Swyftx vs Coinbase 2023

Martin Parks – Last Updated on September 26, 2023

Swyftx is among the top crypto exchanges available to Australians, while Coinbase is the biggest cryptocurrency trading platform in the USA. Many Aussies are familiar with Coinbase due to it being extremely well-known in America however which one is the best option for Australia? I’ve conducted a head-to-head comparison between these two exchanges to help you make your own decision.

My personal opinion is that Swyftx is the better choice, with no deposit fees, cheaper charges for trading, a demo mode, and 20 free Bitcoin for signing up with this link.

Trade on Swyftx Trade on Coinbase

Table of Contents

Comparison Table

Features	Swyftx	Coinbase
Amount of Cryptocurrencies	350+	160+
Trading Fees	0.6%	4.49%
Deposit Fees	free	No fiat deposits
Withdrawal Fees	free	No fiat withdrawals
Payment Methods	PayID / Osko / POLi/ wire transfers	Debit card

Swyftx Pros and Cons

Pros

320+ available cryptocurrencies.
Support for all the popular deposit methods in Australia, including POLi, OSKO, and PayID.
A flat fee policy of 0.6%.
A regulated exchange, registered with AUSTRAC, which complies with anti-money laundering measures.
The option to earn interest on 20 leading coins and tokens through the Swyftx Earn feature.

Cons

The platform lacks a classic trading interface for advanced traders.
User funds aren’t insured.
Swyftx only operates locally in Australia and New Zealand.

Coinbase Pros and Cons

Pros

User-friendly and simple interface
Only takes a couple minutes to register and start trading
Coinbase are insured so their users' funds are safe
More than 160+ cryptocurrencies available
Very secure and trusted platform

Cons

Complicated fee structure that is higher than competitors

Features

Are you looking to enter the thrilling world of cryptocurrency, but are overwhelmed by the amount of jargon and complicated graphs? Swyftx is created to make it easy for users. With a user-friendly interface as well as modern designs, Swyftx is the perfect platform for beginners to cryptocurrency. Also, with a demo version accessible, you can test your trading skills prior to placing any money in the market.

In addition, Swyftx offers the possibility of staking 20 different coins. Therefore, not only will you be able to increase your portfolio of investments easily and ease, but you’ll earn additional cash while doing it.

Coinbase is an incredible platform for people who want to begin their journey in the market of crypto. Through their Earn program that allows you to earn free cryptocurrency through watching videos and doing easy tasks. It’s great opportunity to begin exploring cryptocurrency and understand how it functions. The easy-to-use interface makes buying and managing your crypto easy.

Coinbase has also their own Coinbase Wallet app that lets you keep your coins safe and organize your crypto holdings.

If you’re a seasoned trader or crypto investor you can choose for upgrading from Coinbase Pro. With lower fees for trading as well as advanced charting tools and a variety of order types You can increase your trading to the highest level.

Because Coinbase has a lot to offer, it is clearly the better choice when it comes to features.

Winner: Coinbase

Supported Cryptocurrencies

Swyftx provides more than 320 cryptos.

Coinbase offers more than 160 different coins.

Swyftx is the clear winner in this regard since it has more currencies than Coinbase. It means Swyftx offers you more options when it comes down to selecting which cryptocurrency to trade.

Winner: Swyftx

Fees

Swyftx has the user a flat 0.6 percent fee for trading on all trades. deposits and withdrawals are both absolutely free.

Coinbase does not support debit card transactions. It costs a total of 4.49 percent to purchase directly cryptocurrency. Because Coinbase does not allow selling cryptocurrency in Australia You are unable to withdraw AUD.

Charges Swyftx offers a better deal than Coinbase in this area. The platform is free to deposit and withdrawals as well as an 0.6 percent trading fee. Coinbase’s fees are considerably higher as purchasing cryptocurrency can cost you 4.49 percent.

Winner: Swyftx

Customer Support

Swyftx claims to offer Live chat service, however it relies on robots. If you’re in need of assistance and assistance, you’ll be in a chat room using a robot rather than an actual person.

The customer service at Coinbase is so quick and efficient. It provides traders 24/7 accessibility to customer support via phone or electronic ticketing system for customers to use. Additionally Coinbase’s Customer Support team are on the most popular social media platforms including Facebook and Twitter and traders can reach them easily.

Winner: Coinbase

Deposit Methods

Swyftx accepts POLi and cryptocurrency. PayID debit and credit card deposits.

Coinbase does not accept AUD withdrawals or deposits. However you can use AUD to buy crypto directly with the debit card only.

