Cryptocurrencies have taken the world by storm in recent years, with investors rushing to get in on the action. As more and more people invest in these digital assets, the need for reputable exchanges grows. So, which is the better crypto exchange to use between Swyftx and Independent Reserve? Let's take a closer look at each platform to find out.

Swyftx is a crypto exchange based in Australia. It was founded in 2017 by industry veterans with a wealth of experience in the cryptocurrency space. Swyftx offers a user-friendly platform with a wide range of 320+ cryptocurrencies available for trading. They also offer 24 hour customer support, and staking on 21 coins, making it a great choice for Australian investors.

Independent Reserve is another Australian-based crypto exchange. It was founded in 2013 and has become one of the most popular exchanges in the country. Independent Reserve offers a variety of features, including a Fast Track service and 27 cryptocurrencies available for trading.

Swyftx vs Independent Reserve:
Comparison Table

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Coins

320+

27

Trading Fee

0.6%

0.5%

Deposit Fee

Free

EFT: Free for >$100, $0.99 for <$100; OSKO/PayID: Free for >$1,000, $2.50 for <$1000;

Withdraw Fee

Free

Bank Transfer: Free; NPP: $1.50

Payment Options

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

Direct Deposit, POLi, PayID, International deposit

Pros

- Staking 21 coins supported

- Over 320+ cryptocurrencies

- Live chat support

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

- International deposits and withdrawals accepted

- Offers insurance cover for digital assets

Cons

- No insurance on customers' funds

- Only supports 27 coins

- No staking supported

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(Swipe across screen to see full table)

Header

Coins

320+

27

Trading Fee

0.6%

0.5%

Deposit Fee

Free

EFT: Free for >$100, $0.99 for <$100; OSKO/PayID: Free for >$1,000, $2.50 for <$1000;

Withdraw Fee

Free

Bank Transfer: Free; NPP: $1.50

Payment Options

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

Direct Deposit, POLi, PayID, International deposit

Pros

- Staking 21 coins supported

- Over 320+ cryptocurrencies

- Live chat support

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

- International deposits and withdrawals accepted

- Offers insurance cover for digital assets

Cons

- No insurance on customers' funds

- Only supports 27 coins

- No staking supported

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Swyftx Pros & Cons

Pros

  • Supports over 320+ cryptocurrencies
  • Stake 21 coins to earn interest
  • Demo mode where you can trade risk-free with $10,000 virtual money
  • Numerous free deposit options
  • Live Chat customer support

Cons

  • Doesn't offer insurance on customers' funds

Independent Reserve Pros & Cons

Pros

  • International deposits and withdrawals accepted
  • Offers insurance cover for digital assets
  • Lower trading fees of 0.5%

Cons

  • Only 27 coins available
  • No staking supported

Swyftx vs Independent Reserve Features

Swyftx is the perfect place for both new and experienced traders. This platform offers beginners a demo account, so you can learn how to use the platform and trade without risking any real money.

When you're ready to start trading for real, Swyftx offers over 320 coins that you can buy, sell or trade, as well as staking on 21 different coins - a great way to earn interest on your cryptocurrency. 

The mobile app is perfect for on the go trading. You can deposit, withdraw and buy/sell cryptocurrency even when you're away from your computer. Plus, customer support is always just a live chat away.

Independent Reserve is a reliable and innovative Australian exchange. This platform offers great features for large-volume traders, including optional insurance on customers' digital assets and an impressive security record. Their OTC Service Desk is also a big hit with Australian investors, and they are proud to be the go-to choice for over 8000 Self-Managed Super Funds. Plus, their international deposit and withdrawal options make them the perfect choice for global investors.

Features: While Independent Reserve has an amazing track record, offering optional insurance and accepting international deposits and withdrawals, Swyftx has the Australian trader in mind, whether experienced or novice. Swyftx offers excellent customer service, a demo account for beginners and an intuitive user interface in addition to 320+ cryptocurrencies and staking on 21 coins.

Swyftx vs Independent Reserve Fees

On Swyftx, Australian bank deposits and withdrawals are free, while the trading fee stands at 0.6%.

Independent Reserve's fee structure favours high volume traders. EFT deposits cost $0.99 but are free for traders depositing over $100. International deposits cost $15 but are free for traders depositing $5,000 or more. OSKO/PayID are also free for deposits of over $1,000 but cost $2.50 for deposits below that.

The trading fee at Independent Reserve is 0.5%, and withdrawals to Australian banks are free. However, for those using NPP, it'll cost $1.50, and international withdrawals incur a fee of $20.

Fees: While Independent Reserve offers lower trading fees and free deposits across the three methods, they only favour high volume traders; low volume traders still have to pay to deposit. However, Swyftx customers, whether high or low volume, don't have to pay any deposit or withdrawal fees.

Number of Cryptocurrencies

Swyftx offers over 320+ crypto coins and staking on 21.

Independent Reserve offers only 27 coins.

Number of cryptocurrencies: Swyftx clearly has the edge over Independent Reserve when it comes to the number of cryptocurrencies offered on their platform.

Deposit Methods

Swyftx accepts cryptocurrency, Direct Deposit, PoLi, PayID, debit and credit cards deposits.

Independent Reserve accepts cryptocurrency, Direct Deposit, PoLi, PayID, and international deposits.

Deposit methods: Swyftx is the winner here, offering six deposit methods, while Independent Reserve only offers five. While accepting international deposits is a stronghold for Independent Reserve, it's useless for Australians and moreover it is expensive. The fact that they don't accept credit and debit card deposits is a big downside.

Swyftx vs Independent Reserve Security

Both Swyftx and Independent Reserve provide several layers of protection, and a variety of security measures to guarantee the digital assets in your online wallet are safe. They are also licensed and in compliance with AML/KYC requirements.

Swyftx takes security seriously, with multiple layers of protection in place to keep your assets safe. From two-factor authentication to data encryption, they go the extra mile to keep your assets safe. They also undergo regular penetration testing to identify any potential vulnerabilities. And if that wasn't enough, they also offer biometric authentication for an added layer of security. 

Independent Reserve is one of the most sophisticated and secure crypto exchanges in operation. Their advanced security measures ensure that your funds are always safe and protected. With 2-Factor Authentication on login, top tier data centres, intrusion detection monitoring and more, you can rest assured that your money is in good hands. Plus, 97% of cryptocurrency is stored in cold storage, with constant automated monitoring for added peace of mind.

Independent Reserve goes the extra mile to offer insurance on funds stored on the exchange. If you purchase a Premium Account, you receive insurance on your crypto, and the amount depends on which tier account you have. The Starter Premium Account covers up to $20,000 per user, and if you sign up for the highest level you receive up to $5 million coverage.

Security: While both platforms have robust security systems and implemented high-security measures, Independent Reserve takes the lead with insurance on funds.

Swyftx vs Independent Reserve Summary

For beginners looking to get started with cryptocurrency trading on an exchange that has great features for Australians in mind - such as offering a demo account- Swyftx  is the better choice. It has fewer fees, a greater range of cryptocurrencies (320+), and staking is available on 21 coins. On top of this, they have an excellent customer support team with a live chat feature.

Independent Reserve, however, offers insurance on funds stored on the exchange- a big bonus for those looking to store a larger amount of cryptocurrency. Independent Reserve is a great choice for high volume traders and those looking for a secure exchange platform and variety when it comes to deposit and withdrawal methods. This platform, however, falls short as it only offers 27 coins and comes with deposit and withdrawal fees.

If you are still doing some research on other crypto exchanges, I suggest you read this article on the best crypto exchanges in Australia where you can find some excellent platforms.

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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