Swyftx and Independent Reserve are two of Australia’s most popular crypto exchanges, but they take different approaches to trading. Swyftx operates as a broker, quoting a price with a built-in spread on every trade. Independent Reserve runs an order book, where buyers and sellers set their own prices, and a tiered trading fee is applied without a spread.

This guide compares the two on fees, supported assets, security, and trading features to help you choose.

Key takeaways

  • Swyftx is a broker, applying a variable spread on top of a tiered trading fee. Independent Reserve is an order book exchange, with tiered fees and no spread.
  • Swyftx supports 420+ assets in AUD and NZD. Independent Reserve supports a curated 41 assets across AUD, NZD, USD, and SGD.
  • Both are AUSTRAC registered and ISO 27001 certified, so the decision usually comes down to trading model, fee transparency, and asset range.

Table of contents

Key differences at a glance

Feature Swyftx Independent Reserve
How you trade Broker (quoted price with built-in spread) Order book (set your own buy and sell prices)
Fees Tiered trading fees plus variable spread Tiered trading fees, no spread
Ease of use Beginner-friendly interface Beginner and advanced trading interfaces
Supported assets 420+ cryptocurrencies 41 cryptocurrencies (focused on established assets)
Account types Personal, SMSF, Trust, Company Personal, SMSF, Trust, Company
Deposit methods PayID/Osko/EFT, credit and debit card, Apple Pay, Google Pay, crypto PayID/Osko/EFT, credit card, debit card, PayPal, SWIFT, crypto
Withdrawal methods Bank transfer (PayID/EFT) Bank transfer (PayID/EFT), SWIFT
Supported fiat currencies AUD, NZD AUD, NZD, USD, SGD
24/7 customer support Local online support Local online support
Ways to trade
  • Quick buy/sell
  • Recurring buy (Auto Invest)
  • OTC desk
  • Leveraged CFDs
  • API
  • Simple buy/sell
  • Full order book trading with limit orders
  • OTC desk
  • Recurring buy
  • Leveraged trading
  • API
Best suited to New or casual users Long-term or more experienced investors

Swyftx overview

Swyftx is an Australian crypto exchange that operates as a broker, quoting customers a price with a built-in spread. It supports 420+ cryptocurrencies and is available to customers in Australia and New Zealand.

Independent Reserve overview

Independent Reserve is an Australian order book exchange supporting AUD, NZD, USD, and SGD with a tiered trading fee and no spread applied to the market price. Investors place market, limit, and stop orders directly into the order book.

Swyftx vs Independent Reserve: Fee comparison

The table below compares trading, deposit, and withdrawal fees.

Fee type Swyftx Independent Reserve
Trading fees 0.6% to 0.1% (tiered trading fees based on 30-day volume) 0.5% to 0.02% (tiered trading fees based on 30-day volume)
Spreads Variable spread applied to each trade No spreads (order book pricing)
AUD deposit
(bank transfer & PayID)		 Free Free
AUD withdrawal
(bank transfer & PayID)		 Free Free
Card deposit 1.875% to 1.99% plus up to 3.5%* 1%**
PayPal Not supported 1%

*Swyftx card fees vary by processor. Stripe charges 1.875% (AUD) or 2.734% (NZD). Banxa charges a 1.99% gateway fee plus a variable spread of up to 3.5% (AUD) or 4% (NZD).

**1% for Australian cards. International cards incur a 3.5% fee.

For a detailed breakdown of fees across Australian exchanges, see our full crypto exchange fee comparison guide.

Swyftx fees explained

Swyftx combines a tiered trading fee with a variable spread applied to every transaction:

  • Trading fees: Tiered from 0.6% down to 0.1% based on the 30-day volume.
  • Spread: A variable spread is built into the displayed price, on top of the trading fee, and is calculated at the time of trade.
  • Deposits: Free via PayID/EFT and bank transfer; some methods, such as card deposits, will incur additional fees.

Independent Reserve fees explained

With Independent Reserve’s order book, you trade at the prevailing market price and pay a single-tiered fee with no spread, so the total cost is fully visible before you confirm:

  • Trading fees: Tiered trading fees from 0.5% down to 0.02% based on 30-day volume. The displayed fee is the only platform charge.
  • Spread: None. You trade at the order book price.
  • Deposits: Free via PayID/EFT and bank transfer; some methods, such as card deposits and PayPal, will incur additional fees.

Security & regulation

Security and regulatory standards are key factors when choosing a crypto exchange. Here’s how Swyftx and Independent Reserve compare.

