdrawing funds from CoinJar exchange is a relatively simple process. You can easily withdraw funds from your bank account.
In the past, funds would take 1-3 days to reflect in your bank account. However, CoinJar recently implemented NPP payments.
If your bank supports NPP, withdrawal from CoinJar exchange to your bank account will be almost instantaneous.
How Do I Transfer Money From CoinJar To My Bank Account?
Here is a straightforward process to transfer money from CoinJar to the bank account;
- Head to the CoinJar website and log in with your credentials.
- Click the three dots to expand the menu and hit the ‘Withdrawal’ option.
- Choose the bank account linked to your CoinJar account.
- Fill in the amount details, review them once, and click on the ‘Next’ button to proceed with the transaction.
- CoinJar dashboard will generate a receipt with the transaction details.
CoinJar Features
CoinJar’s biggest advantage is its carefully curated user interface that allows an immersive trading experience.
A user-friendly approach facilitates beginners and helps them quickly chug in all the technicalities.
Similar to the Swyftx exchange, the security is solid and almost identical. But it lags in the customer support department, which is quite limited.
Similarly, supported Coins are also quite less in comparison to Swyftx platform.
But one thing that you won’t find on the Swyftx exchange is the CoinJar MasterCard. It’s free to obtain and allows you to pay bills similar to a regular debit card.
Swyftx Features
Swyftx is a top Australian exchange that complies with all the regulations and offers an intuitive dashboard to delve deep into the crypto space.
Ease of use and easy buying and selling process is a big plus for Sywftx and allows it to be a good choice for novices.
Additionally, the interactive mobile app and solid customer support simplify things further and enable a buttery smooth trading experience.
In case you are a beginner, there is a demo mode that allows you to familiarize yourself with how things work and then proceed to actual trading.
Security is uptight with several protocols in place; storing funds in cold storage further boosts reliability and performance.
Moreover, Swyftx platform also allows staking to grow profits further and earn a passive income over your crypto assets.
Swyftx vs CoinJar Features – Winner
Swyftx is the winner here. Although CoinJar crypto exchange has some interactive features, they are fewer in number.
On the other hand, Swyftx exchange seems to be full of attractive features – be it the demo mode, staking option, specialized customer support, or an efficient mobile app.
Swyftx Fees
How much a crypto exchange charges largely determines the profit margins for crypto traders. Therefore it’s an essential criterion to assess.
Deposit And Withdrawal Fee
On Swyftx, users don’t have to pay for depositing funds in their account; there is a zero Swyftx charge for fund deposits. Similarly, on withdrawals too, Swyftx platform doesn’t charge a dime – pretty impressive and certainly beneficial for beginners.
Trading Fee
When you trade on Swyftx exchange, you have to pay 0.6 percent per trade as the exchange fee on the Swyftx platform.
CoinJar fee
CoinJar has a bit of a complex fee structure. Although it’s not quite costly, it rewards bigtime traders with much lower fees.
Deposit Fee
The deposit fee on CoinJar exchange depends on the method you opt for. For NPP and BPAY, there is no deposit fee. However, Visa/Mastercard requires a 2% fee, while Blueshift will cost you 1.5% per deposit.
Trading Fees
CoinJar has a tiered trading fees structure; therefore, the trading fee depends on your level. On average, CoinJar charges a fee of 1% for each trade. However, when you move up in tier, trading fees lower down to 0.04%.
Swyftx vs CoinJar Fee – Winner
Swyftx is the winner in terms of fees. It has a simpler fee structure and consequently lowers the cost of trading on the platform.
It not only benefits first-timers but those who regularly trade higher volumes.
Swyftx Spreads
Spread is another vital characteristic you should never overlook while choosing the best crypto exchange. Incidentally, the spread is the gap between the buying and selling price of an asset on the trading platform. Simply higher the spread, the lower will be the profits.
On Swyftx crypto exchange, users have to bear a spread of about 1.6%. However, for Bitcoin, the spread is significantly lower and normally hovers around 0.45%.
CoinJar Spreads
CoinJar has a variable spread and a pretty complicated process of spread calculation. The CoinJar pricing algorithm calculates spread based on the trade valuing AUD 2,000. In any case, the spread on the CoinJar exchange revolves around 2%.
Swyftx vs CoinJar Spreads – Winner
Lower spread indicates that users have to incur much fewer exchange charges while trading on a particular exchange.
Swyftx spread of 1.6% is lower than the 2% spread of CoinJar; therefore, Swyftx is a better option in this regard.
Swyftx Security
There is no compromise with security on the Swyftx platform. There are multiple layers of security measures to mitigate security risk and to fix security loopholes efficiently.
Users’ funds and digital assets are secured via cold storage solutions. Additionally, there is two-factor authentication for secure access to the Swyftx platform.
