There are many exchanges in the Crypto Industry today but in this review article, we’re going to review an up and coming exchange, Swyftx and Independent Reserve who has been around since 2013.
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|About||Swyftx is quite a new exchange based in Queensland. They have been gaining a lot of popularity recently with Australian investors.||Independent Reserve was founded in 2013 and they provide a safe platform for Australian investors and international investors to trade cryptocurrencies on.|
- Low trading fees and spreads.
- Withdrawal fees base minimum for network fees.
- Swyftx does not have any cold storage which means they are potential target for hackers.
Swyftx is quite a new exchange based in Queensland. They have been gaining a lot of popularity recently with Australian investors.
- Fees are lower than most Australian exchanges.
- The security aspect is taken seriously.
- The coins of Independent Reserve are the limited cryptocurrency pairings.
- Only 24 coins, this limits the projects you want to invest in.
Based in Sydney, Independent Reserve was founded in 2013 and they provide a safe platform for Australian investors and international investors to trade cryptocurrencies on. They are Gold certified by Blockchain Australia and had more than 150,000+ users over the past years.
Swyftx vs Independent Reserve: Exchange Comparison
Fiat currencies accepted:
Swyftx only accepts AUD as they operate in Australia.
Independent Reserve currently supports AUD, USD and NZD.
Currently Swyftx accepts over 100+ different cryptocurrencies – including the top crypto like BTC, ETH.
Independent Reserve accepts 24 different cryptocurrencies – including BTC, ETH, XRP and also DeFi coins such as YFI, AAVE, COMP.
🏆 Winner: SwyftxCurrently Swyftx accepts over 100+ different cryptocurrencies – including the top crypto like BTC, ETH.
Swyftx offers three deposit methods: Bank Transfer, POLi and PayID. POLi and PayID will deposit instantly with $0 fees and Bank Transfer using OSKO will arrive within the same business day.
Independent Reserve offers four different ways to deposit: Bank Transfer, PayID, POLi, and SWIFT. PayID and POLi will clear into your account within the same business day but Bank Transfer may take 1-2 business days. POLi also has a max limit of $1000 deposit per day and the rest being $10,000 or more.
🏆 Winner: SwyftxSwyftx offers three deposit methods: Bank Transfer, POLi and PayID.
Swfytx markets themselves as the lowest fees in Australia. While not exactly true, it is one of the lowest. Coming at 0.6% trading fee and low spreads (the price difference between the buy and sell price), trading on Swyftx won’t kill your gains. They also don’t have any additional withdrawal fees when you withdraw your cryptocurrency. You would only need to pay the network fees of the crypto.
Independent Reserve users a tiered approach to fees. It starts off at 0.5% fee but as your trading volume grows, your fees will also be reduced. The volume is based on your past 30 day trades.
The fees can be lowered to as low as 0.05% but that will require a $10 million worth of trading volume.
Independent Reserve does not charge any Fiat withdrawal fees unless you’re a resident in New Zealand or other international countries, then the fee will be $20.
🏆 Winner: SwyftxSwfytx markets themselves as the lowest fees in Australia.
Swyftx’s security features are quite light compared to what the best practices are for cryptocurrency exchanges. They only offer 2 Factor Authentication. Swyftx does not have any cold storage whatsoever so your funds are fully exposed to hackers. They also do not have any 3rd party security audits to make sure their exchange is secure from hackers.
Independent Reserve takes their security seriously as their servers are located across two Tier 3 data centers. This means if one gets compromised, no data is lost as the two servers update each other in real time.
They also use cold offline storage to store user funds and the storage locations require multiple layers of security before it can even get accessed – by using biometric authentication of each person wanting access to the vaults.
🏆 Winner: Independent ReserveIndependent Reserve takes their security seriously as their servers are located across two Tier 3 data centers.
Swyftx is compliant with AUSTRAC – the Australian regulatory body which deals with anti-money laundering and counter-terrorism.
Independent Reserve is compliant with the laws of Australia’s financial sector and is also audited and a Gold Certified member of Blockchain Australia.
🏆 Winner: Independent ReserveIndependent Reserve is compliant with the laws of Australia’s financial sector.
Swyftx’s customer service has been very well received and quite fast when you interact with them. They have an active Telegram group where the founders are on and regularly interacts with the community.
Independent Reserve offers 24/7 customer support and has very positive reviews from happy customers.
🏆 Winner: SwyftxSwyftx’s customer service has been very well received and quite fast when you interact with them.
Mobile functionality/mobile app:
Swyftx’s mobile app is available to download from the Google Play Store and the Apple Store. It currently has very positive reviews from users and it allows you to do everything you can on the desktop website from the convenience of your mobile.
Independent Reserve does not currently have a mobile app.
🏆 Winner: SwyftxSwyftx’s mobile app is available to download from the Google Play Store and the Apple Store.
Pros and Cons of Swyftx
Swyftx has many pros going for it and it’s certainly the low trading fees and spreads. The withdrawal fees are also non-existent as they only charge the base minimum for network fees.
The diversity in trading pairs as well makes it so Australian investors can easily jump into projects they are interested in investing.
The cons of Swyftx is the security aspect. In 2020, it is expected to have cold offline storage to hold the majority of user funds and have as little as possible on hot wallets. Swyftx does not have any cold storage which means they are painting a huge target on their backs for hackers to try hack them and drain all their funds.
Pros and Cons of Independent Reserve
Independent Reserve is an outstanding exchange as their fees are lower than most Australian exchanges and their security aspect is taken seriously. Their API’s is also amazing to develop with should you want to automate your trades.
The coins of Independent Reserve are the limited cryptocurrency pairings. With only 24 coins, this limits the projects you want to invest in. However, if you’re only interested in top coins, then this should not be an issue.
Swyftx’s low fees and wide coin range make it the winner between these two exchanges. However, their weaker security means it’s important that you have a wallet ready to move your crypto off the exchange.