Swyftx vs. CoinJar 2023: Which Is The Best Option?Last Updated on April 17, 2023 by Kevin Groves
If you’re reading this article, then you’re probably trying to decide between two of the best crypto exchanges to buy crypto in Australia, Swyftx and CoinJar. Both trading platforms take a simplified approach to exposing Australians to the world of digital currencies but how they did it is unique.
In this review, we compare Swyftx and CoinJar to see how they differ in their products, services, and features to assist you in your decision-making process.
The Bottom Line
For most Australians, Swyftx will be the superior crypto exchange to buy and trade digital currencies compared to Coinjar. The popular platform has a lot more crypto to choose from and buy with AUD, has an interest-earning wallet to steadily grow your assets, and offers free withdrawals of AUD. All of its premium features cater to the Aussie market and are accessed on its visually pleasing and intuitive design. The level of attention and responsiveness from its local customer team is something to behold.
However, Swyftx does not currently offer a crypto debit card where you can spend your assets at in-store or online merchants. This is where CoinJar comes in. The CoinJar Card is easily one of the best crypto debit cards in Australia going around due to its lack of monthly or annual fees and is free to set up using the mobile app.
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CoinSpot vs CoinJar: Comparison Table
|AUD, NZD, USD
|Number of crypto
|Bank transfer, POLi, PayID, BPAY, credit/debit card, crypto
|BPAY, PayID, NPP, bank transfer (OSKO), crypto
|Maximum trading fees
|1% using cash, 2% using credit card
|Yes (iOS and Android)
|Yes (iOS and Android)
|Live chat, email, phone
Swyftx is a Brisbane-based company that is licenced by AUSTRAC as a provider of digital currency services. Since its establishment in 2019, the highly reputable trading platform has been providing Australian investors and traders with a stress-free gateway to popular cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Its beginner-friendly interface and streamlined processes let you quickly exchange Australian Dollars (AUD) for over 320+ altcoins, as well as provide mechanisms to passively earn interest on crypto that you store with them.
Swyftx makes it plain from the start that it intends to provide crypto services that overcome common frustrations seen in the Aussie market. These included the lack of good customer service, high fees, and outdated interfaces that were confusing for beginners. The result is a trusted crypto exchange that has accumulated over 650,000 users.
Some of Swyftx’s best features include its wide variety of cryptocurrencies that can be bought with AUD, a free to use demo-mode so you can explore the platform and practice trading with virtual funds, support for Self-Managed Super Fund (SMSF) investors), convenient ways of funding your account, and an advanced trading interface. Overall, Swyftx knows what Australians want in terms of cryptocurrency services and has evolved its offerings to specifically suit the market.
Coinjar is one of Australia’s oldest serving crypto trading platforms. Founded in 2013, the AUSTRAC registered exchange has now amassed a user base of over 600,00 individual and institutional investors and traders.
Rather than provide a range of features that cater to the mainstream audience, Coinjar has gone a step further by developing innovative products and services such as the Coinjar Card. With the backing of industry partners and capital venture companies, CoinJar has managed to forge itself a niche in the Australian market.
Swyftx vs CoinJar: Deposit Methods
Swyftx and CoinJar offer similar deposit methods for you to fund your account wallets with AUD. Both support direct transfers from an Australian bank account, PayID, BPAY and cryptocurrencies from an external wallet.
As seen in the table below, Coinjar supports cash deposits via Blueshyft but doesn’t allow you to use BPAY or POLi, which are both commonly used methods to transfer cash across to your account. Overall, Swyftx provides you with more account financing options.
|Cash deposit (Blueshyft)
Winner: Swyftx 🏆
Swyftx provides support for more AUD deposit methods over CoinJar. All of the methods that Swyftx allow are commonly available in the Australian market so you can be sure that one or two methods will suit your needs. In comparison, CoinJar still provides support for some methods such as bank transfers and PayID but lacks BPAY and POLi.
Swyftx vs CoinJar: Products & Services
CoinSpot and Coinjar are quite different in their products and services as they target differing audiences. The section below summarises the similarities and unique features of both platforms.
Range of cryptocurrencies
With only 50+ cryptocurrencies to choose from, Coinjar isn’t suitable as an altcoin investment option. However, Swyftx is a viable altcoin trading platform due to its range of over 320+ digital currencies that can be bought, traded, and sold back to AUD.
