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Quick Verdict - Swyftx vs. Coinbase Australia
Coinbase and Swyftx are two highly-trusted, reputable cryptocurrency exchanges that offer an easy way for novice crypto investors to build their portfolios. Swyftx has a clear advantage as it is an Australian exchange — owned by Australians, for Australians. Coinbase has only recently begun expanding its services to Australians and still has quite a few limitations for Aussie customers.
Swyftx and Coinbase Compared
|Promotion||$20 Bitcoin for creating a verified account||None available at this time|
|Fiat Currency||AUD, USD||AUD|
|Deposit Method||Bank transfers, POLI, PayID, credit card & debit card||Pay ID and debit card|
|Max. Trading Fee||0.6%||Up to 4.5%|
|Instant fiat withdrawals||Yes||Yes|
|Live Chat Support||Yes||N/A|
|Markets||Spot only||Spot and margin|
Visit Coinbase A...
|Review||Read our full Swyftx review||Read our full Coinbase A... review|
At A Glance
Swyftx is an Australian-based cryptocurrency exchange headquartered in Brisbane. The company was founded in 2017 and began offering crypto services in 2019. In only a few years of operation, Swyftx has built a reputation as one of Australia’s most cost-effective and trustworthy exchanges.
The platform now boasts over 600,000 registered users. It offers several helpful features, including SMSF support, an Earn wallet and a huge list of 320+ cryptocurrencies for sale. Swyftx’s user design is sleek and customizable, although it can take a little getting used to when first starting. The platform doesn’t offer much for advanced traders (such as derivatives), but users can set recurring buy or trigger orders. There is even a $20 Bitcoin bonus using a Swyftx referral link.
- Low trading fees and spreads, especially compared to Australian alternatives
- Impressive list of coins for altcoin investors
- Strong history of security and trustworthiness. Licensed and registered with AUSTRAC
- State-of-the-art mobile app with excellent features
- Australia-based customer support including 24/7 live chat
- Does not offer margin or derivatives trading
- No support for a NFT marketplace
- Does not have an insurance fund
- Crypto staking has been remove and not available
At A Glance
Coinbase is one of the world’s longest-running cryptocurrency exchanges, founded in 2012. It is one of the most popular crypto platforms globally, consistently ranking in the top 5 for trading volume and weekly visits. Coinbase is largely targeted towards beginners, offering an incredibly easy and intuitive trading interface for total novices to buy Bitcoin and other digital assets.
In its decade-plus of operation, the exchange has maintained an excellent track record with security and customer support, although it was partially compromised in 2021. In October 2022, Coinbase dedicated itself to improving its Australian services by introducing support for bank transfers via PayID. Previously, Australians could only buy crypto with credit/debit cards and could not sell digital assets for fiat currency. These changes immediately made Coinbase a viable option for Australian investors looking to start their crypto journey.
- Visually pleasing and easy-to-use user interface with an easy-to-use mobile app
- International exchange with deep liquidity across its supported coins
- Strong reputation for trustworthiness and bank-like security
- Marketplace to buy, trade and sell NFTs
- Limited features for Australians such as advanced trading
- Does not have the option to withdraw to Australian bank account
- Fees can be very high for buying with AUD
- Customer support can be slow due to popularity
Comparison of Features, Products & Services
Swyftx and Coinbase Australia are two beginner-focused exchanges. Due to this, their range of features on offer is streamlined compared to advanced platforms such as Binance or KuCoin. Regardless, both exchanges have several useful attributes that are worth comparing.
Swyftx is an Australian-centric exchange with minimal international reach. That said, Swyftx also supports New Zealand customers and is in the process of expanding to the UK and Canada. On the other hand, Coinbase is a US-based exchange that has a global audience. Coinbase services residents from over 200+ countries, including Australia. Due to its international reach, Coinbase has over 100 million registered customers, which is a very impressive figure that speaks to its reputation.
Coinbase would be the clear winner here if we looked exclusively at just the number of supported countries. However, support for international residents is a far less important metric for an Australian-focused comparison of the two platforms. Swyftx greatly emphasizes supporting Australian customers, so its lack of a global audience is largely canceled out.
Supported Deposit & Withdrawal Methods
Swyftx has excellent support for AUD deposits and withdrawals. Australian customers can choose between POLi, PayID and bank transfers to fund their Swyftx accounts. All of these methods are completely free. Swyftx also allows instant credit/debit card purchases via an Australian bank, although this incurs a fee of over 3%.
