Swyftx vs CoinSpot

Swyftx vs CoinSpot

Robert McDougall

October 5, 2022

Cryptocurrency

Swyftx and CoinSpot are two of the best crypto exchanges in Australia. CoinSpot is the most secure and trusted exchange in Australia, with ISO 27001 certification, 2.5 million users, and almost 10 years' experience in the industry. Swyftx is a newer platform, established in 2018, but has grown quickly and is now the second largest Australian exchange, with over 600,000 users. Both offer a wide range of cryptocurrencies, crypto interest options, and 24/7 live chat support, packaged in a user-friendly interface.

We have used both exchanges and conducted various tests to determine which is the better platform. CoinSpot is the winner of this comparison, with a massive range of 360+ cryptocurrencies, interest earning on 21 coins, 24/7 live chat support, and $20 FREE Bitcoin when you sign up here. Read on to see how we compared CoinSpot and Swyftx across multiple criteria.

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Fiat Currencies

AUD

AUD

Number of Coins

360+

320+

Trading Fees

Market: 0.1%, Instant trade: 1%

0.6%

Daily Deposit Limit

$100k

$100k

Deposit Methods

Cell
Cell

Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Cryptocurrency

Cash

Features

Cell
Cell

User-friendly

Mobile app

Demo mode

Live Chat

Security

Cell
Cell

2FA

Biometric security

AUSTRAC registered

ISO 27001 certified

Offline cold storage

Website

Cell

Fiat Currencies

AUD

AUD

Number of Coins

360+

320+

Trading Fees

Market: 0.1%; Instant trade: 1%

0.6%

Daily Deposit Limit

$100k

$100k

Deposit Methods

Cell
Cell

Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Crypto

Cash

Features

Cell
Cell

User-friendly

Mobile app

Demo mode

Live Chat

Security

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
  • Over 360+ cryptocurrencies supported, and earn interest on 21
  • Free $20 Bitcoin when you sign up with our link on this page
  • Only 0.1% trading fee on the market
  • NFT marketplace where you can purchase NFTs using any cryptocurrency you like
Cons
  • Higher fees of 1% for instant buy and sell
  • Higher spreads than Swyftx
  • No demo mode
Pros
  • Lower instant buy/sell fees and spreads
  • Credit and debit card deposits supported
  • Demo mode available to practise trading with no risk
  • $20 free BTC bonus when you sign up with our link
  • Earn interst on 20 coins
Cons
  • No NFT marketplace
  • Higher fees of 0.6% when compared to CoinSpot's market trade fees of 0.1%

Swyftx vs CoinSpot Fees

We have summarised the various fees for Swyftx and CoinSpot here.

Deposit Fees

Swyftx doesn't charge any fees on any deposits, regardless of payment method.

CoinSpot has free AUD deposits for POLi, PayID, or Direct Deposit (via OSKO). However, if you deposit using BPAY there is 0.9% fee, and cash deposit is 2.5% fee.

Trading Fees

Swyftx charges 0.6% fees when buying or selling cryptocurrency.

CoinSpot charges 1.0% fees when instantly buying or selling cryptocurrency. You can access lower fees of 0.1% when trading on the market, but you can only access a limited range of around 15 coins in this manner.

It is important to note that you need to take into account the spread (many investors and traders forget), which is the difference between the buy and sell price of cryptocurrencies. To compare fees and spread, we conducted a test of Swyftx, CoinSpot and two other crypto exchanges (Digital Surge and Crypto.com) using our personal accounts. Swyftx averaged combined fees and spreads of 1.11%, much lower than CoinSpot, at 2.13%; you can see my test and results by clicking here.

Withdrawal Fees

Swyftx does not charge any fees for AUD withdrawals to Australian bank accounts.

CoinSpot is also free of charge, when withdrawing AUD to your bank account.

For both exchanges, the crypto withdrawal fee depends on the coin you choose, and varies greatly.

Winner - Tie

Both exchanges offer fee-free deposit and withdrawal methods, and the real difference comes down to trading fees. CoinSpot has lower market trading fees, while Swyftx has lower instant buy/sell fees. It depends on your trading preference, to determine which fees are lower.

CoinSpot vs Swyftx Deposit Methods

Swyftx and CoinSpot both have a variety of ways to deposit funds into your account. Both exchanges allow deposits to be made by Direct Deposit, PayID, POLi and cryptocurrency. 

Swyftx supports credit and debit card deposits, which CoinSpot does not.

CoinSpot supports BPAY (0.9% fee) and cash deposits at a newsagent (2.5% fee) while Swyftx does not.

Winner - Tie

Both CoinSpot and Swyftx offer a range of different deposit methods. Which one is better for you depends on your personal preferences.

Swyftx vs CoinSpot Features 

I won't go into detail about all the features that Swyftx and CoinSpot have. Instead, I will highlight a few popular features that users value. If you are interested in reading about all the features, see our detailed articles - Swyftx review and CoinSpot review.