Nevertheless, both crypto exchanges support all the major digital currencies including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Litecoin (LTC), Tether (USDT), and Solana (SOL). You can also buy popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) from both places.
Swyftx is also a good option for selling Bitcoin back to AUD since it supports instant cash withdrawals to an Australian bank account.
Buy crypto in bundles
The ability to purchase cryptocurrencies in bundles is a common offering from Australian crypto exchanges and Swyftx and Coinjar are no exception. Swyftx and CoinJar offer what might be considered a reasonable selection of crypto bundles to choose from.
However, Swyftx has the advantage as you can tailor any crypto bundle to your liking. If you want to increase the proportion of a certain asset or swap another asset then you can. Whereas the Coinjar bundles are set in place and there is no ability to customise them.
Support for crypto super funds
Like many Australian crypto exchanges, Swyftx and CoinJar let you create or roll over your Self-Managed Super Fund (SMSF) to acquire crypto as an investment asset. Complementary services such as crypto tax reporting tools and an Over-The-Counter (OTC) service are accessible on both platforms.
The onboarding processes are similar between the two companies where information regarding the Trustees and members, Trust Deed, and commercial details of the Trust need to be electronically submitted. Since SMSFs are a long-term investment prospect, the lower trading fees on Coinjar Exchange might be the preferred option.
For more information about buying cryptocurrencies as part of SMSFs, you can read our Australian guide here.
Earning interest in crypto
The ability to passively earn interest on cryptocurrencies that you hold is a nice perk that might attract your attention. But this service is only offered by Swyftx. With more and more Australian crypto trading platforms bringing in interest-earning wallets as part of their services, CoinJar is yet to do so.
As a Swyftx customer, you can passively generate interest payments to slowly but steadily grow your portfolio. The interest rates that you can earn vary for each digital asset and a fairly competitive. For example, the maximum interest rates for Ethereum and Cardano are 2.5% and 3.0%, respectively. Since interest rates are tiered, the rate decreases with the amount that you transfer into the Earn wallet. If the cap is full, then you will need to wait until it frees up before you can transfer crypto across.
Although the interest rates offered are not the most lucrative, Swyftx supports a lot of popular and high market cap assets rather than coins and tokens that you’ve never heard of. At the time of writing, you can earn interest on ETH, ADA, SOL, ALGO, ONE, MATIC, DOT, XTZ, and ATOM.
There are no minimum terms for holding crypto in your Earn wallet and you can withdraw them back into your Trade wallet with the click of a button.
The CoinJar Card
The CoinJar Card is the shining light for CoinJar and this is not because Swyftx doesn’t offer a crypto debit card. The Coinjar Card works simultaneously with the CoinJar mobile app where it can be funded, managed and tracked. The card converts nominated crypto into your account wallet to enable purchases at in-store or online retailers that accept Mastercard. There are no monthly or annual fees and its free to set up and request a physical card.
The CoinJar Card provides makes it one of the best crypto debit cards on the market. So much so, that Australians are likely to use CoinJar simply for the CoinJar Card with an increasing number of merchants accepting Bitcoin in Australia.
Winner: Swyftx 🏆
Swyftx provides a range of crypto products and services that cater to the broader market. There is vastly more crypto to choose from and buy with AUD, a free crypto demo trading account stocked with $10,000 of virtual funds, customisable crypto bundles, and Swyftx Earn where you can obtain interest payments.
However, if spending your crypto is important to you then the Coinjar Card will not disappoint. Coinjar still provides you with access to all the major coins and tokens and is a viable trading option if you’re not concerned with exotic altcoins.
Swyftx vs CoinJar: Ease of Use
The interfaces of Swyftx and CoinJar are starkly different but still result in a seamless and simple trading experience. Once you log in, you will notice that the Coinjar interface takes on more of a traditional design that resembles a lot of other crypto platforms. Swyftx, on the other hand, provides an enjoyable experience through its visually intuitive design.
The item to note is that the Swyftx dashboard can be customised to suit you. All of the information presented is done through the use of widgets which can be moved, change, or replaced depending on what you want to see.
Their respective mobile apps resemble desktop versions and are equally easy to use.
Winner: Swyftx 🏆
Although the interfaces of Swyftx and Coinjar are vastly different, they still result in a simple and enjoyable experience. Both interfaces are uncluttered and modern and are highly suitable for beginners as well as experienced investors and traders.
