If you’re looking for a side-by-side comparison of the two most popular crypto exchange platforms in Australia; Swyftx and CoinJar then this guide is just for you.
From deposit methods to trading fees and coin portfolios, we’ll compare these two in several domains. Read on to know more.
Swyftx vs CoinJar Overview:
Swyftx is one of the securest and most convenient crypto exchanges on the market. It is a local Aussie platform that benefits Australian traders the most with faster verifications and instant deposit/withdrawals. Plus, its competitive fees, low spreads, and features like SMSF make it a highly lucrative exchange for both new and advanced crypto investors.
With over 400,000 users, CoinJar is one of the most prominent crypto exchanges in Australia with headquarters located in Melbourne. The team at CoinJar has brought several innovations to the market that not many Aussie exchange platforms offer including crypto EFTPOS cards and crypto debit cards.
Deposit Methods:
Both Swyftx and CoinJar go neck and neck when it comes to depositing funds. Swyftx allows its users to make transfers using PayID, POLi, Bank transfer, cryptocurrency and Credit Card.
CoinJar also lets users deposit via multiple methods including BPAY, PayID, Cash Deposit, crypto and debit/credit card.
Bottom Line: It’s a tie.
Swyftx vs CoinJar Fees:
Deposit & Withdrawal Fees:
Swyftx doesn’t charge any fee on deposits as long as they are over 200 AUD. For lesser than the minimum amount, a 2 AUD fee is levied. It doesn’t charge any fee for withdrawal. And for deposits/withdrawals via crypto, a standard network mining fee is charged, which is normal for all crypto transactions throughout the world.
CoinJar has some fees attached to its deposit methods. Transfers using cash deposits have a 1.5% fee and for credit/debit card deposits, you’ll be charged a 2% fee. There are no withdrawal fees.
Trading fees:
Swyftx charges a flat 0.6% trading fee, which is not too competitive but not too high either. The fee may go down with high trade volumes but Swyftx has not provided any explanation on this subject.
Coinjar allows two kinds of crypto transactions. First is Instant Buy and Sell where you directly sell/purchase crypto from CoinJar and that has a 1% fee (0.5% if you use BPAY Biller).
Then there’s CoinJar Exchange where you trade with other CoinJar users. The exchange has two fee types; Maker and Taker. There’s no fee for takers (those who fill someone’s order) but there’s a starting fee of 0.1% on Makers (those who create orders).
However, this fee reduces with trade volume and can go as low as 0.04% with a high 30-day trade volume. Read more here.
Bottom Line: Swyftx doesn’t charge deposit fees, which is not the case with CoinJar. However, CoinJar offers more competitive trading fees if you use their Exchange and trade with other users. But if you use the instant buy and sell, the fee is 1%, which is a lot higher than Swyftx’s 0.6%. So we think Swyftx has a little bit better fee structure.
Signing-Up & Verification:
The sign-up and verification process for both Swyftx and CoinJar is very similar and doesn’t take a lot of time.
You need to provide personal details, attach a government ID photo, set a password, set up 2FA and that’s pretty much it.
Bottom Line: It’s a tie.
SMSF Investing:
Swyftx allows its users to invest in Self-Managed Super Funds enabling them to get various tax benefits and build a retirement portfolio. There’s a complete page on Swyftx’s website dedicated to SMSF, check it out here.
CoinJar does allow SMSF investing but it doesn’t offer any information about this anywhere on its website. We know it has an SMSF feature because it does talk about the process of verification of an SMSF account. However, it would’ve been great if there was a dedicated page for SMSF investing like Swyftx.
Bottom Line: Although both have SMSF features, Swyftx is pretty transparent about it on its website so it gets marks for providing more information and being transparent.
Availability of Coins:
Swyftx has over 250 crypto assets listed on its website with their buy and sell prices and 24h change rate. The best part is, most of them have very tight spreads that typically don’t go above 1.7%.
Coinjar has around 24 cryptocurrencies listed including BTC, ETH, LTC, XRP, BAT, ZRX, DAI, and USDC, etc.
Bottom Line: Swyftx offers more crypto assets for trading.
Customer Support:
You can get in touch with Swyftx’s team via multiple channels including phone calls, emails, live chat, and Telegram.
CoinJar’s team can only be contacted by opening a support ticket with them, which can be slow and inconvenient.
Bottom Line: Swyftx is more reachable and has a faster response time
Parting Words:
Both platforms are great in terms of trading fees but when you look at deposit fees, coin availability, and customer support, Swyftx is your go-to platform.
We’d suggest joining both platforms, test them out by investing minimum amounts and see which one works out for you. But if you can’t afford to join them both, go for Swyftx.
