Swyftx vs. Coinbase 2023: Which Is Better For Australians?

Last Updated on April 17, 2023 by

Swyftx and Coinbase Australia both offer a range of great products and services to Australian investors and traders, however, there are stark differences between the two. Although Coinbase Australia is vastly larger since it comes from a global company, it doesn’t necessarily mean that it’s better in any way.

In this review, we compare Swyftx and Coinbase Australia to highlight how they differ as well as how they might suit your crypto trading needs. This comparison is based on a detailed assessment of their respective features which was made possible through our first-hand experiences using each platform.

The Bottom Line

In general, Swyftx is the better crypto exchange than Coinbase for the majority of Australians but particularly for beginners. You can quickly deposit AUD using a variety of ways and use it to buy a wider range of cryptocurrencies (320+), both of which can’t be done on Coinbase. On top of that, you can purchase digital currencies in bundles to rapidly diversify your portfolio as well as passively earn interest payments on more assets than Coinbase offers. Despite Coinbase providing well-designed features such as an NFT marketplace, it lacks features that are specific to the Australian market to be a better alternative to Swyftx.

Winner: Swyftx ๐Ÿ†
Website: www.swyftx.com.au
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Swyftx vs Coinbase Australia: Comparison Table

Swyftx logo small Coinbase
ExchangeSwyftxCoinbase
Fiat CurrenciesAUD, NZD, USDUSD, EUR, GBP
Number of Crypto320+200+
Deposit MethodsBank transfer, POLi, PayID, BPAY, credit/debit card, crypto
Bank transfers (via PayID), credit/debit cards
Deposit FeesNoneNone
Maximum Trading Fees0.6% (flat)
0.4% (maker) and 0.6% (taker)
Withdrawal FeesNoneNone
Interest-earning WalletYesYes
MarketsSpotSpot
Mobile AppYes (iOS and Android)Yes (iOS and Android)
SupportLive chat, email, phoneLive chat, email
VerdictImage WinnerImage Loser
ReviewSwyftx ReviewCoinbase Australia Review

Swyftx Overview

Swyftx is a top-tier digital currency platform that has been servicing the Australian crypto market since 2019. Since then, it has managed to gather an impressive userbase of over 650,000 investors, traders, and crypto enthusiasts, as well as commercial exposure by forging sponsorships with corporate entities such as the Brisbane Lions Football Club.

The success of Swyftx in such a relatively short period of time can be attributed to the company’s willingness to provide crypto products and services that cater to the Australian market. You can quickly buy over 320+ digital currencies such as Bitcoin and Ethereum, grow your portfolio by earning interest, and seek help from the 100% local customer service team. All of its features can be accessed on a superbly designed interface and mobile app.

Some of its best features include:

  • A free demo mode stocked with $10,000 AUD to practice trading and explore the platform.
  • An easy-to-use and customisable dashboard.
  • Streamlined and free AUD deposit and withdrawal methods.
  • Robust support for Super Fund investors.
  • Responsive customer support from a local team.
  • Innovative tax reporting tools.
  • Competitive trading fees of 0.6%.
Swyftx Homepage screenshot

As an AUSTRAC registered provider of digital currency services, Swyftx adheres to the Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Act 2006 by completing Know-Your-Customer (KYC) procedures. Since its inception in 2019, the exchange has not been hacked or experienced security breaches that have resulted in the loss of customer funds and assets. This has resulted in Swyftx being considered a secure and trustworthy place to buy, trade, and store cryptocurrencies.

Swyftx Pros:

  • Large selection of crypto with over 320 coins that can be bought and sold with AUD, USD or BTC.
  • Value for money with its competitive trading fee of 0.6%.
  • Beginner-friendly interface and customisable dashboard, streamlined account funding and crypto buying processes.
  • 6 ways to fund the account including bank transfers, PayID, BPAY, credit/debit cards, POLi, and crypto.
  • Direct and helpful customer support from a 100% local team.