However, we preferred the more aesthetically pleasing design of the Swyftx interface where the dashboard can also be customised to suit the needs of the user.
Swyftx vs CoinJar: Fees
Swyftx has a simple-to-understand fee structure where all crypto buys, trade, and sell orders will incur a flat 0.6% fee. Overall, this fee is pretty competitive in the Australian market when compared to other local platforms such as Digital Surge (0.5%), CoinSpot (1% to use the Instant Buy/Sell feature), and Independent Reserve (0.5%). Swyftx is relatively expensive to global crypto exchanges such as Bybit and KuCoin, however, it should be noted that these exchanges offer different features to different markets.
CoinJar’s fees are a little harder to grasp. First, there is a hefty fee of 1% to use the Instant Buy/Sell feature which most beginners will gravitate to. The 1% fee is very expensive and does not offer value for money. If this is your preferred way to obtain Bitcoin with cash then Swyftx is your best option.
The value for money comes from the separately operated CoinJar Exchange. Here, trading fees follow a tiered maker and taker system that start at 0.1% (maker) and 0.0% (taker). High-volume traders will benefit from the tiered structure where maker and taker fees can be as low as 0.04% (maker) and 0.00% (taker). Whilst CoinJar’s maker and taker fees rival those of its global counterparts and provide great value for money, you need to know how to place market orders on an exchange which might not be suitable for beginners.
A point of difference lies in the fees to buy crypto with a credit card. Coinjar charges a highly competitive fee of 2% to buy crypto using a credit card which is cheaper than Swyftx’s fee of 3.6%. Albeit slightly cheaper, both sets of credit card fees are considered to be fairly acceptable in the Aussie market where fees typically range from 2% to 4%.
Winner: Swyftx 🏆
The majority of Australian investors and traders, particularly those who are new or inexperienced in crypto trading, will benefit from Swyftx’s competitive trading fee of 0.6%. This is just about as good as it gets for a local Aussie crypto platform. There are no hidden charges, as the 0.6% fee applies to all buy, swap, and sell orders. In contrast, Coinjar is 0.4% more expensive if you use its Instant Buy/Sell feature (1% fee) to trade crypto.
Swyftx vs CoinJar: Markets & Trading
Due to government regulations in Australia, Swyftx and CoinJar only offer spot trading markets where you can directly exchange Australian Dollars (AUD) for a digital currency. With Swyftx’s vast list of supported cryptocurrencies, there are over 320+ trading pairs with AUD available to trade. Trading pairs with other fiat currencies such as United States Dollars (USD) or cryptocurrencies are not supported. This means that coin-to-coin trades are not possible on Swyftx.
In October 2022, CoinJar increased the number of trading pairs so that all tokens can be traded against AUD, GBP and USDC. Moreover, high-volume tokens can be traded against BTC and USDT. With 260+ trading pairs, Coinjar Exchange offers fewer trading pairs, however, you can use AUD, GBP, USD, USDC, DAI, USDT, and BTC as the base currencies. The table below shows the number of trading pairs for each base currency.
|Number of Trading Pairs
|2 (BTC/DAI and ETH/DAI)
If you’re focussed on trading then choosing between Swyftx and CoinJar comes down to your strategy and needs. Swyftx will be more suitable if you’re interested in simply acquiring altcoins in the hope that they appreciate over a long period (HODLing) but you can’t exchange one asset for another. The trading interface of CoinJar and its supported trading pairs are more suitable for experienced traders who need to perform coin-to-coin trades.
Swyftx vs CoinJar: Mobile Apps
We found the Swyftx and Coinjar mobile apps to be serviceable despite not having all the bells and whistles that global exchanges provide. They aren’t flashy but they do what they need to do and that is to provide access to their services in a mobile setting. If we were to be picky, the Swyftx mobile app doesn’t let you use the demo mode. One thing to note is that the CoinJar mobile app is a necessity if you apply for the CoinJar Debit Card.
The mobile apps provided by Swyftx and CoinJar are clean, easy to use, and functional. In terms of their performance, we found no significant difference between the two, however, highlight that the CoinJar mobile app is needed if you get the Coinjar Card.
Swyftx vs CoinJar: Customer Service
Customer service at Swyftx is a key focus area and their performance is partly why the company has been so successful in catering to its broad user base. Leaving the well-stocked Frequently Asked Questions (FAQ) section aside, you can reach out to Swyftx via the live chatbot, email, or by phone. The direct phone support will be pleasing to most as it’s not typically offered by most other popular exchanges.
