Swyftx vs CoinSpot

Dominic Harper // January 5 // 0 Comments

If you're an Aussie looking for a cryptocurrency exchange, you have surely heard of the two big players - Swyftx and CoinSpot. They are two of the best crypto exchanges in Australia and deservedly so. But how do you decide which one to choose out of the two?

My recommendation is Swyftx as it has lower fees, staking, and a demo mode. Have a read of our article so you can make up your own mind; maybe CoinSpot is more suited to your specific needs.

Comparison Table

Header

Coins

280+

330+

Trading Fee

0.6%

Market: 0.1%, Instant buy: 1% 

Average Spread

0.50%

1.13%

Deposit Fee

Free

Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5%

Withdraw Fee

Free

Free

Payment Methods

Bank transfer, POLi, Credit/Debit card, OSKO, PayID

Bank transfer, OSKO, BPAY, POLi, PayID, Cash Deposit

Features

- Live Chat support

- Demo mode to practise trading with free play money

- Live Chat support

- Most trusted and secure exchange in Australia

Cell
Header

Coins

280+

330+

Trading Fee

0.6%

Market: 0.1%, Instant buy: 1% 

Average Spread

0.50%

1.13%

Deposit Fee

Free

Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5%

Withdraw Fee

Free

Free

Payment Methods

Bank transfer, POLi, Credit/Debit card, OSKO, PayID

Bank transfer, OSKO, BPAY, POLi, PayID, Cash Deposit

Features

- Live Chat support

- Demo mode to practise trading with free play money

- Live Chat support

- Most trusted and secure exchange in Australia

Cell

Pros & Cons: Swyftx

  • P R O S
  • Demo mode so you can practise trading with free play money
  • Over 280+ different coins supported
  • Staking available so you can earn interest on your cryptocurrency
  • Live Chat customer support
  • C O N S
  • Not as many cryptocurrencies as CoinSpot

Pros & Cons: CoinSpot

  • P R O S
  • Most secure and audited exchange in Australia
  • Over 330+ cryptocurrencies supported
  • Live Chat customer support
  • Can access market trades on 14 coins with fees of only 0.1%
  • C O N S
  • No staking available
  • Higher fees than Swyftx

Fees

Swyftx does not charge a fee for deposits and withdrawals, and their trading fees are 0.6%.

CoinSpot doesn't have any withdrawal fees. When you deposit with CoinSpot, there are several fee-free options, which are Bank transfer, POLi, PayID and OSKO. If you opt to use BPAY there is a fee of 0.9% and for cash deposits, the fee is 2.5%. When you buy or sell crypto instantly, the transaction fee is 1%. If you are trading on the market, the fee is only 0.1% but you can only trade 15 coins on the market.

Fees Winner: Swyftx

Swyftx has free deposits and withdrawals on all payment methods, and has lower trading fees of 0.6%.

Spread

If you are new to crypto you may not understand the term 'spread'. Everyone knows to check for the trading fees, but the spread is just as, if not more important. Spread is the difference between the buy price and the sell price for a particular cryptocurrency. If the spread is wide, even if you buy and sell the same coin instantly, with 0% transaction fee, you are losing money on that trade.

Based on a trusted real-world test on lowest fees and spreads, conducted by Australia's leading crypto exchange review site, Swyftx has an average fee (including spread) of 1.1%, whereas CoinSpot's average fee (including spread) is 2.13%, almost double.

Spread Winner: Swyftx

Swyftx has much lower spreads than CoinSpot, according to a real test. When you combine the fees and spread together, CoinSpot charges almost twice as much as Swyftx.

Number of Coins

Swyftx has a large range of over 280+ cryptocurrencies.

CoinSpot has over 330+ different cryptocurrencies on offer.

Number of Coins Winner: CoinSpot

Although Swyftx has a wide number of coins, CoinSpot has 50 more, offering over 330+ different cryptocurrencies.

Features

Swyftx is built with beginners in mind, and it is very easy to use, with instant buys and sells, access from phone or computer, Live Chat support team, and a useful demo mode. The demo mode is especially useful for those that are worried about committing money into crypto and making a mistake. With the demo feature, you can use free virtual money to test out some trades and see how they work for you, before using your real money. Swyftx also offers staking on 12 different coins, so you can earn interest on them from within your account.

CoinSpot is also a very beginner-friendly crypto exchange, with the intuitive instant buy and instant sell feature. You can also easily swap from one coin to another, and you can access your account from a computer or a mobile device. Live Chat customer support is also available if you encounter any issues with your account.

Features Winner: Swyftx

Swyftx has a demo account where you can test out buying and selling coins with virtual money so you learn what to do before investing your real money. The addition of staking on Swyftx means you can now earn interest on some coins while you invest.

Security

Swyftx is a legitimate and safe cryptocurrency exchange that employs various security measures to protect users' data and assets. This includes biometric authentication, 2FA  (Two-Factor Authentication), KYC verification, consultation with 3rd party security auditors and conducting external penetration testing.

CoinSpot is known as the most secure and audited crypto exchange in Australia, registered with AUSTRAC, a certified member of Blockchain Australia, and awarded the ISO 27001 certification. CoinSpot uses multiple security measures to ensure their customers' funds are secure. CoinSpot utilises 2FA, custom withdrawal restrictions, anti-phishing phrases, geo-lock logins, session timeout settings and offline cold storage of the majority of their digital assets.

Security Winner: CoinSpot

CoinSpot is the most secure and audited Australian crypto exchange, and is the only one to hold ISO 27001 certification.

Overall Winner

Swyftx and CoinSpot are very similar in many respects, but Swyftx outperforms in a few ways. Firstly, Swyftx has lower trading fees of 0.6% vs CoinSpot's 1%. Secondly, Swyftx offers a demo account which is a very valuable tool for beginners, because they can practise without risking their money. Finally, Swyftx now offers staking on 12 coins, so users can earn passive income as they hold their cryptocurrency.

If you are still unsure about which exchange you prefer, you can read their reviews here (Swyftx and CoinSpot), or you can also take a look at this useful article about the best crypto exchanges for  Australians. I have also included a small table below, where you can compare some of the top exchanges.

Digital Surge
Swyftx
CoinSpot
eToro
Binance
Crypto Exchange
Crypto Exchange
Digital Surge
Swyftx
CoinSpot
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, BNB, ADA, XRP & 280+ more
BTC, BTG, BCH, ADA, ETH, ETC & 280+ more
BTC, ETH, LTC, XRP, BCH, ADA & 330+ more
BTC, ETH, BCH, XRP, LTC, ADA & 24 more
BTC, ETH, LTC, BNB, ADA, XRP & 300+ more
Deposit Methods
Deposit Methods
PayID, POLi, OSKO, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
Market order: starts from 0.5%, Instant buy: 0.5%
0.6%
Market order: 0.1%, Instant buy: 1%
Included in spread
0.1%

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About the Author: Dominic Harper

Dominic has a background in finance and is passionate about cryptocurrency, blockchain technology and NFTs. He has been investing in crypto since 2017, and is excited about the potential for innovation and creative uses for NFTs in the near future.

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