If you want to trade cryptos in Australia, Coinjar and Swyftx are two popular crypto exchanges you’ll come across.
With over 400,000 active users, Coinjar is one of the most popular crypto exchanges in Australia. It specializes in spot trading in investing, though it offers other innovative crypto products as well.
Swyftx is a newer alternative to Coinjar, with over 30,000 active users. However, the variety of cryptocurrencies it offers, along with its robust trading platform, has made it a popular option among Australian crypto traders.
So, which exchange should you choose to trade cryptos? Let’s find out.
Coinjar vs. Swyftx: Supported Cryptocurrencies
Both Coinjar and Swyftx support numerous cryptocurrencies. As of 2021, Coinjar enables trading in 24 cryptocurrencies, including popular coins like Bitcoin, Ethereum, and Ripple, and less popular coins like Omise Go and Compound.
Swyftx has a clear edge over Coinjar as it offers over 270 cryptocurrencies (at the time of writing). These include all the popular cryptocurrencies, including Bitcoin, Ethereum, LiteCoin, Ripple, etc., and less popular options like Tezos and NEO.
Coinjar also has DeFi tokens like Yearn Finance and Sushi.
Please note that both Coinjar and Swyftx are spot trading exchanges and don’t offer derivatives trading. Coinjar is ranked 130th in the world in terms of 24h traded volume. The exchange has a daily trading volume of around USD 7 million.
The Swyftx exchange hasn’t publicly disclosed its 24h trading volume.
Verdict: Swyftx is the winner as it offers more cryptocurrencies and trading options than Coinjar.
Coinjar follows a market maker-taker fee structure, whereas Swyftx has a commission-based fee model. Let’s discuss the fee structures of the two exchanges.
Coinjar implements a tiered fee structure and charges fees based on the 30d trading volume. It has five trading levels:
- USD 0 – 10,000
- USD 10,000 – 100,000
- USD 100,000 – 1 million
- USD 1 million – 10 million
- USD 10 million+
Coinjar doesn’t charge any market maker fee (0.0%), whereas the market taker fee starts from 0.10% for the first tier and drops by 0.01% for every tier. Hence, the market taker fee for the final tier is 0.04%.
On the other hand, Swyftx has a flat fee model. The exchange charges a flat fee of 0.6% per transaction for all orders. The fee charged by Swyftx is quite competitive compared to other exchanges in the market.
Verdict: It’s a tie. While Coinjar charges a lower fee, Swyftx has a simpler fee structure.
Account Funding Methods
Since both Coinjar and Swyftx are spot exchanges, they allow you to deposit funds using fiat currencies.
Coinjar offers three fiat deposit methods:
- PayID/NPP: Instant deposits from an Australian bank account
- Cash deposits using Blueshyft
Apart from fiat deposits, Coinjar allows its users to make direct crypto deposits. You can transfer your crypto assets from any crypto wallet to your Coinjar wallet address.
Swyftx allows users to deposit fiat currencies using four methods:
- 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 supports crypto deposits and allows you to deposit crypto assets from any wallet to your Swyftx wallet.
Verdict: It’s a tie, as both the exchanges offer similar deposit methods.
Opening Account & Account Limits
Due to local regulations, both Coinjar and Swyftx require identity verification (KYC). Let’s look at the account opening process of the two exchanges, along with their account limits.
Coinjar uses Australia’s Post Digital ID to offer quick identity verification to its users. Unlike the traditional KYC process where users need to upload their selfie and identity documents, Coinjar only asks for your name and phone number associated with your Digital iD.
If you don’t have an Australia Post Digital iD, you’ll need to make one first. Contrarily, you can verify your identity on the Coinjar platform by uploading your government-issued ID and selfie.
Verified Coinjar users enjoy more benefits than non-verified users. Here’s a quick comparison.
- Non-Verified: Non-verified users can access all functions of the Coinjar wallet and send, receive, and store digital assets supported by Coinjar.
- Verified: Verified users can use Coinjar’s bank services and convert fiat currency (AUD) into the desired digital currencies.
Swyftx also requires its users to complete a KYC verification process. Swyftx has two KYC levels:
- KYC 1
- KYC 2
Non-KYC users still need to complete a small online identity verification check to use the platform. They can deposit and trade cryptos; however, the withdrawal feature is available to verified users only. Once verified, you can enjoy all Swyftx features like withdrawals, fiat deposits, etc.
