Swyftx and Coinjar are two of the top Australian-based cryptocurrency platforms that provide Australians with a streamlined crypto buying process. Despite this, there are quite a lot of differences between them that you should be aware of before committing.
In this comparison review, we put Swyftx and Coinjar head-to-head to see where the similarities and differences lie so you can make an informed decision.
A Quick Comparison
|Fiat Currencies||AUD, NZD, USD||AUD, GBP|
|Deposit Methods||Bank transfer, POLi, PayID, BPAY, credit/debit card, crypto||Direct bank transfer, BPAY, PayID/NPP, Blueshyft, credit card, cryptocurrency|
|Advanced Trading Orders||Yes||No|
|Mobile App||Yes (iOS and Android)||Yes (Android and iOS)|
|Live Chat Support||Yes||No|
A Brief Overview
Swyftx is a Brisbane-based cryptocurrency exchange that was founded in 2019. Since then, the platform has quickly accumulated a vast user base of over 550,000 Australian customers.
The overarching reason why Swyftx has surged in popularity over the last 3 years is its ongoing commitment to staying in touch with the local Aussie market. The result of this is a suite of crypto products and services that cater to the mass audience. Swyftx knows the Australian market well and executes its services superbly.
Swyftx is widely known for its unique and beginner-friendly interface and crypto buying processes, a vast range of supported altcoins, and the regular release of new features. The platform is highly active in the social media space where individual posts or tweets receive hundreds of responses from its customers. The willingness of the crypto community to engage with Swyftx on social media platforms is a positive sign of a reputable exchange.
Swyftx is not just suited for beginners. If you have been investing and trading for a while, then features may be of interest to you. If you're an experienced crypto trader and know how to analyze the price action of digital assets, then you will appreciate the TradingView charting and advanced indicators and analytical tools. Different limit orders can be applied to your trades, including limit, market, stop, and recurring orders.
One of the strengths of Swyftx is its ability to utilize multiple order books which increases its liquidity on trading pairs. This means that Swyftx can provide tighter spreads and decreased price slippage. These are highly valuable in volatile markets or where there is a lack of trading activity for a particular cryptocurrency.
For more information, you can read our detailed Swyftx review.
- Fast and efficient sign up and ID verification process.
- Great value for money with competitive trading fees (0.6%) and tight spreads.
- One of the largest crypto selections in Australia with over 312 digital assets to buy and trade.
- Advanced TradingView charting with indicators and tools to analyze the price action of crypto.
- 100% local customer support team.
- Unique interface with a customizable dashboard.
CoinJar is a trusted and reliable cryptocurrency exchange that is suited to Australian investors who are fairly new to the world of cryptocurrency. Established in 2013, Coinjar is one of the oldest platforms in Australia. CoinJar has built a reputation of being a trustworthy and innovative crypto exchange that has traded over $1.5 billion across over 400,000 users.
Coinjar offers several unique and innovative products and services and is backed by some of the most forward-thinking investors including Digital Currency Group, Boost VC, and Blackbird Ventures. One of their best features is their CoinJar Card where crypto can be spent at outlets that accept Mastercard. The card also supports both Apple Pay®️ and Google Pay®️. This, along with the competitive fees, makes the CoinJar Card the best crypto debit card within the Australian market.
- One of the best crypto debit cards on the Australian market.
- A streamlined and simplistic interface that reduces the learning curve for beginners.
- Quickly diversify your crypto portfolio by purchasing bundles.
- iOS and Android apps for mobile devices.
When it comes to financing your account, Swyftx and Coinjar provide a wide range of options to deposit Australian Dollars (AUD). Both platforms support bank transfers, PayID, BPAY, credit cards, and transfers of cryptocurrency from external wallets. Oddly, Coinjar does not support AUD deposits made using POLi, as this is one of the most common options in Australia.
A point of difference is that Blueshyft payments can be made with Coinjar. The advantage this provides is considered to be minimal since it is not a commonly used method to fund crypto accounts.
Overall, Swyftx and Coinjar generally support most of the common deposit methods in Australia. In our opinion, you should find one or two of their deposit methods to suit your needs and deposit methods shouldn't be a factor in your decision-making process.
|Direct bank transfer (OSKO)||Yes||Yes|
|Crypto from external wallet||Yes||Yes|
Crypto Features & Services
Swyftx is well-known for its continual release of innovative crypto products and services. Although leveraged margin trading is not currently supported, Swyftx has indicated that they are aware of the need in the Australian market and may implement this feature in the future. Features unique to Swyftx include the following:
- Real-time market prices, combined order books, significant liquidity, and TradingView charting allow you to analyze the price action of crypto.
