Australia is one of the world's most intriguing cryptocurrency markets today. In fact, Statista estimates that 1 in every 5 Aussies has invested in crypto, and the number continues to grow. If you're new to Bitcoin or cryptocurrency in general, you might be looking for an exchange that suits your needs. Here's a comparison of two popular cryptocurrency exchange platforms, Coinbase and Swyftx, to see which one gives you the most bang for your buck.

Swyftx is an Australian-owned and operated cryptocurrency exchange. It launched in 2018 to make buying, selling and using digital currencies easy and affordable for everyone. Swyftx offers a user-friendly platform with a wide range of features, making it an excellent choice for those new to the crypto space.

Coinbase is an American exchange and was founded in 2012. It's one of the world's largest cryptocurrency exchanges and allows you to trade and store cryptocurrencies on the platform. This platform offers a wider range of features, including advanced trading tools with Coinbase Pro, making it ideal for more experienced users.

So, which platform is better? Swyftx or Coinbase? Let's take a look at the key features of each exchange to see which one is right for you.

Swyftx vs Coinbase Australia:
Comparison Table

Header

Coins

320+

160+

Trading Fee

0.6%

4.49%

Deposit Fee

Free

No fiat deposits

Withdraw Fee

Free

No fiat withdrawals

Payment Options

Bank transfer, POLi, Credit/Debit card, OSKO, PayID, Cryptocurrency

Debit card

Pros

- Offers more than 320+ coins

- Staking available on 21 cryptocurrencies

- Live chat support

- Much lower fees than Coinbase

- Demo mode - trade for free with $10,000 virtual money

- Offers insurance for digital assets

- Supports over 160+ cryptocurrencies

- User-friendly interface

Cons

- Doesn't offer crypto insurance

- Only supports AUD

- No fiat deposits or withdrawals

- High fees for instant purchasing of crypto

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Header

Coins

320+

160+

Trading Fee

0.6%

4.49%

Deposit Fee

Free

No fiat deposits

Withdraw Fee

Free

No fiat withdrawals

Payment Options

Bank transfer, POLi, Credit/Debit card, OSKO, PayID, Cryptocurrency

Debit card

Pros

- Offers more than 320+ coins

- Staking available on 21 cryptocurrencies

- Live chat support

- Much lower fees than Coinbase

- Demo mode - trade for free with $10,000 virtual money

- Offers insurance for digital assets

- Supports over 160+ cryptocurrencies

- User-friendly interface

Cons

- Doesn't offer crypto insurance

- Only supports AUD

- No fiat deposits or withdrawals

- High fees for instant purchasing of crypto

Cell

Swyftx Pros & Cons

Pros

  • Offers more than 320+ cryptocurrencies
  • Staking is available on 21 coins
  • Much lower fees, with free AUD withdrawals and deposits
  • Demo mode to practise trading
  • Excellent Live Chat customer support

Cons

  • No crypto insurance cover
  • Only supports AUD

Coinbase Pros & Cons

Pros

  • Supports over 160+ cryptocurrencies
  • Offers insurance for digital assets
  • User-friendly interface

Cons

  • Doesn't support fiat deposits and withdrawals
  • High fees of 4.49% when purchasing crypto in Australia

Swyftx vs Coinbase Features

Looking to get into the exciting world of cryptocurrency but feeling overwhelmed by all the jargon and confusing graphs? Swyftx has been designed to make things easy for you. With a user-friendly interface and modern design, Swyftx is the perfect platform for those new to crypto. And with a demo mode available, you can practice your trading skills before putting any real money on the line.

Not only that, but Swyftx also offers staking on 21 different coins. So not only can you grow your investment portfolio with ease, but you can also earn some extra cash while you do it.

Coinbase is an amazing platform for beginners looking to get started in the exciting world of cryptocurrency. With their Earn program, you can earn free crypto by watching videos and completing simple tasks- a great way to get started with cryptocurrency and learn more about how it works. And their simple interface makes buying and managing your cryptocurrencies a breeze.

Coinbase also has its own Coinbase Wallet app, which allows you to store your coins safely and manage your crypto holdings. With over 160+ different cryptocurrencies available on the platform, Coinbase has something for everyone.

