Swyftx vs CoinSpot

Swyftx vs CoinSpot

Daniel Chan

August 4, 2021

Cryptocurrency

Swyftx and CoinSpot are two of the best crypto exchanges available in Australia. With so many reviews online, it can be hard to determine which one you should use. I have compared these two directly against each other to make it easy for you to decide. Swyftx is the clear winner in my eyes, with lower fees, lower spreads, a demo mode, and $20 free Bitcoin when you sign up.

Cell

Fiat Currencies

AUD

AUD

Number of Coins

270+

290+

Buy/Sell Fees

0.6%

1%

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

270+

290+

Buy/Sell Fees

0.6%

1%

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
  • Lower fees
  • Lower spread
  • Credit and debit card deposits supported
  • Demo mode available
  • $20 free BTC bonus
Cons
  • No BPAY deposits
  • No cash deposits
Pros
  • Most trusted and secure exchange in Australia
  • ISO 27001 certified
  • Offline cold storage of assets
  • BPAY deposits supported
Cons
  • Higher fees of 1%
  • Higher spreads
  • No demo mode

Swyftx vs CoinSpot Fees

I have summarised the various fees for Swyftx and CoinSpot for you below. Remember also that you have to look at the spread (some investors and traders forget), which is the difference between the buy and sell price of cryptocurrencies. To compare fees and spread, I conducted a test of Swyftx, CoinSpot and two other Aussie crypto exchanges (Digital Surge and Independent Reserve) using my personal accounts. Swyftx came out above CoinSpot; you can read my test and results by clicking here.

Deposit Fees

Swyftx charges ZERO fees on AUD deposits.

CoinSpot charges ZERO fees on AUD deposits using 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 buying or selling cryptocurrency.

Withdrawal Fees

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

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

Winner - Swyftx

With zero deposit & withdrawal fees, and only 0.6% trading fees, Swyftx is the clear winner.

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 - Swyftx

Swyftx offers credit & debit card deposits, whilst CoinSpot offers BPAY and cash deposits. Swyftx wins, as more users would value using a credit card rather than BPAY or cash deposit.

Swyftx vs CoinSpot Features 

I am not going into detail about all the features that Swyftx and CoinSpot have. I will highlight the features that set them apart from each other. If you are interested in reading about all the features, see my articles - Swyftx review and CoinSpot review.

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. 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 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. 

CoinSpot is well-known for having an extensive collection of cryptocurrencies, with over 290+ 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.

Both Swyftx and CoinSpot have Live Chat customer support, which I personally think is a very valuable feature. Most Aussie crypto exchanges don't have it, and when you need help with an issue, it becomes a headache.

Winner - Swyftx

Swyftx's demo mode makes it the standout choice between these two platforms. It is so useful for newbies to practise before investing real money.

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 with since it is the most audited exchange; in fact 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.

Winner - CoinSpot

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

Verdict - Swyftx

Swyftx and CoinSpot are both legitimate and safe exchanges, and they are among the best that Australia offers & 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 Swyftx due to the lower fees and spreads (meaning you can spend more of your hard-earned dollars on crypto) and the unique demo mode, to ease you into the whole process. The free $20 of BTC that you receive when you sign up with this link is just an additional advantage that makes it a clear winner.

Overall Winner - Swyftx

Lower fees, lower spreads, demo mode and free $20 BTC for new users makes Swyftx the overall winner in this comparison.

Still Researching?

If you still want to find out more information, or you want to compare alternatives to Swyftx and CoinSpot, 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 included a quick comparison table below, that you can take a look at. 

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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