Swyftx vs Coinbase

Swyftx vs Coinbase

Daniel Chan

September 2, 2021

Cryptocurrency

Swyftx is one of the best crypto exchanges for Australians, while Coinbase is the largest crypto exchange in the USA. A lot of Aussies have heard of Coinbase because it is so popular in America, but which is best to use in Australia? I have done a head-to-head comparison of these two crypto exchanges so you can make up your own mind. For me, Swyftx is the winner, with free deposits, much lower trading fees, a demo mode, and $20 free Bitcoin when you sign up using this link.

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Fiat Currencies

AUD

AUD, USD, EUR, GBP, CAD, MXN, HRK, CZK & 10+ more

Number of Coins

270+

70+

Buy/Sell Fees

0.6%

4.49%

Daily Deposit Limit

$100k

starts from $375/wk

Deposit Methods

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Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Cryptocurrency

Cash

Features

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User-friendly

Mobile app

Demo mode

Live Chat

Security

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2FA

Biometric security

AUSTRAC registered

ISO 27001 certified

Offline cold storage

Website

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Fiat Currencies

AUD

AUD, USD, EUR, GBP, CAD, MXN, HRK, CZK & 10+ more

Number of Coins

270+

70+

Buy/Sell Fees

0.6%

4.49%

Daily Deposit Limit

$100k

starts from $375/wk

Deposit Methods

Cell
Cell

Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Crypto

Cash

Features

Cell
Cell

User-friendly

Mobile app

Demo mode

Live Chat

Security

Cell
Cell

2FA

Biometric security

AUSTRAC registered

ISO 27001 certified

Offline cold storage

Website

Pros
  • Multiple fee-free deposit options
  • Low trading fees of 0.6%
  • Demo mode available
  • Over 270+ cryptocurrencies supported
  • $20 free BTC bonus
Cons
  • AUD is the only fiat currency supported
Pros
  • Insurance against cybersecurity hacks
  • Easy-to-use interface
  • Offline cold storage of assets
Cons
  • Cannot sell your crypto in Australia
  • Extremely high transaction fees of 4.49%
  • Only debit cards supported

Swyftx vs Coinbase Fees

Swyftx is a much better choice than Coinbase when comparing their fees. Read on to see my fee breakdown for the two crypto exchanges.

Deposit Fees

Swyftx charges ZERO fees on AUD deposits using any method.

On Coinbase, you don't actually deposit funds into the account. You simply pay with your debit card at the time of purchase. Coinbase only accepts Debit cards for payment, and charges 3.99% per transaction.

Trading Fees

Swyftx charges 0.6% fees when buying or selling cryptocurrency.

Coinbase charges 0.5% fees, PLUS the 3.99% debit card fee for each purchase of cryptocurrency. The total fee charged when buying cryptocurrency is 4.49%. You are NOT able to sell cryptocurrency on Coinbase in Australia, so take note of this if you decide to use Coinbase. Click here to read why this is not available in Australia.

Withdrawal Fees

Swyftx charges ZERO fees for AUD withdrawals to Australian bank accounts.

Coinbase does NOT allow withdrawals in Australia, as you are NOT able to sell cryptocurrency. Please be aware of this downside if you decide to use Coinbase. For more information as to why this is the case, read Coinbase's help article.

Winner - Swyftx

Swyftx is the winner by far, not only are the 0.6% trading fees much lower than Coinbase's 4.49%, but it has multiple fee-free deposit options. On top of that, Coinbase does NOT allow sale of cryptocurrency, so you cannot sell your digital assets or withdraw fiat currency in Australia.

Swyftx vs Coinbase Deposit Methods

Swyftx offers a variety of fee-free deposit methods including direct deposit, PayID, POLi, debit cards, credit cards and cryptocurrency. 

Coinbase operates differently when it comes to deposits. Instead of pre-funding your account by depositing money into it, you simply use your debit card to pay for the cryptocurrency at the time of purchase. Debit card is the only available option for Australian users. Credit cards are no longer supported, as per this article from Coinbase.

Winner - Swyftx

Swyftx is the clear choice as it offers a variety of fee-free deposit methods, whilst Coinbase only accepts debit cards, with a 3.99% fee.

Swyftx vs Coinbase Features 

Swyftx and Coinbase are both crypto exchanges that are packed with features. Instead of discussing the entire range of services offered by each of them, I will highlight the ones that set them apart from other platforms. For a thorough review of their services, you can take a look at my Swyftx review and Coinbase review.

