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    Swyftx vs CoinJar 2022: Which Should You Choose?

    Updated: Nov 4th, 2022
    Kevin Groves
    Kevin Groves
    Swyftx vs CoinJar 2022: Which Should You Choose?

    One of Australia’s most popular cryptocurrency exchanges that provide easy access to crypto trading for 600,000+ registered users is Swyftx. On the other hand, CoinJar is a lesser-known Australian-based crypto platform, but it has been around for nearly a decade and provides all manner of useful services. This comparison guide on Swyftx vs CoinJar will dive into each exchange’s fees, supported cryptocurrencies, and features to help investors determine which platform is right for them.

    Quick Verdict - Swyftx vs CoinJar

    CoinJar and Swyftx are two of Australia’s best cryptocurrency exchanges. The former was one of the first local crypto exchanges available to Australians and has built a long-standing reputation for excellent service. Swyftx is a newer exchange that lists 100+ more coins than CoinJar and is packed with more features. If you want to build a crypto portfolio then you can’t go wrong with either exchange. However, in terms of user experience, more coins to invest, cheaper fees, and the ability to earn interest on crypto, Swyftx is the clear winner.

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    Swyftx vs Coinjar Compared

    SwyftxCoinjar
    Website
    Promotion$20 Bitcoin for creating a verified accountNone available at this time
    Fiat CurrencyAUD, USDAUD & GBP
    Supported Cryptocurrency320+49
    Deposit MethodBank transfers, POLI, PayID, credit card & debit cardBank transfers, PayID, Cash Deposit
    Max. Trading Fee0.6%1%
    Overall Rating
    HedgewithCrypto Score
    HedgewithCrypto Score
    4.8/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Visit Swyftx
    HedgewithCrypto Score
    HedgewithCrypto Score
    4.3/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Visit Coinjar
    ReviewRead our full Swyftx reviewRead our full Coinjar review

    Swyftx Overview

    Swyftx is one of Australia’s leading cryptocurrency exchanges. It was launched to the public in 2019 after years of development by founders Alex Harper and Angus Goldman. The platform has since provided an easy on-ramp to cryptocurrency trading for over 600,000 users.

    Swyftx is a registered financial services provider with Australia’s financial regulator, ASIC, as well as AUSTRAC. This means Swyftx can provide basic cryptocurrency and financial services to Australian residents while abiding by AML, CTF and KYC requirements.

    Pros
    • Some of Australia’s most competitive trading fees.
    • Long-standing history in Australia, well-trusted and well-liked exchange.
    • An impressive list of cryptocurrencies to buy, sell and trade.
    • AUSTRAC licensed and ASIC registered, a very trustworthy exchange.
    • Great customer support with live-chat through mobile app.
    • Solid earn product with competitive interest rates.
    Cons
    • Dashboard can be a little clunky at first.
    • Not the best platform for experienced, high-volume traders.
    • Fees higher than international trading platforms (e.g., Binance and FTX).

    CoinJar Overview

    CoinJar has amassed 600,000+ registered accounts on its platform, founded in 2013. CoinJar is a registered financial services provider with ASIC and AUSTRAC and has a reputation for excellent security, customer support and trustworthiness. It is one of the oldest cryptocurrency exchanges in Australia but has remained a relatively small operation compared to the international heavy hitters.

    The company has a mission to make cryptocurrencies like Bitcoin accessible to everyone. Its platform is designed with ease of use as a top priority. This has resulted in a relative lack of features compared to some other exchanges like Swyftx but makes it a breeze to navigate for beginners looking to build a portfolio by investing in cryptocurrencies.

    Pros
    • Accessible and user-friendly trading interface.
    • Long-standing history in Australia, well-trusted and well-liked exchange.
    • CoinJar Debit Card with cashback.
    • Excellent mobile app.
    • Separate exchange with lower fees and more order options.
    Cons
    • Fees standard for Australian exchanges, but higher than Swyftx for Instant Buys.
    • Limited number of supported cryptocurrencies.
    • Lack of liquidity and volume for higher-frequency traders.

    Comparison of Features, Products & Services

    Swyftx and CoinJar are both Australian-based crypto exchanges that focus on providing a simple and accessible way to build a portfolio. CoinJar has fewer features available than Swyftx, but still provides various services that will suit some investors. Here is a side-by-side comparison of the best features of both exchanges.

