CoinJar and Swyftx are among the popular crypto exchanges you may encounter if you trade cryptocurrencies in Australia. With over 400,000 active users, CoinJar focuses on spot trading and investing as well as providing other unique crypto services. Swyftx is a recent rival to CoinJar, boasting more than 30,000 active members.
So, which cryptocurrency exchange should you choose? Overall, CoinJar is a greater option for most users and investors who prefer a simple-to-use crypto exchange and the ability to deposit funds via Master cards.
Swyftx vs. CoinJar Comparison Table
|Deposit fee||Free||NPP: Free, Blueshyft: 1.5%, Visa/Mastercard: 2%|
|Payment methods||Bank transfer, Credit/Debit card, POLi, PayID, OSKO||Visa/Mastercard, NPP, Blueshyft|
- Staking available for users to earn rewards
- Demo mode for novice users
- Spend your crypto via a CoinJar Mastercard
- Simple and easy-to-use interface
Pros & Cons: Swyftx
Over 320+ cryptocurrencies supported
Staking available for users to earn rewards
Self-managed Super Fund and Family trust options
No Blueshyft deposits supported
Poorly-designed interface for novice users to navigate
Very poor customer support via automatic bots
Lack of advanced trading options
Pros & Cons: CoinJar
Simple and user-friendly interface for beginners
Fast registration process with KYC compliances
CoinJar Mastercard for crypto spending in-store or online
Diverse deposit methods. e.g. debit card, Blueshyft
Compatible mobile trading app for you to trade on the go.
Only 50+ cryptocurrencies supported
Higher trading fees than Swyftx
CoinJar and Swyftx both support a variety of cryptocurrencies. The exchange offers trading in 50+ cryptocurrencies, including top ones such as Bitcoin, Ethereum, Ripple, Omise Go and Compound.
Swyftx is superior to CoinJar since it supports more than 320 coins. These include the most popular cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, Ripple, Tezos, NEO, etc.
Swyftx is superior to CoinJar since it supports more cryptocurrencies for investors to diversify their portfolios.
Swyftx vs. CoinJar Fees
CoinJar uses a market maker-taker fee model, while Swyftx follows a commission-based one.
CoinJar charges fees based on the 30-day trading volume and a tiered fee structure. There are five trading tiers:
- USD 0 – 10,000
- USD 10,000 – 100,000
- USD 100,000 – 1 million
- USD 1 million – 10 million
- USD 10 million+
CoinJar does not charge a market maker fee (0%). However, the market taker fee starts at 0.1% for the first tier and decreases by 0.01% for each subsequent tier. Consequently, the market taker charge for the final tier is 0.04%.
Swyftx, on the other hand, adopts a flat fee model. The exchange charges a flat transaction fee of 0.6% for all orders. This fee is relatively higher than those of other exchanges on the market. You can read our Swyftx review to learn more about its trading fees and other features.
Swyftx’s fee scheme. Source: Swyftx
CoinJar outdoes Swyftx as the former charges a lower fee and has a simpler fee structure.
Account Registration & Account Limits
CoinJar uses Australia’s Post Digital ID to provide quick identification verification for its users. Unlike the typical KYC process, CoinJar requires your name and the phone number connected with your Digital ID. Non-verified users can access the CoinJar wallet and send, receive, and store all supported digital assets. Meanwhile, verified users can use other premium features, such as converting Australian dollars (AUD) to their preferred digital currencies.
Swyftx needs its customers to undergo a stricter KYC verification process. Swyftx has two layers of KYC (KYC 1 and KYC 2). To use the platform, non-KYC users must pass an online identity verification procedure. Non-verified users can deposit and trade cryptocurrencies, but only verified ones can withdraw their funds. After verification, you can use Swyftx’s functions, such as withdrawals and fiat deposits.
CoinJar is the winner as it offers a more flexible verification process.
Account Funding Methods
CoinJar allows users to deposit fiat via:
- PayID/NPP: Instant deposits
- Cash deposits using Blueshyft
In addition to fiat deposits, CoinJar also supports direct cryptocurrency deposits. Transferring cryptocurrency assets from any wallet to your CoinJar wallet address is hassle-free.
