Swyftx Versus Cointree: Which Do You Choose in 2022?
Swyftx and Cointree are two of the best cryptocurrency exchanges in Australia. Each platform provides low fees as well as features that cater to the beginner crypto investor.
In this comparison review, we compare the exchanges head to head to see which comes out on top using important criteria such as products and services, ease of use, deposit options, trading experience, supported cryptocurrency, fees, security, and customer support.
A Quick Comparison
|Fiat Currencies||AUD, NZD, USD||AUD|
|Deposit Methods||Bank transfer, POLi, PayID, BPAY, credit/debit card, crypto||PayID, POLi, bank transfer|
|Advanced Trading Orders||Yes||Yes|
|Mobile App||Yes (iOS and Android)||No|
|Live Chat Support||Yes||Yes|
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 platform seeks to continue increasing its exposure to the Australian audience by securing major partnership deals with corporate entities such as the National Rugby League.
Swyftx is widely known for its user-friendly trading experience, a huge range of supported digital currencies, and its continual development of its services where new features are released on a regular basis. The AUSTRAC registered exchange stays in touch with the local crypto market by being active in the social media space.
We found from our Swyftx review, that the design of the interface and the crypto features it provides will suit both beginners and experienced investors traders. If you have no experience with crypto or exchanges then you will appreciate the simplicity of the Swyftx interface. Depositing Australian Dollars (AUD) as well as buying different digital currencies (over 312) such as Bitcoin (BTC) has been simplified into a few easy steps.
- How To Buy Bitcoin (BTC) in Australia: A Beginners Guide
- How To Buy Cryptocurrency In Australia For 2022
Some of the other attractive features that Swyftx offers include a free demo mode, very competitive trading fees (0.6%), outstanding portfolio management tools, and excellent local customer service.
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. There are also different limit orders that 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 you 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.
- Rapid signup and ID verification process.
- Tight spreads and low fees (0.6%) means great value for money.
- 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 and responsive customer support team.
- Customizable dashboard and easy to use platform.
Compared to Swyftx, Melbourne-based Cointree is an older crypto platform. Established in 2013, Cointree has a user base of over 80,000 Australians and has traded over $250 million of cryptocurrency. Cointree has formed strategic partnerships with companies such as the Blockchain Centre, Blockchain Australia , and Everything Crypto Australia.
Based on our Cointree review, we found that the platform places an emphasis on newcomers to the crypto world. The design of the platform is visually intuitive, simple, and inviting. The majority of its features focus on a simplified process where beginners can start building their crypto portfolios and benefit from the premium educational content.
- Extremely easy to use interface with a simple crypto buying process.
- Vast range of cryptocurrencies to choose from (over 280).
- Support for SMSF investors and high-volume traders.
- Apply recurring buys to your trades.
- Highly competitive fees (0.25%) for crypto-to-crypto trades
When it comes to AUD depositing options, Swyftx provides Australians with a greater level of flexibility over Cointree by supporting a larger range of methods including PayID, POLi, BPAY, OSKO, and credit cards.
Cointree depositing options are limited to POLi, PayID, and bank transfers. Cointree does not support credit and debit cards. If you want to finance your account crypto from an external wallet or another exchange, then you can do so with both platforms.
Deposit methods that are supported by Swyftx and not Cointree include BPAY and credit/debit cards. Whilst Cointree does support the most common methods, Swyftx has the advantage in this regard.
|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. Features unique to Swyftx include the following:
- Real-time market prices, combined order books, significant liquidity, and TradingView charting to ensure that users get the best out of their trades.
- A unique demo mode that can be toggled where you can use $10,000 virtual AUD funds to explore the platform and practice trading. Since funds are virtual and AUD does not need to be deposited, there are no associated risks with trading. The demo mode also simulates real-world liquidity and market depth.
- In-built cryptocurrency taxation reporting tools to ensure that Australians are aware of their crypto tax obligations for each financial year.
- Crypto staking where you can earn rewards on your idle holdings. Staking rewards compound on a daily basis and there are no lock-in periods.
- A customizable dashboard that you can adjust to show the information you want to see to manage your portfolio.
- An interest-earning wallet where you can passively earn up to 101% Annual Percentage Yield (APY) on 23 digital assets.
- 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
Compared to Swyftx, Cointree crypto services and features appear to be a bit lackluster. Some of Cointree's features are described below.
- A modern and simple interface that results in a short learning curve for beginners.
- Like Swyftx, a free demo mode stocked with virtual funds to explore the platform and practice trading.
- The ability to view and copy successful crypto portfolios (based on a 7 day performance period).
- Basic price triggers and alerts via email or SMS that can be applied to trades.
- Recurring orders (otherwise known as Dollar Cost Averaging) so you can purchase crypto whilst mitigating risks associated with market price volatility.
- Auto trades where you can set the buy or sell price of an asset that automatically executes when the market price achieves it.
- Pay Australian bills using your crypto (via a biller code).
Which Is Better Value For Money?
Out of Swyftx and Cointree, Swyftx has lower trading fees and provides better value for money. Swyftx offers a flat trading fee of 0.6% that is applied to all buy and sell orders. In comparison, Cointree fees for buying crypto with AUD start at 0.9% for amounts less than $10,000. Whilst this can be reduced if the trading volume increases, Cointree fees are not very competitive in the Australian crypto market.
One of the areas where Cointree shines is its crypto-to-crypto fee of 0.25%. Although this is very low, it is worth noting that the spread on Cointree’s exchange between the bid and ask is quite high compared to Swyftx.
