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. CoinJar 2023: Deposit, Fees and Security

    Swyftx Review
    3.8
    3.8/5

    Read Disclaimer

    Coinjar Review
    3.9
    3.9/5

    In this article, we’ll compare Swyftx vs CoinJar. Our team carried out extensive research and used both platforms to decide which crypto exchange wins in regards to each segment. For each segment, we considered various factors such as payment methods, trading fees, digital currencies available, security, and more.

    Swyftx vs. CoinJar: Verdict

    Our pick in this direct comparison is CoinJar. The crypto exchange features low trading fees and caters to both newbies and expert traders.

    Pros

    Cons

    Coinjar Logo

    Pros

    Cons

    Swyftx vs. CoinJar: Unique Features

    Unique Features of Swyftx

    Swyftx Bundles

    swyftx bundles

    Swyftx Bundles are a great way for Swyftx users to diversify their crypto portfolio and reduce expenses on transaction fees. A Bundle is a package containing different cryptocurrencies with similar attributes which can be bought in one single transaction on a crypto exchange.

    Swyftx selects which cryptocurrencies to include in a bundle based on features like market figures and trends. Users can add or remove cryptocurrencies from a bundle to suit their preferences.

    Swyftx Bundles can be bought as instant orders or recurring orders. After the bundle is bought, each cryptocurrency in the bundle can be managed independently on the crypto exchange.

    Swyftx Earn

    Earn is a Swyftx feature that allows users to earn interest on eligible cryptocurrencies held in the Earn wallet. The Earn wallet is not the same as the regular Swyftx crypto exchange wallet used to store users’ crypto assets.

    Users can add cryptocurrencies to the Earn wallet by going to the wallet and clicking on the “Earn” button. Once the user inputs the amount they wish to deposit in the Earn wallet, they can follow the onscreen instructions to complete the process and start earning.

    Interests are earned daily and added to the daily balance of the asset. The Swyftx crypto exchange allows users to claim their interest by withdrawing some or all of the cryptocurrencies in the wallet.

    All cryptocurrencies eligible for the Earn Program have an Earn Cap. Once a cryptocurrency gets to the maximum cap, Earn users will no longer be able to add the asset to their Earn wallet. They will only be able to do so after another user withdraws the asset from Earn or Swyftx increases the Earn cap for the asset.

    Users who wish to remove their assets from Earn can do so whenever they wish to. This can be done by going to the Earn wallet and clicking the “Remove” button.

    Demo Mode

    The demo mode is designed for beginners who wish to learn how to trade risk-free on Swyftx. The demo account is credited with a balance of fake money which the user can use to buy and sell all the cryptocurrencies listed in the Swyftx actual market.

    All real-time market movements are reflected in the demo account. This means that if the user buys a demo Bitcoin, every price fluctuation in the actual market will reflect in the demo. If the price of bitcoin in the actual market increases, the increase will also affect the Bitcoin in the demo wallet.

    The demo mode can be activated and deactivated in the Menu bar in the Swyftx app and Web platform.

    Unique Features of CoinJar

    Coinjar Payout

    Coinjar Payout is a simple out-of-the-box solution that enables institutions to offer crypto rewards to their customers in the form of loyalty bonuses, one-off prizes, and cashback equivalents. With CoinJar Payout, loyal customers can cash out in Bitcoin and over 50 other cryptocurrencies.

    The Coinjar Payout API is easy to use and can be customized to suit the client’s needs. With it, businesses can create their crypto product curated to suit their customers. The Coinjar Plug-and-play API can be customer ready in 6 weeks.

    All crypto sales and custody done on Coinjar Payout are handled in-house and the settlement terms and timing are flexible. All transactions are secure, private, and encrypted.

    Institutions that wish to enroll for Coinjar Payout can get started by filling out the application form on the website. After this, they are required to sign up as a corporate customer and prepay their account. Once that’s done, the user will be able to connect to Coinjar’s API and establish secure channels.

    Coinjar Card

    coinjar card australia

    With the Coinjar card, users can spend cryptocurrencies like cash both in-store and online. The Coinjar card is a prepaid Mastercard that takes funds directly from the user’s Coinjar account similar how traditional debit cards are linked to a bank account.

    For every dollar spent on eligible transactions made with a Coinjar card, the cardholder receives 1 reward point. Swyftx does not charge users issuance or monthly fees for using the card. However, ATM withdrawals using a physical card attract a 1% withdrawal fee.

    The Coinjar Mastercard is compatible with Apple Pay and Google Pay. It is can be used for overseas purchases and is accepted anywhere Mastercard is accepted worldwide.

    Coinjar Over-The-Counter (OTC)/Trading Desk

    Coinjar OTC is designed for high-net-worth individuals and organizations that wish to make over-the-counter large-volume trades outside Coinjar. The minimum amount required to be eligible for Coinjar OTC is $50,000.

    OTC clients have access to one-on-one series from a dedicated account manager, competitive rates, fast and personalized access to over 50 cryptocurrencies, and flexible settlement time.

    Winner in Unique Features

    It is a tie. Both crypto exchanges have well-curated features designed to meet the needs of both individual and corporate customers.

