If you’re in the crypto space, you have undoubtedly heard of CoinSpot as one of the best cryptocurrency exchanges in Australia. Meanwhile, Swyftx and Binance are two less popular platforms with Aussie investors. But which crypto exchange is the best?
CoinSpot surpasses Swyftx and Binance as a superior choice for Australian crypto investors and those looking for a highly secure exchange platform. CoinSpot has established a reputation for its intuitive user interface and mobile application, 360+ cryptocurrencies, deposit methods, 24/7 customer support, staking services, NFT marketplace, and security measures.
CoinSpot vs Swyftx vs Binance Comparison Table
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| Coins | 360+ | 320+ | 600+ |
| Trading Fee | Market: 0.1%; Instant buy: 1% | 0.6% | 0.1% |
| Deposits Fee | BPAY: 0.9%, Cash: 2.5% Free POLi, PayID, Bank Deposit | Free bank transfer, OSKO, POLi payment, PayID | Free, but it only supports OSKO and PayID |
| Withdraw Fee | Free | Free | Free |
| Payment Options | Bank transfer, BPAY, POLi, OSKO, PayID, Cash deposit | Bank transfer, Credit/Debit card, POLi, PayID, OSKO | PayID, OSKO |
| Daily Deposit Limit | No limit after full verification | $50k | $10k |
| Security | 2FA, Offline cold storage, Biometric security, AUSTRAC registered, Blockchain Australia certified, ISO 27001 certified | 2FA, AUSTRAC registered, Biometric security | 2FA, AUSTRAC registered, Offline cold storage, ISO 27001 certified |
| Customer support | Live Chat (no bots), request-a-call feature, Support Help Desk, 24/7 available | Robot chat with human support, only available for complex issues | No customer support. The support team is hard to reach via email or live chat. Only bots that direct users to online articles. |
| Website | www.coinspot.com.au | www.swyftx.com.au | www.binance.com |
CoinSpot vs Swyftx vs Binance: Pros & Cons
Pros & Cons: CoinSpot
Pros
A greater variety of cryptocurrencies (360+) than any other Australian exchange.
Diverse deposit methods in AUD, including POLi, BPAY, PayID, and cash via BlueShyft.
24/7 live chat assistance, a timely and experienced expert support team, and a new request-a-call function for users to schedule a conversation with support personnel.
CoinSpot’s NFT marketplace streamlines the purchasing and selling of NFTs by allowing customers to use any listed currency to buy NFTs.
Simple-to-use staking mechanism that needs NO LOCK-IN PERIOD FOR STAKED COINS and pays staking rewards directly to users’ accounts.
CoinSpot’s over-the-counter (OTC) trading platform with a low 0.1% charge and no hidden expenses for big deals.
A highly secure cryptocurrency exchange in Australia that is both AUSTRAC-regulated and ISO-certified.
Cons
Only fiat currency deposits and withdrawals in AUD are supported.
There are no advanced trading markets, such as derivatives.
Lower deposit limits for accounts that are not fully verified
Pros & Cons: Swyftx
Pros
Quick identification verification process
AUD can be deposited through bank transfer, PayID, POLi, or credit/debit card.
Demo mode is provided for users to practice trading.
A user-friendly mobile app for novice users.
Cons
The user interface is so complicated, so it’s not easy for users to navigate, especially for novice investors
Customer support’s response is not timely and often extremely slow due to its large customer base
Lack of advanced features such as margin, derivatives or Futures markets
Lack of security certifications and trust
The overall value for money can be diminished due to the AUD/USD conversion fees after the fee-free period.
Pros & Cons: Binance
Pros
The world’s biggest cryptocurrency exchange, supporting over 600 coins.
Offering some advanced trading options such as margin, stock token, futures, etc..
Providing unique privileges to BNB traders, with lower trading costs and launchpad investing eligibility.
Cons
Complicated platform for novice investors, despite Binance’s Lite Mode software for inexperienced investors
For AUD deposits, Binance only accepts PayID and Osko.
