Swyftx vs CoinSpot

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.

Round 1: Vital statistics

Finder rating	Finder rating ★★★★★	Finder rating ★★★★★
Exchange location	Australia	Australia
Offers a debit card
Earn returns on crypto
Offers SMSFs
Offers demo mode
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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. You can earn returns on your crypto assets using either site as well as buy "bundles" instead of single crypto assets, much like a traditional ETF.

Round 2: Supported coins

Number of tradeable crypto assets	313	364
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CoinSpot nudges in front when it comes to supported cryptocurrencies, giving its userbase access to nearly 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.

Round 3: Supported fiat currencies

Number of supported fiat currencies	2	1
Supported fiat currencies	AUD, NZD	AUD
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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.

Round 4: Costs

Minimum deposits	$0	$1
Deposit Fees	Cryptocurrency: None AUD deposits: $0	POLi, PayID and direct deposits: None BPAY: 0.9% Cash: 2.5% Direct Deposit: 0% Direct bank transfer: None
Trading Fee	0.6%	Instant buy/sell: 1% OTC: 0.1% Market order: 0.1%* *Applies to BTC, XRP, LTC, DOGE, ETH, NEO, POWR, GAS, TRX, EOS, XLM, RChain, RFOX
Withdrawal Fees	Cryptocurrency: None AUD withdrawals: $0	AUD withdrawals: $0
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Fees on CoinSpot are fairly competitive, with 0.1% for market orders on select cryptocurrencies and 1% for instant buys. 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 that is a fraction lower than CoinSpot's, but what really separates the exchanges are spreads. Spreads are kind of like hidden fees – they are the difference between a crypto's market price and the price it's eventually sold to you for. Swyftx is known for having some of the tightest spreads among Australian exchanges (usually below 2%), whereas CoinSpot's spreads are much higher – typically from 3-4%.

Round 5: Deposit methods

Deposit methods	Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID	Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID
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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.

Winner: Swyftx

When it comes to choosing 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.

Overall, Swyftx edged ahead as a slightly better option than CoinSpot due to its lower fees.

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.