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. Independent Reserve 2023: Fees, Pros & Cons

    Swyftx Review
    3.9
    3.9/5

    Read Disclaimer

    Independent-reserve-australia-review
    2.8
    2.8/5

    This article compares Swyftx and Independent Reserve to decide which crypto exchange comes out on top for Australian crypto investors. To reach a conclusion we carried out extensive research and used each crypto exchange exhaustively.

    Swyftx vs. Independent Reserve: Verdict

    Our pick is Swyftx. The crypto exchange provides a larger selection of crypto assets and caters to beginner traders.

    Pros

    Cons

    Independent Reserve Logo

    Pros

    Cons

    Swyftx vs. Independent Reserve: Unique Features

    Unique Features of Swyftx

    Demo Mode

    Swyftx demo mode allows beginners and inexperienced traders to learn how to make profitable crypto trades before trading in the actual market. This gives the beginner the basic knowledge required to make effective trades. Users can also access advanced trading features like limit orders and spot orders in the demo mode.

    The user learns to trade in the demo account using fake money made available by Swyftx. With fake money, users can buy any cryptocurrency of their choice. All cryptocurrencies supported on Swyftx are available in the demo mode.

    All market movements in the actual crypto market on Swyftx are mirrored in the demo mode. This gives the user a real first-hand experience of how the crypto market can be. If the price of the cryptocurrency goes up in the actual market, the increase will also be reflected in the demo market. This will enable the trader to learn how to navigate price fluctuations in the volatile crypto market.

    OTC Desk

    Swyftx Over-the-counter trading is available to institutional clients, SMSFS, and high-net-worth individuals that wish to trade large volumes of cryptocurrencies outside public crypto exchanges.

    Swyftx OTC is available to individuals that wish to trade $100,000 or more. These large-volume transactions are performed outside the public exchange to avoid spillage. This will affect the price at which orders get filled. With OTC trading, the traders have access to tighter spreads and low trading fees to maximize profit.

    Unique Features of Independent Reserve

    Auto Trader

    independent reserve autotrader

    Auto Trader allows users to create different automated strategies for crypto trading. Strategies available in Auto Trade are Auto Buy, Auto Schedule, and Auto Basket.

    Auto Buy

    With the Auto Buy strategy, users can automatically buy their preferred cryptocurrency whenever a deposit is made into their account. The user gets to decide if all or a percentage of the deposit should be used for the purchase.

    Auto Buy also allows the user to set the quantity of cryptocurrency they wish to buy and the upper limit of the price. The AutoBuy strategy will not be executed if the market price of the crypto exceeds the upper price limit set by the user.

    Auto Basket

    This strategy is used to buy a basket containing different cryptocurrencies. The buyer can not choose which cryptocurrencies to include in the basket.

    All cryptocurrencies in the basket are weighed against the market capitalization of the currency. Auto Basket is executed at the exact time set by the buyer. The strategy is executed within the confines of the spending limit set by the user.

    Auto-Schedule

    Auto-Schedule allows traders to create a schedule for the buying and selling of their preferred cryptocurrencies. Auto-Schedule strategies are executed at the exact time set by the user using the funds in the user’s accounts. AutoSchedule strategies are executed at whatever current market price is at the scheduled time. It will not wait for prices to drop or increase to initiate the transaction. Auto-Schedule strategies do not expire. Account holders can, however, disable or delete the strategy whenever they wish to.

    Winner in Unique Features

    Swyftx wins in unique features as it offers more features.

    Swyftx vs. Independent Reserve: Cryptocurrencies Available

    Cryptocurrencies Available on Swyftx

    Swyftx users can buy, sell and swap over 320 cryptocurrencies on the platform. Some supported cryptocurrencies include Bitcoin, Ethereum, Fantom, Hedera Hashgraph, dydX, Litecoin, Dodo, Bitcoin Cash, Constitution DAO, Bounce Token, Dogecoin, Benqi, Compound, ApeCoin, PancakeSwap, Auto, Audius, Alien Worlds, Binance USD, Ark, Ontology, Shiba Inu, Ankr, AirSwap, Ampleforth Governance Token, Aelf Coin, Gala, Chainlink, etc

    Cryptocurrencies Available on Independent Reserve

    This exchange supports the trading of 50 cryptocurrencies. This includes Bitcoin, Ethereum, XRP, Dai, OMG Network, Decentraland, Synthetix Network Token, Bitcoin Cash, Stellar Lumens, Dogecoin, Perth Mint Gold Token, Polkadot, Chainlink, Solana, Decentraland, Uniswap, Ethereum Classic, AAVE, Cardano, MATIC, Sandbox, Basic Attention Token, etc.

    Winner in Crypto Availability

    Swyftx wins in crypto availability as it supports more cryptocurrencies.

    Swyftx vs. Independent Reserve: Fees

    Swyftx vs Independent Reserve: Fees

    Swyftx Fees

    Swyftx fees

    Swyftx does not charge you fees for using its several deposit methods or withdrawing the Australian Dollar (AUD). However, it charges up to 0.60% in trading fees and spreads as low as 0.41%. Cryptocurrency withdrawals incur a dynamic network fee.

