When it comes to deciding which crypto exchange platform to use, things can get quite confusing. It gets even more complicated if you find yourself having to choose between highly reputable names like Swyftx and Coinbase.
The two are dominant players in the industry, but they serve different markets, making a choice easier for you. However, to make an informed decision on which crypto exchange will work best for you, it is vital first to understand what each is all about.
This side-by-side comparison and comprehensive overview of the two exchanges should be easier to decide which one to use.
Introduction: Swyftx vs. Coinbase
Swyftx is the largest crypto exchange in the Australian market. The idea to start the exchange was conceptualized in 2017, but the platform started business in 2019.
It aims to cater to the individual needs of the Australian traders by giving them better liquidity than most other exchanges in the country and a platform that is more secure and easy to use even for beginners.
Coinbase is one of the few companies registered to operate in the American market, which is quite a big deal given the strict regulations.
The company is one of the largest globally, given its daily trading volume and the number of traders that use the exchange.
Coinbase started operation in 2012, which makes it one of the oldest exchanges globally. It has its headquarters in San Francisco, and besides allowing traders to exchange digital assets, it also offers custodial services for cryptos.
Both Swyftx and Coinbase are diverse exchanges that cater to a wide variety of cryptocurrency traders. Therefore, they support many of the common cryptocurrencies currently out there.
However, Swyftx seems to have a clear edge in crypto offerings as they provide more coins for trading than Coinbase. When using this Australian cryptocurrency exchange, traders get over 260 crypto assets to choose from, meaning they can create even hundreds more trading pairs by exchanging these assets against the AUD, USD, and BTC.
On the other hand, Coinbase will allow you to trade in at least 50 digital assets. Although they seem to focus more on the traditional coins like Bitcoin, Ethereum, Cardano, Tether, and Litecoin, they still have others like Civic and NKN. Also, note that when using their Coinbase Pro option, you can trade on at least a dozen more cryptocurrencies.
If you do not want to lose a significant amount of your investment or profits in trading fees, it is essential always to make sure any platform you choose does not charge high trading fees.
One of the reasons Swyftx and Coinbase are highly popular in their respective markets is that they have relatively fair trading fees compared to other companies out there. However, they use different trading fee pricing mechanisms.
Swyftx uses a flat-rate fee system where they charge traders 0.6% for every transaction. There are no separate maker and taker fees on the exchange, making things easier to understand, even for absolute newbies. Additionally, they also have low spreads that average at around 0.45%.
Coinbase has a different trading fees structure as they use the maker and taker fee, pricing model. What you pay for transactions in the platform also depends on your average monthly trading volumes.
For example, when using the Coinbase Pro version and trading under $10,000 per month, you will pay 0.5% as the maker and 0.5% as the taker fee. However, for the large volume traders that transact over $2 billion a month, the maker fee is 0.00%, while the taker fee is 0.04%.
Coinbase and Swyftx are dominant exchanges in specific markets, but the former seems to have a wider reach and a more global presence.
Although Coinbase is more prominent in the USA, they are also available in most other countries in the world. You can use type exchange to trade from almost anywhere globally except North Korea, Iran, and Cuba. However, it is essential to note that the only reason the exchange is not available in some of these countries is due to stringent regulations.
On the other hand, Swyftx operates solely in the Australian market and is yet to expand to other regions. While they do not make it very clear on their platform, it is probably also possible for traders to access and use the site in New Zealand.
Account Funding Methods
You will get various account funding methods when using Swyftx and Coinbase, just like other leading digital asset exchanges.
That said, Swyftx tries to cater to their local Australian trader by providing all the popular payment methods in the country. Traders here can use POLI, PayID, and bank transfer as the primary methods for finding their accounts. OSKO bank transfer takes as little as a minute, while others require a couple of hours, but POLI and PayID transactions are almost instant.
Swyftx is also slowly integrating credit card payments into their system to give traders more account financing methods. When using an accepted credit card to fund your account, the transaction is complete in 30 minutes.
With Coinbase, traders can add money to their trading account using bank transfers, wire transfers, debit cards, and Paypal and Apple Pay. The transaction completion time depends on the payment method you are using. For example, PayPal transactions are instant, while wire transfers take at least 1 day to complete.
