Cryptocurrencies have lately taken the world by storm, with investors scrambling to join in on the action. The demand for trustworthy exchanges increases when more individuals invest in these digital assets. So, which is the better exchange, Swyftx or Independent Reserve? Let’s make a head-to-head comparison between these two exchanges to figure it out.
After a detailed comparison, it’s clear that Independent Reserve is a better choice. The exchange provides insurance for funds held on the exchange, a significant benefit for high-volume traders. However, as both exxchanges have a lot of drawbacks, investors can opt for more popular exchanges such as CoinSpot. You can read our CoinSpot review to learn more about great features of this exchange.
|Deposit Fee||Free||EFT: Free for >$100, $0.99 for <$100 OSKO/PayID: Free for >$1,000, $2.50 for <$1000;|
|Withdraw Fee||Free||Bank Transfer: Free; NPP: $1.50|
|Payment Options||Bank transfer, POLi, Credit/Debit card, OSKO, PayID||Direct Deposit, POLi, PayID, International deposit|
- Staking 20 coins supported
- Over 320+ cryptocurrencies
- Demo mode with $10,000 play money
- International deposits & withdrawals
- Insurance coverage for digital assets
- OTC trades for very experienced and high-volume traders
Swyftx vs. Independent Reserve Overview
Swyftx is situated in Brisbane, Queensland, and is the more popular of the two exchanges, with enormous growth in the previous two years. On TrustPilot, they have over 3,500 ratings with an average rating.
Supports more than 320+ cryptocurrencies
Demo mode with free play money to practise trading
Limited staking and interest opportunities
Lack of high security and trust
No advanced markets for seasoned traders
Customer support using automated bots
Independent Reserve has been around for longer than Swyftx and is situated in Sydney, New South Wales. It was established in 2013, but there are few online reviews or testimonials about this exchange.
Appropriate for experienced high-volume traders with large OTC trades
Insurance coverage on digital assets, up to $5 million for the Diamond account
The KPMG’s Cryptocurrency Tax Estimator to estimate tax requirements
A limited number of coins, much fewer than other exchanges
Relatively low liquidity and hidden withdrawal or trading fees
The lack of a Live Chat feature
The interface isn’t as user-friendly for novice traders.
There is a significant variation between these exchanges regarding supported coins. Swyftx has much many more tradable assets than Independent Reserve.
While Swyftx provides around 310+ crypto assets for trading, Independent Reserve only supports 30+ tradable assets, much less than its competitors.
It is quite irrational to experiment with untested crypto assets with unclear market liquidity, particularly if you lack the professional trading knowledge to identify a new emerging star. Therefore, the higher number of cryptocurrencies supported by Swyftx doesn’t mean much to ordinary users.
There are no fees associated with AUD deposits. Swyftx used to impose a $2 deposit fee for deposits under $200, but it has now been eliminated. There are no costs for withdrawing AUD, while bitcoin withdrawals incur ordinary network mining expenses.
Swyftx charges a 0.6% trading commission. When you begin trading, you will find that Swyftx’s fee and spread structures are significantly higher than other Australian exchanges. Their broad spreads and 0.6% trading fee result in highly inefficient executions when trading in and out of different assets. While switching between currencies will necessitate two trades and a 1.2% fee.
On deposits of less than $10,000, the fee scheme of Independent Reserve is: PayID/OSKO: $2.50 (free for transactions over $1000 AUD), International Deposit: $15 (free for transactions above $5000 AUD).
The fee structure of Independent Reserve is a “flat charge model,” which means it charges a flat 0.50% trading fee. This exchange incentives customers who trade more enormous sums. The following are Independent Reserve’s trading fee volume discounts:
Independent Reserve trading fee discounts. Source: Independent Reserve
The Independent Reserve does not charge a fee for withdrawing AUD from an Australian bank account. However, if you want to make a quick withdrawal using NPP, you must pay a $1.50 fee. Withdrawals in BTC incur a fee of 0.0003 BTC, while international or non-AUD withdrawals are subject to a $20 fee.
Winner: Independent Reserve
With zero withdrawal fees, and only 0.5% trading fees, Independent Reserve definitely wins here.
Swyftx and Independent Reserve allow you to fund your account in various ways. Both services accept Direct Deposit, PayID, POLi, and cryptocurrency.
Independent Reserve does not accept credit or debit card deposits, although Swyftx does.
Independent Reserve accepts international deposits, while Swyftx does not.
Swyftx is a better choice as it supports more flexible deposit methods.
Swyftx claims to provide live chat support, but based on many customers’ reviews,; it employs automatic bots. If you need help, you’ll likely be locked in a discussion loop with a robot rather than a human. The bots can only handle a few easy questions, not complicated client issues. Swyftx users have complained about the company’s awful customer service. It takes several days to receive their emails, and even if you receive a response, you are not guaranteed to speak with human support staff.