- A unique demo mode that can be toggled where you can use $10,000 virtual AUD funds to explore the platform and practice trading risk-free. The demo mode also simulates real-world liquidity and market depth.
- In-built cryptocurrency taxation reporting tools to produce clear and succinct tax reports to inform end-of-financial year reporting. For more information, you can read our Australian crypto tax guide.
- An interest-earning wallet where you can passively earn up to 101% Annual Percentage Yield (APY) on 23 digital assets.
- A customizable dashboard that you can adjust to show the information you want to see to manage your portfolio.
- The option to buy bundles of crypto to quickly diversify your portfolio whilst incurring fewer trading fees.
- Robust SMSF support that is built on a strong understanding of Australian law and regulations. Swyftx has partnered with super fund specialist New Brighton Capital to deliver this service.
Want To Know More? Investing Your SMSF In Cryptocurrencies In Australia
In our opinion, the flagship product of Coinjar is its Coinjar Card. The Coinjar Card allows you to use your crypto to make purchases at any in-store or online merchant that accepts Mastercard.
Coinjar Card is free to set up through the mobile app, has no monthly fees, and you can earn CoinJar Rewards every time a transaction is made. Alternatively, if you prefer a physical card, then you request one from Coinjar free of charge. Simply put, the Coinjar card is one of the best crypto debit cards available to Australians.
A feature that is unique to Coinjar is the Coinjar Rewards program. Points can be earned by conducting crypto purchases through the Instant Buy and Sell function, making purchases through Coinjar Swipe, referring new members to Coinjar, and paying an external BPAY biller.
Coinjar Points can be redeemed for annual plans with crypto tax providers (Koinly, Crypto.Tax, and CryptoTrader.Tax), TradingView, gift cards for popular retail outlets, and Coinjar merchandise. You also can donate your point to charities such as PetRescue and Red Cross Australia.
We found the Coinjar Rewards system to be a bit lackluster. Since Coinjar Points are not able to be earned by conducting trades on the exchange, it seems that the Instant Buy and Sell with higher fees (1%) is being promoted. A nice change would be to allow Coinjar points to add greater incentives such as reduced trading fees.
Other noteworthy Coinjar features include:
- 10 different sets of crypto bundles to quickly diversify your portfolio.
- An Over-The-Counter (OTC) service for high-net traders and institutional investors who want to conduct transactions over $50,000.
Overall, the crypto products and services that Swyftx offers will suit the majority of Australian investors and traders. However, if you're after a well-designed and implemented crypto debit card, then Coinjar is the clear option.
Which Has Cheaper Trading Fees?
Swyftx is particularly attractive because it doesn't charge any fees for you to deposit or withdraw AUD from the account wallet. You can simply choose the deposit method that is most convenient for you and use it without the worry of incurring any fees. Coinjar is the same and you can fund your account with AUD free of charge.
In terms of trading fees, Swyftx comes out on top over Coinjar. Swyftx and Coinjar offer flat trading fees of 0.6% and 1%, respectively, meaning that Swyftx provides better value for money.
With this in mind, it is important to note that the 1% Coinjar is for crypto purchases made using the Instant Buy & Sell function. This is the basis of our assessment since the function appears to be promoted and beginners have easy access to it.
Compared to the Instant Buy & Sell function, Coinjar Exchange does offer much lower trading fees. However, the savings you'll make are only possible if you know how to place orders on Coinjar Exchange. Coinjar Exchange fees follow a maker and taker model between AUD and cryptocurrency trading pairs which range between 0.10% and 0.04% for maker orders.
Which Platform Is Easier To Use?
Ease of use is an important factor to take into consideration, especially if you're new to the crypto exchanges. The design of an interface will affect how intuitive it is to use. Are features and functions presented neatly and holistically that make them easily identifiable? Is the interface able to be customized?
Although the design of the Swyftx and Coinjar interfaces and dashboards are inherently different, we found that both are very easy to use. Coinjar follows the almost traditional UI design where the main navigation buttons are found at the top of the page. The Swyftx interface takes on a unique interface layout with a sidebar on the left-hand side providing access to all its features.