Meanwhile, Swyftx users can deposit fiat currencies via:
- PayID: Instant deposits
- POLi: Deposits may take one minute
- Bank Transfer: May take 2-6 hours (or one minute with OSKO)
- Credit Card: Up to 30 minutes
Swyftx also allows you to deposit crypto assets from any wallet into your Swyftx wallet.
CoinJar is the winner because it offers a more convenient deposit method (i.e., Master Card).
Ease Of Use & Interface
CoinJar user interface. Themoneymonger
CoinJar features one of the most straightforward and user-friendly trading systems. On the left side of the trading panel is the Order Form, where users can select the order type, price, and quantity. CoinJar does not offer margin trading currently. Let’s briefly explore the available order types on CoinJar:
- Limit: Orders that trigger at a specific price
- Market: Orders that trigger at the current market price
- Advanced: Good till cancel, Immediate or cancel, Maker or cancel, or Auction-only
The platform has fewer features than TradingView, but its minimalism and simplicity can be helpful for new traders. CoinJar’s charting system supports two chart types: Candlesticks and Mountain. It allows you to add multiple chart tabs to view various charts, and the Order Book helps you oversee real-time buy and sell trades. However, it doesn’t support any indicators, which is one of the platform’s drawbacks.
Meanwhile, Swyftx has TradingView charts and technical analysis tools. The platform’s most important features are:
- Chart Types: Multiple chart types such as Heikin Ashi, Candlesticks, Line, Area, etc.
- Time Frames: Time frames from 1 minute to 1 month are available.
- Indicators: Hundreds of built-in indicators for accurate technical analysis.
- Drawing Tools: Diverse drawing tools to mark critical levels and take trading opportunities.
- Order Types: Three basic order types: Limit, Market, and Stop.
Although Swyftx claims to have a well-organised interface that facilitates easy navigation and includes asset listings, charts, and other trading tools in the sidebar. However, several users reported that the Swyftx user interface was not intuitive. It lacks simplicity and logic, making it difficult for beginners to use.
Swyftx user interface. Themoneymonger
CoinJar is a better choice for investors thanks to its minimalism and simplicity.
CoinJar takes the following measures to provide users with secure trading and investing experiences in cryptocurrencies.
- Wallet Security: Multi-signature cold storage wallets to keep users’ funds.
- Site Security: Leading-edge website security features, such as SSL encryption, IP whitelisting, etc.
- Two-Factor Authentication: Two-factor authentication (2FA) to enhance their account security
- Withdrawal Authorization: The CoinJar team personally reviews all withdrawal requests made through the platform.
Swyftx adopts similar security measures to CoinJar to provide its users with a safe and secure trading environment. The exchange employs cold wallet technology to safeguard user cash and enables two-factor verification. However, there have been security breaches at Swyftx, with $2.3 million inadvertently transferred to random accounts. Moreover, some buyers have complained on Productreview.com that Swyftx’s withdrawals are questionable.
A bad review about Swyftx. Source: Productreview.com.au
CoinJar employs more security measures and since its foundation, there have been no recorded hacks of loss, damage, or theft of funds.
CoinJar offers support via email. You can submit a ticket on the website and communicate with the customer service team. On Trustpilot, many users reviewed CoinJar’s support positively, saying that the team was effective and provided timely assistance. In addition, CoinJar also provides a comprehensive knowledge library with frequently asked questions and how-to instructions to facilitate trading.
A customer review of CoinJar’s customer support on Trustpilot. Image: Trustpilot
Swyftx claims to have a customer support team available via email, live chat, and Telegram. However, many users said that Swyftx used automated bots to handle their inquiries, which was inconvenient for those needing timely support. Most of the time, they had to wait for long (from a few hours to several days) to receive the email response from Swyftx.
While CoinJar is limited in support methods, its support team is efficient and provides timely assistance to customers.
All in all, CoinJar and Swyftx share many similarities, ranging from account opening procedures, deposit options, security measures, etc.
However, CoinJar excels in several aspects where Swyftx falls short. It supports popular cryptocurrencies, a robust trading platform, an apparent fee scheme and better customer support service. CoinJar is an exceptionally good choice for novice traders and those favouring a simple-to-use crypto trading platform.