    Swyftx vs. CoinJar: Cryptocurrencies Available

    Cryptocurrencies Available on Swyftx

    Swyftx supports the trading of over 320 cryptocurrencies on the platform. Available cryptocurrencies include Bitcoin, Ethereum, Fetch.ai, Hedera Hashgraph, Litecoin, Dodo, Bitcoin Cash, Bounce Token, Dogecoin, Benqi, ApeCoin, Badger DAO, PancakeSwap, Shiba Inu, Audius, Binance USD, Ark, Ontology, Ankr, Binance Coin, Ampleforth Governance Token, Gala, Chainlink, etc.

    Cryptocurrencies Available on CoinJar

    coinjar list crypto

    CoinJar supports over 50 cryptocurrencies including Bitcoin, Dogecoin, Stellar, Ethereum, Cardano, Ripple, Tezos, Litecoin, Chainlink, XRP, Polkadot, Dai, Algorand, etc.

    Winner in Crypto Availability

    Swyftx wins here. It offers more assets than Coinjar.

    Swyftx vs. CoinJar: Fees

    Swyftx Fees

    Swyftx charges users up to 0.60% in trading fees and 0.41% in spreads. The exchange does not charge users for AUD deposits or withdrawals. The spread and trading fee are included in the price you’ll see before confirming your trade. For crypto deposits and withdrawals users will need to pay the standard network mining fees. No additional Swyftx fees will be charged for such transactions.

    CoinJar Fees

    Coinjar offer very competitive trading fees for its various services as follows: Trading on Coinjar Exchange The Coinjar exchange charges the following fees for trades via the taker and maker model based on users’ monthly trade volume. Pricing Tier: $0 – $100,000
    • 0.01% (taker)
    • 0.01% (maker)
    Pricing Tier: $100,000 – $1m
    • 0.01% (taker)
    • 0.08% (maker)
    Pricing Tier: $1m – $10m
    • 0.08% (taker)
    • 0.04% (maker)
    Pricing Tier: $10m+
    • 0.06% (taker)
    • 0.04% (maker)
    Deposit and Withdrawal Transactions
    • Bank transfer via PayID /Osko/ NPP transactions: No fee
    • Withdrawal via bank transfer: No fee
    • Cash deposits via Blueshyft: 1.5%
    Cryptocurrency Transactions
    • Sending crypto to other Coinjar users: No fee
    • Sending crypto to wallet addresses on other trading platforms: Dynamic fees
    Conversion Fees on Coinjar
    • Fiat to cryptocurrency conversions: 1%
    • Cryptocurrency to fiat conversions: 1%
    • Cryptocurrency to cryptocurrency conversions: 1%
    • Credit card purchase (Instant Buy): 2%
    • Apple Pay or Google Pay transactions (Instant Buy): 2%
    Coinjar Card
    • Digital and physical Card issuance: Zero fees
    • In-store and online purchases: 1% (returned in rewards points)
    • Foreign transactions: 2.99%+
    • ATM withdrawal for physical cards: 1%
    • Transaction dispute: $27.50 for each transaction

    Winner in Fees

    Coinjar wins in fees because the exchange charges lower trading fees (up to 0.008%) than Swyftx which charges up to 0.60% in fees.

    Swyftx vs. CoinJar: Payment Methods

    Swyftx Payment Methods

    Swyftx offers 4 payment methods for its Australian users which include Bank transfer via PayID, regular bank transfer, bank transfer via POLi, and debit card. Verified users have a daily deposit limit of $50,000.

    CoinJar Payment Methods

    There are 3 methods of depositing AUD on CoinJar: Blueshyft, bank transfer via PayID, and bank transfer. However, if you intend to buy cryptocurrency instantly you can do so through your credit/debit card, Google Pay, or Apple Pay.

    Winner in Payment Methods

    This round is a draw. Both crypto exchanges offer several bank transfer payment methods and allow debit cards.

    Swyftx vs. CoinJar: Security

    Swyftx Security

    Swyftx security features

    Swyftx is regulated by AUSTRAC. It partners with Chainalysis to ensure the security of the platform.

    Swyftx implements security measures like two-factor authentication for all accounts, scanning the web for breached websites, and using JWT tokens and session expiry. It also undergoes external penetration testing and security audits by third-party auditors.

    CoinJar Security

    Coinjar is registered with AUSTRAC and the Financial Conduct Authority UK. Its digital infrastructure is hosted with Amazon Web Services and all its internal networks are fully encrypted, firewall-protected, and isolated from the internet.

    CoinJar stores the majority of its crypto assets in private multi-signature wallets or cold storage offline. It has a full currency reserve. The reserve has enough assets to cover all of the customers’ account balances on Coinjar. All assets are also secured by BitGo and Fireblocks.

    Winner in Security

    Coinjar wins in security as it provides more security features than Swyftx.

    Swyftx vs. CoinJar: Earn/Staking Rewards

    Swyftx Earn/Staking

    Through the Swyftx Earn platform, crypto investors can earn up to 65% APY on the 12+ eligible cryptocurrencies which include Polkadot, Cosmos, Polygon, Flow, Kava, Axie Infinity, Harmony, TRON, Algorand, Tezos, Kusama, Solana, and Cardano.

