If you're looking for a user-friendly cryptocurrency exchange, you might be considering Coinjar and Swyftx. We've done the research and compared both exchanges across various factors, including product range, fees, supported currencies, and more. Keep reading and discover which exchange is the best fit for your crypto trading needs!
CoinJar and Swyftx are two of the most popular cryptocurrency exchanges based in Australia. Both exchanges have their headquarters in Australia and have a user-friendly interface that is suitable for beginners. So, let's dive into the details of each exchange to see what sets them apart.
CoinJar is one of the world's longest-running cryptocurrency exchanges, founded in 2013. CoinJar is a licensed digital currency exchange with AUSTRAC and has onboarded over 600,000 people in Australia and the UK.
The exchange is focused on making it as simple and secure as possible for people to invest in the cryptocurrency future with acess to buy and sell over 50 cryptocurrencies. CoinJar's spot trading services are also available on Android and IOS, but with a somewhat weak 3.6-star rating.
On the other hand, Swyftx was founded in 2018 and is one of Australia and New Zealand's most well known cryptocurrency exchanges. The exchange offers spot trading for over 300 cryptocurrencies, including BTC, ETH, AVAX, ATOM, SOL, DOT and many others.
The exchange has a smaller range of features compared to other exchanges, but this has created a simple interface that is well suited for beginners. Swyftx has over 700,000 registered users mainly based in Australia and New Zealand and is also available on Android and IOS where it has over 10,000 downloads.
As such. both CoinJar and Swyftx provide users with access to beginner-friendly interfaces that cater to new crypto investors.
Coinjar vs Swyftx Signup & KYC
To signup to CoinJar, users must first enter their full name, email, password and country of residence. Coinjar is currently only available to residents in the UK and Australia and users outside of these two countries won't be able to pass KYC.
KYC verification entails providing personal information, submitting a valid government ID and being a citizen in either Australia or the UK. For those that want to complete KYC on CoinJar, they will first have to download the app in order to pass identity verification.
The signup process on Swyftx is more comprehensive than other exchanges. Users must provide full name, country of residence, phone number and email. Users must then verify both the email address and phone number before the account is created.
KYC is obligatory on Swyftx and users can not trade without completing it. In order to unlock fiat deposits and cryptocurrecny trading, users must verify their email, phone number and a government ID. For those that wish to send and receive crypto, they will also need to provide a selfie.
Once all the information related to KYC has been provided, it can take 1-2 days for the Swyftx team to verify the account.
Coinjar vs Swyftx Products & Services
CoinJar and Swyftx are both cryptocurrency exchanges that primarily target beginner cryptocurrency investors. CoinJar offers a basic exchange where users can buy and sell over 50 cryptocurrencies including Bitcoin, Ethereum, Ripple, Solana, and Cardano.
They also offer CoinJar Bundles which are groups of cryptocurrencies that function like index funds. CoinJar has also issued the CoinJar Card that let's users spend cryptocurrencies with rewards earned with each purchase.
Finally, CoinJar also offers OTC solutions for institutions that wish to buy cryptocurrencies for larger amounts.
On the other hand, Swyftx focuses on offering a simple venue for new cryptocurrency investors. They allow users to buy and sell over 300 cryptocurrencies via spot trading and offer recurring buys for those who wish to dollar cost average.
In terms of liquidity, both exchanges have smaller trading volumes compared to larger exchanges, which means larger spreads and more expensive trading.
When it comes to depositing funds on cryptocurrency exchanges, it's important to consider the various methods available and any associated fees. Let's take a look at the deposit options of CoinJar and Swyftx.
CoinJar, which is only available to Australian and UK residents, offers several deposit methods for AUD, GBP, and EUR. For AUD deposits, users can choose between PayID, bank transfer, and Blueshyft, with no deposit fees for PayID and bank transfers.
Blueshyft deposits come with a 1.5% processing fee but arrive instantly. GBP deposits via Faster Payments (FSP) are free and arrive within 1-2 hours, while SEPA deposits for EUR are also free but take 1-2 business days. Instant Buy with a credit/debit card is also available for a 2% commission fee.
Swyftx focuses on the Australian and New Zealand market and offers several deposit options for AUD and NZD. PayID, Poli, bank transfers, and credit/debit card deposits with Visa and Mastercard are all available, with no fees for PayID and bank transfers.
However, credit/debit card deposits come with a whopping 3.6% fee and up to 4% spread, so it's best to avoid this option.
Overall, both CoinJar and Swyftx offer a variety of deposit options for their users which are based in Australia, New Zealand and the UK.
When it comes to withdrawing your AUD or GBP fiat currency from CoinJar, you have the option of doing so via a bank transfer. The good news is that these withdrawals are processed as NPP payments, which means that they are almost instantaneous.
However, if your bank doesn't support PayID, then your withdrawal will be sent as a standard bank transfer, which can take anywhere from 1-3 business days to arrive.
But what about cryptocurrency withdrawals? Well, CoinJar allows you to withdraw your cryptocurrencies with a dynamic fee that is unique for each blockchain that is being used. That is not good news as users will be paying higher fees than with exchanges that have set fixed withdrawal fees.
Swyftx also allows users to withdraw two fiat currencies, AUD and NZD. Users can withdraw AUD for free, but there is a fee of $10 for NZD withdrawals, excluding any possible fees charged by the bank.
If you withdraw AUD with a bank that supports Osko, you can expect the funds to arrive in your account within 1-2 minutes. However, if your bank doesn't support Osko, then you may have to wait up to 2 business days to receive your funds.
As for cryptocurrency withdrawals, Swyftx charges the following fees: 0.0002 BTC for each Bitcoin withdrawal, 0.0018 ETH for each Ethereum withdrawal, 0.008 SOL for each Solana withdrawal, and 7 USDT for each ERC-20 USDT withdrawal.
In conclusion, while CoinJar and Swyftx are both good starting points for beginner cryptocurrency investors, they do not have enough products and services to satisfy the needs of more experienced traders and investors.
Swyftx offers over 300 cryptocurrencies while Coinjar offers a much support for only 50 coins and tokens. The trading fees on Swyftx (0.6%-1.2%) are much higher than Coinjar that offers a very competitive 0.06%-0.1% spot fees.
Both exchanges offers beginner friendly designs that make it easy for users to navigate the exchanges and conduct their Bitcoin purchases. Personally, we find that CoinJar is the more user friendly exchange compared to Swyftx which is too busy for our liking.
So for beginners living in the supported countries of each exchange, both of these two exchanges could be decent stepping stones to get started. However, for users who are looking for more versatile and lower cost exchanges, we recommend alternative exchanges like OKX, Binance and Gate.io.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.