With the recent surge in the popularity of cryptocurrencies, crypto exchanges have started getting more competitive with fees, usability, and other features. This can confuse many trying to decide which platform to join.
If you’ve narrowed your choices down to Swyftx and Coinbase then this side-by-side comparison is going to help to pull the trigger at the right target. That said, let’s get started:
Swyftx vs Coinbase Overview:
Swyftx was launched back in 2019 in Australia to disrupt the crypto exchange space with low fees, easy to use platform, and tight spreads and they’ve done well so far. Their platform is very secure and makes it easy for beginners to learn their way around and start trading quickly.
Coinbase is a U.S based crypto exchange provider that was launched in June 2012. With over 35 million verified users and more than $320 billion in total trade volume, Coinbase offers deep liquidity and even insurance protection to its users around the globe.
Deposit Method:
Swyftx offers a multitude of deposit options ranging from a bank transfer, Osko, POLi, PayID, to cryptocurrency and debit/credit card. All of these are free and almost instant.
Coinbase doesn’t offer any deposit methods to Aussies other than credit/debit card and the fee is 3.99%, which is insanely high.
Bottom Line: Swyftx clearly takes the crown as it offers multiple deposit methods with absolutely no fees.
Swyftx vs Coinbase Trading Fees:
Swyftx charges a flat trading fee of 0.6%, which can go down if the trade volume is very high. They haven’t provided fee tiers on their website so you may have to ask them about this. Besides this, they have very tight spreads that range from 0.4% to 1.7% depending on the coin’s supply.
Coinbase is known for its high fees including a 3.99% debit card deposit and then 0.5% trade fee. Furthermore, their spreads also very high especially for altcoins. The overall high fees do not make the platform worth it for Aussie investors.
Bottom Line: Swyftx again takes the win against coinbase in trading and deposit fees.
Sign-Up & Verification:
Joining Swyftx is very easy and won’t take more than a couple of minutes. You can sign up by providing your name, email, and phone number, etc.
Once done, log in and verify your account by providing your ID document along with your email and name. Since they offer rapid verification, you will be verified in a few minutes.
Coinbase is also fairly easy to join and signing up is similar to Swyftx. But since they don’t offer rapid verification, you will have to wait 24 hours to get verified.
Bottom Line: Swyftx makes it easier and faster to get verified and use the platform.
Availability of Coins:
Swyftx currently has more than 250 cryptocurrencies and digital assets listed for buy and sell. They also show a full list of their assets on their website with buy/sell prices and 24h volume rate.
Coinbase has 50 cryptocurrencies listed for buy, sell and trade. The number is a lot less than the whopping 250 cryptocurrencies on Swyftx.
Bottom Line: Again, Swyftx wins this round because of the higher coin count.
Crypto Staking:
Swyftx doesn’t offer crypto staking as of now but their team members have mentioned several times on Reddit that they are working on it and will roll out this feature very soon.
Coinbase does offer staking but only in a few selected countries and unfortunately, Australia is not one of them. View the list here.
Bottom Line: We’ll dub it a tie because Swyftx hasn’t started offering staking as of yet (June 2021).
Customer Support:
Swyftx’s team can be reached via several channels including Telegram, phone call, live chat, and email. And since they have a relatively smaller user base (because they are very new), support replies are faster.
Coinbase has a ticket system and phone call (the U.S based for international users) but they don’t offer live chat.
Bottom Line: Swyftx offers more and better communication channels than Coinbase.
Parting Words:
We don’t really have to announce the winner as you can guess, Swyftx wins in almost all of the areas of this comparison.
If you’re an Aussie trader, you’re better off putting your money in a Swyftx account because of 0% deposit fees, better support, more cryptocurrencies, and tighter spreads.