    Swyftx vs CoinJar: Supported Countries

    Swyftx only services countries from the Oceania region – Australia and New Zealand. As an Aussie exchange, the platform (particularly customer service hours) is focused on Australian residents. However, the business has plans to expand into the UK and Canada shortly.

    On the other hand, CoinJar has a wider international presence. Theoretically, residents of any country (assuming they haven’t outlawed crypto) can use the platform for sending and receiving digital currency. Integrating fiat currency, however, requires a regulatory license. CoinJar only provides this service for Australians and British citizens.

    winner

    Winner: CoinJar.

    As Australian-centric exchanges, the biggest question is whether Swyftx and CoinJar adequately service Aussie citizens. Each platform has excellent compatibility with Australian residents. However, having international reach can help with liquidity and trading volume, so CoinJar edges ahead here (as the UK is a bigger market than NZ).

    Swyftx vs CoinJar: Deposit & Withdrawal Methods

    Swyftx is one of the most accessible exchanges regarding deposit and withdrawal methods. The platform supports free and instant AUD deposits from pretty much every bank account using PayID/Osko/POLi transfers. Customers can also buy crypto in Australia using credit/debit cards for fast deposits, however, the third-party processing fee is an expensive 3.6%. Fiat withdrawals are free and can be made via bank transfer. Crypto withdrawals will incur a standard network fee (gas).

    Swyftx AUD deposit methodsSwyftx AUD deposit methods

    On the other hand, CoinJar supports basic Australian deposit methods, such as bank transfer and PayID. PayID and bank deposits using AUD are free. CoinJar also accepts Blueshyft payments and is one of only a few Australian exchanges to offer this service. Blueshyft is a third-party provider that allows residents to buy crypto with physical cash at a local newsagent. This will incur a 1.5% fee, which is quite competitive for a niche service.

    Customers can also instantly buy cryptocurrency using Visa/MasterCard and Google/Apple Pay. This purchase method will cost 2% in fees, which is cheaper than other platforms. There is no minimum deposit limit. Withdrawals can be made via bank transfer for free, while cryptocurrency withdrawals to an external wallet will cost a variable network fee.

    winner

    Winner: Draw.

    There is very little separating CoinJar and Swyftx when it comes to AUD payment methods. CoinJar has the advantage of cheap credit/debit card purchases. On the other hand, Swyftx provides various instant and free deposit options. Customers of either exchange will be pleased with the deposit and withdrawal methods on offer.

    Swyftx vs CoinJar: Supported Cryptocurrencies

    Swyftx has an excellent selection of altcoins and more obscure digital assets. There are over 320 cryptocurrencies that can be purchased with AUD, sold, and swapped between on the exchange. This includes all the basic coins such as BTC, ETH, LTC, DOGE, SHIB, and a variety of stablecoins. Investors that want to get their hands on new coins gaining traction will likely find them within a few weeks on Swyftx.

    swyftx recently added coinsswyftx recently added coins

    CoinJar only provides a modest range of cryptocurrency options. There are only 50+ crypto pairs available, which cover BTC, ETH and XRP. The selection of altcoins is decent, including popular options like Polkadot and Litecoin, but falls well short of Swyftx. Some notable coins that are missing include Binance Coin, ApeCoin, Tron, Cosmos and UNUS SED LEO.

    winner

    Winner: Swyftx.

    Swyftx is the clear winner for its selection of crypto with nearly seven times more cryptocurrencies available on its platform than CoinJar’s. While CoinJar does offer the major digital assets, investors looking to buy altcoins may not find them on the exchange.

    Swyftx vs CoinJar: Earning Interest on Cryptocurrency

    Swyftx revamped its earn program in 2022 to create a more encompassing, competitive service for Aussies to earn interest on their crypto investments. The “Earn Wallets” essentially work like a high-interest savings account. Users lock up their cryptocurrency in a wallet, which Swyftx will then borrow. For convenience, the company will pay interest on assets they borrow.

