Swyftx vs Independent Reserve

Swyftx vs Independent Reserve

Daniel Chan

August 5, 2021

Cryptocurrency

Swyftx and Independent Reserve are two of the best cryptocurrency exchanges established in Australia. It can be difficult to decide which trading platform to use when there are so many differing opinions and reviews online, so I have written this comparison to show you how they each stack up. Swyftx wins this head-to-head battle with its free deposit fees, user-friendly interface, demo mode, and $10 free Bitcoin when you open an account.

Cell

Fiat Currencies

AUD

AUD, USD, NZD, SGD

Number of Coins

270+

26

Buy/Sell Fees

0.6%

0.5%

Daily Deposit Limit

$100k

$20k

Deposit Methods

Cell
Cell

Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Cryptocurrency

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

Cell

Fiat Currencies

AUD

AUD, USD, NZD, SGD

Number of Coins

270+

26

Buy/Sell Fees

0.6%

0.5%

Daily Deposit Limit

$100k

$20k

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
  • Lower fees
  • Lower spread
  • Credit and debit card deposits supported
  • Demo mode available
  • $10 free BTC bonus
Cons
  • No BPAY deposits
  • No cash deposits
Pros
  • Excellent security with optional insurance
  • Can trade in AUD, USD, SGD & NZD
  • Reduced trading fees for large volume traders
Cons
  • Interface is not as user-friendly as other exchanges
  • Deposit fees when depositing lower amounts
  • No demo mode

Swyftx vs Independent Reserve Fees

I have outlined the different fees for Swyftx and Independent Reserve below. It is important to note that you also have to look at the spread (some investors and traders forget), which is the difference between the buy and sell price of cryptocurrencies. To compare fees and spread, I performed a test on Swyftx, Independent  Reserve and two other Australian crypto exchanges (Digital Surge and CoinSpot) with my personal accounts. Swyftx performed better than Independent Reserve; you can read my test and results by clicking here.

Deposit Fees

Swyftx charges ZERO fees on AUD deposits.

Independent Reserve charges fees if you are depositing smaller amounts. Electronic Funds Transfer: $0.99 (free over $100 AUD), PayID / OSKO: $2.50 (free over $1000 AUD), International Deposit: $15 (free over $5000 AUD equivalent).

Trading Fees

Swyftx charges 0.6% fees when buying or selling cryptocurrency.

Independent Reserve charges 0.5% fees when buying or selling cryptocurrency.

Withdrawal Fees

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

Independent Reserve charges ZERO fees for AUD withdrawals to Australian bank accounts. However, if you want Instant withdrawal using NPP, you need to pay $1.50 fee. International or non-AUD withdrawals incur a $20 fee.

Winner - Swyftx

With zero deposit & withdrawal fees, and only 0.6% trading fees, Swyftx is the favourite.

Swyftx vs Independent Reserve Deposit Methods

Swyftx and Independent Reserve both have a range of deposit methods to send funds into your account. Both platforms support Direct Deposit, PayID, POLi and cryptocurrency. 

Swyftx supports credit and debit card deposits, which is not available on Independent Reserve.

Independent Reserve also accepts International Deposits, which Swyftx does not.

Winner - Swyftx

Swyftx offers convenient credit & debit card deposits, which are not accepted by Independent Reserve. For the average Aussie user, Independent Reserve's additional deposit method of International Deposits is useless. Swyftx is the winner. 

Swyftx vs Independent Reserve Features 

I won't discuss in depth all the features of Swyftx and Independent Reserve. Instead, I will outline the features that differentiate each from the other. If you want to find out more about all their features, see these articles - Swyftx review and Independent Reserve review.

Swyftx has a unique demo mode available which cannot be found at any other Aussie crypto exchange. It teaches users how to use the trading platform, navigate the dashboard, and even buy and sell coins with free play money. For example, you could use your play money to buy $500 of Ethereum and $500 of Litecoin, and see how much they are worth day to day. After a week, you see Ethereum is increasing in value, but Litecoin isn't doing much, so you might decide to sell Litecoin and buy more Ethereum instead. It is all good practice for the real thing when you use your own money. This is an excellent tool for new investors and traders who want to buy crypto but are afraid of making a mistake and losing their hard-earned money. 

