Coinjar vs Swyftx 2023

Any Australian who has conducted study on crypto have most likely come across Swyftx which is one of the most popular Australian cryptocurrency exchanges, however most people have not heard of CoinJar the Australian exchange which has been in operation since 2013.

Swyftx is a great platform that offers more than 320+ cryptocurrency including a demo mode with live chat support and options for earning crypto interest for 20 coins.

However, while Swyftx is our preferred cryptocurrency exchange, take a look through this article to compare the pros and cons to help you decide on your own.

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Coinjar vs Swyftx Comparison Table

Coinjar Pros and Cons

Pros

• Instant and spot market under the same platform
• A well-established company supported by corporate investors
• User-friendly design and smooth navigation
• A debit card to spend crypto
• A vast choice of deposit methods

Cons

• High fees for instant purchases
• Limited choice of popular altcoins

Swyftx Pros and Cons

Pros

• Comes with a staking option for crypto traders/investors who wish to generate passive income from their cryptocurrency holdings
• Wide variety of available crypto assets and trading options
• Quick verification process
• High liquidity
• Easy tax reporting for each client
• No deposit or withdrawal fees
• Easy-to-use iOS and Android compatible mobile app
• Industry low fees and spreads
• No security breaches so far
• Great live chat, email, and phone customer support
• Built-in TradingView marketplace charting

Cons

• Doesn’t offer margin or derivatives trading
• Their financial services are only available for Australian crypto traders as well as those users based in New Zealan

Features

Swyftx is ideal for novices because of its simplicity and easy access to immediately purchase and sell crypto, both mobile and desktop access and live Chat customer support, as well as an option to demo.

Demo mode is an extremely useful option for those who are new to the market as they can trade using virtual currency and test what does what before they get into the real deal. Swyftx allows users to earn passive income by making interest by putting bets on 20 coins. This is ideal for those planning to keep their money for a long time.

The most notable feature of CoinJar is their CoinJar Mastercard. It is free, with no fee for setting up or monthly charges. All you have to do is fill up your account with the cryptocurrency you want with your CoinJar credit card and then use it as you would with a normal debit card. You can also earn cashback by using your crypto using the card. If you don’t keep your wallet around with you You can set it up using Apple Pay or Google Pay to allow you to spend your crypto on your smartphone or smartwatch, instead of the physical Mastercard.

While CoinJar offers their Mastercard which allows you to spend the crypto you have, they offer very limited capabilities besides the fact that they don’t have a. However, Swyftx has their useful demo mode, staking as well as live chat support for customers.

Winner: Swyftx

Supported cryptocurrencies

Swyftx offers a wide selection of more than 320 currencies.

CoinJar only provides more than 50 different crypto currencies.

Swyftx is one of the largest libraries of cryptocurrency, with over 3000+, while CoinJar is rather restricted, with only more than 50 different coins.

Winner: Swyftx

Fees

Swyftx doesn’t charge any fees for deposits or withdrawals. Additionally, their trading charges are 0.6 percent.

CoinJar offers one deposit that is fee-free method: NPP. When you deposit with Blueshyft is subject to the cost of 1.5 per cent fee. Visa/Mastercard costs 2percent. Making withdrawals out of the account is free. The fees for trading on CoinJar are 1 percent.

Swyftx gives no-cost withdrawals and deposits regardless of the payment method and also has the lowest fees for trading at 0.6 percent..

Winner: Swyftx

Customer Support

The two exchanges Coinjar as well as Swyftx have highly trained staffs for customer assistance. 

Coinjar offers support in the form of email. You can submit tickets on the site or contact the customer support team. Coinjar also has an extensive knowledge base that includes FAQs as well as instructions to help facilitate your trading experience.

When we wrote the Swyftx review, we discovered that Swyftx has an 11-member dedicated customer support team , which includes the telephone, email as well as live chat and Telegram. The reviews that have been positive for the exchange is proof of the efficiency of its customer support team.

Winner: Swyftx

Deposit Methods

Because they both Coinjar along with Swyftx both are exchanges for spot currency, they permit the deposit of funds with fiat currency.

Coinjar provides three deposit options:

• PayID/NPP: Instant deposit through the account of an Australian bank account
• Credit/Debit
• Deposits of cash using Blueshyft

Apart from deposits with fiat, Coinjar allows its users to deposit directly into crypto. You can transfer crypto assets from any cryptocurrency wallet to your Coinjar address.

