Wondering which Aussie crypto exchange platform is best for you? Well if you’re on this Swyftx vs Independent Reserve comparison, then you already have done the research. And now, you just want someone to lay out the facts about both of them, helping you make a well-informed decision. So for that, read this side-by-side comparison till the end.
Swyftx vs Independent Reserve Overview:
Founded by Angus Goldman and Alex Harper in 2019, Swyftx is an Australian Crypto Exchange with headquarters in Queensland. It has more than 250 cryptocurrencies and digital assets listed and is known for having incredibly tight spreads.
Independent Reserve is also an Australian crypto exchange founded in 2013 with its HQ in Sydney. It has more than 200,000 users that mainly prefer it for its excellent security and low fees. Independent Reserve has expanded its services to other countries including New Zealand and Singapore, but for this comparison, we’ll focus on its Australian entity.
Swyftx has a multitude of deposit methods including Osko, PayID, POLi, bank transfer, credit card, and cryptocurrency. The deposits are almost instant and the same goes for withdrawals.
Independent Reserve offers several deposit methods as well including Bank transfer, PayID, Osko, Xfers, and SWIFT. However, it doesn’t offer POLi, which is preferred by many Aussies.
Bottom Line: It’s a tie because both of them have several methods for transferring funds. However, Swyftx does offer a credit card deposit method which Independent reserve doesn’t.
Swtftx vs Independent Reserve Fees:
Deposit & Withdrawal:
Swyftx doesn’t charge any deposit or withdrawal fee. However, for deposits under 200 AUD, you’ll be charged a 2 AUD fee. Furthermore, for credit card deposits, you will be charged a processing fee by your payment processor.
Plus, on cryptocurrency deposits and withdrawals via Swyftx, there will be a network mining fee but that is standard across all exchanges.
There are different fees attached with Independent Reserve for both deposit and withdrawal. If you deposit under 100 AUD using an electronic funds transfer, you’ll be charged 0.99 AUD. Similarly, PayID/Osko deposits of under 1,000 AUD, will incur a 2.50 AUD fee.
For withdrawal via Independent Reserve, there’s 1.50 AUD on NPP Instant withdrawal, and different fees on different cryptocurrency transfer as well. Check out the crypto withdrawal fees here.
Swyftx charges a flat trading fee of 0.6% from both buyers and sellers but it can go down with increased trade volume, you’ll have to ask their team about this as they haven’t mentioned fee tiers.
Independent Reserve’s trading fee starts from 0.5% for up to 99,999 AUD trade volume in 30 days. Then it goes down to 0.48% and then keeps on going down with the increase in 30-day trade volume until you hit 20,000,000 AUD, which has only 0.02% trading fee.
Bottom Line: The no deposit and withdrawal fees by Swyftx definitely gives it an upper hand. Plus, the starting trading fee difference between both platforms is of just 0.1%, which is not so much. So unless you will be trading hundreds of thousands of dollars, Swyftx is your go-to platform.
Signing-Up & Verification:
Signing up for Swyftx is very straightforward and you just need to provide few basic details to join the platform. Then, for verification, you will be required to provide your name, address phone number, and ID number. The verification process will only take a few minutes thanks to their Rapid Verification feature.
The account creation process is similar for Independent Reserve, and for verification, you will need to provide just your ID information like Swyftx. This info will be cross-checked against several counter-terrorism financing and anti-money laundering databases. Verification is also instant.
Bottom Line: It’s a tie because both are easy to join and have instant verification processes.
Availability of Coins:
Swyftx has listed more than 250 cryptocurrencies on its platform along with their buy/sell prices and 24h change rates. It also has several DeFi coins such as UniCoin.
Independent Reserve only has 25 cryptocurrencies listed including all the big coins like BTC, Eth, XRP, LTC, and so on. Still, they don’t offer as much variety as Swyftx.
Bottom Line: Swyftx has over 10x more coins available for the trade than Independent Reserve.
Swyftx lets its users contact the team via phone call, email, live chat, and Telegram. And since they have a relatively smaller user base, it’s easier for them to make timely responses.
Independent Reserve has 24/7 live chat and they also answer questions on their social media channels.
Bottom Line: Swyftx offers a phone call option, which is not the case with Independent Reserve.
Swyftx has no deposit/withdrawal fees, charges just a little higher trading fee, and has a massive range of coins available. Plus, their team can be reached via phone calls.
However, Independent reserve charges no fees on high-volume deposits depending on your transfer method. Plus, their fees further go down with increase in trade volumes.
So, if you are someone trading thousands of dollars monthly, you might want to look into Independent Reserve. Otherwise, Swyftx is the right platform for you.