    Swyftx earn walletsSwyftx earn wallets

    There are 10+ digital currencies available for earning, including the major coins like Bitcoin, Ethereum, Cardano and Solana. The rates available are competitive, with Kusama (19%) and Elrond (12%) particularly impressive. It’s worth noting that Swyftx implements caps on certain coins. If too many people earn on that coin, new users cannot add their assets to that wallet. Each Earn wallet also comes with three tiers. Customers who deposit greater volumes of crypto will see reduced interest rates.

    In contrast, CoinJar customers cannot earn passive income on their cryptocurrency as of writing this article. However, the platform has introduced a rewards system for using the platform. Users will be given CoinJar points for buying crypto, referring new customers, or using the CoinJar card. But this is quite mediocre in comparison.

    Coinjar rewards systemCoinjar rewards system
    winner

    Winner: Swyftx.

    Swyftx has a well-defined, competitive earn feature that will satisfy most beginner investors looking to make a little passive income. CoinJar’s reward program is a nice addition, but the complete lack of staking/savings accounts makes Swyftx the superior choice.

    Swyftx vs CoinJar: Ease of Use

    Swyftx has come a long way in the last few years and is now one of Australia’s most easy-to-use platforms. Swyftx’s interface is straightforward and accessible to all of the exchange’s important features is just a click or two away. By merit of having many features, navigating Swyftx can be slightly overwhelming for beginners.

    In particular, the dashboard looks a little messy at first glance. There may be a little learning curve for new Swyftx users to get used to the exchange’s layout. However, the dashboard is easily customizable, and it’s generally a breeze for investors to find whatever they need on the platform. Swyftx’s crypto demo mode is also a perfect way for beginners to learn about trading crypto without risking any capital.

    Swyftx default dashboard screenshotSwyftx default dashboard screenshot

    Similarly, CoinJar generally targets beginners, and the platform’s simple design flow reflects this. Notably, the development team overhauled the platform’s original, outdated user interface and brought it up to speed with other competitors. CoinJar boasts a streamlined experience that will take users little time to grow accustomed to. Beginners can easily determine where to deposit AUD, buy new cryptocurrencies, and view their assets.

    Coinjar user interface screenshotCoinjar user interface screenshot

    Where CoinJar falls a little is in the account management department. Viewing and altering account settings (such as 2FA, password changing, and transaction history) isn’t quite as streamlined as it could be.

    winner

    Winner: Draw.

    CoinJar and Swyftx are two of Australia’s most beginner-friendly cryptocurrency exchanges, and their respective platform designs mirror this intent. Swyftx is arguably slightly more complex to learn due to offering more features, but once mastered has excellent adaptability to the user’s preferences. CoinJar is probably the easier exchange to get used to but lacks flexibility.

    Swyftx vs CoinJar: Trading Fees

    Swyftx is renowned in the Australian community for its low fees. What makes Swyftx a standout performer in this area isn’t just its cost-effectiveness – but its transparency. Very few crypto platforms will publicly disclose their spreads (the difference between an asset’s buy and sell price). These “hidden fees” can quickly rack up to over 2%. Swyftx has a flat trading fee of 0.6% and spreads as low as 0.45%. Before customers make a transaction, they can see the exact cost they will be paying – including both the transaction fee and the spread.

    On the other hand, CoinJar has a tiered fee structure. The exchange offers “Instant Buys” on the main platform at 1% per transaction. This includes swapping one crypto for another or converting fiat (AUD) to crypto and vice versa. CoinJar has a separate platform known as CoinJar Exchange, with much cheaper fees intended for higher-volume traders. These fees start at 0.1% but lacks liquidity for frequent or high-net-worth investors.

    winner

    Winner: Swyftx.

    Swyftx’s transparent fee structure, low spread, and reasonable 0.6% flat transaction fee make it a cheaper option for instantly buying and selling crypto than CoinJar which is 1% per order.

