Review by Warren Wheeler
The main differences between Swyftx and Independent Reserve would have to be the fees, amount of tradable assets and deposit methods. Swyftx has the lowest fees, more tradable assets and more deposit methods compared to Independent Reserve.
Keep reading to discover which is the better exchange…
Swyftx vs Independent Reserve Review
Swyftx and Independent Reserve are two very popular exchanges here in Australia and there’s a good chance you may have already heard about both from a friend or someone you follow in the crypto community.
Swyftx is based in Brisbane, Queensland and would have to be the more popular of the two exchanges and their growth in the last two years has been massive. They have over 3500+ reviews on TrustPilot with an excellent 4.8 stars out of 5.
Independent Reserve is based in Sydney, New South Wales and have been around a little longer than Swyftx. They were founded in 2013 but they lack online reviews and testimonials and popular review site TrustPilot only has 46 reviews with a rating of 4.0 out of 5 stars at the time of writing this comparison article.
One noticeable difference between the two exchanges is the number of tradable assets they have. Swyftx has over 310+ cryptocurrencies available while Independent Reserve only has 30+ tradable cryptos available.
Let’s take a look at them both side by side in the table below…
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|0.6% per trade
|0.5% Limit Order
0.% Market Order
|AUD Deposit Options
|Bank Transfer, Debit Card or Credit Card, PayID/Osko, Cash and more
|Bank Transfer or PayID/Osko
|1.7% spread on average
|Mobile Trading App
|Metaverse, NFTs and DeFi
|No Data Breaches or Hacks
|4.8 Stars (3540+ Votes)
|4.0 Stars (46+ Votes)
|Independent Reserve Website
Swyftx vs Independent Reserve: Fees
Swyftx claims to have one of the lowest fee structures compared to its competitors. They do have low fees which are 0.6% per trade and that is on the low end compared to others.
Independent Reserve also has low fees for trading. The exchange charges a flat fee of 0.1% on all trades made on the platform. This is a pretty competitive rate in comparison to other exchanges that charge as high as 1%. The cheaper fees make Independent Reserve a great alternative to Swyftx for its transaction costs.
The good thing about Swyftx is it charges ZERO fees on all AUD deposits.
Independent Reserve on the other hand charges fees if you are depositing small amounts.
When buying or selling cryptocurrency, Swyftx charges a 0.6% fee.
Independent Reserve charges a small 0.5% fee for buying / selling cryptocurrency.
Swyftx also charges ZERO fees for AUD withdrawals when withdrawing to an Australian bank accounts.
Independent Reserve charges ZERO fees for AUD withdrawals when withdrawing to Australian bank accounts also. However, if you want instant NPP withdrawals, then you’ll need to pay $1.50. International or non-AUD withdrawals will charge $20 at the point of withdrawal.
Swyftx vs Independent Reserve: Supported Cryptocurrencies.
There is a big difference between the two of these exchanges when it comes to supported cryptocurrencies. Swyftx has a lot more tradable assets available compared to Independent Reserve.
With over 310+ crypto assets to trade, Swyftx is the winner here. Independent Reserve only has 30+ tradable assets which is very limited compared to its competitors.
For traders who like to have a diversified portfolio, Swyftx will be the better option to go with.
Winner: Swyftx 🏆
Swyftx has over 310 supported cryptocurrencies which is a LOT more than what Independent Reserve offers.
Swyftx vs Independent Reserve: Security
Both Independent Reserve and Swyftx have not had any known security breaches of the time of writing this. They both provide customer support, multiple layers of security, and several measures to ensure your digital assets are safeguarded.
Swyftx and Independent Reserve are both registered with AUSTRAC and meet all the strict AML/KYC verification obligations to prevent money laundering and terrorism financing.
Swyftx and Independent Reserve take security very serious and are both regulated by AUSTRAC.
Which Is Better, Swyftx Or Independent Reserve?
Swyftx and Independent Reserve are both legitimate exchanges with a very safe trading environment. They are among the best options in Australia for buying crypto.
But the questions is, which one is better?
After carefully reviewing and going through different features of the two exchanges we found that Swyftx is the clear winner.
They have lower fees, more supported cryptocurrencies available and their support is top-notch. It will come down to user preference but I do recommend Swyftx for people who are new or if they want an exchange with more options.
Swyftx also has some great resources to learn how to trade crypto. Visit Swyftx for details.
Winner: Swyftx 🏆
Swyftx is by far the better option overall for people living in Australia.
Swyftx and Independent Reserve Comparison
Here are a few more hand-picked Australian exchange reviews and comparisons with Swyftx to read next:
- Swyftx vs Digital Surge
- Swyftx vs Coinbase
- Swyftx vs BTC Markets
- Swyftx vs Binance
- Swyftx vs Crypto.com
- Swyftx vs CoinJar
- Swyftx vs eToro
Warren is the co-founder of CoinCryption. He has a passion for cryptocurrency and has been involved in this space for more than 7 years. His other love is digital marketing and has over 15 years of experience.