Swyftx vs CoinSpot

Swyftx vs CoinSpot

Daniel Chan

May 17, 2022

Cryptocurrency

Swyftx and CoinSpot are two of the best crypto exchanges available in Australia, and the most popular. With so many reviews online, it can be hard to decide which one you should use. I have conducted tests on both these platforms, and I can confidently give you my expert opinion after comparing them directly against each other. CoinSpot is the clear winner in my eyes, with a huge range of 360+ cryptocurrencies, staking on 22 coins, over 2.5 million users, and the highest levels of security and trust in Australia. Read on to find out how I determined the winner.

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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

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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
  • Staking on 22 coins
  • 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
  • Staking available on 21 coins, to earn extra crypto
Cons
  • No NFT marketplace
  • Higher fees of 0.6% when compared to CoinSpot's market trade fees of 0.1%

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 crypto exchanges (Digital Surge and Crypto.com) using my personal accounts. Swyftx had combined fees and spreads of 1.11%, much lower than CoinSpot's combined fees and spread of 2.13%; you can see my test and results by clicking here.

Deposit Fees

Swyftx charges ZERO fees on all 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 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.

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 - Tie

Both exchanges offer some free AUD deposit and withdrawal methods. CoinSpot has lower market trading fees of 0.1%, and instant trades of 1%, whereas Swyftx has a flat 0.6% on trades. This comes down to your personal preference and which way you intend on trading crypto.

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 am not going into detail about all the features that Swyftx and CoinSpot have. I will highlight a few popular features that users value. If you are interested in reading about all the features, see these 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 staking on their platform, and currently support 22 different coins. You can easily grow the amount of crypto you own when you stake on CoinSpot, with compounded staking accessible with a single click.

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. 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 staking on coins that you hold on their exchange. This means you earn rewards on the coins that are staked, similar to earning interest on your fiat currency that is held in a bank account. There are currently 21 different coins that Swyftx accepts for staking, 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 have Live Chat customer support, which I personally think is a very valuable feature. Most big cryptocurrency exchanges don't have it, and when you need help with an issue, it becomes a headache.

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, live chat support and user-friendly interfaces. CoinSpot stands out as it includes a NFT marketplace which is extremely user-friendly.

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.

Winner - CoinSpot

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

Verdict - CoinSpot

CoinSpot and Swyftx 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 CoinSpot due to the wide range of 360 coins, staking on 22 coins, and the peace of mind that comes with Australia's largest and most secure crypto exchange, that has been around since 2013.

Overall Winner - CoinSpot

A huge range of 360 cryptocurrencies, staking on 22 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 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

CoinSpot
Swyftx
Digital Surge
eToro
Binance
Crypto Exchange
Crypto Exchange
CoinSpot
Swyftx
Digital Surge
eToro
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD, NZD
AUD
AUD, USD, GBP, EUR & 11 more
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, LTC, XRP, BCH, ADA & 360+ more
BTC, BTG, BCH, ADA, ETH, ETC & 310+ more
BTC, BTG, BNB, ADA, XRP & 300+ more
BTC, ETH, BCH, XRP, LTC, ADA & 50 more
BTC, ETH, LTC, BNB, ADA, XRP & 600+ more
Deposit Methods
Deposit Methods
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
PayID, POLi, OSKO, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
Market order: 0.1%, Instant buy: 1%
0.6%
0.5%
1%
0.1%

Crypto assets are unregulated & highly speculative.  No consumer protection.  Capital at risk.

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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