Several of their tokens require users to lock staked assets for 30 days, and the platform is not perfectly appropriate for staking.
No demo account accessible for all users, except for the Binance Futures platform.
No live chat customer support, making it difficult to contact the support personnel.
Issues with isolated and cross-margin trading with users reporting wrong liquidations
Potential security risk as Binance was hacked in 2019.
CoinSpot vs Swyftx vs Binance: Customer Support
Customer service is essential when evaluating a crypto exchange platform. Many exchanges obtain negative evaluations on Trustpilot due to their inability to respond to clients’ inquiries. If you choose to invest with CoinSpot, you will never experience this issue.
CoinSpot Customer Support
CoinSpot’s Live Chat feature allows you to contact customer support promptly, 24/7. When you run into any problems, you can contact the support staff, who are very professional, attentive, and knowledgeable in resolving your issues.
In addition to CoinSpot’s Live Chat, you can feel free to message their Help Desk. The support team will contact you and assist you in resolving your issues, typically within 24 hours.
CoinSpot also has a comprehensive information centre with informative guides and tutorials for beginners and a FAQ section to assist new investors in trading Bitcoin and other digital assets.
It’s also worth mentioning that unlike Swyftx vs Binance, CoinSpot always has specialised support staff available on numerous sites such as Reddit, Quora and Trustpilot to assist users with any inquiries. It is easy to find thousands of good evaluations regarding their professionalism on Trustpilot.
Swyftx Customer Support
Swyftx primarily employs robots rather than humans for customer support. This is indeed infuriating when you want timely assistance, as you are constantly in a chat loop with a robot instead of speaking to an actual human. It’s frustrating to wait hours or even days for an email answer to talk with a human about an urgent issue, especially if you are a novice investor.
Unlike CoinSpot’s 24/7 live chat, which connects you with a genuine support team, Swyftx’s live chat is promptly started by automated bots that respond to common questions. As reported in our Swyftx review, the help of automatic bots is such a nuisance since the bots are incapable of handling diverse and complex problems faced by users.
Binance Customer Support
Binance’s customer support options include sending a ticket, chatting with a representative, or contacting the firm through Twitter (@BinanceHelpDesk).
Binance has an average rating of merely two stars out of five on Trustpilot, based on over 2,000 reviews. Numerous concerns centre on lousy customer service and difficulties with cash withdrawals. Their customer assistance is entirely automated, and customers are directed to web pages, which is unpleasant for even experienced customers having a particular query about their accounts.
It’s also worth mentioning that Many Binance users complained about being unable to reach the company’s assistance after lodging a complaint. Another user detailed an unpleasant interaction with customer support, in which he was left dangling for hours between talks.
Winner: CoinSpot
CoinSpot easily outperforms Swyftx and Binance in terms of customer service, offering a variety of support options for consumers, which explains why CoinSpot has acquired the confidence of a sizable user base.
CoinSpot vs Swyftx vs Binance: Security
You need merely Google the term “cryptocurrency hack” to see many cases of individuals having their cryptocurrencies stolen over the previous decades. With horror tales like the Mt Gox fiasco still scarring the minds of even seasoned investors, it’s essential to take the security measures of these exchanges into account.
CoinSpot Security Features
CoinSpot is the only Australia-based exchange that has been certified to ISO 27001 standards. It complies with all strict standards of the International Organisation for Standardisation and has passed an external audit performed by SCI Qual International (an accredited JAS-ANZ certification body).
CoinSpot’s accreditation process is highly rigorous, including a thorough examination of Information Security Management systems and procedures. This includes the management of digital asset storage and data related to employees, contractors, suppliers, customers, processes, and intellectual property.
CoinSpot is absolutely unmatched in terms of security as it keeps most digital assets in safe offline locations and provides numerous configurable settings to prevent unauthorised access to users’ accounts. CoinSpot’s security measures include two-factor authentication, an anti-phishing phrase, a phone verification phrase, geo-blocking logins, disabling withdrawals, and a session timeout, giving users great peace of mind when buying, selling, holding and managing their digital assets.