    Swyftx vs CoinJar: Mobile App

    Swyftx boasts one of the best apps for Australians to buy and sell crypto on the go. The company has designed a cutting-edge platform that offers users up-to-date data on their digital assets, a wide range of functionalities, and flawless performance. Importantly, Swyftx’s mobile app includes every feature available on its desktop platform. Users can make trades, earn interest on their balances, or set up recurring orders all from the palm of their hand. The smartphone app is available on both the Apple iOS Store (4.6/5 rating) and the Google Play Store (100k+ downloads).

    swyftx app screenshotsswyftx app screenshots

    CoinJar’s mobile app is another excellent way for Australians to maneuver the crypto market while away from their PC. The smartphone app is a fair bit less popular than Swyftx’s and receives slightly fewer updates. However, the support team is vigilant in responding to customer reviews and is dedicated to improving each user’s experience.

    coinjar app screenshotscoinjar app screenshots

    A slight advantage that CoinJar’s app possesses over the competition is that it allows users to manage their CoinJar debit card. This way, it becomes incredibly easy to spend with, as customers can simply tap their phone to pay for goods. They can also deposit funds while on the move.

    winner

    Winner: Draw.

    Each exchange’s mobile application offers almost identical features to its desktop platform. This is probably the biggest factor in making a solid mobile app – ensuring all the bells and whistles of the main exchange are present on the app. Swyftx’s mobile is probably slightly more responsive and bug-free, however, CoinJar levels the playing field with its innate CoinJar Card support.

    Swyftx vs CoinJar: Security

    Swyftx is one of the more secure crypto trading platforms in Australia. The exchange has bank-like security, including modern data encryption measures, 2FA, hot/cold wallet storage and session timeouts. In particular, Swyftx has never publicly disclosed any compromise or hack in its entire operation history. The company seeks to receive the revered ISO27001 certification in the coming years.

    swyftx security featuresswyftx security features

    Similarly, CoinJar is another Australian crypto platform with a dedication to security. It possesses all the features one would expect from a modern exchange – 2FA, “ultra-cold storage”, fraud protection, and bug bounties. Just like Swyftx, CoinJar has never been hacked.

    winner

    Winner: Draw.

    Australian crypto exchanges have a reputation for top-of-the-line security measures, and Swyftx and CoinJar are no exceptions. Neither platform has ever been hacked since its inception. Investors should feel comfortable depositing and storing their funds in these online crypto wallets within Australia.

    Swyftx vs CoinJar: Customer Support

    Swyftx is renowned across Australia for its customer support team. The team, headquartered in Brisbane, is 50+ members strong and offers an extremely responsive live chat during work hours. In addition, users can contact the support team via email or contact form. The platform also hosts a help center with 100+ articles, alongside a “Learn” page featuring guides and useful information about the world of cryptocurrency. Swyftx’s efforts to cultivate a welcoming, helpful platform have rubbed off on their customers – with the exchange boasting a 4.7/5 star rating on the review site TrustPilot.

    CoinJar has slightly less emphasis on customer support, largely due to being a smaller exchange with less staff and turnover. Despite this, the company still has an excellent reputation for helpful and responsive customer support. Unfortunately, CoinJar does not offer a live chat. Customers will need to submit a ticket to receive help. Even with this barrier, CoinJar still receives a very solid 4.1/5 star rating on TrustPilot.

    winner

    Winner: Swyftx.

    Swyftx edges ahead here simply due to its live chat support on desktop and in-app. CoinJar’s customer service team is still excellent and Australians should be happy with either platform’s efforts to cater to them.

    Comparison Scores

    After a cursory glance at the final comparison scores, it is easy to surmise that Swyftx is a much superior crypto exchange to CoinJar.

    Comparison CriteriaWinner
    Features, Products and ServicesSwyftx
    Ease of UseDraw
    Trading FeesSwyftx
    Mobile AppDraw
    SecurityDraw
    Customer SupportSwyftx

    Final Verdict: Swyftx or CoinJar

    Swyftx has a lot going right for it with an excellent reputation for security and customer service, a lengthy list of supported cryptocurrencies and deposit methods, and a solid earning program. CoinJar isn’t too far behind with a streamlined user experience and highly functional mobile app. For total beginners that just want to buy up the big two (Bitcoin and Ethereum) as “set and forget” investments, CoinJar may be the easier platform to use.

    But for more experienced investors that want to diversify their portfolios, Swyftx has a lot more to offer. Ultimately, Swyftx has lower transaction fees, a much larger list of altcoins available, and provides the ability to passively earn on crypto assets. For more information on each exchange, check out our full reviews on Swyftx and CoinJar review.

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    Kevin GrovesKevin GrovesKevin Groves

    Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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