Swyftx vs Coinbase: A Head-to-Head Comparison 2024

Supported Cryptocurrencies

Swyftx and Coinbase are cryptocurrency exchanges that serve a wide variety of traders. They support the majority of the prevalent cryptocurrencies now in circulation.

Swyftx appears to have a distinct advantage over Coinbase in terms of cryptocurrency services since they provide more currencies for trading. This Australian cryptocurrency exchange enables traders to access more than 260 crypto assets, generating hundreds of additional trading pairs by exchanging them against USD, AUD and BTC.

In contrast, Coinbase enables trading in at least 50 digital assets. Although they appear to concentrate more on traditional coins like Bitcoin, Ethereum, Cardano, Tether, and Litecoin, they add new digital assets to their list. Additionally, while utilising Coinbase Pro, you can trade in at least a dozen other cryptocurrencies.

Coinbase supports new digital assets. Image: Coinbase

Swyftx vs Coinbase Fees

While AUD deposits and withdrawals are free, Swyftx charges a 0.6% trading fee. Many investors realise its fee and spread structure is significantly higher than other Australian exchanges. The wide spreads combined with a 0.6% trading fee result in highly inefficient execution when trading in and out of different assets. Swyftx’s costs are much higher than the 0.5% fees charged by Coinbase Pro. When you swap between assets, Swyftx will charge you a 1.2% fee for two trades, higher than the 1% fee offered by Coinbase’s swap service.

Coinbase’s transaction and trading fees range from 0.5% to 4.5%, depending on the cryptocurrency, transaction amount, and payment method. The flat fees range from $0.99 for transactions below $200, while the costs for transactions above $200 are percentage-based. Coinbase also charges a spread-based fee of 0.50% for transactions under $10,000. If you use Coinbase Pro, trading fees can range from 0% to 0.5% per transaction. Depositing and withdrawing digital assets and ACH transactions are free.

Deposit & Withdrawal Methods

Swyftx allows a variety of popular Australian deposit methods, including free and near-instant Osko, POLi, and PayID deposits. Swyftx also allows “instant” credit card transactions of cryptocurrencies. While Swyftx does not charge a fee for credit card deposits, its third-party source may impose a 4% fee.

Traders can add funds to their Coinbase accounts using bank transfers, wire transfers, debit cards, PayPal, and Apple Pay. The time required to complete a transaction varies on the payment method used. For instance, PayPal transactions are quick, but wire transfers require a minimum of one day to complete.

User Interface

Swyftx claims to have a user-friendly interface with a simple layout that facilitates navigation and encompasses asset listings, charts, and other trading tools in the sidebar. However, our CoinSpot vs Swyftx and Coinbase vs Swyftx comparisons showed that Swyftx didn’t find the Swyftx UI intuitive. It feels cluttered and lacking in simplicity and logic, making it hard for new users to navigate.

Swyftx trading platform’s interface. Image: Swyftx

In contrast, Coinbase is a web-based trading platform with a simple UI that puts everything you need to trade within easy reach. On the Coinbase platform, there is a real-time portfolio balance and performance, a powerful charting system, overlays, and indicators, all of which are beneficial for trading.

Coinbase vs. Swyftx Security

Coinbase is a trustworthy and secure cryptocurrency trading platform that employs cutting-edge security methods to safeguard your assets for a pleasant and risk-free experience. All personnel must submit to a background investigation and encrypt their hard drives. 98% of all client funds are offline, and AES-256 encryption is used to secure the crypto wallets. Two-factor authentication (2FA) is in place, and all website traffic is encrypted with SSL for added security. In addition, Coinbase provides insurance coverage for any stored digital assets, so you can rest assured that your funds are in good hands.

Swyftx adopts standard security features, such as JSON Web Tokens, Biometric sign-ins,  KYC verification, and 2FA account authentication. However, Swyftx has proven to have security breaches, with $2.3 million being accidentally transferred into random accounts owing to an administrative error. Mistakes may occur, but when deciding whom to entrust your funds with, selecting the exchange that has not experienced such security issues is usually advisable.

Customer Support

Swyftx claims to provide live chat support, but it uses robots. If you need support, you’ll often be stuck in a conversation loop with a robot instead of a real person. The automated bots can only handle a few simple questions rather than the diverse and distinct issues customers encounter. When requesting human support, you must wait a long time. It is so frustrating, especially for new users, to wait several hours or days for an email response to speak to a real person!

Meanwhile, Coinbase’s customer service is so robust and quick. The firm offers traders around-the-clock access to customer service via telephone and an email ticketing system. In addition, the Coinbase customer support team is present on all common social media sites, such as Facebook and Twitter, where traders may contact them with great ease.

Coinbase expands live customer support. Image: Coinbase

Supported Countries

Swyftx operates primarily in Australia and has not yet expanded to other areas. Although they do not make it abundantly evident on their platform, it is likely also accessible and used by merchants in New Zealand.

Though Coinbase is more prevalent in the US, it is accessible in other nations globally. Except for North Korea, Iran, and Cuba, Coinbase allows you to do business virtually anywhere. However, Coinbase is unavailable in some other countries owing to stringent regulations.

Other Features

Swyftx offers a demo option that is good for those new to the crypto market. Newbies can browse the dashboard and practice buying and selling crypto with play money. Swyftx offers the staking option available via their mobile app and desktop platform. This feature enables you to collect rewards on your cryptocurrency, which are paid in the same coin as the one staked.

Coinbase provides a great feature, such as Coinbase Earn, for users to earn free cryptocurrency. There are videos on the Coinbase website that offer rewards for viewing. By watching three 3-minute films, you can earn $9 in COMP tokens. The exchange provides Coinbase Wallet software for iOS and Android mobile devices. You can use the Coinbase Wallet to participate in airdrops and ICOs, collect non-fungible tokens (NFTs), explore decentralised applications (DApps), and transmit cryptocurrency to anybody globally.

Conclusion

Both Coinbase and Swyftx are available to Australians seeking hassle-free crypto exchanges with affordable fees and local deposit and withdrawal options. However, Coinbase provides superior security measures and more payment choices than its competitor. With its reputation for dependability, security, and pricing that few other exchanges can match, Coinbase is a better option for investors and traders.