Swyftx vs. Independent Reserve: 2022 Comparison
Swyftx and Independent Reserve are two of the best cryptocurrency exchanges in Australia. Each platform provides low fees, and a beginner-friendly trading experience. In this comparison review, we will 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.
|Fiat Currencies||AUD, NZD, USD||AUD, USD, SGD, and NZD|
|Deposit Methods||Bank transfer, POLi, PayID, BPAY, credit/debit card, crypto||PayID/OSKO, bank transfer|
|Deposit Fees||None||$2.50 if under $,1000|
|Advanced Trading Orders||Yes||Yes|
|In-built Tax Tools||No||Yes|
|Mobile App||Yes (iOS and Android)||Yes (iOS and Android)|
|Live Chat Support||Yes||No|
A Brief Overview
As highlighted in our Swyftx review, the Brisbane-based cryptocurrency exchange is the clear standout in the Australian crypto market and has amassed over 550,000 Australian customers since its establishment. The exchange is known for its user-friendly trading experience, 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.
The design of the interface and the crypto features it provides suit both beginners and experienced investors traders. You can quickly create a Swyftx account in a matter of minutes. Even if you have no prior crypto experience, you will be able to navigate your way through the interface and easily deposit AUD and purchase 312 digital currencies including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Litecoin (LTC), and many more.
Swyftx allows for crypto to be easily purchased with the assets instantly transferred to the user's wallet where it can be tracked and managed. Experienced traders will appreciate the TradingView charting with advanced indicators and analytical tools.
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 offer its customers tighter spreads and decreased price slippage, especially in volatile markets or where there is a lack of trading activity for a particular cryptocurrency. Combine this with the low trading fee of 0.6% and Swyftx becomes a highly desirable option for altcoin trading for crypto users of all levels of experience.
- Get started fast with a streamlined 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
Founded in 2013, Independent Reserve was one of the first cryptocurrency platforms in Australia. Independent Reserve has served over 200,000 individuals, over 8,000 Self-Managed Super Fund (SMSF) accounts, and holds in excess of $1 billion worth of digital assets. The success of the platform has enabled it to expand its crypto service offerings to investors and traders located in New Zealand and Singapore.
Independent Reserve is registered with AUSTRAC and licensed with ASIC. The platform is a member of the Australian Digital Commerce Association (ADCA), as well as Blockchain Australia. The company has won several awards and notable recognitions, appearing in the Deloitte Tech Fast 50 Australia, Financial Times High Growth Companies 2020, and Australian Financial Review’s Most Innovative Companies.
Independent Reserve is well-known for its SMSF and Over-The-Counter (OTC) service. If you want to allocate a portion of your super fund to acquire cryptocurrencies such as BTC and ETH and build a long-term store of value then Independent Reserve is a wise choice. The platform simply offers a suite of features that allow SMSF and high-net investors a great deal of flexibility and control that other exchanges typically don't offer.
Independent Reserve’s strength lies in its strong reputation as a trusted cryptocurrency provider that has not experienced any security breaches during its time of operation. Whilst newer platforms such as Swyftx have come onto the Australian scene, Independent Reserve continues to remain in good standing with crypto users.
For more information about the features and benefits, you can read our Independent Reserve review.
Independent Reserve Pros
- Great discounts & support for OTC, SMSF, high net worth individuals and trust investments
- Built-in crypto tax calculators to make tax returns easier
- Competitive trading fees that start at 0.5% and can be reduced based on trading volume
- Dollar-Cost-Averaging tools and advanced trading limit orders
- Easy to use and intuitive trading interface
Before cryptocurrencies can be purchased, you will need to fund your account wallet. This can either be fiat currencies such as AUD, NZD, or USD or with cryptocurrencies from another wallet. The method by which an account wallet is funded is a personal choice that differs amongst investors.