One of the points of difference is that the Swyftx dashboard is able to be customized. Each of the widgets can be replaced with a widget that better allows you to manage your crypto assets. There is also a dark mode and free demo mode that can be toggled on or off. In comparison, the Coinjar interface is static and feels a bit outdated.
To summarize, the Swyftx and Coinjar are streamlined, fully functional, and perfectly suitable for beginners who are new to crypto exchanges. However, if you want to have a greater ability to understand and manage your crypto portfolio then Swyftx holds the advantage. The tools provided by Swyftx such as the customizable dashboard, dark mode, demo mode, and its visually pleasing design allow for a more enjoyable experience.
Which Is Better For Trading?
When it comes to the trading experience, it really comes down to what you require to conduct trades as there are significant differences between Swyftx and Coinjar Exchange.
If you know how to analyze the price action of cryptocurrencies then the Swyftx TradingView charting package will suit your needs. You have access to the full suite of advanced drawing tools and indicators to identify suitable trades. However, the downside of Swyftx is that there are no order books available. This means that you aren't able to assess the spread for a trading pair nor have an understanding of its trading volume.
Since Coinjar Exchange only presents simplified live charting, the ability to analyze the price action of digital assets is limited. Apart from being able to switch between candlestick and mountain charting, there are no other features to analyze the price action of cryptos. There is an order book to assess spreads and trading volumes.
If TradingView is important to you, then you'll need to create an account or switch to an exchange like Swyftx which has the package integrated into its interface.
Since Swyftx has access to combined order books, more of its trading pairs are more liquid which means tighter spreads. This, and the availability of TradingView charts means that Swyftx wins this category.
Are Both Platforms Safe To Use?
Based on our research, Swyftx and Coinjar have not experienced any security breaches that have resulted in the loss, theft, or damage of digital assets or customer funds.
Swyftx and Coinjar are AUSTRAC registered exchanges that implement industry-standard security measures to safeguard your AUD funds and digital assets against potential loss, theft, or damage. Controls include cold/hot asset storage, 2FA verification, encrypted SSL, hashed and salted passwords, separation of user details between database and codebase, and closed network environments.
How Do The Mobile Apps Compare?
Swyftx and Coinjar provide mobile apps that are compatible with iOS and Android devices. Most of the features that are available on the desktop versions can be accessed, with the exception of live charting. Biometric fingerprint login can be set up to add another layer of account protection against unauthorized access. Overall, both the Swyftx and Coinjar are easy to use and fit for use.
Swyftx holds significant customer support benefits in comparison to Coinjar and will likely be a big factor in your decision.
Firstly, Swyftx allows you to get in touch with the Swyftx customer service team including live chat, phone, email, or Telegram. Their customer service team comprises 35 individuals who perform roles such as Customer Support Officers, Resolution Managers, Compliance Officers, and Verifications Officers. The size of the team is reflective of Swyftx's massive user base of over 550,000 Australian investors and traders.
If you're with Coinjar and are experiencing issues then the only way to seek assistance is to submit a ticket and wait for an email response. There is no 24/7 live chatbot which is particularly disappointing since this service is available for almost all exchanges.
Swyftx Versus Coinjar: Comparison Outcomes
Based on our comparison review, Swyftx is the superior crypto exchange option over Coinjar.
|Deposit Methods||Tie||Both Swyftx and Coinjar provide a similar range of AUD deposit methods.|
|Features||Swyftx||Swyftx offers features that cater for a wider audience.|
|Fees||Swyftx||Swyftx has lower fees and tight spreads.|
|Ease Of Use||Swyftx||The Swyftx dashboard can be customized.|
|Trading||Swyftx||TradingView is supported on Swyftx.|
|Security & Safety||Tie||Both implement similar security controls with no reported breaches.|
|Mobile App||Tie||Both mobile apps are fit fur use.|
|Customer Support||Swyftx||More avenues to support and a dedicated team.|
Swyftx Versus Coinjar: Our Verdict
Swyftx is the superior cryptocurrency platform as it provides more dynamic features, a dedicated and responsive customer service team, and a better crypto trading experience. In addition, it is cheaper to use where its trading fees are 0.4% lower than Coinjar.
With crypto debit cards becoming more popular, then Coinjar will be a strong option with the well-designed Coinjar Card. The card is simply one of the best ones on the Australian market.