    CoinJar Earn/Staking Rewards

    The Coinrar Earn platform allows cryptocurrency investors to gain rewards by providing direct access to particular DeFi protocols which will enable them to earn interest on supported crypto assets.

    Below are the various DeFi protocols and the expected interest rates per annum they offer:

    Program: ETH

    • Type: DeFi
    • Interest: Up to 0.10% p.a.

    Program: DAI

    • Type: DeFi
    • Interest: Up to 1.20% p.a.

    Program: USDC

    • Type: DeFi
    • Interest: Up to 1.10% p.a.

    Program: USDT

    • Type: DeFi
    • Interest: Up to 1.70% p.a.

    Program: WBTC

    • Type: DeFi
    • Interest: Up to 0.01% p.a

    Winner in Earn/Staking Rewards

    Swyftx wins in earn/staking rewards. It offers higher APYs and a clearer staking process for newbies.

    Swyftx vs. CoinJar: Usability

    Swyftx Usability

    Swyftx is best for beginners. The exchange offers an easy-to-navigate platform and trading terminal as well as a demo account for newbies to get a hang of the trading experience. It is registered with AUSTRAC, which means it is legally offering its services in Australia. This also means that using Swyftx implies that your KYC will be shared with the ATO.

    Swyftx also supports over 320 cryptocurrencies and features an instant buy feature with your debit card which makes it easy for beginners to get started. That said, a lot of customers have complained about the exchange’s chatbot’s slow response time and sometimes users have to wait more than 24 hours for a response.

    There’s also an obvious lack of advanced trading options on the platform except for portfolio tracking, recurring orders, automatic buys and sells, real-time pricing, crypto bundles, self-managed super fund, and tax reporting. Swyftx has a mobile app for both iOS and Android devices.

    CoinJar Usability

    Coinjar caters to both beginner and expert crypto traders. For beginners, Coinjar offers an instant buy and sell feature, that does not permit the user to set their prices. That said, to use the platform users must undergo a verification process, which usually takes less than 10 minutes.

    The cryptocurrency exchange caters to business entities as well via its OTC (over-the-counter) service for transactions above AUD 50,000. It also supports crypto bundles which makes users able to purchase a collection of top digital currencies as a whole.

    For expert traders, the exchange offers Coinjar Exchange which provides an expert cryptocurrency trading platform. It supports a high degree of user control when trading assets by allowing you to set order prices and get lower trading fees. Coinjar also features a trading API.

    Winner in Usability

    Coinjar wins in usability as the exchange caters to both beginner and advanced Australian crypto traders.

    Swyftx vs. CoinJar: Customer Service

    Swyftx Customer Service

    The Swyftx customer support team can be reached by phone at (07) 3088 7633 or by sending an email to hello@swyftx.com.au.

    It offers blockchain and cryptocurrency education to newbies via Swyftx Learn. Users can also find helpful guides and articles in the Help Center.

    CoinJar Customer Service

    customer support coinjar

    Coinjar offers online live chat support to customers every day of the week. They can be contacted between 9 am to 2 am from Mondays to Fridays and 9 am to 5:30 pm on weekends.

    It also has a knowledge base with lots of blogs and guides detailing all the user needs to know about troubleshooting an account-related problem.

    Winner in Customer Service

    This round is a draw. Both crypto exchanges have good customer service. On Trustpilot, Coinjar has a customer rating of 4.1 while Swyftx has a 4.4-star rating.

    Conclusion: Final Verdict

    Coinjar wins overall. This is primarily due to its low fees and usability for both expert and beginner traders. While Swyftx offers a larger selection of cryptocurrencies it supports very limited functions for expert traders and limits its use to mainly beginner traders.

    Overall Winner

    Coinjar wins with a 3.9/5 rating.

    FAQ

    Most frequent questions and answers

    Yes, Coinjar is one of the most popular Australian crypto exchanges for easy trading. The superior crypto exchange features low fees with taker and maker fees dropping to 0.01% and getting up to 0.08%. This makes CoinJar one of the most affordable cryptocurrency exchanges in Australia.

    Swyftx cryptocurrency exchange is a good trading platform for users who are searching for a large selection of cryptocurrencies. The exchange offers more than 320 coins. It is also well suited for beginners who want a trading platform with a demo account where they can learn how to trade

    No, CoinJar offers one of the lowest taker and maker fees when compared to other crypto exchanges in Australia.

    Coinjar processes withdrawals as NPP payments. This means that you can expect withdrawals to be near instant. So your funds should typically arrive in minutes.

    Yes, Swyftx charges 0.60% in fees and 0.41% in spreads. This is high considering that many other cryptocurrency exchanges charge 0.10% on average.

    Swyftx offers over 320 cryptocurrencies so it is an excellent platform for day trading cryptocurrency.

    Yes, Swyftx reports to the ATO as the exchange is regulated under AUSTRAC. This means it may share KYC data with the relevant bodies of which ATO is one.

    Coinbase offers more products like NFTs, a higher selection of cryptocurrencies (160+), and is much easier to use.