CoinSpot vs Swyftx Exchange Comparison

If you’re an Aussie searching for a cryptocurrency exchange, you have undoubtedly heard of CoinSpot and the much smaller exchange, Swyftx. CoinSpot is easily Australia’s most popular crypto exchange and Swyftx is a platform that is beginning to get more attention. But how can you determine which one to choose out of the two?

After a head-to-head comparison, CoinSpot outperforms Swyftx in basically every aspect and is a better option for Aussie crypto investors and those seeking a highly secure crypto exchange platform. CoinSpot has earned a reputation for its user-friendly UI and mobile app, a broad selection of supported cryptocurrencies (350+), deposit methods, 24/7 customer support, staking services, NFT marketplace, and security measures.

Comparison Table 

CoinSpot vs Swyftx: Overview

CoinSpot Overview

Started in 2013, CoinSpot is one of Australia’s most established and trusted crypto exchanges. CoinSpot is the most secure platform (based on external audits and security certification), and its user base almost doubled over six months in 2021 when it closed the year with over two million users.  

CoinSpot’s key goal is to create a safe, secure, and easy way for Aussies to trade crypto under the protection of Australia’s regulatory framework. 

Over the years, CoinSpot has made a name as a reliable and trustworthy crypto trading platform. It is ISO 27001 certified, which means it complies with international standards for information security management, confidentiality, and integrity. 

In other words, CoinSpot has gone the extra mile to protect its customers from fraud, data theft, and other security threats.

Besides that, CoinSpot is also registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), the financial intelligence body that deals with money laundering, organised crime, terrorism financing, and all that bad stuff.

Finally, CoinSpot is a certified exchange with Blockchain Australia (not just a basic member), this means they have proven that they are following best practice standards. It’s clear that due to all of these things, CoinSpot has become a trusted voice in the country on all things related to blockchain and cryptocurrency.

Swyftx Overview

Swyftx is a relatively new player in the Australian crypto market. Launched in 2019 by Alex Harper and Alex Goldman, the exchange now has over 300,000 users.

Despite its slower growth, Swyftx is still relatively compliant, but its clear lack of security processes and certifications is of some concern. The exchange is registered and regulated by AUSTRAC and follows all the relevant KYC and anti-money laundering laws. However, As reported in our Swyftx review, the absence of Blockchain Australia best practice certification has raised alarm bells with Australians.

Swyftx’s fee structure seems straightforward with 0.6%, but it does not (at the time of writing) have a full exchange where users can trade peer-to-peer for lower fees. In addition to this, they fail to explain that doing a swap transaction actually amasses two fees so you end up paying 1.2%, which is one of the highest trading fees in Australia.

While CoinSpot has over 350 listed cryptocurrencies, Swyftx currently only has around 280 coin offerings. 

CoinSpot vs Swyftx: Pros & Cons 

Pros & Cons: CoinSpot

🔥 PROS

❌ CONS

👍 Over 350 different coins, more than any other Australian exchanges. 👍 The AUSTRAC-regulated and ISO certified crypto exchange. 👍 24/7 live chat support, request-a-call feature, Help Desk. 👍 The NFT marketplace that simplifies NFT buying and selling. 👍 Staking feature with high rewards and no NO LOCK IN periods required. 👍 CoinSpot’s OTC offering, which allows larger volume trades for a low 0.1% fee with no hidden costs.

❌ Only supporting fiat currency deposits and withdrawals for AUD. ❌ Credit and debit card payments are not supported.

Pros & Cons: Swyftx

🔥 PROS	❌ CONS
👍 Rapid ID verification 👍 Multiple deposit options 👍 Has an app	❌ Lack of security certifications and trust ❌ Complicated interface ❌ Customer support’s response is extremely slow ❌ The lack of trading features ❌ Robot for chat/no humans ❌ High fees

CoinSpot vs Swyftx Customer Support

CoinSpot Customer Support

CoinSpot’s Live Chat function enables you to contact customer assistance immediately and is accessible 24/7.  Hence, if you encounter any difficulties, their support team is highly competent, responsive, and educated in resolving client concerns.

