Supported Cryptocurrencies
Swyftx and Coinbase are cryptocurrency exchanges that serve a wide variety of traders. They support the majority of the prevalent cryptocurrencies now in circulation.
Swyftx appears to have a distinct advantage over Coinbase in terms of cryptocurrency services since they provide more currencies for trading. This Australian cryptocurrency exchange enables traders to access more than 260 crypto assets, generating hundreds of additional trading pairs by exchanging them against USD, AUD and BTC.
In contrast, Coinbase enables trading in at least 50 digital assets. Although they appear to concentrate more on traditional coins like Bitcoin, Ethereum, Cardano, Tether, and Litecoin, they add new digital assets to their list. Additionally, while utilising Coinbase Pro, you can trade in at least a dozen other cryptocurrencies.
Coinbase supports new digital assets. Image: Coinbase
Swyftx vs Coinbase Fees
Swyftx charges NO FEE for any AUD deposits or withdrawals. In contrast, you don’t need to deposit dollars into your Coinbase account. You use your debit card at the point of sale. Coinbase only accepts debit cards as payment, and each transaction costs 3.99%.
Swyftx charges 0.6% in transaction fees when purchasing or selling cryptocurrencies. Coinbase charges 0.5% in addition to the 3.99% debit card fee for each cryptocurrency purchase. The overall cost of buying bitcoin is 4.49%.
Deposit & Withdrawal Methods
Swyftx allows a variety of popular Australian deposit methods, including free and near-instant Osko, POLi, and PayID deposits. Swyftx also allows “instant” credit card transactions of cryptocurrencies. While Swyftx does not charge a fee for credit card deposits, its third-party source may impose a 4% fee.
Traders can add funds to their Coinbase accounts using bank transfers, wire transfers, debit cards, PayPal, and Apple Pay. The time required to complete a transaction varies on the payment method used. For instance, PayPal transactions are quick, but wire transfers require a minimum of one day to complete.
User Interface
Swyftx is a user-friendly platform with a simple layout. It facilitates simple navigation across the interface, which includes asset listings, charts, and other trading tools in the sidebar. The Swyftx trading platform’s configurable interface enables traders a unique trading experience.
Swyftx trading platform’s interface. Image: Swyftx
Coinbase is a web-based trading platform with a simple UI that puts everything you need to trade within easy reach. On the Coinbase platform, there is a real-time portfolio balance and performance, a powerful charting system, overlays, and indicators, all of which are beneficial for trading.
Coinbase vs. Swyftx Security
Swyftx has adopted industry-leading security features, such as two-factor authentication and biometric sign-ins, to guarantee the safety of your account. In addition, its security staff continuously evaluates and responds to any attackers that target the platform or its users. However, Swyftx has proven to have security breaches, with $2.3 million being accidentally transferred into random accounts owing to an administrative error. Mistakes may occur, but when deciding whom to entrust your funds with, selecting the exchange that has not experienced such security issues is usually advisable.
Coinbase is a trustworthy and secure cryptocurrency trading platform that employs cutting-edge security methods to safeguard your assets for a pleasant and risk-free experience. All personnel must submit to a background investigation and encrypt their hard drives. 98% of all client funds are offline, and AES-256 encryption is used to secure the crypto wallets. Two-factor authentication (2FA) is in place, and all website traffic is encrypted with SSL for added security. In addition, Coinbase provides insurance coverage for any stored digital assets, so you can rest assured that your funds are in good hands.
Customer Support
When you have issues with your account or other problems related to your trade, you require a swift resolution from your exchange.
Swyftx is also one of the few cryptocurrency exchanges that promise to offer live chat help. However, its live chat is launched immediately by automated bots that deliver replies to easy questions. Providing rapid assistance using bots is inconvenient since they cannot handle the diverse and distinct difficulties that consumers encounter.
Coinbase’s customer service is also robust and quick. The firm offers traders around-the-clock access to customer service via telephone and an email ticketing system. In addition, the Coinbase customer support team is present on all common social media sites, such as Facebook and Twitter, where traders may contact them with great ease.
Coinbase expands live customer support. Image: Coinbase
Supported Countries
Coinbase and Swyftx are leading crypto exchanges in their respective areas, although Coinbase appears to have a more extensive reach and worldwide influence.
Swyftx operates primarily in Australia and has not yet expanded to other areas. Although they do not make it abundantly evident on their platform, it is likely also accessible and used by merchants in New Zealand.
Though Coinbase is more prevalent in the US, it is accessible in other nations globally. Except for North Korea, Iran, and Cuba, Coinbase allows you to do business virtually anywhere. However, Coinbase is unavailable in some other countries owing to stringent regulations.
Other Features
Swyftx offers a demo option not seen on any other Australian cryptocurrency exchange. It is ideal for those new to the crypto market since they can browse the dashboard and practice buying and selling crypto with play money. Swyftx offers the staking option available via their mobile app and desktop platform. This feature enables you to collect rewards on your cryptocurrency, which are paid in the same coin as the one staked.
Coinbase provides an outstanding feature, such as Coinbase Earn, for users to earn free cryptocurrency. There are videos on the Coinbase website that offer rewards for viewing. By watching three 3-minute films, you can earn $9 in COMP tokens. The exchange provides Coinbase Wallet software for iOS and Android mobile devices. You can use the Coinbase Wallet to participate in airdrops and ICOs, collect non-fungible tokens (NFTs), explore decentralised applications (DApps), and transmit cryptocurrency to anybody globally.
Conclusion
Both Coinbase and Swyftx are available to Australians seeking hassle-free crypto exchanges with affordable fees and local deposit and withdrawal options. However, Coinbase provides superior security measures and more payment choices than its competitor. With its reputation for dependability, security, and pricing that few other exchanges can match, Coinbase is a better option for investors and traders.