Swyftx vs CoinSpot

Swyftx vs CoinSpot

Robert McDougall

May 2, 2024

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 over 10 years' experience in the industry. Swyftx is a newer platform, established in 2018, but has quickly established itself as the 2nd largest Australian exchange, with over 630,000 users. Both sites offer a wide range of cryptocurrencies and 24/7 live chat support, packaged in a user-friendly interface.

I have used both exchanges extensively and conducted various tests to determine which is the better platform. CoinSpot is the winner in this head-to-head comparison due to its huge range of 450+ cryptocurrencies, NFT marketplace, 24/7 live chat support and $20 FREE Bitcoin when you sign up here. See how I compared CoinSpot and Swyftx across multiple criteria in this review.

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Fiat Currencies

AUD

AUD

Number of Coins

450+

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

450+

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 450+ cryptocurrencies supported
  • 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
Pros
  • Lower instant buy/sell fees and spreads
  • Free deposits regardless of which method you choose
  • Demo mode available to practise trading with no risk
  • $20 free BTC bonus when you sign up with our link
  • Earn free crypto by completing short online courses
Cons
  • No staking available
  • Higher fees of 0.6% when compared to CoinSpot's market trade fees of 0.1%

Swyftx vs CoinSpot Fees

Deposit Fees

Swyftx doesn't charge fees for deposits, no matter which payment method.

CoinSpot has free AUD deposits for PayID and Direct Deposit (via OSKO). However, if you deposit using debit or credit card, there is a fee of 1.88%, and for cash deposits the fee is 2.5%.

Trading Fees

Swyftx's trading fees are 0.6% to buy or sell cryptocurrency.

CoinSpot charges 1.0% fees when using the instant buy or sell feature. If you prefer to trade on the market, you can access lower fees of 0.1%, as well as tighter spreads. However, note that you can only trade 16 cryptocurrencies on the market.

It is important to consider the spread 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 using my personal accounts. Swyftx averaged combined fees and spreads of 1.11%, much lower than CoinSpot, at 2.13%; you can see my test method and results here.

Withdrawal Fees

Swyftx fiat withdrawals to Australian bank accounts are completely free of charge.

CoinSpot fiat withdrawals to your bank account also do not incur any fees.

For both crypto exchanges, the crypto withdrawal fee will vary depending on the coin.

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 offer a few ways to deposit money into your account. Both exchanges allow deposits to be made by Direct Deposit, PayID, debit and credit cards, and cryptocurrency. 

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

Winner - CoinSpot

Both CoinSpot and Swyftx offer a range of different deposit methods, but Coinspot has the addition of cash deposits.

Swyftx vs CoinSpot Features 

I'm not going to go into detail regarding all the features that Swyftx and CoinSpot have. Instead, I highlight a few popular features that users value the most. If you want to learn more about what each exchange offers, see my in-depth articles - Swyftx review and CoinSpot review.

CoinSpot is widely known in Australia for having an extensive variety of cryptocurrencies, with over 450+ different altcoins. I was very impressed with the diversity of coins available when I tested the exchange. The list of coins seemed endless, and there were dozens of cryptocurrencies I had never heard of before. If you are looking to invest in a little-known coin, CoinSpot is the platform to use.

CoinSpot is one of the only Australian crypto exchanges with an NFT marketplace on their platform. I had a look at their range of NFT collections, and found many popular ones such as Bored Ape Yacht Club. When you find an NFT you want to buy on CoinSpot, you can easily do so using any cryptocurrency you own. I found this extremely convenient, there was no need to convert a cryptocurrency to ETH, wasting time and fees, just to purchase an NFT. Additionally, I didn't have to go through the hassle of setting up an external wallet like MetaMask, and linking it to OpenSea. It was all possible straight from my CoinSpot account.

If you want a way to spend your crypto to purchase goods and services online or in-store, you will love using the free CoinSpot Mastercard. I tested it out, and I wrote a full review based on my experience. The card makes it super convenient to spend your own crypto, and you don't need to carry a physical card. The CoinSpot Mastercard can be added as a virtual card to Google Pay or Apple Pay.

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 simulate buying and selling cryptocurrency, based on live market prices. I think this is really useful for those that are new to crypto as well as experienced traders wanting to test out new strategies. 

