Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    Swyftx vs. Coinbase 2023: Fees, Pros & Cons

    Swyftx Review
    3.9
    3.9/5

    Read Disclaimer

    Coinbase-australia-Review
    3.8
    3.8/5

    In this Swyftx vs Coinbase comparison review, we analyze each crypto exchange by considering their crypto services such as fees, deposit methods, pros and cons, number of cryptocurrencies, and more. We carried out in-depth research on each crypto exchange and used both platforms to reach our conclusions.

    Swyftx vs. Coinbase: Verdict

    Our pick is Swyftx as the crypto exchange provides a larger selection of digital assets, higher staking rewards, and caters to both advanced and beginner users.

    Pros

    Cons

    Coinbase Logo

    Pros

    Cons

    Swyftx vs. Coinbase: Unique Features

    Unique Features of Swyftx

    Bundles

    swyftx bundles

    A Bundle is a package of cryptocurrencies that can be bought in one single transaction. Swyftx users can diversify their crypto portfolio by buying bundles containing different cryptocurrencies supported on the platform. Users can add or remove cryptocurrencies from already curated bundles to suit their needs. The cryptocurrencies in the bundle are selected based on certain attributes they share in common like market trends and figures.

    Swyftx allows users to buy bundles as recurring orders or instant orders. Once a bundle is purchased it is disbanded and each cryptocurrency is stored in its wallet where it can be managed independently. Bundles can be bought in both the Swyftx crypto exchange mobile app and the web platform.

    Swyftx Earn

    With Swyftx Earn, users can earn interest on certain cryptocurrencies help in the Swyftx Earn wallet. The Swyftx earn wallet is different from the normal Swyftx wallet.

    Users can earn free crypto via Swyftx Earn by adding their desired amount of cryptocurrencies to the Earn wallet on the Earn page and getting daily interest on the cryptocurrency. All earned interests are added to the daily balance of the asset. Interests earned can be claimed immediately. But to do this, the user will have to withdraw all or some of the cryptocurrency in the wallet.

    Each crypto in Swyftx Earn has an Earn cap. If the cap for a particular cryptocurrency is at its maximum, users will not be able to add the asset to Earn until Swyftx increases the Earn cap or other users withdraw that particular asset from Earn. The Earn Cap for each cryptocurrency on Swyftx Earn is constantly reviewed.

    Unique Features of Coinbase

    Coinbase Card

    Coinbase-australian debit card

    The Coinbase Card is a prepaid Visa debit card that allows Coinbase crypto exchange users to spend crypto like fiat currencies directly from their Coinbase account balance. The card is preloaded with the user’s preferred cryptocurrency from their Coinbase account. Coinbase converts the crypto in the card to fiat currency at the point of payment using the best available market rate.

    The Coinbase Card can be used online and in-store. It is accepted anywhere as Visa cards are accepted worldwide.

    It is available to all Coinbase users with verified accounts. No credit checks are required to obtain the card. The physical card costs about 5 dollars and gets delivered to the owner in 5 business days. Users do not incur any annual fees or spending fees for using the card.

    Coinbase users who make payments with the Coinbase Visa card earn crypto rewards.

    Coinbase Learning Rewards

    Coinbase users can earn free cryptocurrencies for learning about particular cryptocurrencies. To be eligible for the learning rewards, you must have completed personal information verification and photo verification on the platform. You must also meet the internal fraud and compliance-related criteria set by Coinbase.

    Learning rewards are earned by enrolling in Coinbase Learn. In Coinbase learn, the user is expected to pick a cryptocurrency, read all the available articles, and watch videos about the cryptocurrency. At the end of the course, the user is expected to take a quiz on the particular cryptocurrency.

    Once this is done, the user will be rewarded with a specific amount of the exact cryptocurrency they studied. Eligible cryptocurrencies for the learning reward include Zcash, Tezos, Basic Attention Token, Compound, The Graph, Stellar Lumens, EOS, Orchid, Nucypher, and Celo.

    Coinbase Wallet

    The Coinbase wallet is a self-custodial wallet that allows Coinbase users to securely store their crypto assets and rare NFTs. Coinbase users can trade cryptocurrencies from their wallets. They can also swap crypto assets on decentralized crypto exchanges, join a DAO and borrow or supply cryptocurrencies using DeFi liquidity pools.