If you are an experienced crypto investor or trader, you can opt to upgrade to Coinbase Pro. With lower trading fees, advanced charting tools, and more order types available, you can take your trading to the next level.

FeaturesSwyftx has a larger variety of coins and some great features for new traders, such as staking, demo mode and live chat. Coinbase is also very user-friendly, but lacks the basic functions of depositing AUD and withdrawing AUD.

Swyftx vs Coinbase Fees

Swyftx charges a flat 0.6% trading fee on all trades, while withdrawals and deposits are free.

Coinbase only supports debit card payments and charges a total of 4.49% for directly purchasing crypto. Since Coinbase does not support selling cryptocurrency in Australia, you cannot make AUD withdrawals.

Fees: Swyftx has the edge over Coinbase in this category. The platform offers free deposits and withdrawals and a 0.6% trading fee. Coinbase fees are significantly higher, as buying cryptocurrency will cost you a total of 4.49%.

Number of Cryptocurrencies

Swyftx offers over 320+ cryptocurrencies.

Coinbase offers 160+ coins. 

Number of cryptocurrencies: Swyftx is the clear winner here as well, as it supports more coins than Coinbase. This means that Swyftx gives you a lot more options when it comes to choosing which cryptocurrencies to trade.

Deposit Methods

Swyftx supports POLi, cryptocurrency, PayID, credit and debit card deposits.

Coinbase does not support AUD deposits or withdrawals. However, you can use AUD to directly purchase crypto, using a debit card only.

Deposit methods: Swyftx is the clear winner here, as it supports a wide range of deposit methods. The best thing is that Swyftx deposits are free, so in addition to having a variety of deposit options, you also don't have to pay any fees. Coinbase, on the other hand, only supports debit card instant purchases which incur a 4.49% fee.

Swyftx vs Coinbase Australia Security

Swyftx has implemented industry-leading security measures like two-factor authentication and biometric log-ins to ensure your account is always safe. Plus, their security team constantly assesses and responds to any attackers targeting the platform or users.

In addition to a robust breached password detection system and implementing third-party penetration testing, they also have a dedicated security team that constantly assesses and responds to any potential threats.

Registered with AUSTRAC and compliant with KYC requirements, Swyftx provides peace of mind for businesses and individuals looking to protect their data online.

Coinbase is a reliable and secure cryptocurrency exchange platform and uses state-of-the-art security measures to protect your funds for a safe and enjoyable experience. 

For starters, all their employees must undergo a criminal background check and encrypt their hard drives. 98% of all customer funds are stored offline, and the crypto wallets are encrypted using AES-256 technology. 

For an extra layer of protection, there's a 2FA (two-factor authentication) feature in place, and the website traffic is encrypted using SSL.

Plus, they offer insurance coverage for all digital assets stored on Coinbase, so you can rest assured that your money is in good hands.

Security: Although Swyftx takes security seriously with multiple layers of security to keep you safe, Coinbase runs a tight ship. This exchange goes above and beyond by employing offline cold storage and offering insurance for crypto stored on the platform.

Swyftx vs Coinbase Summary

Although Coinbase is a well-established international exchange, Swyftx is much better suited for Aussies. Swyftx offers staking on 21 coins, has lower fees, a demo mode, and over 320+ cryptocurrency coins making it the better choice for Australian crypto investors.

Coinbase, on the other hand, while it is a renowned cryptocurrency exchange in the United States, has yet to embrace the Australian market fully. This exchange only supports debit card purchases with a significantly higher fee of 4.49%. Australian crypto investors also are unable to sell crypto on the platform or withdraw AUD from the exchange. 

If you want to learn more, read our review on Swyftx or our Coinbase review. You can also check out our article on the top crypto exchanges for Australians to see if any other exchanges are right for you.

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About the Author Andy Carter

Andy Carter is the CEO of Freedom Dividend, where he teaches you about dividend income that can change your life for the better. As a financial expert, Andy explores securities investing (stocks & shares) with an aim to provide a steady flow of income, enough to sustain you in your life.

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