Swyftx has introduced a new Learn & Earn feature, where they reward users with free crypto for completing certain short courses. For example, there is a course about Trading and Analysis which helps investors understand how to determine a cryptocurrency's value, and how to determine whether a coin is legitimate. It only took me ~15 minutes to complete the course, and after passing a simple multiple choice quiz at the end (you must score 80% or higher), I received $5 FREE Bitcoin.

This is a great addition to Swyftx's platform, and they are first and only Australian exchange with this educational offering.

Swyftx has a highly customisable Dashboard, where you can display only the 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. It is a great way to stay organised and track your portfolio and assets easily.

When it comes to tax time, Swyftx has useful tax reporting features so you can easily calculate your profit and any capital gains. I downloaded my reports to see what information is included and found it very comprehensive. All my transactions were shown in AUD, and I could narrow it down to view any time period I liked. With this data, you can easily use top crypto tax software to lodge your tax return.

Both Swyftx and CoinSpot offer 24/7 Live Chat customer support, which I consider a very valuable feature. In my years of experience in the crypto industry I noticed many large crypto exchanges don't offer live chat, which is a pain when you need a quick resolution. CoinSpot was the first Australian crypto exchange to offer 24/7 live chat support. Both CoinSpot and Swyftx fared particularly well in my test of customer support, scoring 9.75 and 9.5 out of 10 respectively. You can read about the methodology I used and the full results here.

Winner - CoinSpot

Both platforms are very similar, since they are both designed for the everyday Australian to invest in crypto. Both exchanges offer a wide range of coins and have user-friendly interfaces. However, CoinSpot stands out with its NFT marketplace and debit Mastercard.

Swyftx vs CoinSpot Security

Swyftx and CoinSpot are both highly secure platforms, each featuring several layers of security to ensure the protection of assets in your online wallet. Both exchanges are accredited by AUSTRAC and adhere strictly to their Anti-Money Laundering (AML) and Know Your Customer (KYC) verification requirements. This compliance plays a crucial role in preventing money laundering and the financing of terrorism.

Swyftx has partnered with TRM Labs for enhanced security against scams, which you can read more about here. They also hold ISO 27001 certification, with robust security measures and regular auditing.

CoinSpot distinguishes itself as a leader when it comes to secure cryptocurrency exchanges in Australia. This reputation is supported by its status as the most thoroughly audited exchange in the country. Notably, CoinSpot was the first Australian exchange to achieve ISO 27001 certification. To enhance security further, it stores the majority of its assets in offline cold storage, significantly reducing the risk of hacking. Additionally, CoinSpot offers a comprehensive range of customisable security settings to its users, 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 both legitimate and safe exchanges, and make my list of the best crypto exchanges and crypto apps in Australia. 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. I personally prefer CoinSpot due to the wide range of 450 coins, NFT marketplace, crypto debit card, and the lower market trading fees. On top of all that, if you sign up with my link, you will receive $20 worth of Bitcoin FREE!

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

Overall Winner - CoinSpot

A huge range of 450 cryptocurrencies, crypto debit card 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, click here. I have also published a complete breakdown of the best crypto exchanges which a lot of readers find useful. There is also a quick comparison table included below, to help you make your decision. 

Comparison Table of the Best Crypto Exchanges in Australia

Bybit
CoinSpot
Swyftx
Digital Surge
MEXC
Crypto Exchange
Crypto Exchange
Bybit
CoinSpot
Swyftx
Digital Surge
MEXC
Fiat Currencies
Fiat Currencies
AUD, USD, GBP, EUR, NZD & more
AUD
AUD, NZD
AUD
AUD, USD, TWD, AED, PHP, JPY, CAD, EUR & more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, LTC, XRP, EOS & 280+ more
BTC, ETH, LTC, XRP, BCH, ADA & 450+ more
BTC, BTG, BCH, ADA, ETH, ETC & 320+ more
BTC, ETH, XRP, BCH, LTC & 300+ more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
Deposit Methods
Deposit Methods
Visa/Mastercard, Apple Pay, Google Pay, PayID, Cryptocurrency
PayID, Direct Deposit, Cash, Card, Cryptocurrency
PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
PayID, POLi, 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%
0.5%
Spot: 0%, Futures: 0.0/0.01% (Maker/Taker)

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