CoinSpot’s live chat support. Source: Coinculture

CoinSpot further provides support through their Help Desk and a newly available request-a-call back feature where calls can be arranged with a team member. The customer service experience has always been friendly and professional.

Additionally, CoinSpot has a robust knowledge centre with informative and comprehensive tutorials and a frequently asked questions section to aid new investors in understanding and obtaining bitcoin and other digital currencies.

Swyftx Customer Support

Swyftx is also one of the few cryptocurrency exchanges that claim to have live chat support, but you will talk to robots first instead of humans.  Unlike the 24/7 CoinSpot live chat that connects you with real support staff, Swyftx’s live chat is instantly initiated through automated bots that provide you with answers to simple concerns. Although providing instant support through bots, this poses an inconvenience where the bots are incapable of resolving varying and unique issues which customers experience. Additionally, when you want human assistance, an extended period of time is required prior to being connected with one of their support staff.

Winner:  CoinSpot

CoinSpot, without a doubt, beats Swyftx in terms of customer service with diverse support options for users, which explains why CoinSpot has earned the trust of it’s huge user base.

CoinSpot vs Swyftx Security

Security is always the number one concern for every cryptocurrency investor, so let’s look at the security features of CoinSpot and Swyftx.

CoinSpot Security Features

When it comes to security, CoinSpot easily takes the cake. The platform offers a wide variety of security and customer protection features including two-factor authentication, biometric security features such as face and fingerprint ID, an anti-phishing phrase, geo-lock logins, session timeout, and disabling unauthorised withdrawals.

CoinSpot became a Registered Digital Currency Exchange in 2018 (the first exchange in Australia to do it) and complies with Australian law. CoinSpot makes strenuous steps to verify users’ identities when they create an account, in compliance with KYC rules. Additionally, it takes pride in being Australia’s most safe and audited cryptocurrency exchange, having been certified with the internationally recognised ISO 27001 standard.

Swyftx Security Features

Swyftx also offers 2FA, biometric authentication, anti-fraud, and anti-phishing user protections. Swyftx has mistakenly deposited $2.3 million AUD in random accounts due to an “administrative error”. Mistakes do happen of course, however when you’re thinking about who to trust your money with, it’s always recommended to go with the exchange that hasn’t had issues like this.

Winner: CoinSpot

CoinSpot is the winner as it has been a well-established exchange with high security and is the first one to hold ISO 27001 certification. More importantly, its customers have never experienced security issues since it was founded.

CoinSpot vs Swyftx Deposit & Withdrawal Methods

CoinSpot and Swyftx offer multiple payment options tailored to local crypto users. These include a mix of free and charged options.

CoinSpot offers completely free PayID, POLi, and direct deposits. POli deposit is instant, while PayID and Direct Deposits are only instant after the first deposit is made. In addition, 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 completely free.

Swyftx offers three free deposit options: bank transfer, POLi, and PayID. All of these 3 options take the same time as CoinSpot. You get instant deposits for OSKO accounts and 2-6 business hours for non-OSKO accounts for bank transfers. Just like CoinSpot, these AUD deposits are completely free, so are AUD withdrawals.

It also supports credit and debit card deposits (which will incur up to a 4% fee), which CoinSpot is yet to offer. However, it doesn’t support BPAY and cash deposits yet. All in all, both exchanges have multiple deposit options and fee free withdrawals.

Winner:  CoinSpot

Swyftx came close here by accepting credit cards with a high fee, however we gave this to CoinSpot as they offer BPAY and cash deposit. This allows Australians to easily fund their accounts with popular options that have minimal fees.