Swyftx Cons:

  • Unable to conduct coin-to-coin trades.
  • Leveraged margin and futures trading markets are not supported.

Coinbase Australia Overview

Coinbase is a highly regarded and popular provider of digital currency services across the world. It boasts a customer base of over 103 million investors, traders, and crypto enthusiasts across over 100 countries including Australia. Founded in 2012 and with its global headquarters based in San Francisco, Coinbase is ranked #2 in terms of trading volume and traffic. In April 2021, Coinbase (COIN) became publically listed on the NASDAQ stock exchange.

coinbase australia website

In Australia, the Coinbase brand is independently operated by Coinbase Australia Pty Ltd. The Sydney-based company provides Australians with features that resemble the elegance and robustness of the global platform including an NFT marketplace, streamlined and beginner-friendly interface and mobile app, access to over 200+ digital currencies, and Coinbase Pro, a separately run exchange designed for experienced and serious traders.

Coinbase Pros:

  • Excellent user interface that suits beginners.
  • Relatively competitive exchange fees of 0.4% and 0.6% for maker and taker orders.
  • One of the best crypto wallets to store crypto and NFTs.
  • Significant liquidity on trading pairs on the Coinbase Pro exchange.

Coinbase Cons:

  • No AUD trading pairs.
  • Limited account funding options.
  • Poor customer support.

Swyftx vs Coinbase: Deposit methods

Swyftx is by far the better option for depositing AUD as it provides a wealth of options to choose from. These include bank transfers (and OSKO if supported), PayID, BPAY, POLi, and credit/debit cards. Simply put, Swyftx offers a great deal of flexibility and choice when it comes to financing your account.

On the other hand, Coinbase Australia only allows you to deposit AUD funds into your account via bank transfers, provided you link it with your PayID account. Deposit methods that are commonly offered by crypto exchanges in Australia such as POLi, BPAY, and cash deposits via Blueshyft are not supported. However, as a silver lining, Coinbase does allow you to directly buy crypto using a credit or debit card.

Although both platforms donโ€™t charge any fees to fund your account, Swyftx is a better option given it has greater flexibility with deposit methods to fund a new account. The lack of account financing options for Coinbase is typical of a global crypto exchange that has expanded its operations to Australia.

Winner: Swyftx ๐Ÿ†

Swyftx provides you with greater choices when it comes to funding your account with AUD than Coinbase. There are currently 6 ways to deposit cash into your account including bank transfers, PayID, BPAY, credit/debit cards, POLi, and cryptocurrency.

Create an account with Swyftx.

Swyftx vs Coinbase: Products & Services

When it comes to their products and services, Swyftx and Coinbase Australia are different in a lot of ways. The section below summarises the similarities and unique features of both platforms.

Supported cryptocurrencies

Swyftx and Coinbase both present as viable altcoin trading platforms due to their selection of cryptocurrencies. However, Swyftx has a better selection with approximately 120 more digital assets over Coinbase. Currently, Swyftx has over 320 currencies to buy with AUD compared to Coinbase’s 200+.

Nevertheless, you can buy Bitcoin, Ethereum, stablecoins such as Tether (USDT) and Dai (DAI), and meme coins including Dogecoin (DOGE) and Shiba Inu (SHIB) from both exchanges.

For those who are interested in advanced trading, Swyftx does not currently support crypto-to-crypto transactions whereas Coinbase does on its advanced trading interfaces. However, the disadvantage with Coinbase is that it doesn’t support any trading pairs with AUD as the fiat currency.

Earn interest on crypto

You can earn interest payments on your crypto with Swyftx and Coinbase but the differences between the two services and night and day. If you’re investment strategy is to HODL then the interest-earning wallet provided by Swyftx will serve as a better option and it’s one of the top crypto interest platforms in Australia.

At the time of writing, Swyftx allows you to earn passive interest yields on 21 popular digital currencies including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Polygon (MATIC) and Tether (USDT). Compare this to Coinbase’s 7 supported assets and you can quickly grasp how superior Swyftx is. But it doesn’t end there.

