Swyftx vs CoinSpot vs Kraken

Swyftx vs CoinSpot vs Kraken

Robert McDougall 

May 1, 2022

Cryptocurrency

Swyftx and CoinSpot are two of the best crypto exchanges for Aussie users, and Kraken is one of the most popular USA-based exchanges. How do these three choices stack up for Australian cryptocurrency investors? I have compared them across several factors to come up with my ranking. CoinSpot comes first, with low market trading fees of 0.1%, 370+ cryptocurrencies with staking on 21 coins, and the highest level of security and trust. In second place is Swyftx, with low spreads, staking on 20 coins, a demo mode, and $20 free Bitcoin if you sign up with this link. Kraken is an excellent platform with features such as crypto staking and margin trading. However, it is much more suited for the US market, because in Australia, Kraken is limited to only 19 different coins.

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Fiat Currencies

AUD

AUD

AUD, USD, EUR, GBP, JPY, CAD, CHF

Number of Coins

370+

320+

19

Trading Fees

Market: 0.1%, Instant Trade: 1%

0.6%

Market: 0.16/0.26%, Instant Trade: 1.5%

Daily Deposit Limit

$100k

$100k

$100k USD

Deposit Methods

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Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Cryptocurrency

Cash

Features

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User-friendly

Mobile app

Demo mode

Live Chat

Security

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2FA

Biometric security

AUSTRAC registered

ISO 27001 certified

Offline cold storage

Website

Swipe across the table to view Kraken's information in the far right column.

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Fiat Currencies

AUD

AUD

AUD, USD, EUR, GBP, JPY, CAD, CHF

Number of Coins

370+

320+

19

Trading Fees

Market: 0.1%, Instant trade: 1%

0.6%

Market: 0.16/0.26%, Instant trade: 1.5%

Daily Deposit Limit

$100k

$100k

$100k USD

Deposit Methods

Cell
Cell
Cell

Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Crypto

Cash

Features

Cell
Cell
Cell

User-friendly

Mobile app

Demo mode

Live Chat

Security

Cell
Cell
Cell

2FA

Biometric security

AUSTRAC registered

ISO 27001 certified

Offline cold storage

Website

Pros
  • Most trusted and secure exchange in Australia
  • ISO 27001 certified
  • Huge range of over 370+ cryptocurrencies
  • Low trading fees of only 0.1% on the market
  • Staking on 21 coins
Cons
  • Instant buy/sell fees of 1% are higher than Swyftx (0.6%)
  • Higher spreads than Swyftx
Pros
  • Lowest instant buy/sell fees at 0.6%
  • Lower spreads
  • Staking on 20 coins
  • Demo mode available
  • $20 free BTC bonus
Cons
  • Higher fees of 0.6% when compared to market trades on CoinSpot (0.1%)
  • No NFT marketplace
Pros
  • Cryptocurrency staking supported so you can earn interest on your holdings
  • Margin trading and futures trading available
  • 7 fiat currencies accepted (AUD, USD, EUR, GBP, JPY, CAD & CHF)
  • Users can deposit using Apple Pay and Google Pay
Cons
  • Instant buy/sell fees of 1.5% are the highest out of the three
  • Only 19 cryptocurrencies available to buy/sell with AUD

Swyftx vs CoinSpot vs Kraken Fees

I have summarised all the different fees for Swyftx, CoinSpot and Kraken here, to make it easier to compare which is the best.

Deposit Fees

Swyftx charges zero fees on all AUD deposits.

CoinSpot 

  • POLi, PayID, and Direct Deposit (via OSKO): free
  • BPAY: 0.9% fee
  • Cash deposits: 2.5% fee

Kraken

  • Bank transfer/OSKO: free
  • Google Pay and Apple Pay: 3.75% + $0.25
  • Credit and debit card: 3.75% + €0.25
    Note: card payments are only available in EUR. When you select credit or debit card, the spending amount will automatically change to EUR and any purchases will be charged to your card in EUR as well. Make sure that your card issuer is able to process the currency conversions.

Trading Fees

Swyftx charges 0.6% fees when buying or selling cryptocurrency.