CoinSpot vs Swyftx Fee Structure

Aside from deposit and withdrawal fees, the two platforms have different approaches to trading fees. CoinSpot is one of the cheapest crypto exchanges in Australia, with fees starting at 0.1% for market orders and OTC. 

Instant Buy, Sell, and Swap orders as well as recurring orders, have a 1% fee, while Take Profit, Stop, and Limit Orders also attract a 1% fee.

Moreover, those who complete large trades on CoinSpot can utilise the OTC feature, which charges a miniscule 0.1% fee.

Swyftx’s trading fees are a standard 0.6% across all transactions, while high volume traders can get lower fees. 

For swap trades, Swyftx charges significantly more with 0.6% being charged twice for buy and sell transactions, a total of 1.2%. This works out to be 20% higher than CoinSpot’s flat 1% fee for swaps. 

Standard mining fees apply when transferring crypto on both platforms and can change depending on demand and network traffic. It is worthy of note that CoinSpot offers flat transaction fees that do not fluctuate despite network traffic and congestion.

Winner: CoinSpot

Swyftx and CoinSpot both have fee-free deposit methods and highly competitive trading fees. However, CoinSpot provides trading features that offer an extremely low 0.1% fee as well as not incurring double fees when swapping.

CoinSpot vs Swyftx Notable Features

Each of these two cryptocurrency exchanges has a slew of features that combine to make them an outstanding choice, but we will not discuss them in detail here. Rather than that, we’ll highlight some of the exchanges’ most distinguishing traits, and if you’re interested in learning more about them, you can read my in-depth reviews of CoinSpot and Swyftx.

CoinSpot Notable Features

CoinSpot has always been committed to offering a simplified user experience, and its Mobile App demonstrates this commitment. CoinSpot – Buy & Sell Bitcoin is available on both Google Play and the App Store, making it simple to download and install directly on your smartphone. The platform is simple to use and enables you to easily identify all listed currencies, manage your holdings in a single convenient display, access your deposits, and conduct safe transactions.

CoinSpot – Buy & Sell Bitcoin app. Source: CoinSpot

If you’ve been trading cryptocurrency for some time, you should be able to make informed decisions on which coins/tokens to invest in. However, if you’re new to the crypto world, you’ll like CoinSpot’s Bundles. This trading feature groups coins on the basis of various criteria and helps you diversify your investment portfolio in order to mitigate risk. More significantly, you may save money by paying a single fee for the whole bundle rather than paying a fee for each coin individually (in some instances 10 at a time).

CoinSpot is one of the first Australian cryptocurrency exchanges to provide staking services. You may use a CoinSpot wallet to store and grow your Proof of Stake (PoS) coins. At the moment, the exchange supports staking on 22 different cryptocurrencies, with new ones being added on a regular basis. CoinSpot’s staking service is completely free; there are no minimum or maximum stake amounts, and no lock-up period required.

CoinSpot is the first platform in Australia to let users make direct purchases through its in-platform NFT Marketplace. It’s a highly-rated feature that simplifies the process of acquiring and selling some of the most popular NFT collections. CoinSpot’s NFT marketplace has a hand-picked selection of NFT projects that you can buy straight from your CoinSpot account. If you wish to sell an NFT, you can also do it on CoinSpot. Gone are the days when you had to muck around on Opensea, set up a separate crypto wallet and loaded the right crypto to place a bid. CoinSpot makes NFTs easy!

CoinSpot’s in-platform NFT marketplace. Source: CoinSpot

Swyftx Notable Features

Swyftx is simple to use. It has a clean, contemporary design, and it’s simple to use the website or mobile app. There is also a Demo function that allows you to practice using the site without risking any money. You can also customise your Dashboard to show just the information deemed important, as well as the sequence in which it is displayed, ensuring that it is configured precisely to your liking.

Swyftx’s advanced traders like to employ tools like Recurring Orders and Bundles, just like CoinSpot. Recurring Orders let you create regular schedules for money to be transferred into Swyftx and used to quickly purchase your favourite currencies. 