Swyftx supports a vast range of deposits for Australians and New Zealanders to deposit AUD, NZD, or USD into their accounts, including PayID, POLi, BPAY, OSKO, and credit cards. On the other hand, Independent Reserve only supports bank transfers and PayID which is quite limited. Swyftx has the advantage on Digital Surge as it provides users with greater account financing options and flexibility.
|DEPOSIT METHOD||SWYFTX||Independent Reserve|
|Direct bank transfer (OSKO)||Yes||Yes|
|Crypto from external wallet||Yes||Yes|
Crypto Features & Services
Swyftx originally started out as a fiat-to-crypto gateway platform however has added several features along the way. 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 so traders 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.
- A customizable dashboard where users can manually toggle and show what information they want to see on their crypto portfolio.
- The option to buy bundles of crypto to quickly diversify portfolios whilst incurring fewer trading fees.
- Swyftx Earn where you can passively earn up to 101% Annual Percentage Yield (APY) on 23 digital assets.
- Robust SMSF support where investors will benefit from Swyftx’s partnership with super fund specialists New Brighton Capital. The SMSF service is centered on a strong understanding of Australian law and regulations.
Compared to Swyftx, Independent Reserve crypto services and features appear to be less innovative than Swyftx. Independent Reserve offers you the following features:
- A clean, minimalist, and functional user interface that results in a short learning curve for beginners.
- AutoTrader allows you to implement automated crypto trading strategies for free.
- Informative crypto income tax reports are easily generated to provide you with an understanding of your tax obligations.
- World-class SMSF support and including the ability to set limit orders & DCA via the OTC desk.
Want To Know More? Investing Your SMSF In Cryptocurrencies In Australia
Overall, Swyftx is leading the way with crypto products and services that cater to a wide range of users from beginners to experienced traders. However, the appeal and usefulness of their crypto features depend on what your investment or trading goals are. If you're looking to actively acquire digital assets with the intention of returning profits from increases in value or trading then Swyftx would be the better option. Independent Reserve is a great option if you want to buy and hold a crypto portfolio, however, its features cater more to high-net traders and SMSF investors.
Which Is The Cheaper Option?
Deposit & Withdrawal Fees
Swyftx charges no fees for users to deposit up to $100,000 of AUD, NZD, or USD into their accounts using PayID, OSKO, POLi, or credit card. CoinSpot also charges no fees for POLi, PayID, and OSKO methods however a 0.9% fee applies for deposits made using BPAY. The minor BPAY fee can easily be avoided by depositing AUD using an alternative method. Users who want to withdraw their AUD from their account can do so without incurring a fee. Withdraws of cryptocurrencies from both Swyftx and CoinSpot do not incur fees however a standard network fee will apply.
Swyftx and Independent Reserve will charge you similar trading fees of 0.6% and 0.5%, respectively. These fees are quite competitive in the Australian crypto market when compared against the trading fees of other locally available platforms such as BTC Markets (0.85%), Coinstash (0.85%), CoinSpot (1%), and Cointree (0.5%).
If you're a high-net trader then the tiered structure of Independent Reserve's fees might be of interest. Depending on your trading volume over a 30 day period, your trading fees may be reduced to provide additional value for money. For example, if your trading for the last 30 days lies between $300,000 and $350,0000 then the trading fee is reduced from 0.5% to 0.4%. This service is available for Swyftx, however, you will need to enquire with their customer support team to find out more information.
Due to Swyftx’s combined order books and increased liquidity, the platform is able to provide its customers with tighter spreads that typically start at 0.45%. The spread is the difference between the buy and sell price of a digital currency.
For the everyday Australian, the 0.1% difference in trading fees between Swyftx (0.6%) and Independent Reserve (0.5%) is probably not going to be a big factor.
Which Platform Is Easier To Use?