Swyftx is the clear winner, because it allows a broad range of deposit options. The greatest benefit is the fact that Swyftx deposits are absolutely free and, aside from having many deposits, users aren’t required to pay charges. Coinbase is, on the contrary side, is only able to support debit card transactions made with instant credit cards that result in the 4.49 per cent cost.

Winner: Swyftx

Security

Swyftx has put in place top-of-the-line security measures, such as biometric logins and two-factor authentication to ensure that your account is always secure. In addition their security team continuously evaluates and responds to attacks on the platform or the users.

Accredited by AUSTRAC and in compliance in accordance with KYC regulations, Swyftx provides peace of assurance for both individuals and businesses who want to secure their information online.

Coinbase is a trusted as well as secure exchange platform that employs state-of-the-art security features to ensure your funds are an enjoyable and safe experience.

To provide an additional protection layer the website has the 2-factor authentication (two-factor authentication) feature that is in place. The website traffic is encrypted with SSL.

Additionally, they provide insurance on all assets on Coinbase So you can be confident that your funds are safe.

Though Swyftx is a security-conscious company, with several layers of security in order to ensure your safety, Coinbase runs a tight boat. The exchange is above and beyond the norm using offline cold storage and providing security for the cryptocurrency stored on its platform.

Winner: Coinbase

Conclusion

While Coinbase is an internationally-established trading platform, Swyftx is much better than Coinbase for Australians. Swyftx allows staking on 20 coins, offers lower fees, a demonstration mode, and 3000 cryptocurrency coins which makes it the best option for Australian cryptocurrency investors.

Coinbase is, on the other side, despite being an established crypto exchange within the United States, has yet to fully embrace the Australian market completely. It only allows debit card transactions, which have a higher price of 4.49 percent. Australian crypto investors are also not able to sell their crypto on the platform , or take withdrawals of AUD on the exchange.

If you’re interested in learning more, check out our review on Swyftx or read our Coinbase review. Also, check our review of the best crypto exchanges available to Australians to determine if other exchanges might be right for you.

Frequently Asked Questions

Is Swyftx a secure exchange?

Yes, Swyftx is a super-secure crypto exchange with a clean track record regarding platform hacks. The platform has never been hacked, it stores the majority of funds in offline hardware wallets, while user accounts are protected by passwords and two-factor authentication (2FA).

Does Swyftx have Australian-based customer support?

Yes, the platform has a native, Australian-based support team and they are highly professional when it comes to answering user inquiries.

Is Swyftx good for beginners?

Swyftx is a great crypto exchange for beginners because it’s very easy to use. The mobile app is ever easier to use, and comes with a smooth user-interface. Every feature is just a few clicks away.

Is Swyftx an Australian company?

Yes, Swyftx is an Australian company with headquarters in Brisbane.

Who is Swyftx owned by?

Swyftx is a private company owned by crypto enthusiasts Angus Goldman and Alex Harper, the founders of the platform.

Does Swyftx have a withdrawal limit?

Swyftx has a daily fiat withdrawal limit of 100,000 AUD.

What countries does Coinbase support?

Customers can use Coinbase in the United States, Canada, Australia, Singapore, and most of Europe. In the United States, Coinbase’s USD wallet is only available in states with licenses to engage in money transmission, or where such licenses are not issued or required for Coinbase. As of this Coinbase exchange review, only the state of Hawai’i was awaiting Coinbase support.

Is Coinbase licensed throughout the United States?

Coinbase is licensed in 42 US states, as well as Washington DC and Puerto Rico. You can still access Coinbase in states where it’s not licensed.

Does Coinbase have a mobile app?

Coinbase has a mobile app for iOS and Android users. The app is highly rated by users in the Apple and Google Play stores. It allows users to buy, sell, and store crypto securely with an intuitive design and user-friendly platform.

Does Coinbase provide a cryptocurrency wallet?

Coinbase Wallet is a mobile app that offers a secure place to store your cryptocurrencies. You can use Coinbase Wallet without having a Coinbase crypto exchange account, but you can easily link your Coinbase Wallet to your Coinbase exchange account for added crypto storage security. It’s available on Android and iOS devices.

How does Coinbase compare with Binance?

Binance, founded in 2017, is the largest crypto exchange in the world, and Coinbase is the second largest. Binance supports more than 200 cryptocurrencies, while Coinbase Pro supports 36. Binance also offers lower fees. However, Binance was the target of one of the biggest crypto heists in 2019, and it does not match Coinbase’s commitment to security and self-regulation. Recently, Binance relocated to Malta, where the company isn’t subject to strict regulation.

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