Swyftx vs CoinSpot vs Kraken

Swyftx vs CoinSpot vs Kraken

Daniel Chan

October 1, 2021

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. Swyftx comes first, with lower fees, lower spreads, a demo mode, and $20 free Bitcoin when you sign up. In second place is CoinSpot, with a huge range of over 290+ cryptocurrencies, the highest levels of security and auditing, and low trading fees of 0.1% on the market. Kraken is an excellent platform with features such as crypto staking and margin trading which are not found on the other two exchanges. However, it is much more suited for the US market, because in Australia Kraken is limited to only 16 different coins.

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Fiat Currencies

AUD

AUD

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

Number of Coins

270+

290+

16

Buy/Sell Fees

0.6%

1%

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

270+

290+

16

Buy/Sell Fees

0.6%

1%

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
  • Lowest buy/sell fees at 0.6%
  • Lower spreads
  • Fee-free deposit methods including debit/credit cards
  • Demo mode available
  • $20 free BTC bonus
Cons
  • AUD is the only fiat currency supported
Pros
  • Most trusted and secure exchange in Australia
  • ISO 27001 certified
  • Huge range of over 290+ cryptocurrencies
  • Low trading fees of only 0.1% on the market
  • BPAY deposits supported
Cons
  • Instant buy/sell fees of 1% are higher than Swyftx (0.6%)
  • Higher spreads than Swyftx
  • No demo mode
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 16 cryptocurrencies available to buy/sell with AUD
  • No demo mode

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 14 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 - Swyftx

With fee-free deposits & withdrawals, and only 0.6% for buying and selling crypto, Swyftx has the lowest fee structure. It is possible to access 0.1% fees for 14 coins on the CoinSpot market, but for the majority of coins, you will need to pay the 1% fee. With Kraken you can access coins on the market for 0.16% / 0.26% fees, but their instant buy/sell fees are extremely high at 1.5%.

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 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 290+ 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 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 - Kraken

Kraken is the most feature-rich out of these three exchanges. It has options for more serious traders, such as margin trading, futures trading, forex trading and advanced charts, but is also great for beginners. It is user-friendly, with Live Chat support, a simple interface and offers crypto staking.

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 - Swyftx

Swyftx, CoinSpot and Kraken are all great crypto exchanges with their own benefits, but Swyftx wins this comparison with its lower fees and spreads, a useful demo mode to practise trading, and $20 free Bitcoin as a sign up bonus. Following closely behind Swyftx is the most secure exchange - CoinSpot - with over 290+ cryptocurrencies and low trading fees of 0.1% on the market. 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 16 different cryptocurrencies.

Overall Winner - Swyftx

Lower fees and spreads, demo mode, Live Chat and free $20 BTC mean Swyftx 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

Swyftx
CoinSpot
Digital Surge
eToro
Binance
Crypto Exchange
Crypto Exchange
Swyftx
CoinSpot
Digital Surge
eToro
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD
AUD
AUD, USD, GBP, EUR & 11 more
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, BTG, BCH, ADA, ETH, ETC & 270+ more
BTC, ETH, LTC, XRP, BCH, ADA & 300+ more
BTC, ETH, BNB, ADA, XRP & 270+ more
BTC, ETH, BCH, XRP, LTC, ADA & 24 more
BTC, ETH, LTC, BNB, ADA, XRP & 300+ more
Deposit Methods
Deposit Methods
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
PayID, POLi, OSKO, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
0.6%
Market order: 0.1%, Instant buy: 1%
Market order: starts from 0.5%, Instant buy: 0.5%
Included in spreads
0.1%

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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