Did You Know? The spread is the difference between the buy and sell price of a digital asset and is not typically considered as an exchange incurred fee. Spreads are 'hidden' costs that apply to all trades undertaken on an exchange.
Since Swyftx has access to combined order books, more of its trading pairs are more liquid. This means that Swyftx is able to provide you with tighter spreads.
Swyftx spreads for Bitcoin and altcoins are approximately 0.45% and 1.7%, respectively. These are very low considering as trading volumes in Australia are typically lower compared to the rest of the world, and spreads may be as high as 4%.
Which 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 in a neat and holistic manner that makes them easily identifiable? Is the interface able to be customized?
The user interfaces of Swyftx and Cointree are modern, visually intuitive, and refreshing to use. If you're a beginner then you will have no issues finding where you can fund your account with AUD, as well as searching for and buying crypto.
The Swyftx interface takes on a unique interface layout with a sidebar on the left-hand side providing all your key navigational buttons. This is where you will find your trading options:
- Buying, swapping and selling crypto.
- Access the TradingView advanced charting.
- Set up price alerts and limit orders.
- Deposit and withdraw AUD from your account.
In addition to being highly functional and well presented for a superb user experience, Swyftx also allows you to toggle on a dark mode as well as a free demo mode. Each of the widgets on the dashboard can be added or replaced with another so you can aptly manage your portfolio the way you see fit. This feature is not supported by Cointree and is unique in the Australian crypto market.
The Cointreee interface is uniquely different from Swyftx, however, still maintains a high level of simplicity. The interface is divided into sections to maximize ease of use. These are:
- The dashboard is where you can get an overview of your crypto portfolio.
- The buy/sell/trade page where you can copy portfolios, set up price alerts, and purchase digital currencies using AUD.
- The wallet section is where you can manage your account including depositing and withdrawing AUD, as well as send and receive coins.
Which Is Better For Trading?
If you know how to analyze the price action of AUD-crypto trading pairs in order to optimize your trades then Swyftx is your only option. The popular crypto charting package TradingView, is integrated into the Swyftx interface so you can utilize the advanced indicators and tools to identify and optimize trades. You also have the option of placing trades using a variety of orders to assist in managing risk, including:
- Market order
- Limit order
- Stop order
- Recurring order
Cointree also offers a TradingView integrated charting and analysis package into their trading interface. Although simple, you still have the ability to set up some basic order types:
- Auto buys - these execute the trade when the price of the asset reaches the desired buy or sell price.
- Recurring buys - automatically use your AUD to purchase crypto at regular intervals.
Overall, we found the trading capabilities of Swyftx and Cointree to be fairly similar with no significant differences identified. If you are a beginner or intermediate crypto trader who knows how to analyze the price action of crypto then both platforms will be suitable.
Both interfaces do not present order books which means that you are unable to assess the trading volume or spread for a particular trading pair. If we were to be particular, switching between trading pairs on the Swyftx interface was easier given that you can search for specific crypto whilst the charting is active.
Are Both Platforms Secure?
Based on our research, Swyftx and Cointree have not experienced any security breaches that have resulted in the loss, theft, or damage of digital assets or customer funds. Both crypto platforms are registered with AUSTRAC and adhere to strict Anti-Money Laundering and Counter-Terrorism Financing regulations that are designed to monitor transactions over $10,000 and reduce risks associated with financial crimes.
Swyftx and Cointree implement industry-standard security measures to safeguard customer 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 provides mobile apps that are compatible with iOS and Android devices. Most of the features that are available on the desktop version can be accessed, with the exception of live charting on the Swyftx app. Biometric fingerprint login can be set up to add another layer of account protection against unauthorized access.
Cointree does not provide a mobile app, however, the website is mobile-friendly.
Customer Support: Which Is Better?
Swyftx provides a number of ways for you to get in touch with their 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. No matter the issue, you can be sure there will be someone to assist you.
In our experience, the live chat feature was very useful and a member of the customer service team promptly contacted us to assist with our query. This is not surprising as Swyftx needs a responsive team to cater to their 550,000 userbase.
Avenues to reach customer support on Cointree are limited to a ticket system and a live chatbot. A well-stocked Frequently Asked Questions (FAQ) is provided that should alleviate most commonly experienced issues.
Overall, Swyftx provides personalized and responsive customer support and is arguably the best in Australia. Whilst there is nothing wrong with Cointree customer service, the platform's customer support is replicative of standard industry practice.
Swyftx Versus Cointree: Comparison Outcomes
To assist you in making an informed decision, we have summarised the assessment outcomes for each category. Based on our comparison review, Swyftx is seen as the better cryptocurrency exchange option for Australian investors and traders.
|Deposit Methods||Swyftx||Swyftx offers more deposit methods than Cointree.|
|Features||Swyftx||Better and more robust features.|
|Fees||Swyftx||Swyftx has lower fees and tighter spreads.|
|Ease Of Use||Tie||Both platforms are simply designed with a high level of ease of use.|
|Trading||Tie||Both offer TradingView charting.|
|Security & Safety||Tie||Both platforms implement standard security measures. No previous incidents.,|
|Mobile App||Swyftx||Cointree does not offer a mobile app.|
|Customer Support||Swyftx||Real human support from a responsive team.|
Swyftx Versus Cointree: Our Verdict
There is no questioning the reputability or security of Swyftx and Cointree. Both platforms provide Australians with an easy way to buy a range of crypto using AUD. If you're buying your first cryptocurrencies then both Swyftx and Cointree are solid options.
With this in mind, 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.