If you have any issues with your account, contacting Independent Reserve is easy by submitting a request through the Support Desk. You will receive an email notificationnotice from the support team as soon as possible. Unfortunately, there is no Live Chat option, which is freely provided by other exchanges, such as CoinSpot.
Both exchanges don’t provide users with quick and responsive customer support. Thus, you can select other exchanges such as CoinSpot Australia. Our CoinSpot review shows that it is one of the top crypto exchanges with highly-rated 24/7 customer support and competitive fee structures.
Swyftx protects its clients’ personal information with various security measures, including JSON Web Tokens, KYC verification, Biometrics, and 2FA account authentication. However, hundreds of bad reviews on Productreview.com.au reveal that Swyftx is exceedingly dubious about fund withdrawals. Moreover, Swyftx has proven to have security breaches, with $2.3 million being accidentally transferred into random accounts owing to an administrative error.
Independent Reserve uses some measures to secure user privacy and asset security. All users’ personal information is protected, with all data signed and encrypted. Most digital assets are also encrypted and held offline in cold storage on digital hardware storage devices housed in physical vaults throughout the globe. This exchange is a Gold Certified Australian Digital Commerce Association member, which adds legitimacy to their company. It has also worked with ADCA and AUSTRAC to develop a regulatory framework for crypto exchanges.
Winner: Independent Reserve
Independent Reserve has more stringent security measures, which justifies why the exchange has never experienced breaches or hacks since its foundation.
Swyftx offers a free Demo Mode for users to practise trading cryptocurrencies using a risk-free simulation with $10,000 in play money. You can gain authentic experience without putting your money at risk. The Demo Mode replicates real-world events such as market behaviour and the impact of investments on liquid assets.
Swyftx also provides mobile applications for Android and iOS, eliminating the need to rush to your computer whenever the cryptocurrency market is volatile. Trading in any market seems difficult, and significant gains rely on current information and the ability to respond quickly.
Swyftx allows you to diversify your crypto holdings by bundling your portfolio purchases with one of seven curated crypto collections. This is similar to the classic Index Stocks strategy, in which you acquire a small portion of various companies based on a single index. Swyftx monitors the market for packages that fit your financial objectives. If this feature appeals to you, CoinSpot is the superior option. They provide 12 Bundles, which is much more than Swyftx.
Swyftx Cryptocurrency Bundles. Image: Swyftx
Independent Reserve is a high-volume trading platform. It is Australia’s first crypto exchange to offer digital asset insurance. Users must register a Premium Account to receive insurance coverage for their assets. The Starter account costs AUD$400 per year and offers crypto asset insurance up to AUD 20,000.
Independent Reserve has an OTC Service Desk, a service for traders and investors that trade major digital currencies in huge volumes. Major Australian investors favour this exchange as it is OTC, as evidenced by the 8000 Self-Managed Super Funds that use and trust the platform.
Independent Reserve’s OTC desk features. Image: Independent Reserve
Furthermore, KPMG’s Cryptocurrency Tax Estimator is available within the Independent Reserve, allowing investors to evaluate the tax implications of their holdings. The tax estimator is an API for the trading platform that gives users a real-time estimate of their probable tax exposure based on buy and sell activities on the exchange.
Winner: Independent Reserve
Independent Reserve has more features for both novice and experienced users, and KPMG’s Cryptocurrency Tax Estimator integrated into Independent Reserve is very useful for Australian users.
All in all, both Independent Reserve and Swyftx are two popular Australia-based crypto exchanges that offer great features and some drawbacks. However, after a detailed comparison between the two, it’s clear that Independent Reserve is a better choice. The exchange provides insurance for funds held on the exchange, a significant benefit for those wanting to have a larger quantity of crypto. It’s an excellent option for high-volume traders and those seeking a safe exchange platform with a wide range of deposit and withdrawal options.
If you’re still looking for additional crypto exchanges, read our review about the best crypto exchanges in Australia, where you’ll discover other platforms.
The following review is for informational purposes only and should not be construed as financial or investment advice. It is important to note that cryptocurrency is a highly volatile and speculative market, and there is no guarantee of profit or loss. This review is based on the author’s personal experience and research, and individual results may vary. The author is not affiliated with any of the exchanges mentioned in this review and does not receive compensation for their mention. It is recommended that readers conduct their own due diligence and consult with a financial advisor before making any investment decisions.
The information regarding performance may be different from the time of publication. Past performance does not guarantee future results. While we believe that all content was accurate at the time of posting, it is possible that some offers included in the content may no longer be valid.