Swyftx Security Features
Swyftx is an exchange platform licensed and regulated by AUSTRAC (Australian Transaction Reports and Analysis Centre). They use a two-factor authentication mechanism that requires users to provide a code generated on their registered device to sign in to the platform.
Regular penetration testing and data encryption are included in their security measures. This enables Swyftx to detect unauthorised access and safeguard your account from any questionable activity.
One of the main disadvantages of Swyftx’s security features is that it does not keep any of its assets in offline cold storage crypto wallets as CoinSpot and Binance do. This can raise great concerns among investors about the security of their cryptos in
Binance security features
On May 7th, 2019, Binance suffered a significant hack, with the exchange losing over 7000 Bitcoins. Since then, Binance has spared very few expenses on the platform’s safety and security. They now provide only basic security measures to assist customers in securing their accounts.
Regardless of security features such as IP address and device whitelisting, it is unlikely that Binance can completely guarantee against security risks given its previous breach. In other words, it is very likely that your cryptocurrency assets on the platform would be at risk.
Consumers should be aware that Binance is unregulated by financial authorities in a number of nations, including the United Kingdom and the United States. Hence, those interested in investing with regulated exchanges can opt for a safe one such as CoinSpot.
Winner: CoinSpot
CoinSpot is obviously the winner because it is a well-established exchange with a high level of security and the only Australia-based one certified to ISO 27001 standards. Its users have never encountered a security breach before.
CoinSpot vs Swyftx vs Binance: Fee Structure
Because CoinSpot fees in Australia are very reasonable and transparent, you can buy up to 15 popular coins, with major ones such as BTC, ETH, XRP, BNB and ADA. All market trade orders will incur a 0.1% fee, which is the lowest fee charged in Australia. CoinSpot guarantees that orders are filled promptly via Instant Buy/Sell and Recurring orders – all for a 1% fee. CoinSpot’s OTC (Over-The-Counter) Trading Desk, which provides quick liquidity and settlement, is also the best-rated option for high-volume traders.
Moreover, the CoinSwap feature supports a wide range of unique trading pairs unavailable on Swyftx vs Binance with a 1% fee. You only have to pay a 1% fee when using tools such as Recurring Buy, Take Profit, Stop Loss, and Limit Orders.
Swyftx’s trading costs are a flat 0.6% across all transactions, with discounts available to only big volume dealers. For swap trades, the platform charges about the same 0.6% fee for buy and sell transactions, resulting in a total of 1.2%. This is 0.2% higher than CoinSpot’s flat 1% swap fee.
Trading costs on Binance start at 0.1%, and if you pay in Binance’s native currency (BNB), you’ll get a 25% discount. You can also qualify for a fee reduction if you trade a high volume during the past 30 days of your trading activity. While consumers praise Binance’s low rates, there have been concerns regarding hidden charges when using a credit card. A Binance user said that he was charged 6.6% when using his credit card to make a transaction and called for more transparency in this area.
Winner: CoinSpot
CoinSpot allows you to instantly sell/buy any of CoinSpot’s 360+ crypto assets. While its fee is a bit greater than the market fee, it is justified by the convenience, simplicity, and the fact that you are not required to make orders and risk missing transactions owing to unfilled orders.
CoinSpot vs Swyftx vs Binance: Deposit & Withdrawal Methods
CoinSpot, Swyftx and Binance provide several payment alternatives customised to local crypto enthusiasts. These include a combination of free and priced choices.
CoinSpot provides entirely free PayID, POLi, and direct deposits. POli deposit is instant, but PayID and Direct Deposits are only instant when the initial deposit is made. You also have the option of BPAY deposits with a 0.9% fee and cash payments with a 2.5% fee. Withdrawing AUD into an Australian bank account is entirely free.
