CoinSpot launched in 2013 and is one of Australia's longest-running exchanges, attracting well over 2 million registered members at the time of writing. It has a simple interface and a long history of security, making it a go-to for beginners.
Swyftx is a newer market entrant, founded in 2018. It has some of the lowest fees you'll find in Australia, and its suite of features includes staking, self-managed super fund support and recurring orders.
We've compared these Aussie exchanges side by side to help you decide which platform is best suited to your cryptocurrency needs.
Our expert editorial team does an in-depth review of exchanges in Australia as part of our annual Crypto Trading Platform Awards. We perform additional updates and reviews throughout the year as the market and products change. Read more in our full methodology.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Our verdict: Swyftx
Overall, Swyftx edged ahead as a slightly better option than CoinSpot due to its lower fees. Mind you if you want to earn yield on your crypto, then you'll want to consider CoinSpot.
However, given the choice between Swyftx and CoinSpot, you really can't go wrong.
Both exchanges have an accessible user interface, a huge range of cryptocurrencies on offer and a number of advanced features like crypto earnings, coin bundles and SMSF support.
Neither platform has experienced a significant hack and both are registered with AUSTRAC. Both offer live chat, although Swyftx's response times are usually a little faster.
It's worth remembering that there's no such thing as a "best" exchange – only exchanges that are "best" for you. The platform you end up choosing will reflect your specific circumstances, and you may even end up using features from both.
Both CoinSpot and Swyftx are based in Australia; CoinSpot has its HQ in Melbourne, while Swyftx operates out of Brisbane. Both platforms allow their customers to deposit fiat currency, which means they are registered with the Australian regulatory body AUSTRAC and comply with anti-money laundering (AML), know your customer (KYC) and counter-terrorism financing (CTF) protocols.
Each exchange comes with a native multi-token wallet that can hold, receive and send a large variety of cryptocurrencies. Both support the option to buy "bundles" instead of single crypto assets, similar to an ETF.
Only CoinSpot supports an Earn programme for earning yield on your cryptocurrency. The CoinSpot earn programme supports 20+ cryptocurrencies.
CoinSpot nudges in front when it comes to supported cryptocurrencies, giving its user base access to over 50 coins more than Swyftx.
With that said, the majority of investors will find most assets they are considering on either platform. Neither exchange has any glaring omissions, although CoinSpot also offers NFT collections.
Swyftx and CoinSpot are both Australian-native exchanges and offer Australian dollar deposits to their customers. Swyftx has also expanded its operations to New Zealand and allows NZD deposits too.
Swyftx vs Coinspot: Costs
Minimum deposits
$0
$1
Deposit Fees
Bank transfer: $0 Card: Fees vary PayID: $0 Cryptocurrency: $0
Fees on CoinSpot are fairly competitive, with 0.1% for market orders on select cryptocurrencies and 1% for instant buys and limit orders. Paired with no deposit or withdrawal fees for AUD, this makes it a reasonable choice when looking to save money.
Swyftx has a flat trading fee of 0.6%) which is lower than some of CoinSpot's fees. This flat fee structure is more consistent than CoinSpot and helps prevent unexpected costs when using different order types.
Swyftx vs Coinspot: Deposit methods
Deposit methods
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
Bank transfer, BPAY, Cash, Credit card, Cryptocurrency, Debit card, PayID
CoinSpot offers a variety of popular deposit methods for fiat currency. Customers can choose from instant online transfers (POLi and PayID), bank transfers and cash deposits at supported newsagents around Australia. Swyftx doesn't offer cash deposits but does allow standard bank transfers as well as POLi, Osko and PayID payment methods.
What separates the exchanges is Swyftx's support for credit card deposits. Customers can transfer up to $15,000 a day and a maximum of $60,000 per month to their Swyftx account using their credit card. Card transactions typically take less than half an hour.
CoinSpot's support for cash deposits at physical locations may be useful for some investors; however, it's unlikely to be a game-changer the way the convenience of credit card deposits may be.
Swyftx vs Coinspot: What our users are saying
Finder users have left over 300 reviews for both CoinSpot and Sywftx which are overwhelmingly positive. The two exchanges are nearly tied equal overall: CoinSpot scores an average of 4.3/5 and Swyftx 4.4/5.
CoinSpot reviews
A common theme among CoinSpot users is praise for how easy the platform is to use and its beginner-oriented features. Customer support is also well-regarded.
As for criticisms, they tend to focus on issues with account verification and security measures that some users find inconvenient.
As a novice and home investor who is just getting started, CoinSpot has simplified and demystified the process for me. The interface is clear, and support has been quick and clear when I've needed it. I'm having fun with it too!
KS Math, VIC, Finder Member
This is a great platform for beginners, very easy to use. The desktop site has many more features than the app. The app is still great. But with the desktop, you are able to set prices for buy and sell. If a coin reaches this price you've input you will receive a notification via email or text or both. Low fees.
Jay, QLD, Finder Member
I registered with CoinSpot when I didn't know much. There are better ones out there. They have an authentication process that takes a couple of days so it takes a little while if you want to get started urgently (not really possible with this exchange). However, I did have someone crack into my emails and try to steal my Bitcoin and CoinSpot was excellent in blocking them/passing on the details to me.
Kat277, VIC, Finder Member
Swyftx reviews
Swyftx users consistently praise its customer service team, with many users saying how quick they were to respond. Beginner cryptocurrency investors appear to have an easy time using the platform.
Criticism of Swyftx appears to revolve around accounts being banned and users struggling to retrieve funds.
Always super fast in addressing any issues I've had. Customer support is 100% Great for beginners or experienced, really easy to navigate.
Nick, WA, Finder Member
I've been with Swyftx for a few years now and everyone has been helpful as a newbie back then my experience has been great along with the constant updates and platform expansions im happy.
Dean, QLD, Finder Member
Old one was good. This is clunky slow and all over the place. Changed to sms verification. Problems if overseas or don't have mobile phone. 4 times doing kyc after already doing it last year. Changed for the worst.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Ben Knight is a contributing cryptocurrency writer for Finder. Having written for Alternative Assets, PianoDreamers and YeahAustralia in the past, his passion for language and creativity with words drives his work. Ben has a master’s degree in writing, editing and publishing, and a bachelor’s degree in creative writing.
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