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 CoinSpot as it is an extremely trusted and secure platform, has lower market trading fees of 0.1%, staking on 22 coins, and an NFT marketplace. Have a read of our article so you can make up your own mind; maybe Swyftx is more suited to your specific needs.
Comparison Table
Header |  |  |
|---|---|---|
Coins | 360+ | 320+ |
Trading Fee | Market: 0.1%, Instant buy: 1% | 0.6% |
Average Spread | 1.13% | 0.50% |
Deposit Fee | Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5% | Free |
Withdraw Fee | Free | Free |
Payment Methods | Bank transfer, OSKO, BPAY, POLi, PayID, Cash Deposit | Bank transfer, POLi, Credit/Debit card, OSKO, PayID |
Features | - Live Chat support - Most trusted and secure exchange in Australia - Staking on 22 coins - NFT marketplace | - Live Chat support - Demo mode to practise trading with free play money - Staking on 20 coins |
Cell |
Header | | |
|---|---|---|
Coins | 360+ | 320+ |
Trading Fee | Market: 0.1%, Instant buy: 1% | 0.6% |
Average Spread | 1.13% | 0.50% |
Deposit Fee | Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5% | Free |
Withdraw Fee | Free | Free |
Payment Methods | Bank transfer, OSKO, BPAY, POLi, PayID, Cash Deposit | Bank transfer, POLi, Credit/Debit card, OSKO, PayID |
Features | - Live Chat support - Most trusted and secure exchange in Australia - Staking on 22 coins - NFT marketplace | - Live Chat support - Demo mode to practise trading with free play money - Staking on 20 coins |
Cell |
Pros & Cons: CoinSpot
Pros & Cons: 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 AUD 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: Tie
CoinSpot and Swyftx both offer some free fiat deposit and withdrawal options. When it comes to trading fees, CoinSpot has lower market trading fees of 0.1%, and instant buy/sell fees of 1%, while Swyftx charges 0.6% on all trades. Depending on which method of trading you prefer, will influence the fees you pay, and hence which crypto exchange you choose.
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 on instant trades.
Number of Coins
Swyftx has a large range of over 320+ cryptocurrencies.
CoinSpot has over 360+ different cryptocurrencies on offer.
Number of Coins Winner: CoinSpot
Although Swyftx has a wide number of coins, CoinSpot has more, offering over 360+ different cryptocurrencies.
Features
Swyftx is built with beginners in mind, and it is very easy to use, with instant buys and sells, access from mobile app 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 20 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. Staking is available on 22 coins on CoinSpot, and there is even an NFT marketplace which you can use to purchase thousands of NFTs, using any cryptocurrency you like.
Features Winner: CoinSpot
CoinSpot and Swyftx have very similar features, but CoinSpot wins as it has a few additional ones, such as an NFT marketplace, and staking on 22 coins.
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 offers multiple customisable 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. CoinSpot has been around since 2013, and has over 2.5 million customers, a testament to its security and trustworthiness.
Overall Winner
Swyftx and CoinSpot are very similar in many respects, but CoinSpot outperforms in a few ways. Firstly, CoinSpot is Australia's largest crypto exchange, and has been around since 2013. It is registered with ASIC, regulated by AUSTRAC, is a certified member of Blockchain Australia, and holds ISO 27001 certification, making it the most audited exchange in Australia. This gives users peace of mind that they can trust safely, without fear of losing their funds.
CoinSpot offers a huge range of 360+ coins, and staking on 22 of them, so you can earn interest on your crypto as you invest. They also offer an NFT marketplace for those that are interested in investing in digital art.
If you are still unsure about which exchange you prefer, you can read our full 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.
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