Swyftx also has an app that I consider to be the best Australian crypto app. The ability to deposit, withdraw, buy and sell on the go wherever you are is a luxury that you will quickly take for granted once you have it. Independent Reserve does not have any mobile apps, so you must access it from a browser.

Swyftx's customer support is excellent; it has a Live Chat feature so you can speak to a real person to resolve any issues you may have. Independent Reserve does not have Live Chat. Swyftx and CoinSpot are Aussie exchanges that have the Live Chat feature.

Independent Reserve has great features for large-volume traders. It is the first Aussie exchange to offer insurance on their crypto assets. This is an excellent option for large-scale traders that need to protect their extensive digital asset portfolios.

Independent Reserve has impressive security and OTC Service Desk, that big Australian investors value, and this is shown by the 8000 Self-Managed Super Funds that use and trust Independent Reserve.

Winner - Swyftx

Swyftx's demo mode, Live Chat and mobile app makes it the clear winner out of these two exchanges. Independent Reserve's features are more desirable to a niche market of large-volume traders.

Swyftx vs Independent Reserve Security

Swyftx and Independent Reserve are both extremely safe exchanges to use. They both incorporate multiple layers of security and an array of measures to ensure the digital assets in your online wallet are protected. Swyftx and Independent Reserve are both registered with AUSTRAC, and fulfil all their strict AML/KYC verification obligations to prevent money laundering and financing of terrorism.

Independent Reserve is also an audited, Gold Certified member of Blockchain Australia, which represents the Cryptocurrency industry in Australia. It means that it is fully compliant with the Australian Digital Currency Industry Code of Conduct, and meets best practice standards.

Independent Reserve's optional insurance is also an Australian first, and covers theft or loss of digital currency that is held in the Independent Reserve wallet. The vast majority of their digital assets are secured by multi-layer encryption and kept offline in cold storage, so you can rest assured your investment is safe.

Independent Reserve is a Gold Certified member of Blockchain Australia, offers insurance, and stores most of its assets in offline cold storage.

Verdict - Swyftx

Swyftx and Independent Reserve are both legitimate and safe exchanges, and they are among the top Aussie options for buying crypto. They each have their advantages and disadvantages, but for a new user of a crypto platform, I highly recommend Swyftx over Independent Reserve. I found the demo mode so useful for learning the ropes, both on the website and the app, and this feature alone makes it worth setting up an account. On top of that, zero fees for depositing and withdrawing, plus $10 free BTC when you sign up here, and it is a no-brainer.

Overall Winner - Swyftx

A unique demo mode, iOS and Android mobile apps, zero deposit & withdrawal fees, plus free $10 BTC for new users makes Swyftx the overall winner in this head-to-head.

Still Researching?

If you want to learn more before making a decision, or you want to check out other Aussie crypto alternatives to Swyftx and Independent Reserve, I can suggest some articles for you. If you want my detailed reviews on Swyftx, click here, and for Independent Reserve, click here. If you want to find out which are the top Australian crypto exchanges, you can read my article.  I posted a quick comparison table below, that you can look at. 

I have also conducted a test on my personal accounts - I bought $100 of Bitcoin on the best Aussie exchanges, then sold it straight back to see how much money I lost in fees and spread. Swyftx and Digital Surge came out on top. Have a look at my test, filled with detailed information and screenshots.

Comparison Table of the Best Crypto Exchanges in Australia

Swyftx
Independent Reserve
Digital Surge
CoinSpot
Binance
Crypto Exchange
Crypto Exchange
Swyftx
Independent Reserve
Digital Surge
CoinSpot
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD, USD, NZD, SGD
AUD
AUD
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, BTG, BCH, ADA, ETH, ETC & 270+ more
BTC, ETH, XRP, BCH, ADA, DOT, USDT & 15+ more
BTC, ETH, BNB, ADA, XRP & 250+ more
BTC, ETH, LTC, XRP, BCH, ADA & 280+ more
BTC, ETH, LTC, BNB, ADA, XRP & 300+ more
Deposit Methods
Deposit Methods
POLi, PayID, OSKO, Bank transfer, Credit card
PayID, OSKO, SWIFT, EFT, Cryptocurrency
PayID, POLi, OSKO, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
0.6%
Starts from 0.5%
Market order: starts from 0.5%, Instant buy: 0.5%
Market order: 0.1%, Instant buy: 1%
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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