Swyftx and Coinbase are two of the biggest and most used cryptocurrency exchanges operating in Australia. As two of the most reviewed exchanges in the market, we put the two head to head.
After our comparison, Swyftx is a clear winner with its great app, low fees and $10 when you sign up.
We look at what exchange comes out on top when it comes to a range of features, fees and security measures.
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| About | Swyftx is a cryptocurrency exchange based in Queensland, Australia. Alex Harper and Angus Goldman founded it. | Coinbase is one of the biggest cryptocurrency exchanges with over 30 million customers across the globe. |
| Rating | 
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| Cheaper Fees | ||
| Payment Methods | ||
| Direct Deposit | ||
| Credit Card | ||
| PayPal | ||
| Pay ID | ||
| Poli | ||
| Features | ||
| Beginner Friendly | ||
| Mobile App | ||
| Cold Storage | ||
| 2-Factor | ||
| Currencies Accepted | AUD | Most major currencies |
Swyftx
Pros
- Over 260 cryptocurrencies
- Low fees
- Excellent customer support
Cons
- No leverage (trading by borrowing money)
- Limited educational resources
Launched in 2017, Swyftx is a cryptocurrency exchange based in Queensland, Australia, founded by Alex Harper and Angus Goldman.
Swyftx is a promising crypto exchange as it attempts to fix all the ills that plague the crypto exchange ecosystem. It has everything you look for in a cryptocurrency exchange – high liquidity, low fees, excellent customer service, large crypto selection, and a well-arranged dashboard.
Coinbase
Pros
- Easy to navigate interface
- Robust security
- High liquidity
Cons
- Fewer altcoins (cryptocurrencies other than bitcoin)
- High fees
Hands down, Coinbase is one of the biggest cryptocurrency exchanges with over 30 million customers across the globe. It was founded by Brian Armstrong and Fred Ehrsam in 2012. This crypto exchange platform is renowned for its easy-to-use interface, robust security features, and high liquidity.
Swyftx vs Coinbase: Exchange Comparison
Fiat currencies Accepted
Swyftx
As of now, Swyftx is available in Australia, New Zealand, United Kingdom, and Canada. With Swyftx, you can trade cryptocurrencies using AUD, NZ, GBP, and CAD.
Coinbase
Coinbase offers its services in over 100 countries. The platform is available in almost all major countries in North America, South America, Europe, Asia, and Africa. Thanks to this global reach, Coinbase supports around 23 fiat currencies, including USD, EUR, GBP, CAD, MXN, CZK, and BGN.
🏆 Winner: Coinbase
Coinbase offers its services in over 100 countries
Cryptocurrencies Accepted
Swyftx
Swyftx allows you to trade over 260 cryptocurrencies, and this list keeps growing. The major cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Cardano (ADA), among others. Additionally, you can also find cryptocurrencies like Civic (CVC), Filecoin (FIL), and Mithril (MITH) on Swyftx. Moreover, Swyftx also has a rich DeFi (decentralised finance) portfolio with popular coins like Curve (CRV) and yearn.finance (YFI).
Coinbase
Coinbase supports over 60 cryptocurrencies as of now. Coinbase also keeps adding new crypto listings. The platform offers everything – cryptocurrencies, stablecoins (cryptocurrencies pegged with external assets like USD), and DeFi coins.
Currently, Coinbase supports major cryptocurrencies like – Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Aave (AAVE), Uniswap (UNI), Dai (DAI), USD Coin (USDC), Dash (DASH), Chainlink (LINK), and EOS (EOS) among others.
🏆 Winner: Swyftx
Swyftx allows you to trade over 260 cryptocurrencies
Deposit methods
Swyftx
You can add funds to your Swyftx account using the following options –
- PayID (instant deposit)
- POLi (instant deposit)
- Bank transfer – OSKO (same business day deposit)
- Cryptocurrency deposits
- Credit card and debit card deposits
As for the daily limit, you cannot deposit or withdraw more than AUD 20,000. However, this limit can be increased up to AUD 100,000 after strict verification checks. Also, when you add funds, Swyftx converts them into U.S. dollars. This is done to find better liquidity using USD pairs and decrease spreads, thereby reducing your trading costs.
Swyftx’s Swap Feature
Recently, Swyftx has launched a new feature that allows you to directly exchange one asset for another, making it super quick and easy to trade your existing crypto.
Coinbase
Currently, Coinbase supports the following deposit methods –
- Wire transfer (ACH and SEPA)
- Credit and debit cards
- Cryptocurrency deposits
At Coinbase, the deposit and withdrawal limits depend on the payment channel you choose. The highest limit for a fully verified U.S. account is USD 25,000.