Swyftx provides three free deposit options: bank transfer, POLi, and PayID. All of these three solutions take the same time as CoinSpot. You can have quick deposits for OSKO accounts and 2-6 business hours for non-OSKO accounts via bank transfers. Just with CoinSpot, these AUD deposits are entirely free, and so are AUD withdrawals. Swyftx also supports credit and debit card deposits (which would charge up to a 4% fee), something CoinSpot has yet to provide. However, it doesn’t support BPAY and cash deposits yet.
Binance also does not charge any fees for Australian dollar deposits. In Australia, Binance only supports PayID and OSKO, and you can fund your Binance account with bitcoin. Similar to CoinSpot, withdrawals of AUD to Australian bank accounts incur no fees. However, it’s worth noting that each currency has its withdrawal fee. The withdrawal price for fiat money varies from $1 to $15, while the fee for cryptocurrencies is between $1 and $15.
Winner: CoinSpot
While both accept direct deposit, PayID and cryptocurrency, CoinSpot obviously outperforms Swyftx and Binance because it supports POLi, BPAY and cash deposits.
CoinSpot vs Swyftx vs Binance: Supported Cryptocurrencies
CoinSpot vs Swyftx vs Binance are three of the most popular crypto exchanges that support a wide range of cryptocurrencies.
CoinSpot – Supported Cryptocurrencies
CoinSpot currently supports more than 380 crypto coins/tokens, including all major cryptocurrencies and many others not backed by smaller exchanges like Swyftx or even Binance. Whether you’re looking to buy popular cryptocurrencies such as BTC, ETH, ADA, XRP, or BNB, or more unique ones, CoinSpot is the best option for investors worldwide. Below are some of the cryptos available on CoinSpot.
Swyftx – Supported Cryptocurrencies
Swyftx currently supports over 310 cryptocurrencies, including altcoins. However, as a novice investor, you can first be more focused on bigger coins, but once your knowledge grows, you can invest in emerging or less popular ones. Therefore, it’s highly recommended that you opt for an exchange (like CoinSpot) that supports many well-curated digital assets. You can read our detailed comparison of Coinspot vs Swyftx to know more about their features.
Binance – Supported Cryptocurrencies
Binance offers a broader selection of cryptocurrencies than any exchanges or platforms in the world. The exchange now supports over 600 different currencies and constantly introduces new ones to its platform. However, for most investors – whether novice or seasoned – it is a top priority to focus on a specific number of coins with potential growth.
Winner: CoinSpot
CoinSpot, as the best-rated exchange for Aussie investors, has far more cryptocurrencies listed than any other local exchange. It is the best venue for investors and traders who want to spread their risks by investing in a wide range of carefully selected coins/tokens.
CoinSpot vs Swyftx vs Binance: Highlight Features
Each of these cryptocurrency exchanges has many features that work together to make them an excellent pick, but we will not go into depth about them here. Rather than that, we’ll highlight some of their most unique characteristics, and if you’re curious about them, you can read my in-depth assessments of CoinSpot and Binance or CoinSpot and Swyftx.
CoinSpot Highlight Features
CoinSpot is designed for investors of all experience levels, owing to its simple and easy-to-use interface. For those new to the crypto world, it’s a breeze to purchase, sell, or exchange crypto-assets on CoinSpot, since the dashboard provides very detailed information on currencies, the current prices, volumes, 24hr % change, and the approximate AUD value. The price chart window that can be launched directly from the dashboard facilitates technical analysis for seasoned traders. They can observe their portfolio’s visual chart with a thorough distribution of coin holdings and percentages to monitor the performance of their assets.
Purchasing and selling currencies on CoinSpot have been made even simpler owing to the CoinSpot app’s sleek and user-friendly application. This app is available on both Google Play and App Store and has an interactive list for you to select cryptocurrencies and remain on top of the markets. You can easily swap between numerous coins/tokens and keep track of the top gainers and losers over the previous 24 hours. It’s easy for you to access your Bitcoin wallet to check your recent purchase history, send and receive cash directly, and monitor recent send and receive activities.
