Swyftx vs CoinSpot
Swyftx and CoinSpot are both popular in Australia, but they offer different coins and features. Find out which one could suit you better.
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
|Offers a debit card|
|Earn returns on crypto|
|Offers demo mode|
|Go to site|
|Go to site|
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.
Round 2: Supported coins
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
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
|Deposit Fees||Bank transfer: $0|
Card: 1.99% deposit fee
|Bank transfer, POLi, PayID: None|
|Trading Fee||0.60%||Instant buy, sell & swap: 1%|
Limit orders: 1%
Market order: 0.1%
Recurring Buy: 1%
|Withdrawal Fees||AUD: $0|
Cryptocurrency: $0 (network fees apply)
|AUD withdrawals: $0|
|Go to site|
|Go to site|
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 (0.6%) that 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.
Round 5: Deposit methods
|Deposit methods||Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID||Bank transfer, BPAY, Cash, Credit card, Cryptocurrency, Debit card, POLi, PayID|
|Go to site|
|Go to site|
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.
Round 6: 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.
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.
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.
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. Mind you if you want to earn yield on your crypto, then you'll want to consider CoinSpot.
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.
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