Swyftx is one of the best cryptocurrency exchanges in Australia, and CoinSpot is Australia's largest with over 2.5 million users. You have most likely seen ads for both of these platforms pop up once you start searching for cryptocurrency. Which is better to use in Australia?

They are both very similar exchanges, but CoinSpot is the better choice, due to higher security, lower market trading fees, staking on 22 and NFT marketplace. See how we came to our conclusion after testing the two platforms across various criteria.

Swyftx vs CoinSpot:
Comparison Table

Header

Coins

360+

320+

Trading Fee

Market: 0.1%; Instant buy: 1%

0.6%

Deposit Fee

Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5%

Free

Withdraw Fee

Free

Free

Payment Options

Bank transfer, POLi, PayID, OSKO, BPAY, Cash deposit

Bank transfer, POLi, Credit/Debit card, OSKO, PayID

Pros

- Most secure and audited exchange in Australia

- Live chat support

- Huge range of 360+ coins

- Staking on 22 coins

- NFT marketplace

- Staking supported on 21 coins

- Live chat support

- Demo mode - trade for free with $10,000 virtual money

Cons

- Higher spreads than Swyftx

- Fewer coins than CoinSpot

- Higher market trading fees

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(Swipe across screen to see full table)

Header

Coins

360+

320+

Trading Fee

Market: 0.1%; Instant buy: 1%

0.6%

Deposit Fee

Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5%

Free

Withdraw Fee

Free

Free

Payment Options

Bank transfer, POLi, PayID, OSKO, BPAY, Cash deposit

Bank transfer, POLi, Credit/Debit card, OSKO, PayID

Pros

- Most secure and audited exchange in Australia

- Live chat support

- Huge range of 360+ coins

- Staking on 22 coins

- NFT marketplace

- Staking supported on 21 coins

- Live chat support

- Demo mode - trade for free with $10,000 virtual money

Cons

- Higher spreads than Swyftx

- Fewer coins than CoinSpot

- Higher market trading fees

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CoinSpot Pros & Cons

Pros

  • Most secure and audited exchange in Australia
  • Over 360+ coins available
  • Stake 22 different coins
  • Easy-to-use platform that is perfect for beginners
  • NFT marketplace
  • Live Chat customer support

Cons

  • Higher spreads than Swyftx

Swyftx Pros & Cons

Pros

  • Demo mode where you can trade risk-free with $10,000 virtual money
  • Over 320+ coins available
  • Low trading fees of 0.6%
  • Cryptocurrency staking to earn interest on 21 coins
  • Live Chat customer support

Cons

  • Fewer cryptocurrencies supported compared to CoinSpot
  • Higher market trading fees

Swyftx vs CoinSpot Features

Swyftx is a beginner-friendly exchange, but has some cool features that set it apart from other basic platforms. Firstly, Swyftx has staking, a method of earning interest on 21 different cryptocurrencies. There is no risk of losing your coins, and you can receive passive income while you HODL your investment. Another excellent feature of Swyftx is the demo mode, which allows users to practise trading using $10,000 of play money. This means you can try out different strategies and see how successful you are before using your real money. The trades and the coins in the demo mode are exactly what you would see if you were trading for real. Finally, if you encounter any trouble while you use the exchange, you can easily contact support via Live Chat. They are responsive and always very helpful, as I have seen for myself from personal experience.

CoinSpot is one of the oldest crypto exchanges in Australia, founded in 2013, and has accumulated over 2.5 million users by 2022. Their focus is on making it easy for every Aussie to buy and sell crypto, and they have done that well. There is a feature to instantly buy and sell over 360+ cryptocurrencies. You can also buy CoinSpot Bundles, which are like a package of related cryptocurrencies, so you can diversify your holdings easily. If you need assistance, you can reach out to the friendly support team using Live Chat. CoinSpot has already added staking to their platform, with the option to stake 22 different coins. They also have an NFT marketplace where you can use any cryptocurrency to purchase your chosen NFT.

Features: CoinSpot and Swyftx are both user-friendly exchanges, but CoinSpot has staking on 22 coins, and an NFT marketplace, which are excellent features that aren't found on many Australian platforms.

Swyftx vs CoinSpot Fees

Swyftx does not charge for AUD deposits or withdrawals. The trading fee is 0.6%, which is lower than CoinSpot's instant buy/sell fee of 1%.

CoinSpot accepts fee-free deposits using Bank transfer, POLi, PayID and OSKO. If you want to deposit with BPAY, it will cost you 0.9%, and by cash deposit is 2.5%. 

To buy or sell crypto instantly, the fee is 1%, higher than Swyftx's 0.6% but if you trade on the market, your fee is just 0.1%. However, you can only trade about 15 cryptocurrencies on the market; the remainder of the 360+ coins must be purchased instantly for 1%. 

It is free to withdraw AUD from your CoinSpot account.

Fees: Tie. Both of these crypto exchanges have free fiat withdrawals and some free deposit methods. CoinSpot has much lower trading fees on the market of just 0.1%, but instant buy/sell fees are 1%. Swyftx's fees are 0.6% on all trades, which is in between CoinSpot's market fees and instant buy/sell fees. Depending on your personal requirements and preferences for crypto trading, will depend on which fee structure is more suitable for you.

Number of Cryptocurrencies

Swyftx has over 320+ different coins.

CoinSpot has the most cryptocurrencies of any Australian exchange, with over 360+ different coins, and they continually add more.

Number of cryptocurrencies: CoinSpot has more cryptocurrencies with over 360+, while Swyftx has 320+. 

Deposit Methods

Swyftx accepts Bank transfer, POLi, Credit/Debit card, OSKO, PayID.

CoinSpot supports Bank transfer, POLi, PayID, OSKO, BPAY and Cash deposit.

Deposit methods: This is a tie because both exchanges offer a variety of deposit methods. This comes down to personal preference. If you want to pay using credit or debit card, you need to use Swyftx, but if you prefer cash deposit or BPAY, CoinSpot has you covered. For other options like POLi, PayID, OKSO and bank transfer, both Swyftx and CoinSpot will do the job.

Swyftx vs CoinSpot Security

Swyftx is a trusted and secure crypto exchange that has been operation since 2017. They utilise several measures of security to ensure that their customers' data and funds are always safe. Features such as 2FA, KYC verification, biometric authentication, consultation with 3rd party security auditors and external penetration testing are all ways that users are protected.

CoinSpot is Australia's most secure and trusted crypto exchange. It has passed the most external audits, as it is the only Australian exchange with the ISO 27001 award, and it is also a certified member of Blockchain Australia. CoinSpot's security includes the use of 2FA, geo-lock logins, session timeouts, anti-phishing phrases, and custom withdrawal restrictions. Most of CoinSpot's crypto funds are held offline in cold storage, so you know they are safe from online thieves.

Security: As the most secure and trusted crypto exchange in Australia, CoinSpot wins the comparison for security.

Swyftx vs CoinSpot Summary

Swyftx and CoinSpot are both excellent exchanges for Australian cryptocurrency investors. They are both so simple to use, have excellent live chat customer support, and support a wide range of coins. CoinSpot wins this comparison because it has higher levels of security, lower market trading fees of 0.1%, staking on 22 coins, and an NFT marketplace. If you are still doing some research on other crypto exchanges, I suggest you read this article on the top crypto exchanges for Aussies where you can find the best choices.

About the Author Andy Carter

Andy Carter is the CEO of Freedom Dividend, where he teaches you about dividend income that can change your life for the better. As a financial expert, Andy explores securities investing (stocks & shares) with an aim to provide a steady flow of income, enough to sustain you in your life.

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