Verdict: It’s a tie, as both the exchanges require you to complete KYC verification.
Ease Of Use & Interface
Both Coinjar and Swyftx implement trading platforms that come with robust trading and analysis tools. Here’s a head-to-head comparison of the trading platform and interface of the two exchanges.
Swyftx uses integrated TradingView charts and comes with robust technical analysis features. The key features available on the platform include:
- Chart Types: Swyftx offers various chart types, including Candlesticks, Line, Heikin Ashi, Area, etc.
- Time Frames: Time frames ranging from 1 minute to 1 month are available on the platform.
- Indicators: Swyftx offers hundreds of built-in indicators to enable accurate technical analysis.
- Drawing Tools: The platform supports various drawing tools, so you can mark important levels and grab high-probability trading opportunities.
- Order Types: Swyftx offers three basic order types: Limit, Market, and Stop.
Additionally, the Swyftx trading platform has all the features seen in top crypto exchange platforms, such as Order Form, Order Book, Position Manager, and more.
Coinjar has one of the simplest and most intuitive trading platforms. On the left side of the trading, the panel is the Order Form, where you can select the order type, price, and size. As of now, Coinjar doesn’t offer margin trading.
Let’s quickly discuss the type of orders available 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
At the center of the platform, you’ll see Coinjar’s proprietary charting platform. The platform has fewer features than TradingView or other full-fledged charting tools. But its minimalism and simplicity can be helpful for new traders.
Coinjar’s charting system supports two chart types: Candlesticks and Mountain. It doesn’t support any indicators, which is one of the platform’s drawbacks.
An amazing feature of Coinjar’s platform is that it allows you to add multiple chart tabs to view various charts at once.
At the right side of the panel is the Order Book, where you can oversee real-time buy and sell trades. At the end of the panel is the Order History section that mentions your current positions, open orders, and order history.
Verdict: Swyftx is the winner, as it uses the TradingView charting platform.
Both the exchanges implement top-notch security features. Let’s compare the security of the two exchanges.
Coinjar takes the following security measures to offer a safe crypto trading and investing experience to users.
- Wallet Security: Coinjar uses multi-signature cold storage wallets to store users’ funds.
- Site Security: The exchange implements leading-edge website security features, such as IP whitelisting, SSL encryption, etc.
- Two-Factor Authentication: Coinjar encourages its users to enable two-factor authentication to enhance their account security. After activating 2FA, users will need to confirm the ownership of the account in two different ways.
- Withdrawal Authorization: All withdrawal requests on the platform are manually reviewed by the Coinjar team.
Swyftx implements similar security features as Coinjar to deliver a safe and secure trading experience to its users. The exchange uses a cold wallet system to secure users’ funds and allows users to activate two-factor authentication.
Furthermore, the website uses Auth0 – a cloud platform security feature – to enhance website and account safety.
Verdict: It’s a tie, as both the exchanges deploy cutting-edge security features.
Both Coinjar and Swyftx have highly specialized customer support teams. Let’s compare the customer support service of the two exchanges.
Coinjar offers support primarily via email. You can raise a ticket from the website and contact the customer support team. Coinjar also has a comprehensive knowledge base with FAQs and how-to guides to make your trading experience seamless.
While writing the Swyftx review we found that Swyftx has a dedicated 11-member customer support team that supports phone, email, live chat, and Telegram. The positive reviews accumulated by the exchange are proof of its effective customer support team.
Verdict: Swyftx is the winner, as it has a better customer support team and offers phone support.
Is Coinjar a safe exchange?
Yes. Coinjar is a safe exchange, as it has mandatory KYC requirements for all users and uses robust security measures.
Is Swyftx a safe exchange?
Yes. Swyftx is a safe and secure exchange with industry-grade security features.
Let’s quickly recap this comparison between Coinjar and Swyftx.
Coinjar and Swyftx have a lot in common. They both have a similar account opening process and offer identical deposit methods, security features, and customer support.
However, there are a few areas where Swyftx outshines Coinjar. It supports more cryptocurrencies than Swyftx, thereby providing more options to traders. It also charges lower fees and has a more robust trading platform.
Overall, Swyftx is a better option for experienced and professional traders. If you are a new trader who wants to learn crypto trading, you can start with Coinjar.
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