CoinSpot charges 1.0% fees when buying or selling cryptocurrency instantly from the exchange. You can also trade on the market, where the fees are an extremely low 0.1%. Note that only around 15 popular cryptocurrencies can be traded on the market, such as BTC, ETH, ADA, XRP, DOGE, LTC. 

Kraken charges 1.5% fee per transaction when you buy or sell crypto directly from the exchange. If you trade on the market, the fees start at 0.16% for makers and 0.26% for takers. For frequent traders with a large 30-day trading volume, you can reduce your fees based on the following table.

Withdrawal Fees

Swyftx charges ZERO fees for AUD withdrawals to Australian bank accounts.

CoinSpot charges ZERO fees for AUD withdrawals to Australian bank accounts.

Kraken charges ZERO fees for AUD withdrawals to Australian bank accounts.

Winner - CoinSpot

CoinSpot has fee-free fiat withdrawals and several free fiat deposit methods. The trading fee on the market is the lowest, at 0.1%, 

making it the winner for this section on fees.

Swyftx vs CoinSpot vs Kraken Deposit Methods

Swyftx supports direct deposit, PayID, POLi, credit card, debit card and cryptocurrency deposits.

CoinSpot supports direct deposit, PayID, POLi, BPAY, cash and cryptocurrency deposits.

Kraken supports bank transfer/OSKO, PayID, credit card, debit card, Apple Pay, Google Pay and cryptocurrency.

Winner - Kraken

Kraken wins with plenty of deposit options including credit and debit card, which is hard to find in Australian exchanges, as well as Google Pay and Apple Pay. Ultimately though, it comes down to personal choice, and what your preferred payment method is. Note that some deposit methods incur fees.

Swyftx vs CoinSpot vs Kraken Features 

Each of these three crypto exchanges have loads of features that make them a worthwhile choice, but I cannot write about all of them here. Instead I will mention a few features that make each platform unique, and if you want to find out more, you can read the full reviews here: Swyftx review, CoinSpot review and Kraken review.

Swyftx has a unique demo mode that is not found on any other Australian crypto exchange. With free virtual money provided, newcomers to the crypto game can practise trading without risking any of their own money. It is a really useful tool that I'm surprised has not been adopted by more platforms. It is easy to access the demo mode from your Swyftx account, using a simple toggle switch.

Swyftx offers staking on 20 coins which means you can earn interest on your cryptocurrency while you invest for the long term. Increasing your crypto holdings without having to spend any more money is something that any user would enjoy.

Swyftx has a simple easy-to-use interface, with a new modern design, and a customisable Dashboard. You can personalise this to display only the info you find useful, and in any order you want.

CoinSpot is very popular because of its huge collection of over 370+ altcoins. If you want to invest in smaller coins that are not commonly purchased by everyone else, then CoinSpot is a great exchange for you. It will be easy for you to find some coins that you are interested in trading with such a wide variety to choose from.

CoinSpot also offers staking on 21 coins, where you can safely store your crypto in CoinSpot, and earn interest on them, essentially earning a passive income on your coins. This is an excellent option for those that plan to hold their coins as a long-term investment.

CoinSpot's NFT marketplace is a welcome addition to the beginner-friendly platform. Not only can you find many popular NFT collections, such as Bored Ape Yacht Club, but you can also pay for your art using any cryptocurrency you like. There is no need to go through the hassle of converting from one crypto to another just to make a simple purchase.

CoinSpot has a convenient and useful feature called CoinSpot Bundles which is great for diversifying your portfolio. Users can purchase a variety of coins in a single transaction, spreading out risk, lowering fees, and affixing an average cost to several cryptocurrencies. One of the most popular Bundles is the 'Top Ten Market Cap' which is self-explanatory - the top ten biggest cryptos based on market capitalisation. This is a useful Bundle because it encompasses coins that most investors would buy anyway, including BTC, ETH, BNB, ADA and spreads out risk to reduce volatility. These are the CoinSpot Bundles you can currently purchase.