For the most part, the interest rates that Swyftx offers are slightly higher than Coinbase. For example, you can get a maximum rate of 8% for Cosmos (ATOM) which is 3% better than Coinbase’s 5%. The other advantage is Swyftx will pay you interest on your Bitcoin and Ethereum, popular assets that are not supported by Coinbase. It is important to note, that Swyftx will remove BTC from its Earn program on 20 November 2022.

CryptoSwyftx Interest RateCoinbase Australia Interest Rate
Tezos (XTZ)3.98%, 3.56%, 3.05%4.63%
Cosmos (ATOM)8%, 7%, 6.5%5%
Polygon (MATIC)12.75%, 11.63%, 10.52%7%
Cardano (ADA)4.60%, 4.34%, 4.08%2.6%
Solana (SOL)4.00%, 3.64%, 3.30%4%

Great wallets to store crypto

Despite their differences, Swyftx and Coinbase Australia actually provide feature-rich and secure wallets to safely store your crypto. The Swyftx wallet is super easy to navigate which makes it ideal for beginners. on top of that, the wallet is linked to the exchange. This means that you can easily deposit AUD, withdraw it, or use it to buy crypto such as Ethereum which will be near-instantly transferred into your trade wallet.

The Swyftx wallet has not been hacked since 2019. This is mostly due to the class-leading security technologies including data encryption, third-party penetration testing, breached password detection, and the constant monitoring for suspicious transactions. The combination of its outstanding security track record, its low trading fees, and its high degree of accessibility make the Swyftx one of the best crypto wallets in Australia, particularly for beginners.

The Coinbase Australia wallet is just as innovative, safe, and accessible as the Swyftx wallet, however, you have the added ability to store Non-Fungible Tokens (NFTs) and Decentralised Applications (dapps). The wallet can be accessed on the mobile app and is a self-custody wallet, meaning that you are in full control.

coinbase australia wallet to store crypto

Features unique to Swyftx

Swyftx offers you several unique features which cater to the everyday Australian. As a Swyftx customer, you can benefit from these features that Coinbase Australia does not offer.

  • A free demo mode equipped with $10,000 of virtual AUD funds so you can familiarise yourself with the platform and practice trading risk-free. The demo mode simulates real-world liquidity and market depth, however, features such as real-time charting and Earn are not available. Coinbase Australia does not currently provide a demo mode.
  • In-built cryptocurrency taxation tools that allow you to quickly obtain an understanding of your taxation obligations and net profit. To learn more about how cryptocurrencies are taxed in Australia, you can read our guide.
  • A customizable dashboard that you can adjust to show the information you want to see to manage your portfolio. The exchange portion comes with TradingView charting.
  • The option to buy bundles of crypto to quickly diversify your portfolio whilst incurring fewer trading fees.
  • Support for Self-Managed Super Fund (SMSF) investors who want to bring Bitcoin in as part of their retirement savings. To learn more about cryptocurrency SMSF’s, you can read our informative SMSF crypto guide here.

Features unique to Coinbase Australia

Being a global digital currency exchange, Coinbase provides a broad range of services and features. A summary of features that are unique to Coinbase is provided below.

  • A robust NFT marketplace where you can buy digital artworks and collectibles using United States Dollars (USD) or Ethereum (ETH). You can safely store your NFTs on the Coinbase mobile app.
  • Bitcoin-backed loans where you use BTC as collateral to take out a cash loan of up to $100,000 USD. Credit checks are not required.

Winner: Swyftx ๐Ÿ†

Coinbase provides a range of features that cater to the mass global market. As such, its features are not as well developed compared to Swyftx which has specifically tailored its offering to the Australian market. Swyftx offers more digital assets to buy, a free to use demo-mode, more options in how you buy crypto, SMSF support, and crypto taxation reporting tools. As a result, Australians are likely to benefit more from Swyftx than Coinbase.