Swyftx allows users to deposit fiat currencies using four methods:

• PayID: Instant deposits
• POLi: Deposits can take up to one minute
• Bank Transfers: Can take between 2 and 6 hours (or 1 minute with OSKO)
• Credit Card up to 30 minutes

Swyftx also accepts crypto deposits and lets you to make deposits of cryptocurrency assets in any bank account into you Swyftx wallet.

Winner: Tie

Security

Swyftx is a reliable authentic and secure Australian cryptocurrency exchange that has numerous layers of security to ensure their customers money and personal data is protected. Biometric authentication is used, as well as 2FA (Two-Factor authentication), KYC verification, consulting with third party security auditors and conducting outside penetration tests are all utilized by Swyftx.

CoinJar employs a variety of ways to ensure their transactions are safe, including encryption of data, Transport Layer Security, regular security audits, and best practices in organisation security. CoinJar also stores more than 90% of their digital assets in cold storage to guarantee the security of their assets.

It’s hard to pick the winner among these two exchanges since they both come with multiple layers of security features and are extremely secure exchanges.

Winner: Tie

Conclusion

While CoinJar has been around for quite some time however, it doesn’t seem like they grow as quickly as Swyftx. While the fees of Swyftx are less than 0.6 percent. They also have more variety of coins, provide live chat, staking and even an account for demo. CoinJar appears to be behind in many areas, besides their CoinJar Mastercard that you can use to purchase your crypto wherever you can use a Mastercard.

My choice from the two exchanges listed is Swyftx however if you’re looking for alternatives in Australia, you can check out our list of the top cryptocurrency exchanges available in Australia. Also, there is a brief table below, which includes essential information for comparing the top exchanges.

Frequently Asked Questions

Is it legal to use Swyftx in Australia?

Swyftx is fully regulated by AUSTRAC, which means it complies with all Australian laws and tax regulations regarding cryptocurrencies, so it’s perfectly legal to use Swyftx.

Is Swyftx safe?

Swyftx is considered one of the most secure Australian crypto exchanges, thanks to their robust security measures, third-party safety audits, and their clean history regarding platform hacks.

Does Swyftx have a withdrawal limit?

The maximum withdrawal limits for Swyftx depend on the verification level you have. In the end, you can withdraw up to 100,000 dollars each day. This is greater than other international exchanges such as Binance ($8,500) or Coinbase ($3,000) as well as most Australian cryptocurrency exchanges such as the Digital Surge ($10,000) as well as CoinJar ($5000).

Who is Swyftx owned by?

Swyftx operates and owns controlled through Swyftx Pty Ltd (ACN 623 556 730) with Alex Harper as the CEO of the exchange.

Does Swyftx have an affiliate program?

Swyftx provides an affiliate program which gives users 30% off the total cost of trade. The discount is applicable to any trades that are made using affiliate accounts. Additional discounts are offered to affiliates that also obtain an affiliate referral code via the platform.

Affiliates receive monthly payments. If someone signs up through their referral link our tracking systems notify the affiliate of their new registration.

Which countries does Coinjar support?

CoinJar isn’t a worldwide cryptocurrency service. It’s accessible only to customers who reside in Australia in within the United Kingdom.

Is CoinJar a wallet?

CoinJar is a crypto exchange with an inbuilt cryptocurrency wallet that is frequently described as the most secure storage option you can find through a custodial wallet.

Is It easy to withdraw from CoinJar?

Yes It is. I’ve seen a number of favorable user reviews regarding the withdrawal system. CoinJar transactions are done as NPP transactions and are guaranteed that they’ll settle in under 5 minutes.

Can you make money on CoinJar?

CoinJar provides a trading platform that is suitable for intermediate traders. you can make short-term trades (thanks to the extensive array of orders that are advanced) and earn money from the price differential. However, I was unable to find any options on the platform for passive income like staking or lending.

Is CoinJar FCA regulated?

The Melbourne-based exchange has widened its operations to other countries by creating the CoinJar platform that has been adapted to UK buying habits. CoinJar UK Limited is a fully-regulated company that is that is registered as an Cryptoasset Exchange Provider and Custodian Wallet Provider in accordance with FCA.

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