Regulation and compliance

Both Swyftx and Independent Reserve are registered with AUSTRAC as digital currency exchange providers, which subjects them to Australia’s AML/CTF Act, the Corporations Act, Australian Consumer Law, and applicable privacy legislation.

Security and custody

Both platforms use cold storage and two-factor authentication, and both maintain ISO 27001 certification.

Both Independent Reserve and Swyftx hold customer balances on a 1:1 basis in segregated accounts. Independent Reserve does not lend, borrow or rehypothecate customer assets, undergoes independent annual audits of all fiat and crypto balances, and maintains insurance arrangements for certain custody scenarios. Swyftx does not currently offer an external insurance fund for customer assets.

Account types, institutional features and advanced tools

Some investors may require additional account types, support or trading capabilities beyond standard retail features. Here’s how Swyftx and Independent Reserve compare.

Account types & SMSF support

Both Swyftx and Independent Reserve support a range of account types, including personal, SMSF, trust, and company accounts.

Independent Reserve provides a multi-user account structure, allowing additional users, such as trust members, employees, or accountants, to securely access and manage the same account with different permission levels. This is particularly useful for SMSFs, trusts, and companies where multiple stakeholders, such as trustees, accountants, or advisers, require access.

Swyftx uses a single-user account model, where one primary account holder manages the account and does not offer the same level of multi-user access or permission control.

Trading tools and order types

Swyftx focuses on quick buy/sell flows, Auto Invest for recurring purchases, and trigger orders that execute when price targets are hit. The quoted-price model keeps the interface simple, but every trade carries the spread Swyftx applies at the time.

Independent Reserve gives users full order book access, with market, limit, and stop orders across all supported assets. You can place a limit order below the market and wait for it to fill, rather than accept the current quote. Independent Reserve also offers recurring buy for dollar-cost averaging and, for eligible users, leveraged trading.

Institutional features

Both Independent Reserve and Swyftx offer OTC trading desks and API access for automated or high-volume trading. Both accept trades from $50,000 and use all-inclusive quoted pricing, with Independent Reserve handling trades up to over $50 million.

Independent Reserve operates one of the longest-running OTC desks in Australia, with access to global liquidity pools that enable competitive pricing across large block trades. The platform integrates with Fireblocks for institutional-grade custody and secure asset transfers, providing the wallet infrastructure and key management that institutional counterparties typically require.

Independent Reserve also offers on-demand liquidity (ODL) services for international remittance using RLUSD, enabling businesses to settle cross-border payments without the delays and costs associated with traditional correspondent banking.

For accountants and financial advisers, Independent Reserve supports integrations with platforms including BGL and Iress, streamlining portfolio tracking and reporting for SMSFs and managed accounts.

Tax and reporting tools

Swyftx provides integrated tax reports through its partnership with Koinly, allowing users to generate a Koinly tax report directly from a read-only API key. CoinLedger integration is also supported.

Independent Reserve offers integrations with crypto tax tools such as Summ (formerly Crypto Tax Calculator) and Koinly, helping investors track transactions and manage reporting requirements more efficiently. Transaction exports are also available for use with a range of third-party tax tools.

Pros and cons: Swyftx vs Independent Reserve

Swyftx

Pros Cons
  • Beginner-friendly interface.
  • Wide range of supported assets (420+).
  • Multiple AUD and NZD deposit options.
  • Variable spread on top of the trading fee.
  • Card deposit fees can be higher than alternatives, particularly via Banxa.
  • AUD and NZD only.

Independent Reserve

Pros Cons
  • Lower, transparent tiered fees with no spread.
  • Full order book trading across all assets.
  • Supports four fiat currencies (AUD, NZD, USD, SGD).
  • Smaller range of supported cryptocurrencies.
  • Less intuitive for beginners.

Which exchange is right for you?

Swyftx and Independent Reserve differ primarily in how you trade. Swyftx quotes you a price as a broker, while Independent Reserve places your orders directly into a market order book.

Swyftx suits new or casual investors who want a wide asset range and a simple quick-buy interface. The variable spread on each trade is the cost of that convenience.

Independent Reserve suits investors who prioritise lower fees, direct order book access for full price control, multi-currency support (AUD, NZD, USD, or SGD), and a transparent fee structure without a built-in spread.

With both platforms offering core features such as AUD deposits and local support, the choice ultimately comes down to your experience level and how you prefer to trade.

If you’re looking for lower fees and greater control over how you trade, you can start with Independent Reserve below.

Start investing with Independent Reserve

Comparing other Australian crypto exchanges? See our other guides:

Sources

Related posts:

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