Additionally, you have to go through the KYC process while registering on Swyftx. KYC ensures that only legitimate people have access to the Swyftx platform.
Moreover, Swyftx also conducts periodic third-party security audits to ensure that also the security measures are working perfectly and there are no vulnerabilities that hackers can take advantage of.
CoinJar Security
Security is of paramount importance when it comes to crypto exchange, and CoinJar knows that. Therefore, it includes several security measures to keep the platform secure.
To secure the funds, CoinJar employs cold storage with multi-signature authentication. Similarly, 2F authentication is also in place for an additional security layer.
Additionally, the main website is also protected with robust security protocols to prevent break-in attempts. You have SSL encryption and other security protocols for solid security.
Moreover, funds withdrawal requires authorization. CoinJar crypto exchange manually reviews each withdrawal request to block any unauthorized activity on the platform.
CoinJar vs Swyftx Security – Winner
Both CoinJar and Swyftx are committed to the security and therefore implement robust and cutting-edge security measures to ensure maximum safety.
Safety protocols on both platforms mirror each other; that’s why they both come out as winners.
CoinJar vs Swyftx
Trading offers are another significant factor to consider while choosing an exchange. The portfolio of supported coins directly translates to the number of trading opportunities.
CoinJar only offers about 50 coins, including native currencies and tokens, when it comes to the number of coins supported.
On the other hand, Swyftx exchange has a much more extensive range of coin support – users have around 250 assets at their disposal to buy, sell or exchange.
Consequently, Swyftx beats CoinJar exchange by a wide margin regarding the number of supported coins.
CoinJar vs Swyftx Deposit Methods
Deposit methods also dictate the viability and popularity of the crypto exchange. Incidentally, CoinJar offers around four different ways to fund your CoinJar account.
In case you want to deposit fiat currency like the Australian dollar, you have the option of PayID, Blueshift, BPAY, Credit card/Debit card, and Instant Buy.
Furthermore, you can also fund your CoinJar account with cryptocurrencies. If you hold digital assets in a wallet, you can easily transfer your crypto funds from the wallet to the CoinJar account.
Likewise, Swyftx crypto exchange also allows numerous methods for funds deposit. Similar to CoinJar, there is a simple process to transfer cryptos from a wallet to your Swyftx account for funding purposes.
Additionally, there are bank transfers, credit and debit cards, BPay, PayID, and PoLi for seamless fiat currency deposits. While the bank transfer and card transactions may take about an hour to reflect on your account, paying via PoLi or PayID instantly funds your account. Moreover, there is no daily deposit limit, which comes in handy when making multiple trades per day.
There is no winner here because both Swyftx and CoinJar platform offer similar deposit methods.
Swyftx vs CoinJar Mobile App
Swyftx has an interactive app with a highly polished user interface. The easy interface is particularly appealing to beginners, but experienced traders will also find it likable.
Similarly, CoinJar also has an app for both iOS and Android. Although you can navigate the CoinJar dashboard via the app, it does not offer similar ease of use as the Swyftx app. Moreover, there are numerous complaints that the CoinJar app keeps on crashing.
Swyftx has the upper hand here. Not having a robust mobile app is indeed a weak point of CoinJar.
Swyftx Customer Support
Swyftx maintains a pool of support executives to make the trading experience a breeze for its users.
Incidentally, it offers multiple avenues to get in touch with its support team. Users have the option of email, phone, and live chat support.
Additionally, users can also reach out to Swyftx customer support via telegram.
CoinJar Customer Support
Email is the primary point of contact for customer support on CoinJar. You can send your queries and concerns to the CoinJar support email and receive the resolution you need.
Additionally, CoinJar exchange also includes a detailed FAQ section, which further facilitates users to familiarize themselves with the platform.
CoinJar vs Swyftx Customer Support Winner
Clearly, Swyftx has more points of contact, therefore, a more robust support infrastructure than CoinJar.
Swyfx’s phone support and live chat support offer a better customer support experience, and consequently, it’s a clear winner in this section.
Swyftx vs CoinJar – Final Verdict
In our comparison of Swyftx vs CoinJar – we found that both providers are in a real head-to-head race.
They match in features, ease of use, and security infrastructure. However, Swyftx beats CoinJar by a margin in terms of trading offers. It offers significantly more coins to trade than CoinJar.
Swyftx again has the edge when it comes to fees because they are slightly lower compared to CoinJar exchange.
In terms of user-friendliness, CoinJar has the better cards mainly for its beginner-friendly interface.
Overall, between Swyftx and CoinJar, we found Swyftx a shade better. If you are an expert crypto trader, Swyftx has everything to make your trading experience much better.
For beginners, we will recommend CoinJar. Learn the technicalities there and then move to Swyftx.