    Independent Reserve Fees

    Independent Reserve charges the following fees:

    • Trading Fees: Independent Reserve charges up to 0.50% in fees which are discounted per 100 AUD added via deposit methods to the trade volume monthly.
    • Withdrawals: The exchange charges an AUD 1.50 fee for PayID/NPP withdrawals. But it does not charge fees for ETF bank transfer withdrawals. For crypto withdrawals on the platform, you’ll have to pay dynamic fees.

    Deposits: There is no fee for deposits above AUD 100. However, payments below AUD 100 incur an AUD 0.99 fee.

    Winner in Fees

    Both crypto exchanges have a high trading fee so it's a draw here.

    Swyftx vs. Independent Reserve: Payment Methods

    Swyftx Payment Methods

    The Swyftx exchange supports 4 deposit methods for Australian users: Bank transfer via PayID, Regular bank transfer, bank transfer via POLi, and debit card deposits.

    Independent Reserve Payment Methods

    Independent Reserve offers 2 deposit methods for Australians: Bank transfer via PayID/Osko and Electronic Funds Transfer.

    Winner in Payment Methods

    Swyftx wins here as it provides more deposit methods than Independent Reserve for its Australian audience.

    Swyftx vs. Independent Reserve: Security

    Swyftx Security

    Swyftx is regulated by AUSTRAC and secures users’ assets using various security measures.

    It partners with Chainalysis to ensure the security of the platform. It also conducts regular security audits by third-party auditors to ensure that the platform has not been breached.

    Users’ accounts are protected with 2-factor authentication and a password.

    Independent Reserve Security

    Independent reserve Security

    To ensure transparency, Independent Reserve conducts annual internal financial statements audits in compliance with the Australian Accounting Standards.

    Also, 97% of users’ crypto assets are held in cold storage locations which require multiple layers of security to access.

    Users can protect their funds by enabling security features like email notification on each login attempt, 2-factor authentication, crypto address whitelisting, and browser whitelisting.

    Winner in Security

    There is no winner here. Both exchanges have good security measures in place to ensure the security of users' assets.

    Swyftx vs. Independent Reserve: Earn/Staking Rewards

    Swyftx Earn/Staking Rewards

    You can earn up to 65% APY on over 12 crypto assets via the Swyftx Earn program which supports the following digital currencies: Tezos, Polygon, Solana, Kava, Algorand, Solana, Polkadot, Flow, Cosmos, Cardano, Kusama, Tron, Harmony, Elrond eGold, Axie Infinity, and Zilliqa.

    Swyftx Earn

    Winner in Earn/Staking Rewards

    Swyftx wins this round. Independent Reserve does not offer staking services.

    Swyftx vs. Independent Reserve: Usability

    Swyftx Usability

    Swyftx provides a mobile app for iOS and Android as well as a browser app. The platform is tailored to newbie crypto investors as it is easy to navigate. It also offers a demo account that crypto newbies can use to practice trading under real-life scenarios.

    The interface is customizable as Swyftx features personalization features such as a dark mode toggle. For Australian users, Swyftx makes buying crypto easy. The platform does not require you to change your AUD to USD or EUR before you can buy digital assets. Rather you can purchase over 320 cryptocurrencies using the Australian Dollar.

    Independent Reserve Usability

    You can access this exchange via their mobile app for Android and iOS. The platform is mainly focused on advanced traders as it features functions such as auto-trading, buy and sell limit orders, business API, charts, and OTC. Interestingly, Independent Reserve features Swyftx-type functions – its mobile apps offer light and dark mode customization features as well.

    Winner in Usability

    This round is a draw. Both Swyftx and Independent Reserve offer intuitive interfaces for both beginner and expert traders.

    Swyftx vs. Independent Reserve: Customer Service

    Swyftx Customer Service

    Swyftx offers excellent customer service via phone at (07) 3088 7633 or email at hello@swyftx.com.au.

    Users can also find solutions to their problems in the Help Center. Swyftx also has an educational hub for newbies known as Swyftx Learn. With Swyftx Learn new users can learn all they need to know about cryptocurrencies.

    Independent Reserve Customer Service

    The Independent Reserve support team can be reached via email at support@independentreserve.com or through a support ticket. It also has a well-equipped Help Center that provides necessary answers to users’ questions.

    Winner in Customer Service

    Swyftx is the winner here. The swyftx support team offers faster and more helpful services to customers.

    Conclusion: Final Verdict

    Swyftx wins this comparison battle. The cryptocurrency exchange is one of the best crypto exchanges and comes out on top due to its cryptocurrency availability, unique features, and payment methods for Australian users. Independent Reserve offers only 50+ digital currencies and is quite complex to use for beginners.

    Overall Winner

    Swyftx wins with a 3.9/5 rating.

    FAQ

    Most frequent questions and answers
    Swyftx is owned by Angus Goldman and Alex Harper. The duo were still in high school when they got the idea to create a business that would help others easily invest in cryptocurrencies.

    For Australians, there are several alternatives to the Independent Reserve crypto exchange including CoinSpot, CoinSmart, Binance Australia, and Swyftx.

    Independent Reserve claims that it separates the users’ funds from corporate funds so in the event of a hack the majority of people’s funds will not be affected.

    Compared to other cryptocurrency exchanges like Binance Australia or CoinSpot, Swyftx charges very high fees (up to 0.60%). To give a perspective, the average industry fee is 0.10%.

    Online cryptocurrency exchanges like Independent Reserve are prone to hacking attacks. So it is safer to store a large number of funds in a cold or hardware wallet like Ledger or Trezor.