Create an account with Swyftx.

Swyftx vs Coinbase: Ease of Use

For a global crypto exchange, Coinbase still provides a modern and streamlined interface that is suitable for beginners and experts alike. In fact, we were surprised at how easy it was to use since most global exchanges have complicated interfaces that brim with features. Instead, the Coinbase interface could be described as minimalist and allows for an enjoyable trading experience. All of its crypto services as well as account management features are nicely laid out so it’s easy to navigate whilst maintaining a high level of functionality.

coinbase australia interface

Swyftx has recently re-designed its user interface to improve its layout and functionality. In our opinion, the previous interface was already easy to navigate and use, and a lot of the former features have been retained. These include the dark mode and the free demo mode which allows you to explore the platformโ€™s features with $10,000 of virtual cash. This will be especially useful if youโ€™re a beginner since it will dramatically reduce the learning curve.

swyftx dashboard screenshot

In summary, the interfaces of Coinbase and Swyftx allow for a simple and enjoyable trading experience. In fact, their interfaces are actually similar to each other in terms of their layout and navigational processes. beginners will have an easy time using either interface, and a slight advantage may be given to Swyftx due to its customisable dashboard.

Winner: Tie

We liked the user experience of Coinbase which was surprisingly easy for a global crypto exchange. The massively popular exchange is renowned for its focus on simplicity and for providing newcomers to the crypto scene with an easy platform to work with. Swyftx also provides a uniquely easy trading experience with its customisable dashboard and visually intuitive design.

Swyftx vs Coinbase: Fees & Charges

Swyftx and Coinbase Australia are similar in that they donโ€™t charge any fees for you to deposit or withdraw fiat or crypto. However, there are differences in their trading fees.

Swyftx charges a flat trading fee of 0.6% every time you buy, trade, or sell Bitcoin back to AUD. Its 0.6% fee is very competitive compared to other local Australian trading platforms where trading fees typically range between 0.1% for Binance Australia and the expensive 1% for CoinSpot. However, the real difference is in its economical spreads which are typically around 1.7% to 1.9%. Swyftx is also transparent in the fees it will charge you will incur every time a quotation is presented.

Swyftx fees

The fee structure for Coinbase Australia is hard to understand as there is little information on their website, but its maker and taker fees start at 0.4% and 0.6%, respectively. This is provided you actually know how to place market orders on the exchange. Since the AUD that you deposit is converted into USD for crypto trades, you will also incur an inconvenient currency conversion fee of around 2%.

Winner: Swyftx ๐Ÿ†

Although not the cheapest exchange in Australia, Swyftx still provides great value for money with its flat fee of 0.6% for all buy, trade, and sell orders. Its spreads of around 1.7% to 1.9% are on par with other exchanges and they are also transparent with the fees they are charging you. On the other hand, the fee structure of Coinbase is hard to understand and the fees you will incur will be dependent on several factors.

Simply put, Swyftx is economical and you will exactly know how much their fees are.

Create an account with Swyftx.

Swyftx vs Coinbase: Markets & Trading

Due to Australian government regulations, Swyftx and Coinbase Australia are only allowed to provide spot trading markets. This means you can use fiat currencies (i.e. AUD, USD) to directly purchase digital currencies. Advanced markets such as margin, futures, or derivatives are not supported.

Both Swyftx and Coinbase provide ‘Instant Buy’ features that are incredibly easy to use. The buying and selling panel for Swyftx can be accessed from either the dashboard or from the ‘Trade’ tab under each digital asset. Once your account is funded with AUD, you just need to enter the amount of money to spend, or the amount of crypto to buy. Once purchased, the asset will be near-immediately transferred to your wallet where it can be tracked and managed.

As an added benefit, you can also set limit, stop, and recurring orders for your crypto purchases.

swyftx buy bitcoin
Instantly buy Bitcoin and other cryptos with AUD using the Swyftx Buy/Sell feature.