CoinSpot is the first Australia-based platform that supports staking. You can use a CoinSpot Staking wallet to store your Proof of Stake (PoS) coins and expand your holdings over time. The exchange supports staking on 22 different cryptocurrencies and requires no minimum or maximum stake amounts. There is also no lock-up period associated with staking your holdings. You get rewards based on the length of time your coins/tokens are staked, and can unstake your holdings whenever you want.
In addition, CoinSpot is Australia’s first platform to let users make direct purchases through its in-platform NFT Marketplace. It’s a much-appreciated feature that streamlines the process of purchasing and selling some of the most popular NFT collections. You can rapidly buy or sell NFTs directly from your CoinSpot account. Gone are the days when you needed to fiddle about on Opensea to create an external crypto wallet and load the right cryptocurrency to submit a bid. CoinSpot makes NFTs easy!
Swyftx Highlight Features
Swyftx has a basic website and mobile app. A Demo mode also enables you to experience using the platform without putting any money at risk. Users can adjust their Dashboard to display only the information they think is essential, as well as the order in which it is shown, ensuring that it is configured exactly to your satisfaction.
Similar to its Australia-based rival, Swyftx has features such as Recurring Orders and Bundles for experienced and expert traders. Recurring Orders enable you to establish recurring schedules for funds to be deposited into Swyftx and utilised to buy your prefered currencies swiftly.
Compared to 12 Bundles supported by CoinSpot, Swyftx only features 7 Bundles options. Bundles are collections of coins that may be purchased in bulk and invested in all at once. Investors who don’t know what coins to invest in can use this feature to diversify their investments while trading.
Binance Highlight Features
Binance is available in two versions due to regulatory requirements. One version is for US users, while the other is for users in other countries. As a result of these legislative constraints, the platform’s functions in the United States are badly impacted compared to its equivalent. It is prohibited in a number of states, including New York.
As is the case with the majority of exchanges, Binance distributes its services across its desktop platform and Binance app. They’ve also introduced a “light” mode that streamlines the user interface, making the app more accessible to users. However, many consumers have expressed dissatisfaction with the UI, claiming it is too difficult to navigate. The interface is regarded as very difficult for novices. They assert that the volume of information is too much for straightforward navigation.
In addition, Binance has partnered with Visa to provide users with a free Binance Visa Card. You can use the card to spend your bitcoin at over 60 million merchant locations globally, with no administrative or processing costs, and earn up to 8% cashback on qualified purchases!
Winner: CoinSpot
CoinSpot is the most popular crypto exchange with premium features for both novice and expert investors. The Australia-based platform brings the best experience for investors of all levels in Australia and internationally.
Overall winner – CoinSpot
To conclude, CoinSpot s the best crypto exchange with user-friendly and premium features. Coinspot offers both an NFT marketplace for users to swap their coins and a staking solution that does not demand users to hold their staked coins for an extended time. It also features a user-friendly UI, 24/7 support, Live Chat help, and transaction charges as low as 0.1%.
CoinSpot is the best no-fuss, no-hassle cryptocurrency exchange to use in Australia. If you sign up as a new client today, you’ll get a $10 incentive. You can feel completely safe when trading on CoinSpot due to its well-recognised security standards and measures.
Overall, CoinSpot is an excellent spot to start whether you’re new to cryptocurrency or want to buy and keep your coins for the long term.
The following review is for informational purposes only and should not be construed as financial or investment advice. It is important to note that cryptocurrency is a highly volatile and speculative market, and there is no guarantee of profit or loss. This review is based on the author’s personal experience and research, and individual results may vary. The author is not affiliated with any of the exchanges mentioned in this review and does not receive compensation for their mention. It is recommended that readers conduct their own due diligence and consult with a financial advisor before making any investment decisions.
The information regarding performance may be different from the time of publication. Past performance does not guarantee future results. While we believe that all content was accurate at the time of posting, it is possible that some offers included in the content may no longer be valid.