CoinSpot is well-known for having an extensive collection of cryptocurrencies, with over 360+ different altcoins. If you are someone that likes to diversify crypto assets beyond the standard Bitcoin and Ethereum, then CoinSpot is a reliable exchange to give you access to whichever altcoin you're looking for.

CoinSpot has also introduced crypto interest earning on their platform, and currently support 21 different coins. You can easily grow the amount of crypto you own as you HODL for the long-term on CoinSpot.

CoinSpot has included a NFT marketplace on their exchange, which includes a wide array of collections, including popular ones like Bored Ape Yacht Club. When you find an NFT you like on CoinSpot, you can easily buy it using any cryptocurrency you like. This is an extremely easy and convenient way to buy NFTs in Australia. You don't need to worry about converting your crypto to ETH, wasting time and fees, just to purchase an NFT. Additionally, there is no need to go through the hassle of setting up an external wallet like MetaMask, and linking it to OpenSea. It is all possible within your CoinSpot account.

Swyftx has a demo mode which is not found on any other Australian crypto exchange. It allows users to become comfortable with the trading platform, explore the dashboard, and even simulate buying and selling cryptocurrency, based on live market prices. This is a great tool for those that are new to crypto and afraid of making a mistake and losing their hard-earned money. 

Swyftx offers crypto interest on 20 different coins that you hold on their exchange. This means you receive rewards on the coins that are held there, similar to earning interest on your AUD that you leave in a bank account. There are currently 20 different coins that you can earn interest on, with the hope of introducing more in the future.

Swyftx also has options to customise the Dashboard to only display information you find valuable. You can even select the order of how it is displayed, so it is set up to suit your personal needs. 

Both Swyftx and CoinSpot offer 24/7 Live Chat customer support, which I personally think is a very valuable feature. Many big cryptocurrency exchanges don't offer this service, and when you need help with an issue, it becomes a headache. CoinSpot was the first Australian crypto exchange to offer 24/7 live chat support.

Winner - CoinSpot

Both platforms are very similar, as they are both built for the everyday Australian to get involved with crypto. Both exchanges have staking, a wide range of coins, and user-friendly interfaces. CoinSpot stands out with an NFT marketplace, and 24/7 live chat support.

Swyftx vs CoinSpot Security

Swyftx and CoinSpot are both extremely safe platforms. They both have multiple layers of security and a range of measures to keep the assets in your online wallet protected. Both exchanges are registered with AUSTRAC, and fulfil all their AML/KYC verification obligations to protect against money laundering and financing of terrorism.

In saying that, CoinSpot really shines when it comes to security, and it proudly boasts that it's the most trusted and secure Aussie crypto exchange. It is able to back this up since it is the most audited exchange; in fact it's the only one in Australia to have the ISO 27001 certification. It also stores the majority of its assets in offline cold storage, to protect from being stolen, and even has customisable security settings, as follows:

- Two Factor Authentication (2FA)

- SMS Security Token

- Session Timeout

- Anti-Phishing Phrase

- Disable Withdrawals

- Geo-lock logins

- Phone verification

Winner - CoinSpot

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

Verdict - CoinSpot

CoinSpot and Swyftx are legitimate and safe exchanges, the best that Australia offers, and both were listed on our top Australian crypto apps list. You can't go wrong with either of them, as they both have great features and advantages. It comes down to personal choice, and what suits your needs. But for me, I personally prefer CoinSpot due to the wide range of 360 coins, crypto interest on 21 coins, 24/7 live chat, and the lower market trading fees. On top of all that, if you sign up with our link, you also receive $20 worth of Bitcoin FREE!

If you decide you would prefer to trade on Swyftx, be sure to sign up with our unique link (here) to claim your FREE $20 BTC.

Overall Winner - CoinSpot

A huge range of 360 cryptocurrencies, staking on 21 coins, and the highest levels of trust and security make CoinSpot the overall winner in this comparison.

Still Researching?

If you still want to find out more information, or you want to compare alternatives to CoinSpot and Swyftx, I can point you in the right direction. For my detailed reviews on Swyftx, read here, and CoinSpot, read here. I also have written a complete breakdown of the best crypto exchanges which a lot of readers find useful. I have also included a quick comparison table below, that you can take a look at. 

Comparison Table of the Best Crypto Exchanges in Australia

Bybit
CoinSpot
Swyftx
Crypto.com
MEXC
Crypto Exchange
Crypto Exchange
Bybit
CoinSpot
Swyftx
Crypto.com
MEXC
Fiat Currencies
Fiat Currencies
AUD, USD, GBP, EUR, NZD & more
AUD
AUD, NZD
AUD, USD, CAD, CHF, EUR, GBP, NZD, SGD, JPY & 10+ 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 & 360+ more
BTC, BTG, BCH, ADA, ETH, ETC & 320+ more
BTC, ETH, LTC, XRP, CRO, ADA & 250+ 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
Bank Transfer, PayID, BPAY, Credit/Debit card, Cryptocurrency
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Trading Fees
Trading Fees
0.1% for spot, 0.01%/0.06% for derivatives
Market order: 0.1%, Instant buy: 1%
0.6%
Included in spread
0.2%

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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