Coinbase Australia provides a similar experience with its ‘Instant Buy/Sell’ feature but there is a lack of support for setting up various types of order limits. Recurring buys are still supported and this helps you to slowly build your portfolio over time whilst mitigating the effects of price volatility.

coinbase instantly buy bitcoin
The Coinbase ‘Instant Buy/Sell’ feature.

One of the nice things about using Coinbase is the availability of a Simple and Advanced trading interface. The Advanced interface is the one that sets it apart from Swyftx as it provides more features to work with, specifically, the inclusion of live order books and the option to set limit, market, and stop limit orders. Although the Swyftx interface is stocked with TradingView charts, indicators, and drawing tools, it doesn’t come with orders so you are unable to assess to spread and trade for any given AUD trading pair.

Speaking of trading pairs, you should know that Coinbase does not support any trading pairs with AUD as the fiat currency. Instead, base currencies are limited to USD, EUR, GBP, USDT, BTC, ETH, and DAI. This provides you with a lot of trading options since Swyftx is unable to perform any coin-to-coin trades.

coinbase advanced trading interface
The Advanced trading interface on Coinbase Australia.

If you’re an experienced or serious crypto trader, then the Coinbase Pro exchange should be a consideration. Coinbase Pro is an exchange that is separate from Coinbase and provides an exquisite interface on which to identify trades through the analysis of crypto price action. The exchange has access to significant liquidity meaning that you can place large orders with minimal price slippage.

Winner: Swyftx ๐Ÿ†

Swyftx offers TradingView charting and all of the advanced tools and indicators that come with it. However, the advanced trading interface that Coinbase offers has several advantages. Firstly, it presents live order books which Swyftx doesn’t, and it supports a much wider range of trading pairs.

However, Swyftx becomes the only option if you only want to trade with Australian Dollars (AUD). You can deposit AUD on Coinbase but it is automatically exchanged into USD and therefore incurs currency conversion fees.

Create an account with Swyftx.

Swyftx vs Coinbase: Mobile Apps

Swyftx provides Australians with access to their cryptocurrency portfolios and trading activities through its iOS and Android-compatible mobile apps. The features allow you to manage and fund your account, buy digital currencies, and even chat with customer support 24/7 while on the go. During our testing, we noted that biometric logins could be set up, adding an additional layer of account security. We found the Swyftx app to be practical, easy to use, and one of the top crypto apps for Australians.

swyftx app
Screenshots of the Swyftx app.

Just like the desktop website, Coinbase has delivered a well-designed app for mobile devices. All of its features can be accessed from the app, including the option of selecting from the Simple and Advanced trading interfaces, as well as funding your account through a bank account (via PayID) or linking a credit/debit card. One thing we noticed, is that it took a bit longer to switch between the various pages but this shouldn’t deter you from using it.

Winner: Tie

After downloading and logging into the mobile apps of Swyftx and Coinbase Australia, we found no significant difference between the two that might heavily influence your decision-making process. Both provide well-designed apps that provide a gateway to all of their features and services.

Swyftx vs Coinbase: Customer Service

Swyftx is well-known for its large customer service team which is not surprising for a local crypto exchange with over 650,000 customers. Providing responsive and helpful assistance was one of the stumbling blocks in the crypto industry that its founders wanted to address.

You can connect with the Swyftx assistance team via the live chat bot, email, or by phone, with the latter method being extremely unique in the Aussie crypto market. The team comprising Customer Support Officers, Resolution Managers, Compliance Officers, and Verifications Officers, is based in Australia so you know you’re talking to someone local and not from an overseas location.

swyftx customer support
Members of the Swyftx customer service team.

In our experience using the live chat bot, we were connected with a real person from the customer service team approximately 4 minutes after first use. This is very fast, however, we note that this occurred during business hours. Overall, the conversation felt ‘transactional’ and direct but our queries were resolved promptly.