Opening Account & Account Limits
Setting up accounts on both the Swyftx and Coinbase platforms is relatively straightforward and should only take a few minutes as the companies try to make the process more beginner-friendly.
Additionally, they have different restrictions and limits for the traders when they start trading. With Swyftx, traders can deposit or withdraw a maximum of $20,000 once they provide the basic information and a maximum of $100,000 after complete verification.
Coinbase users have a daily account limit of $50,000 or the equivalent in cryptocurrency when using their Coinbase Pro version. But, when it comes to the deposits, the company has unlimited limits, and the actual amount you can transact only depends on the channel you are using.
How to Open Swyftx Account
- Go to Swyftx.com and click “Sign Up”
- Add email and create a password
- Enter your name and your phone number
- Agree to terms and conditions
- Next, verify your email, phone, and identity on the “Profile” tab
- Add a payment method and fund the account to start trading
How to Open Coinbase Account
- Go to Coinbase.com and click “Get Started”
- Add an email address and create a password
- Provide your basic information like full names address
- Click on “Create Account”
- Verify email and phone number
- Add personal details and verify identity
- Add a payment method and deposit to start trading
Ease of Use & Interface
Ultimately the ease of use of any crypto exchange will largely depend on what you are looking for. But both Swyftx and Coinbase seem relatively easy enough to use and have highly intuitive interfaces.
That said, Swyftx has a more user-friendly platform that includes a simple and intuitive interface that anyone can figure out with no issues. The platform allows for easy navigation through the essential elements of the interface, which are assets lists, charts, and other trading tools on the sidebar.
What’s more, the Swyftx trading platform includes a customizable dashboard that the traders can use to create a custom experience. Also, the exchange has a demo account to allow the traders to trade risk-free as they sharpen their skills.
Coinbase is a web-based trading platform, but traders can also access the exchange through iOS and Android mobile applications. The interface is straightforward to use and places everything you need to trade close to you.
There is a real-time portfolio balance and performance, robust charting system, overlays, and indicators on the Coinbase platform, all of which are highly useful when trading.
Security is at the heart of both Swyftx and Coinbase and perhaps what makes them such popular exchanges. Both companies make use of multiple security features to ensure maximum safety for their traders.
Swyftx uses KYC verification to ensure that only real people use the platform, not bots or scammers with false identities. Additionally, the company also has 2FA to ensure no unauthorized access to your account. Also, the company integrates its website with Auth0 to provide an extra layer of security for funds and user passwords.
Coinbase also provides a 2-step verification process to make it harder to access the trading accounts without the consent of the registered trader. Better still, the company offers fingerprint logins and uses a highly advanced encryption system to keep all the user data on their platform secure.
When you run into trouble with your account or face any other challenges that might affect your trading, you need your exchange to solve the problems fast. Swyftx and Coinbase both take care of this well as they have some of the best customer support teams.
Swyftx provides customer support across multiple channels, including live chat and phone lines available during Australian working hours and email support. The live chat and phone support are prompt as they attend to customer issues in under 2 minutes, while emails responses typically come in under 24 hours.
Coinbase customer support is also quite robust and swift. The company allows traders to call customer support round the clock for immediate assistance and an email ticketing system. Better yet, the company is available across all the typical social media platforms like Facebook and Twitter, where traders can also reach them easily.
- Is Swyftx a safe exchange?
Besides the many security features the exchange utilizes, it is also an AUSTRAC registered and regulated business, which should give you confidence that it is safe to use. Additionally, Swyftx stores most user funds in offline cold storage and has never been hacked.
- Is Coinbase a safe exchange?
The fact that Coinbase has a license to operate in the USA should give you enough confidence that it is a safe exchange to use, given the strict regulations there. What’s more, the company has an insurance policy to protect user assets in case of a breach and stores at least 98% of their funds in safe offline storage.
Swyftx and Coinbase are two popular crypto exchanges ideal for beginner and intermediate traders as they are very user-friendly. Since they operate in fairly different markets, choosing between them should be easier as it largely depends on a trader’s location.
However, if you can access both, the choice between them will boil down to issues like cryptocurrency offering, trading fees, and account limits. But, Swyftx seems to have a slight edge in most of these factors.
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