Both Swyftx and Coinbase have similar deposit methods. However, as Coinbase offers higher buying limits, it is a clear winner.
🏆 Winner: Swyftx
Swyftx has more options for payment method
Winner – Swyftx
Fees
Swyftx
Swyftx charges a flat fee of 0.6%. This may seem exorbitant. However, Swyftx charges spreads (the difference between the buy and sell price) of as low as 0.41%. When you combine the flat fee and the spread, the fee turns out to be as low as 1.01%. This is much much lower when compared to other exchanges, which charge around 5%. As for deposits, AUD deposits are free as long as you deposit over AUD 200. Below this threshold, there is a flat fee of AUD 2.
Coinbase
Fees at Coinbase depend on your payment method, region, and order type – standard or instant. For the U.S., the fee ranges from 1.49% (for bank transfers) to 3.99% (debit/credit card). For cryptocurrency conversions, you need to pay a flat 2%. In addition to this, Coinbase charges spreads of up to 0.50%.
🏆 Winner: Swyftx
Swyftx has lower fees compared to Coinbase
Security Features
Swyftx
Swyftx offers two-factor authentication (2FA) to provide an additional layer of security on top of password login. The exchange also uses encryption protocols to safeguard sensitive data. Moreover, Swyftx has partnered with Auth0 to store users’ login details in the cloud safely.
Further, the exchange keeps a constant tab on user data and website traffic to detect any potential breaches. Upon identifying suspicious activity, they time-lock the concerned account until the original owner reset the password.
Coinbase
When it comes to security, Coinbase leaves no stone unturned. The company stores 98% of users’ funds in cold wallets (wallets that store cryptocurrencies offline) spread across different locations. Moreover, Coinbase has a biometric fingerprint login feature; plus, it also supports 2FA. Most importantly, Coinbase offers an insurance cover of up to USD 25,000 per individual in case of theft.
Well, the fact that Coinbase has never been hacked since its launch in 2012 speaks volumes of its security.
🏆 Winner: Coinbase
In terms of security features Coinbase has the upper hand because of the cold storage features.
Regulation compliance
Swyftx
Swyftx is a registered cryptocurrency exchange with the Australian Transaction Reports and Analysis Centre (AUSTRAC). As a licensed cryptocurrency exchange, Swyftx follows stringent KYC policies and anti-money laundering (AML) regulations.
Coinbase
Coinbase was the first cryptocurrency exchange approved by the U.S. regulatory authorities. The company adheres to bank-grade KYC and AML policies. As for licenses, Coinbase has several licenses, including the New York BitLicense and money transmitter licenses in several U.S states.
👔 Tie
Both Swyftx and Coinbase are equal in terms of regulation compliance both followed the standard regulation.
Customer service
Swyftx
Swyftx has excellent customer support. With over 900 ‘Excellent’ reviews on TrustPilot, Swyftx is amongst the most trusted cryptocurrency exchanges. You can contact Swyftx customer support via phone, email, live chat, and telegram. Additionally, Swyftx also has a rich collection of articles to help you with common queries in their ‘Help’ section.
Coinbase
Coinbase lags behind in customer service. For example, it is tough to get your queries solved on phone support. Talking about email, you need to submit a ticket via their website, and the customer care team will reach out to you within 48-72 hours. Coinbase also has a well-arranged and resourceful ‘Help’ section. But, overall, Coinbase has a negative impression when it comes to customer support.
🏆 Winner: Swyftx
You can contact Swyftx customer support via phone, email, live chat, and telegram.
Mobile Functionality/Mobile App
Swyftx
With Swyftx, you can trade on the go as they have mobile applications for Android and iOS devices. The best part is that you can access all the features available on their website through the Swyftx mobile app. Also, the mobile applications are completely secure, thanks to their biometric security feature offering both fingerprint and face scan.
Coinbase
Coinbase has its native mobile applications for Android and iOS devices. These applications are designed by keeping beginner traders in mind. Thanks to this, buying and selling cryptocurrencies on Coinbase is a breeze.
🏆 Winner: Swyftx
In terms mobile functionality all the features available on their website is accessible through the Swyftx mobile app
Winner – Swyftx
Pros and Cons of Swyftx
Pros
- Over 260 cryptocurrencies
- Low fees
- Excellent customer support
Cons
- No leverage (trading by borrowing money)
- Limited educational resources
Pros and Cons of Coinbase
Pros
- Easy to navigate interface
- Robust security
- High liquidity
Cons
- Fewer altcoins (cryptocurrencies other than bitcoin)
- High fees