Ease of use for investors is an important factor to take into consideration. The design of an interface will affect how intuitive it is for beginners. 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 Independent Reserve are both clean and intuitive which makes them easy to use, even if you are new to the crypto space. However, the Swyftx interface holds the advantage over Independent Reserve due to its visually pleasing layout, customizable dashboard, and toggleable dark mode.
The Independent Reserve interface takes on a more traditional approach where the buying/selling, trade, and accounts features are accessible as standalone pages. The Accounts page is where you obtain a summary of your AUD and crypto balances, however, these are presented as line items and there is no way to gain a holistic overview of your portfolio.
Overall, the Swyftx interface and dashboard are much more pleasing and enjoyable to work with. Although the Independent Reserve interface works perfectly fine, it is outdated and is in much need of a design update to provide a greater level of functionality.
Which Is Better For Trading?
If you're seeking to analyze the price action of AUD-crypto trading pairs in order to optimize your trades then you should choose Swyftx. The popular crypto charting package TradingView, is integrated into the Swyftx interface where 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
On the other hand, Independent Reserve only provides a simple charting for the trading pair that you select. There is limited capacity to understand and analyze the price actions of digital currencies using the Independent Reserve interface. Whilst this is perfectly fine to use for beginners who don't know how to analyze the price action of an asset, this will not be sufficient if you're an experienced trader. To provide some flexibility and control, Independent Reserve offers you a basic suite of limit orders to apply during your trades. Overall, Swyftx is the better option for cryptocurrency trading due to its live charting, advanced analysis tools, and variety of order types.
Security & Safety Measures
Based on our research, Swyftx and Independent Reserve 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 Independent Reserve implement industry-standard security measures to safeguard customer funds and digital assets against potential loss, theft, or damage. Controls include the storage of the majority of held assets at highly secure offline locations, withdrawal restrictions, geo-lock logins, and 2FA.
How Do The Mobile Apps Compare?
Swyftx and Independent Reserve offer 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 on the Swyftx mobile app to provide another layer of account protection against unauthorized access.
The functionality of the Independent Reserve mobile app is limited. Features including the ability to get in touch with the OTC desk, tax estimator, and accessing AutoTrader are not supported. Essentially, the app appears to act as a tool to buy and sell crypto.
Customer Support: Which Is Better?
To accommodate Swyftx's large customer base of over 450,000 individuals, they have put together a team of 35 Customer Support Officers, Resolution Managers, Compliance Officers, and Verifications Officers. There are also multiple ways you can get in touch with the team include live chat, phone, email, or Telegram. This, plus the high level of responsiveness, arguably makes the Swyftx customer support one of the best in Australia.
Customer support on the Independent Reserve platform is limited to an email ticket system. A 24/7 live chat or direct phone support is not supported and lets Independent Reserve down in this regard.
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 provides a greater number of account financing options including credit cards and crypto transfers.|
|Features||Swyftx||Well thought out features to cater for a wide audience.|
|Fees||Swyftx||Low trading fee, no deposit/withdrawal fees, tight spreadsTight spreads,|
|Ease Of Use||Swyftx||Better designed interface with customizable dashboard.|
|Trading||Swyftx||TradingView charting, indicators and analytical tools are available.|
|Security & Safety||Tie||Both have industry-leading security measures in place.|
|Mobile App||Swyftx||The Independent Reserve mobile app is limited in its features.|
|Customer Support||Swyftx||A dedicated and local customer support team.|
Swyftx Versus Independent Reserve: Our Verdict
Both Swyftx and Independent Reserve have established themselves in the Australian crypto market as highly reputable exchanges. Swyftx was established in 2019 and has quickly grown in popularity due to its ongoing efforts to release innovative crypto products and services such as staking and crypto tax reporting.
With this in mind, Swyftx is the superior cryptocurrency platform as it provides more dynamic features, more advanced trading tools, and a better crypto trading experience. On the other hand, Independent Reserve seems to have fallen behind in staying in touch with market needs, however, it is still a strong option for users who want to buy and hold digital currencies.