Bundles are another option to diversify your assets while investing in the market. Swyftx now provides seven distinct Bundles, which are groupings of coins that may be acquired in bulk in order to invest in them all at once.

Swyftx’s Bundles. Source: Swyftx

At the moment, Swyftx offers the staking feature. Staking is accessible on both their mobile app and desktop platform, and it allows you to receive rewards on your cryptocurrency, which are paid in the same coin as the one you staked. It’s comparable to receiving interest at a bank on your fiat dollars. By staking your Solana, you may generate passive income while holding them.

Winner: CoinSpot

The two platforms offer user-friendly mobile apps and staking services for both Australian investors and those who just made their first steps into the crypto sphere. However, CoinSpot’s additional features including their in platform NFT marketplace place them as a winner.

CoinSpot vs Swyftx: Supported Cryptocurrencies

Swyftx and CoinSpot are two of the most popular cryptocurrency exchanges, allowing users to buy and trade various cryptocurrencies.

CoinSpot – Supported Cryptocurrencies

CoinSpot supports a lot more cryptocurrencies compared to any other Australian-based exchanges. It enables users to buy, trade, and swap many cryptocurrencies (now 358) and regularly adds new coins to ensure that users will find the currency they are looking for. For fiat currencies, the Australian-based platform currently supports only AUD.

CoinSpot supports over 350+ cryptocurrencies. Source: CoinSpot

Swyftx – Supported Cryptocurrencies

Swyftx now supports around 310 currencies, and Swyftx’s selection of altcoins is outstanding. As a rookie investor, you may not be concerned with minor coins; instead, you may be focused on the larger coins; but, as you gain expertise, your priorities may shift. It’s a good idea to start on a platform that supports a diverse range of cryptocurrencies so that if you wish to invest in emerging coins, you won’t have to hunt for a new platform.

Winner:  CoinSpot

Although Swyftx has a wide number of coins, CoinSpot has the most, offering over 350+ different cryptocurrencies.

Overall winner – CoinSpot

As an Australian crypto user, both CoinSpot and Swyftx both make a compelling case. They are two options for Australians looking for stress-free crypto exchanges which offer low fees and highly convenient local deposit and withdrawal options. 

Between the two of them, CoinSpot offers much better security features and more payment options. Having been longer on the Australian market, CoinSpot has built a reputation of reliability, safety, and affordability that few other exchanges can. CoinSpot also offers an NFT Marketplace where customers can acquire NFTs by any listed  cryptocurrencies.

At the end of the day, CoinSpot is the clearly superior no-worry, no-hassle crypto exchange to use here in Australia. If you join today as a new customer, you get a $10 bonus. As always, we advise that you take the utmost care to minimise your risk and do your own research to see what best suits your needs.

FAQS

Is CoinSpot or Swyftx better?

Swyftx vs. CoinSpot are top-notch cryptocurrency exchanges, but CoinSpot is better for Aussie crypto investors and first-time traders. It is simple to use CoinSpot, and the Live Chat support is very helpful.

Why is there a price difference between CoinSpot and Swyftx?

There are some fluctuations in crypto rates/prices among exchanges due to differences in supply and demand, trading volume, and other variables. Exchanges also charge different fees for trading, depositing, and withdrawing funds. CoinSpot and Swyftx provide an excellent user experience, however prices can fluctuate across both platforms in real time. Always check the price you pay before confirming any order.

Is CoinSpot the same as Swyftx?

While CoinSpot is one of the best cryptocurrency exchanges in Australia, Binance is the world’s biggest by trading volume. There are some differences in the CoinSpot is among the top-notch cryptocurrency exchanges in Australia, while Swyftx is still finding it’s feet as one of the smaller local exchanges.. They differ in some aspects, including trading fees, deposit methods, supported cryptos, customer support and many more. However, it’s clear that CoinSpot is best suited for new traders and most Australian crypto investors.