Kraken offers staking on their exchange, which is a method of growing your crypto holdings while you invest, similar to how you earn interest in a bank. Kraken even supports staking of fiat currencies, which is unique and not found on other crypto exchanges. You can stake any of the following assets to earn staking rewards (paid twice weekly) and grow them further by compounding those future rewards.

Kraken is great for experienced traders who want to margin trade and trade futures. Margin trading on Kraken allows users to go long or go short on a variety of coins with up to 5x leverage, only 0.02% fees to open a position, and low rollover fees (maximum 0.02% per 4 hours). To find out more information about margin trading on Kraken, click here.

Kraken offers access to regulated futures products, and they are dedicated to providing a dependable and diverse solution for cryptocurrency futures trading around the world. They currently offer Ethereum, Litecoin, Bitcoin Cash, Ripple and Bitcoin futures, with up to 50x leverage. Click here to find out more.

Winner - CoinSpot

CoinSpot wins when it comes to features. It is user-friendly, has Live Chat support, a simple interface, 370+ coins, crypto staking on 21 coins, and NFT marketplace.

Swyftx vs CoinSpot vs Kraken Security

Swyftx, CoinSpot and Kraken are all safe and trustworthy crypto exchanges. They employ multi-layered security measures to ensure users' assets are protected and are all registered with AUSTRAC, meeting strict AML/KYC obligations.

Having said that, CoinSpot is the standout for security, as the most trusted and secure crypto exchange in Australia. It is the only Aussie crypto exchange with the ISO 27001 certification for information security, undergoing an external audit by SCI Qual International (an accredited JAS-ANZ certification body).

Winner - CoinSpot

CoinSpot is the most trusted and secure Australian cryptocurrency exchange, storing most of its assets in offline cold storage, and holding the ISO 27001 certification.

Verdict - CoinSpot

Swyftx, CoinSpot and Kraken are all great crypto exchanges with their own benefits, but CoinSpot wins this comparison. It offers access to 370+ coins, staking on 21 coins, NFT marketplace, and the highest levels of security of any Australian crypto exchange.

Following closely behind CoinSpot is Swyftx - with over 320+ cryptocurrencies, low instant buy/sell fees of 0.6%, and $20 free Bitcoin sign-up bonus. Kraken comes third, but not because it is a poor exchange, by any means. Kraken is feature-rich with crypto staking, margin trading, forex trading and futures which are not found on the other two platforms. However, as a US-based exchange, it does not perform as well in Australia, with restricted access to only 19 different cryptocurrencies.

Overall Winner - CoinSpot

370+ coins, staking on 21 cryptocurrencies, low market trading fees, highest levels of security, and Live Chat means CoinSpot wins this comparison.

Still Researching?

Are you still undecided on which exchange is the best for you, or maybe you want to find some alternative options? You can read my in-depth reviews of Swyftx (here), CoinSpot (here) or Kraken (here) or look at my detailed comparison of the best crypto exchanges that many Aussie users find helpful. Here is a quick comparison table to help you view the most important information at a glance.

Comparison Table of the Best Crypto Exchanges in Australia

Bybit
CoinSpot
Swyftx
Binance
MEXC
Crypto Exchange
Crypto Exchange
Bybit
CoinSpot
Swyftx
Binance
MEXC
Fiat Currencies
Fiat Currencies
AUD, USD, GBP, EUR, NZD & more
AUD
AUD, NZD
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, LTC, XRP, EOS & 220+ more
BTC, ETH, LTC, XRP, BCH, ADA & 370+ more
BTC, BTG, BCH, ADA, ETH, ETC & 320+ more
BTC, ETH, BNB, XRP, LTC, BCH, XLM & 600+ more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
Deposit Methods
Deposit Methods
Visa/Mastercard, Apple Pay, Google Pay, PayID, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
PayID/OSKO, Debit/Credit card, SWIFT, Bank transfer (SEPA), Bank transfer (ACH), Cryptocurrency
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Trading Fees
Trading Fees
0% for spot, 0.01%/0.06% for derivatives
Market order: 0.1%, Instant buy: 1%
0.6%
0.1% (0.075% if you pay with BNB)
0.2% for spot, 0.02%/0.06% for futures

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