In contrast, Coinbase only offers a ticket system and live chatbot as ways for you to seek assistance. This is fairly typical of a global crypto exchange. Unlike Swyftx, there is no phone support.

Moreover, during our exploration of customer feedback and reviews on popular websites such as TrustPilot, we found a lot of negative comments relating to how Coinbase responds (or lack thereof) to customer concerns and queries. Based on over 7,500 customer feedback on TrustPilot, Coinbase has an overall rating of 1.6 out of 5.0 which is poor. Of the reviews, only 13% provided positive feedback.

Winner: Swyftx ๐Ÿ†

Swyftx provides the same avenues as Coinbase except with the addition of direct phone support. However, the stark difference between the two exchanges lies in their reputation. Whilst Swyftx is known to be helpful and timely, it seems that the Coinbase experience is poor with long wait times required. This is not surprising since its global customer base consists of over 50 million people.

Create an account with Swyftx.

Swyftx vs Coinbase: Security

Swyftx and Coinbase Australia are both registered with AUSTRAC as digital currency service providers. They implement industry-leading security measures to mitigate against the potential for losses of your assets or money. Security controls that they share in common include cold/hot asset storage, 2FA verification, encrypted SSL, hashed and salted passwords, and the separation of user details between the database and codebase.

In 2021, Coinbase experienced a hack which resulted in the loss of assets from 6,000 user accounts. The root cause was related to phishing emails sent to its customers and then the exploitation of its 2FA procedures. Whilst this is not regarded as a breach of Coinbase’s wallets, consumer confidence was affected. It should be noted that Coinbase has an insurance fund that is designed to cover the losses of its customers in such events.

Winner: Coinbase ๐Ÿ†

Both Swyftx and Coinbase implement strong security measures. Although Coinbase was hacked in 2021, it is considered insignificant in the scheme of things. However, the availability of an insurance fund should give Coinbase customers peace of mind.

Create an account with Coinbase Australia.

Swyftx vs Coinbase: Comparison Outcome

Based on our comparison review, Swyftx is the superior crypto trading platform for everyday Australians. Both Swyftx and Coinbase Australia are beginner-orientated crypto exchanges that bring a high level of simplicity to the trading experience. The key differences between Swyftx and Coinbase can be attributed to their origins. Swyftx is a local Australian platform designed for Australians, and Coinbase is the global exchange that has expanded its operations to Australia. And it shows in their services and features.

Swyftx provides a range of features that are better suited to the Australian market including a vast array of altcoins to instantly buy with cash, tools to diversify and grow your portfolio, and services to support long-term retirement and institutional investors. Furthermore, it has established a strong reputation as a reliable place to obtain crypto.

Coinbase is an internationally renowned cryptocurrency exchange that offers features that suit beginners, including over 200+ crypto and a robust NFT marketplace, However, the company lacks the features which are important in the Australian crypto market. It does not have any support for SMSF investors, there are no AUD trading pairs, there is a lack of deposit options, and its customer service has a poor reputation.

Comparison CriteriaWinnerReason
Deposit MethodsSwyftxYou have many more options to fund your wallet with AUD.
Products & ServicesSwyftxMore crypto, better Earn module, SMSF support, crypto bundles.
Ease of UseTieBoth interfaces are incredibly easy to navigate and use.
FeesSwyftxSwyftx has competitive fees of 0.6%, Coinbase fees are hard to understand.
Markets & TradingSwyftxThe Coinbase trading interface is slightly better but doesn’t support AUD trading pairs.
Mobile AppsTieBoth mobile apps are incredibly easy to navigate and use.
Customer ServiceSwyftxPersonalised and responsive service with direct phone support. Coinbase has a poor reputation.
SecurityCoinbase AustraliaBoth have strong security controls, however, Coinbase has an insurance fund.

If you found this comparison between Coinbase and Swyftx useful, here are other Australian crypto exchange comparisons to read next:

Disclaimer: This article is intended to be used and must be used for informational purposes only. It's important to understand that digital assets are risky, you should always do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.