    The Coinbase wallet supports hundreds of dApps and cryptocurrencies including all ERC-20 tokens. Users can buy cryptocurrencies in over 90 countries with their credit or debit cards. Since the Coinbase wallet is a self-custodial crypto wallet, users have full control of the private keys to their cryptocurrencies.

    The Coinbase wallet replaces alphanumeric characters used as Wallet names by most blockchain networks with Wallet names. These usernames are used the same way as Wallet addresses. Users can create a unique username for their crypto wallet and receive crypto payments through the username.

    Coinbase Vault

    Launched in 2014, the Coinbase Vault is a cold storage designed by Coinbase that utilizes industry-leading security measures for customers who want long-term storage of their crypto assets. It is also ideal for users who wish to hold a large number of cryptocurrencies on the platform. Coinbase Vault is primarily designed for retail investors.

    Even though the Vault is a part of the Coinbase account, they are not the same. While the Vault can receive cryptocurrencies like the regular Coinbase account, cryptocurrencies stored in the Vault cannot be withdrawn immediately. All withdrawals from the Coinbase Vault are delayed for about 48 hours. For security reasons, the Coinbase team cannot bypass this waiting period.

    Asides from the delayed withdrawal, account holders are also required to meet additional security requirements for withdrawals to be approved. This is to ensure that the withdrawal is not being done by a malicious or unauthorized third party.

    Coinbase users can also add other trusted individuals as signatories to the Vault. For a withdrawal to be approved by the Coinbase team, the other signatories must co-sign the withdrawal. Withdrawals that are not approved after 24 hours are canceled.

    Coinbase Vault does not support DeFi yield but users can earn APYs as staking rewards on supported cryptocurrencies stored in the Vault.

    Winner in Unique Features

    Coinbase is the winner. It has a lot of features tailored towards making the trading experience of both beginners and advanced traders on the platform easy and smooth.

    Swyftx vs. Coinbase: Cryptocurrencies Available

    Cryptocurrencies Available on Swyftx

    Swyftx is one of the most popular Australian crypto exchanges as users can trade over 320 cryptocurrencies on the platform. Available cryptocurrencies include Bitcoin, Ethereum Hedera Hashgraph, Litecoin, Bitcoin Cash, Dogecoin, ApeCoin, PancakeSwap, Shiba Inu, Binance USD, Ontology, Binance Coin, Gala, Chainlink, etc.

    Cryptocurrencies Available on Coinbase

    Coinbase supports over 160 cryptocurrencies. Supported cryptocurrencies include Solana, Bitcoin, Polygon, Ethereum, Litecoin, Ethereum 2, USD Coin, Dogecoin, Polkadot, etc.

    Winner in Crypto Availability

    Swyftx wins in crypto availability. It supports more cryptocurrencies than Coinbase.

    Swyftx vs. Coinbase: Can You Buy and Sell NFTs?

    Can You Buy and Sell NFTs on Coinbase?

    Coinbase NFTs Marketplace

    Yes, you can buy and sell NFTs on Coinbase via the Coinbase NFT marketplace. The platform also allows users to mint their NFTs before listing them for sale.

    Coinbase NFT supports the following types of NFTs including domain names, Metaverse, art, collectibles, and more. It is built on the Ethereum blockchain like a lot of other NFT marketplaces and supports MetaMask, Coinbase Wallet, and Wallet Connect as wallets.

    It doesn’t support multiple deposit methods, just Ethereum. Coinbase NFT also features social NFT trading which is a function that enables collectors to engage with each other by connecting, commenting, and liking. You can even follow the accounts of other creators and collectors allowing artists to create communities around their work.

    Some of the top collections on Coinbase NFT include Bored Ape Yacht Club, Mutant Ape Yacht Club, and CryptoPunks.

    Winner in NFTs Availability

    Coinbase wins in NFT availability. The exchange provides a huge selection of NFTs including some of the most popular NFT collections. Swyftx does not have an NFT marketplace.

    Swyftx vs. Coinbase: Fees

    Swyftx Fees

    Swyftx does not charge fees for its several AUD deposit methods. However, for trading fees, the crypto exchange charges 0.60% as commission and 0.41% (low-end) in spread cost. Cryptocurrency withdrawals and deposits incur their respective network fee.