Swyftx has a unique demo mode not found on any other crypto exchange in Australia. It is great for newcomers to the crypto market, as they can navigate the dashboard and even buy and sell crypto using play money to understand how it works. It is such a useful tool that I am surprised other crypto exchanges haven't copied their idea.

Swyftx has a very customisable interface, where you're able to personalise your Dashboard to display only the information you like. You can even choose what order to display the information, so it is suited to you. 

Swyftx is extremely focused on its users, and it has a Live Chat support team available to assist you with any issues. I think this is a very useful feature, that is not offered on Coinbase.

Coinbase has a really great feature called Coinbase Earn. It allows you to earn free crypto while you are learning about cryptocurrency! There are videos on the Coinbase site, that will reward you for watching them. For example, by watching three short 3-minute videos, you can earn $9 in COMP token. 

Coinbase also has its own Coinbase Wallet app available on mobile for iOS and Android devices. It is a software product that not only stores your crypto safely, but also lets you access a growing range of decentralised innovation. You can use the Coinbase Wallet to participate in airdrops and ICOs, collect NFTs, browse decentralised apps (DApps), and send crypto to anyone around the world.

Winner - Swyftx

Swyftx's demo mode is a great way to teach beginners how to invest in crypto, and the Live Chat support is a lifesaver when you need it most.

Swyftx vs Coinbase Security

Although all of the best Aussie crypto exchanges take security seriously, with multiple layers of security to keep you safe, Coinbase really shines and goes a step further. Coinbase utilises offline cold storage of 98% of its digital assets, to keep it safe from cyber threats. Its multi-layered security measures include 2FA (2-factor authentication), biometric logins (fingerprint and face ID), and data encryption, with USB drives and paper backups distributed geographically in safes and vaults around the world. Every employee at Coinbase has also passed a criminal background check, and their hard drives are encrypted. 

On top of that, Coinbase carries crime insurance cover to protect a portion of digital assets held across their storage systems against losses from theft, including cybersecurity breaches. If you lose any digital assets stored on Coinbase due to a hack, they will endeavor to cover you for the losses. To learn more about how Coinbase's insurance covers you, read their article here.

Winner - Coinbase

Coinbase's multi-layered security, cold storage of 98% of digital assets offline and crime insurance cover make it the winner for security.

Verdict - Swyftx

Swyftx is one of the best Australian crypto exchanges, and Coinbase is one of the best American crypto exchanges, but when it comes to a comparison between these two, Swyftx is miles ahead. 

Swyftx has low transaction fees, multiple deposit methods, a demo mode and $20 free BTC signup bonus that makes it a market leader in crypto exchanges. Coinbase on the other hand, while it is a hugely popular crypto exchange in the USA, hasn't really transitioned well into the Aussie market. Coinbase is severely limited in Australia, offering only debit card purchases, with an exorbitant 3.99% fee. Add that onto the transaction fee of 0.5% and you are paying 4.49% on every transaction - almost 7.5x the fee that Swyftx charges.

Coinbase also has another big downside for Australian customers. They are not able to transfer any fiat currencies back onto your debit card, and because of that, Aussie users will not be able to sell digital currency. You can only purchase crypto and transfer it to your personal wallet, or send to another exchange to sell it.

Overall Winner - Swyftx

Low fees, several free deposit methods, demo mode and free $20 BTC make Swyftx the outright winner in this crypto exchange comparison.

Still Researching?

For more information on these two crypto platforms, you can read my reviews of Swyftx (here) and Coinbase (here). If you are still undecided and want more info, have a look at this in-depth review of the top Aussie exchanges. For a quick comparison of these, I have included a table for you.

Comparison Table of the Best Crypto Exchanges in Australia

Swyftx
CoinSpot
Digital Surge
eToro
Binance
Crypto Exchange
Crypto Exchange
Swyftx
CoinSpot
Digital Surge
eToro
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD
AUD
AUD, USD, GBP, EUR & 11 more
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, BTG, BCH, ADA, ETH, ETC & 270+ more
BTC, ETH, LTC, XRP, BCH, ADA & 300+ more
BTC, ETH, BNB, ADA, XRP & 270+ more
BTC, ETH, BCH, XRP, LTC, ADA & 24 more
BTC, ETH, LTC, BNB, ADA, XRP & 300+ more
Deposit Methods
Deposit Methods
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
PayID, POLi, OSKO, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
0.6%
Market order: 0.1%, Instant buy: 1%
Market order: starts from 0.5%, Instant buy: 0.5%
Included in spreads
0.1%

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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