For a decade, Coinbase offered Australian customers very few deposit and withdrawal methods. Australians could only use debit/credit cards to buy crypto, and there was no way to withdraw fiat. That all changed in 2022 when Coinbase introduced PayID as another deposit and withdrawal method. Utilizing PayID on Coinbase is both free and supposedly near-instant. However, we found when depositing AUD to Coinbase with PayID it took quite a few hours for the payment to clear.
Swyftx’s Australian-centric business model gives it the edge here, as the platform offers four useful deposit and withdrawal methods for Australian customers. Coinbase’s addition of PayID for AUD deposits/withdrawals is a good start for the exchange though.
Swyftx has one of Australia’s largest lists of altcoins, supporting 320+ digital currencies. The wide range of cryptocurrencies includes all the basics, such as Bitcoin, Litecoin, Apecoin and USDT, alongside more obscure assets. Moreover, individuals can choose to buy the listed cryptos with AUD, USD or BTC.
Coinbase’s international platform supports over 200 cryptocurrencies, providing access to the most popular digital coins. However, Australian customers are restricted from buying and selling approximately 50+ of these internationally supported cryptocurrencies. Some prominent exclusions include Binance Coin, Tron, LEO, FTX Token, Monero and Elrond.
Swyftx has nearly triple the amount of cryptocurrencies available for Australians, with fewer glaring omissions compared to Coinbase. There is even the option to buy crypto with AUD or USD giving the individual flexibility on the currency they choose to pay with.
Trading Volume & Liquidity
Swyftx’s operates like a broker and therefore the liquidity and trading volume information is not tracked on websites such as Coinmarketcap and Coingecko. It is safe to assume that Swyftx does not command anywhere near the same liquidity and volume as Coinbase, given that Coinbase’s userbase and global reach are 100x greater. That said, Swyftx does offer services for institutional and high net-worth OTC clients, drawing on deep global liquidity from other providers.
Even during market turbulence, Coinbase regularly sees a daily trading volume of over a billion USD. Swyftx does not have the same data available, but it is unlikely to match Coinbase’s activity or liquidity. It is worth mentioning that, as both exchanges are aimed at beginners, deep liquidity won’t be as much of a concern as if the target audience were more experienced investors.
Earning Interest on Crypto
Both platforms support “Earn Wallets” for several cryptocurrencies. By placing relevant digital currencies into these wallets, customers can generate passive interest on their crypto portfolios. Continuing the beginner-friendly trend, locking up assets into these earning programs on both exchanges is incredibly simple.
When comparing earning programs, there are two key metrics to identify — the list of supported assets and annual percentage yield (APY) rates. Swyftx users can earn income on approximately 17 different assets, with notable absentees including Bitcoin and certain stablecoins. Coinbase only allows passive earning on seven cryptocurrencies, although two of them are stablecoins (DAI and USDT). Below is a table comparing the APYs of cryptocurrencies that can passively generate yield on both platforms.
Disclaimer: Please note that the above-listed earn rates are subject to change.
|Cryptocurrency||Swyftx Interest APY||Coinbase Interest APY|
Swyftx has the superior earning product for Australians simply based on supported assets — with the platform boasting more than seventeen coins to earn interest compared to Coinbase’s seven. In general, the earn rates on offer are very similar and competitive with most other centralized exchanges worldwide.
Buying and selling NFTs
Coinbase offers a fairly comprehensive NFT marketplace flush with thousands of digital collectibles. Of particular note is the number of “blue-chip” NFTs available on Coinbase’s marketplace, thanks to its integration with big industry players. For example, a large variety of Bored Ape Yacht Club (BAYC) and CryptoPunks are accessible through Coinbase.
Coinbase’s NFT marketplace is separate from the main cryptocurrency exchange, although they operate under the same banner. To use the marketplace, users must connect a supported crypto wallet (Coinbase Wallet, MetaMask, WalletConnect) to begin. For an in-depth tutorial on how to buy an NFT in Australia using an exchange read this article.
Coinbase Australia is the winner by default here, as Swyftx doesn’t offer any NFT-related services as of writing this article. While the selection of the marketplace on Coinbase is limited compared to global exchanges, it still provides this functionality whereas Swyftx doesn't.