    Coinbase Fees

    Coinbase uses a taker-and-maker model that depends on the crypto trader’s pricing tier.

    Pricing Tier: $0 – $10K

    • Taker Fee: 0.60%
    • Maker Fee: 0.40%

    Pricing Tier: $10K – $50K

    • Taker Fee: 0.40%
    • Maker Fee: 0.25%

    Pricing Tier: $50K – $100K

    • Taker Fee: 0.25%
    • Maker Fee: 0.15%

    Pricing Tier: $100K – $1M

    • Taker Fee: 0.20%
    • Maker Fee: 0.10%

    Pricing Tier: $1M – $15M

    • Taker Fee: 0.18%
    • Maker Fee:0.08%

    Pricing Tier: $15M – $75M

    • Taker Fee: 0.16%
    • Maker Fee: 0.06%

    Pricing Tier: $75M – $250M

    • Taker Fee: 0.12%
    • Maker Fee: 0.03%

    Pricing Tier: $250M – $400M

    • Taker Fee: 0.08%
    • Maker Fee: 0.00%

    Pricing Tier: $400M+

    • Taker Fee: 0.05%
    • Maker Fee: 0.00%

    Stable Pairs

    • Taker Fee: 0.001%
    • Maker Fee: 0.00%

    Credit Card Fee

    To purchase crypto on Coinbase Australia you need to use your credit/debit card. For this Coinbase charges a 3.99% fee, plus a 0.50% transaction fee.

    Winner in Fees

    This round is a draw. Both Swyftx and Coinbase have high fees when compared to other exchanges like Binance Australia and Coinjar.

    Swyftx vs. Coinbase: Payment Methods

    Swyftx Payment Methods

    Swyftx supports 4 deposit methods for Australians: PayID, POLi, debit card, and Bank Transfer

    Coinbase Payment Methods

    The Coinbase exchange supports 2 deposit methods: credit/debit cards and bank accounts added via your PayID account. The credit/debit card payment method does not offer the option of depositing AUD. You can only purchase your crypto directly using it.

    Winner in Payment Methods

    Swyftx wins in deposit methods. It offers more Australian-friendly options than Coinbase, as Coinbase is one of the top global exchanges so its payment methods are tailored towards US and international users.

    Swyftx vs. Coinbase: Security

    Swyftx Security

    Swyftx is regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC). It abides by all the KYC/AML obligations to prevent money laundering and terrorism financing. It also has security measures that are compliant with the ISO27001 framework.

    Swyftx implements various privacy measures to ensure that users’ data and assets are not accessed by unauthorized parties. The Swyftx team monitors the platform to quickly detect and handle hacking attacks.

    Users’ information is encrypted also, and all Swyftx accounts are protected with two-factor authentication.

    Coinbase Security

    Coinbase is regulated by AUSTRAC. It stores 98% of users’ assets and all sensitive data on cold storage offline. All data stored in cold storage are AES-256 encrypted and copied into FIOS 140 hardware.

    All hot wallet addresses and users’ private keys are encrypted with the AES-256 encryption standards. Personal Identifiable Information is also encrypted and stored offline.

    Also, the website and mobile app are SSL encrypted and all passwords are hashed. Users can store their crypto assets in the Coinbase Vault. Users can also protect their accounts with two-factor authentication.

    Winner in Security

    Coinbase wins in security because it has a lot of security measures in place to ensure that users' assets are safe.

    Swyftx vs. Coinbase: Earn/Staking Rewards

    Swyftx Earn/Staking Rewards

    Swyftx Earn

    Swyftx Earn enables you to earn rewards in the form of interest on eligible cryptocurrencies you currently hold in your trading wallet on the platform. The program does not charge any fees and all interest earned is loaded automatically to your overall balance of the particular cryptocurrency daily.

    That said, Swyftx offers up to 65% APY and supports the following digital assets: Zilliqa, Axie Infinity, Elrond eGold, Cardano, Kava, Algorand, Solana, Polkadot, Flow, Cosmos, Polygon, TRON, Harmony, and Tezos.

