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Swyftx vs Coinbase

How does a local Australian offering stack up against a global giant? We find out.

Coinbase is one of the longest-running cryptocurrency exchanges in the world, founded in 2012 by Brian Armstrong. The platform began serving Australian customers in 2016. Coinbase is one of the most popular cryptocurrency exchanges, regularly sitting in the top 5 for daily trading volume.

Swyftx is a much newer player in the cryptocurrency scene, launching in Australia in 2018. The platform is notable for its low fees and range of features including SMSF support, recurring buys and a demo mode.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Round 1: Vital statistics

SwyftxCoinbase Australia
Finder score
4.0
★★★★★
3.8
★★★★★
Trading Fee0.1–0.6%Maker fee: 0.00 – 0.40%
Taker fee: 0.08 – 0.60%
Deposit methodBank transfer,Credit card,Cryptocurrency,Debit card,PayIDBank transfer,Credit card,Cryptocurrency,Debit card,PayID
Withdrawal FeesAUD: $0
Cryptocurrency: $0 (network fees apply)
AUD: None
Cryptocurrency: Fees vary
App available? YesYes
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Swyftx is headquartered in Brisbane, Australia, and has a dedicated customer support team. On the flipside, Coinbase doesn't actually have an office anywhere, it is a "remote-first" company.

As an Australian exchange, Swyftx is registered with the local regulatory body AUSTRAC. This means it complies with anti-money laundering (AML), counter-terrorism financing (CTF) and know your customer (KYC) laws. Coinbase has not registered with AUSTRAC, which heavily restricts the features available to Australian customers on the platform. Perhaps the biggest drawback is the inability to sell cryptocurrency via Coinbase.

Coinbase offer earning opportunities on a limited number of cryptocurrency assets. This allows customers to earn passive yield on top of their original cryptocurrency investment. Each exchange also comes with a multi-token wallet, although Coinbase's is an application independent of the exchange platform.

Swyftx has in-built support for a demo mode, which lets cryptocurrency newcomers try out trading without risking any assets. The platform also allows recurring orders, OTC trading and crypto "bundles".

Coinbase's global platform hosts a range of features that are not available to Australian residents, including a debit/credit card that comes with a suite of rewards.

Round 2: Supported coins

SwyftxCoinbase Australia
Number of tradeable crypto assets371247
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Swyftx supports a substantially greater number of assets than Coinbase, listing nearly 150 more.

Most investors will find the assets they're looking for on either exchange, however Coinbase does have some conspicuous coins missing. This includes popular prominent stablecoin Tether (USDT).

Round 3: Supported fiat currencies

SwyftxCoinbase Australia
Number of supported fiat currencies34
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Coinbase serves a global customer-base and therefore supports a wide range of fiat currencies for deposit. Notably for Australian users, this no longer includes Australian dollars.

Swyftx operates out of Australia and only allows Australian dollar (AUD) and New Zealand dollar (NZD) deposits.

Round 4: Costs

SwyftxCoinbase Australia
Minimum deposits$0$2
Deposit FeesBank transfer: $0
Card: Fees vary
PayID: $0
Cryptocurrency: $0
AUD: None using bank transfer or PayID
Cryptocurrency: None
Trading Fee0.1–0.6%Maker fee: 0.00 – 0.40%
Taker fee: 0.08 – 0.60%
Withdrawal FeesAUD: $0
Cryptocurrency: $0 (network fees apply)
AUD: None
Cryptocurrency: Fees vary
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More Info
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Swyftx has some of the most competitive trading fees among Australian exchanges, charging 0.6% per trade. It also promises tight "spreads" – the difference between the buy and sell price of a crypto asset. Swyftx's spreads average out to approximately 1.7%, while some Australian alternatives can charge more than 4%.

Coinbase has some of the least competitive fees for Australian users. Its flat transaction fee is 3.99%, which is over 6 times more than Swyftx's. Coinbase's spreads are a bit lower than Swyftx's, with an average of 0.5% per trade. Overall, this adds up to 4.49%, nearly double Swyftx's average fee of 2.3%.

Round 5: Deposit methods

SwyftxCoinbase Australia
Deposit methodsBank transfer, Credit card, Cryptocurrency, Debit card, PayIDBank transfer, Credit card, Cryptocurrency, Debit card, PayID
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More Info
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Swyftx really streaks ahead when comparing the 2 platforms' deposit methods. Swyftx supports a range of popular Australian transfer options, including free and near-instant Osko, POLi and PayID deposits. Swyftx also offers "instant" cryptocurrency purchases using a credit card. While Swyftx itself doesn't charge for credit card deposits, its third-party provider may charge a fee of up to 4%.

Coinbase's deposit and withdrawal methods are extremely limited in comparison. This is because the platform is not registered with AUSTRAC, which means Coinbase cannot accept AUD deposits or withdrawals. The only way to purchase cryptocurrency on Coinbase is via debit card. This is a major reason for its fees being much higher for Aussie customers.

Winner: Swyftx

Swyftx comes out as the clear winner when comparing it to Coinbase. The biggest reason for this is its catering to Australian customers; the exchange offers a range of useful deposit methods, SMSF support and a local customer service team.

Conversely, Coinbase is extremely limited for Australian users. There is no way to deposit AUD to the platform and customers will have to use a different exchange if they want to sell their crypto assets. On top of this, Coinbase's fees are much higher than Swyftx's.

That said, Coinbase is a popular platform for global cryptocurrency investors. It has a wide range of features, competitive fees and an impressive list of supported assets. Unfortunately, Australian customers can't yet make the most of the exchange, giving Swyftx the clear win.

Go to Swyftx's website
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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