Swyftx vs Coinbase: Ease of Use
Navigating Swyftx is incredibly easy, with a left-hand pane directing new users to all of the important features with just the press of a button. Those who have never used a cryptocurrency exchange will feel quite comfortable figuring everything out on their own. Buying and selling cryptocurrency is incredibly straightforward, and the order form has been simplified compared to most other exchanges. Where Swyftx’s ease of use falls a little bit is the customizable dashboard — before it has been optimized it can appear a little cluttered.
On the other hand, Coinbase provides a similarly delightful user experience. In general, the interface of Coinbase is actually quite similar to Swyftx’s, although it is slightly less cluttered and easier to navigate. In particular, Coinbase’s dashboard is immediately very useable and provides a simple way for beginners to find everything they need.
Coinbase is an internationally-recognized exchange that prides itself on being extremely beginner-friendly. In its decade-plus operating, Coinbase has built a reputation as the go-to exchange for total crypto novices. Swyftx’s exchange is by no means hard to use — it is still a sleek, modern and intuitive platform. Its competition is just very tough.
Swyftx vs Coinbase: Trading Experience
Swyftx and Coinbase are focussed on providing the crypto-naive with a simple way to build their portfolios. Thus, the trading experience on both platforms is streamlined and missing some more advanced features.
Placing an order on Swyftx is incredibly simple. Those completely new to trading can click “Buy” on whatever crypto they like and bring up an Instant Buy order form. Then, they enter the amount of BTC (or other digital currency) they wish to buy/sell, and confirm the order.
More advanced traders will enjoy the customizable charting feature thanks to Swyftx’s integration with TradingView. This chart has a suite of drawing tools, hundreds of indicators and a zoom feature. In addition, more experienced traders can easily place “trigger” (essentially Stop-Limit/Limit Market) orders that execute when the crypto hits a specific price. No order book, derivatives, or market depth is available on the Swyftx trading interface.
Coinbase’s trading interface is perhaps even more streamlined than Swyftx’s — all users have to do is add a payment method and they’re ready to go. This is perfect for beginners who want to accumulate crypto without much thought. However, Coinbase lacks a few features for more experienced traders. There is an adjustable price chart, but it doesn’t come with any indicators or drawing tools. In addition, it doesn’t appear Australians can place trigger/advanced orders of any kind.
While one could argue that Coinbase has a more modern and better-looking trading interface, it falls behind in features. Although beginners might prefer Coinbase’s simplicity, placing trigger orders and charting isn’t exclusive to advanced traders. Traders on Swyftx can continue using the exchange as their skills and requirements expand — those on Coinbase may have to switch platforms.
Swyftx vs Coinbase: Trading Fees
Swyftx is renowned for offering some of the lowest trading fees in Australia. According to our research, Digital Surge is the only Australian-based exchange that offers cheaper fees. Swyftx charges a 0.6% flat fee on every trade and free deposits/withdrawals. The platform also prides itself on transparency with spreads — an oft-overlooked expense. Swyftx’s average spread is around 1.7%, which is much lower than most alternatives.
Australians could only buy crypto on Coinbase via debit/credit card for a long time. This payment method would incur a fee of 4.5%, which is incredibly uncompetitive. The addition of PayID deposits has vastly improved the efficiency of using Coinbase in Australia. Still, the fee structure is rather complicated and depends on the deposit method, the asset being purchased, congestion, and so on. Customers can generally only find out the specific fee rate upon checkout.
Swyftx is one of the cheapest beginner-focussed exchanges on the Australian and global markets. What sets them apart is transparency with fees — very few competitors so willingly disclose their spreads, which can quickly add up. Coinbase’s main platform can be quite expensive, and Aussies wanting to buy crypto with a credit/debit card will be charged a 4.5% fee.
Swyftx vs Coinbase: Mobile App
Swyftx and Coinbase both offer modern, state-of-the-art crypto mobile apps for their customers to trade cryptocurrencies on the go. Coinbase’s smartphone application is available on iOS and Android devices. It is renowned as one of the best apps in the industry. The app provides all the basic features of Coinbase’s main exchange, and navigating the various tabs is a seamless experience. The app has been downloaded a whopping 1.7 million times on the Apple App store, and about 750,000 on the Play Store. Coinbase has a 4.1-star rating for Android devices and 4.7 for iOS.
Swyftx has a clean, modern mobile app that is perfect for Australian customers wanting all of the exchange’s best features in their pocket. This includes the areas where Swyftx outperforms Coinbase, such as charting tools, demo mode and access to Australian customer support.