    Coinbase Earn/Staking Rewards

    Users with Coinbase can earn up to 6.85% in interest on held cryptocurrencies via the Coinbase Earn platform. The program offers both DeFi yield and staking. Supported coins for staking include Algorand, Cardano, Cosmos, Ethereum, Solana, and Tezos.

    Eligible crypto assets for DeFi yield include Tether and DAI. It also offers interest using the standard mechanism for the USD Coin and DAI. However, DeFi yield is only available for US residents, which means the service is not available for Australians.

    Winner in Earn/Staking Rewards

    Swyftx wins in earn/staking rewards. The cryptocurrency exchange offers higher APYs and more eligible cryptocurrency.

    Swyftx vs. Coinbase: Usability

    Swyftx Usability

    Swyftx offers a desktop and mobile app that is designed for beginner crypto enthusiasts to quickly and easily get started with trading crypto. A beginner-friendly feature for example is its demo account that allows crypto newbies to trade risk-free.

    The platform’s interface makes it simple to navigate between charts, wallets, withdrawals, asset lists, and other features using the sidebar menu. The entire trading experience is fully customizable as the interface can be manipulated to suit different investors. For example, there’s the ability to toggle the dark mode on the desktop app.

    The Swyftx exchange also allows Australians to buy and sell crypto (over 320 assets) using AUD as well. So you don’t need to bother about changing USD to AUD before making a purchase.

    Coinbase Usability

    The Coinbase exchange is one of the most popular crypto exchanges globally with a very high trading volume and this is primarily due to the platform’s ease of use. You can buy and sell cryptocurrency instantly on the exchange using your Australian debit or credit card. Also, recently, Coinbase enabled deposits and withdrawals for Australians, which makes the platform a lot more seamless to use.

    Besides this, signing up, navigating the exchange, and trading is quite simple. Beginners will appreciate the instant Australian dollar purchase options. Coinbase offers a learning platform that focuses on various blockchain projects. For beginners, this platform helps them to get an understanding of how the blockchain world and crypto exchanges work in general. For advanced traders, Coinbase offers the Advanced Trading platform which features trading an API, real-time order books, trade history, charting tools, etc.

    Winner in Usability

    Coinbase wins in usability as it caters to both advanced and newbie crypto traders.

    Swyftx vs. Coinbase: Customer Service

    Swyftx Customer Service

    Swyftx Customer Support

    Swyftx customers can contact the support team by calling (07) 3088 7633 or sending an email to hello@swyftx.com.au. Swyftx also has a help center that provides articles and guides on how to fix account-related problems.

    Coinbase Customer Service

    Coinbase users can reach the support team via email or by submitting a support ticket. They can also chat with the virtual assistant to get the required support.

    Coinbase Users can get updates about the platform on their official Twitter handle as well.

    Winner in Customer Service

    Swyftx wins as it offers better and prompt customer service than Coinbase.

    Conclusion: Final Verdict

    Swyftx wins in general. The cryptocurrency exchange offers a larger selection of crypto assets, supports more payment methods, and offers higher staking rewards. The exchange is also an easy-to-use crypto platform. Coinbase, while the more popular option of the 2, supports a lower amount of digital assets, offers only 2 payment options for Australian users, and only supports staking for a very limited amount of coins.

    Overall Winner

    Swyftx wins with a rating of 3.9/5

    FAQ

    Most frequent questions and answers

    Swyftx was founded by Angus Goldman and Alex Harper.

    Yes, you can withdraw money from Swyftx. To do so, head to quick actions and select withdraw funds. Next, choose your bank account for bank transfers. Press on the Amount to withdraw and input what you intend to withdraw. Next, select a reason for withdrawal. Review the transaction and tap withdraw.

    Yes, Swyftx is regulated in Australia under AUSTRAC (Australian Transaction Reports and Analysis Centre).

    Storing your cryptocurrency assets in a hardware wallet like Trezor or Ledger is safer than Coinbase. For example, the Coinbase exchange has been hacked in the past where 6,000 customers lost their funds. This isn’t isolated to Coinbase alone as other crypto exchanges like Binance and FTX have experienced major hacks.

    Since Coinbase is one of the most popular crypto exchanges in the world geared toward beginners, it presents a great way to begin investing in cryptocurrency.