The other pleasing thing that we unexpectedly discovered when using the live chatbot, was that a real person from the customer service team logged in to see if we needed assistance. This was a welcome surprise since no one enjoys being redirected to more FAQs from a live chatbot.
In contrast, you can only seek help on CoinJar using its ticket system where you will need to wait for a response. There is no live chatbot or phone support. having said that, we found the level of responsiveness from CoinJar to be good (at least on a weekday during business hours).
Winner: Swyftx 🏆
If you value customer service and prefer talking to a real human being then Swyftx is the superior platform. Swyftx has an Australian-based customer service that can be reached via live bot chat, phone, or email. Whilst the customer service team at CoinJar were responsive to our test query, there is no live bot chat or phone support.
Swyftx vs CoinJar: Asset Safety
Coinjar has an outstanding track record of not being hacked since its inception in 2013. The same can be said for Swyftx. One of the key factors for this is the storage of at least 90% of digital assets in offline and secure vaults that are not connected to the internet (how hackers gain access to your funds).
Apart from this similarity, both Swyftx and CoinJar implement multi-level security at organisational and account levels. Penetration testing of their security frameworks by third parties occurs at both Swyftx and CoinJar, as well as data encryption to protect sensitive information. 2-Factor Authentication (2FA) can be implemented on their respective desktop and mobile apps as an added layer of account protection against unauthorised access.
Both exchanges have partnered with third-party providers to complement their existing security features but have taken different routes. CoinJar has partnered with BitGo and Fireblocks to provide secure custodial services to ensure the safety of stored assets. Whereas, Swyftx has partnered with Chainalysis to improve the quality of its blockchain services.
Swyftx and Coinjar implement strong security features to ensure the safety of stored digital assets and customer funds. This includes security protocols and procedures that are considered to be industry-standard, as well as custodial and blockchain-oriented services provided through the partnership with third parties. All in all, neither crypto exchange has been hacked since their establishments in the Australian crypto market.
Swyftx vs CoinJar: Comparison Outcomes
In our opinion, Swyftx is the better cryptocurrency exchange since it will serve the majority of Australian investors and traders. The AUSTRAC-registered company provides better-developed features that are staples amongst crypto platforms including its list of supported digital currencies, an Earn wallet, and a personalised customer service experience that can be reached in a variety of ways. Its flat trading fee of 0.6% is competitive in the Aussie market and you know that there are few local alternatives to Swyftx that offer better rates (unless you use a global exchange).
Swyftx is best suited to you if you’re getting into cryptocurrencies for the first time, or want to buy and hold digital assets. The features they offer mean that you can economically acquire a range of crypto and then passively grow them by earning interest.
This is not to say that CoinJar is not a viable or trustworthy exchange to trade with, because they are. If you’re not overly concerned with exotic altcoins or are crypto-savvy and want to spend your assets, then Coinjar might be for you. Additionally, the Coinjar Card is one of the best crypto debit cards on the market and is a great alternative to the Crypto.com Visa Card.
|Swyftx offers 5 ways to deposit AUD into your account including direct credit card purchases.
|Products & Services
|Although the Coinjar Card is one of the best debit cards around, Swyftx has features that cater to the mainstream market.
|Ease of Use
|Visually pleasing interface and customisable dashboard.
|Easier to understand fee structure and more suitable for beginners.
|Markets & Trading
|Depends on your needs. Swyftx has more AUD trading pairs, but Coinjar allows coin swaps.
|Both mobile apps are perfectly functional for their intended purposes.
|Swyftx offers more ways to get in touch and the service is highly regarded.
|Both implement strong security features and have not been previously hacked.
If you found this comparison between Swyftx and CoinJar to be useful, here are other Australian crypto exchange comparisons to read next:
- Swyftx vs CoinSpot
- CoinSpot vs Coinjar
- Swyftx vs Digital Surge
- Swyftx vs eToro
- Swyftx vs Binance Australia
- Swyftx vs Crypto.com
- Swyftx vs Coinbase Australia
- Swyftx vs BTC Markets
Kevin is a cryptocurrency writer that has published hundreds of articles, guides, and reviews. He has been in the crypto space since 2016 and is passionate about sharing his expertise and knowledge with others.