Coinbase’s mobile app is a touch sleeker, more responsive and better designed than Swyftx’s, mostly due to their huge userbase and greater funding. However, Swyftx’s app isn’t too far behind in these respects and performs at a very high level. Given the advantages, particularly for Australians, that Swyftx provides, it’s hard to differentiate the two platforms. Customers won’t be disappointed using either exchange’s mobile app.
Swyftx vs Coinbase: Security
Swyftx and Coinbase are two exchanges that have built long-standing reputations for prioritizing their customer’s security. Swyftx has been in operation since 2019 and, in that time, has never been hacked. The platform deploys all the latest industry-standard security measures, including Two-Factor Authentication (2FA), hot/cold wallet storage and data encryption. The team is dedicated to receiving ISO 27001 accreditation, representing world-class security. Perhaps the only downside to Swyftx’s safety is their lack of an insurance fund.
Similarly, Coinbase is one of the safest international exchanges for Aussies to buy, sell and store their cryptocurrencies. 98% of all crypto on the platform is held in a secure crypto wallet that is offline. Moreover, 2FA is available for all accounts and private keys are heavily encrypted. The platform has also been accredited with ISO 27001 certification.
Although, in late 2021 approximately 6,000 customers had their Coinbase accounts compromised and funds stolen due to a phishing exploit. While this attack is not necessarily the same as an exchange-wide hack, it hurt consumer confidence. However, Coinbase has a theft insurance fund that pays out customers in such events.
Australians can feel safe using either Coinbase or Swyftx to buy, sell and store their cryptocurrency portfolios. Coinbase has a slight edge, even considering the 2021 compromise, due to its international ISO 27001 recognition and insurance fund.
Swyftx vs Coinbase: Customer Support
As an Australian exchange, Swyftx has emphasized Australian-centric customer support. The company has one of the market's largest dedicated customer support teams, boasting some 20+ members. Users can access the team via a 24/7 live chat, email and Telegram. Having a large on-shore, trained employee team ensures that Swyftx's customer support is helpful and quick to respond. Generally, we found the live chat wait times to be less than fifteen minutes. Third-party review platforms such as TrustPilot share this sentiment, rating Swyftx's customer support a 4.7/5.
Coinbase shares an equally impressive customer support team and has dedicated itself to improving its services. In the past few years, Coinbase has introduced 24/7 live chat and a ticketing system via email. This makes it easy for customers to resolve any issues. However, due to Coinbase’s immense popularity and off-shore locale, the customer support team is slower and less responsive than some Australian alternatives.
Swyftx is the clear winner for customer support for one key reason — its Australian team. It is far easier to contact Australian customer representatives, partially due to timezone disparities with international exchanges. Swyftx’s customer service team is renowned for being helpful and thorough. Coinbase has been steadily improving its customer support but still has a TrustPilot rating of fewer than two stars.
Final Comparison Scores
To conclude this comparison of which exchange is better between Swyftx and Coinbase Australia, each crypto exchange has been scored using simple evaluation criteria as shown below.
|Features, Products and Services||Swyftx|
|Ease of Use||Coinbase|
Final Verdict: Swyftx or Coinbase?
Swyftx and Coinbase are two of the best exchanges accessible to Australians. Notably, the two platforms are beginner-friendly and suited to a wide audience of cryptocurrency investors. Both have seamless trading interfaces and support 100+ digital currencies for purchase, sale and trade.
Swyftx is an Australian-based exchange fill with useful crypto features for novices. It is a trustworthy platform that has quickly grown a reputation among Australians for having excellent customer support, low fees and a management team that listens to its customers. Including charting features and advanced trigger orders allow Swyftx to service intermediate and more advanced traders.
Coinbase is an internationally-revered cryptocurrency exchange with one of the largest user bases in the world making it a worthy alternative to Swyftx. The platform has been running for over a decade and has continued to evolve its cryptocurrency services for beginners. The platform offers an earning hub, 100+ digital assets and a thorough NFT marketplace. However, Coinbase lacks some features specific to Australians, making it a slightly less-effective option. For example, Coinbase does not have SMSF support, an Australian-based office and customer support team, or instant Osko/POLi deposits and withdrawals.
Although Australian cryptocurrency investors will likely feel comfortable using either platform, Swyftx is the winner of this comparison on most criteria assessed and a suitable alternative to Coinbase.