CoinSpot holds the title of Australia’s oldest cryptocurrency exchange. With its user-friendly interface and solid security measures, CoinSpot caters well to beginners. The fact that it boasts over 2.5 million registered members is a testament to its reliability.
On the other hand, Swyftx, a recent addition founded in 2018, stands out with its user-friendly interface. We will compare Swyftx vs CoinSpot based on various factors, including fees, security, deposit methods, and spreads.
Key Takeaways:
- When comparing two crypto exchanges, the critical factors include security, fees, and available cryptocurrencies.
- Swyftx and CoinSpot are both licensed Australian crypto trading platforms with high-security measures.
- CoinSpot is only for Aussies, and you can only deposit AUD, whereas Swyftx works in Australia and New Zealand, and you can use AUD or NZD.
Swyftx vs CoinSpot: Overview
| Swyftx | CoinSpot | |
| Launch Date | 2018 | 2013 |
| Founders | Alex Harper and Angus Goldman | Russell Wilson |
| Supported Coins | 310+ cryptocurrencies | 400+ cryptocurrencies |
| Fees | Flat 0.6% | Market order: 0.1%OTC: 0.1%Instant buy/sell or swap: 1% |
| Available Countries | Australia, New Zealand | Australia |
| Deposit Methods | Bank transfer, POLi, PayID, Osko, etc. | BPAY, PayID, POLi, Cash, bank transfers, etc. |
| SMSF Accounts | Yes | Yes |
| Demo Mode | Yes | No |
| NFT Marketplace | No | Yes |
| Customer Support | Email, Live Chat, Phone | Email, Live Chat, Phone |
| User-Friendly | Yes | Yes |
Swftx vs CoinSpot: Features
Swyftx features
- Spot trading: With fast and smooth transactions, you can buy and sell crypto at the best price available.
- Recurring orders: It allows you to set up regular deposits and split them among your preferred coins, making your crypto investing hassle-free.
- Demo mode: Allowing users to practice their trading skills and test their ideas without risking real money using a simulated market environment.
- Portfolio tracking: You can see how much profit or loss you have made on your crypto holdings and track your performance.
- Integrated Trading View Charts: It gives you access to powerful charting tools from TradingView to study the market movements and signals.
- Stop, limit, and market orders: Create automatic orders to execute your trades when the price reaches your target level, saving you time and money.
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CoinSpot Features
- Instant Buy/Sell: Easily buy or sell any crypto on Coinspot with the best prices and pay low fees of 0.1%.
- Bundles: You can diversify your crypto portfolio by buying bundles of coins based on different themes, such as the top 10, the top 20, DeFi, NFT, etc. Coinspot will automatically rebalance your bundles to keep them updated.
- OTC markets: If you want to trade large amounts of crypto, you can use the OTC service, which offers fast and secure transactions with personal support and zero price slippage.
- NFT: Buy and sell NFTs which are unique digital assets that represent art, music, games, collectibles, and more. It supports NFTs on Ethereum blockchains.
- Wallet: You can safely store and manage your crypto assets on Coinspot’s crypto wallet, which supports multiple currencies and has a user-friendly interface. You can also send and receive crypto to other users for free.
- Self-Managed Super Funds (SMSF): Invest your super funds in crypto through the SMSF service, which provides compliance support, tax reporting, and audit assistance. You can choose from various investment options and strategies to suit your goals.
Winner: CoinSpot offers more features than Swyftx, such as buying and selling NFTs, a wallet for decentralized storage, and crypto bundles. Register your new Coinspot account via the link below to grab $10 free Bitcoin)
Swyftx vs CoinSpot: Fees
Deposit Fees
Swyftx offers free AUD deposits, except for two cases. If you use a card to deposit money, you must pay a 1.99% fee for AUD and a 3.6% fee plus up to a 4% spread for NZD. If you withdraw NZD, you must pay a $10 NZD fee. Your bank may also charge you some fees for these transactions.
In CoinSpot, most payment methods like POLi, PayID, and direct deposits are free. But if you use BPay or credit or debit cards, you have to pay a 0.9% fee or a 2.58% fee, respectively.
Trading Fees
When you trade on Swyftx, you have to pay a 0.6% trading fee for each trade, except for swapping. If you trade a lot, you can get some discounts. It also has some swapping fees.
Swapping is a feature that lets you exchange any crypto on Swyftx for any other one they offer. When you swap, you make two trades: sell and buy. Each of these trades has a 0.6% fee (a total of 1.2%).
CoinSpot has different trading options with different fees:
- Instant Buy/Sell: This is the easiest and quickest way to buy or sell crypto at a fixed price. CoinSpot charges a 1% fee for every instant buy or sell transaction.
- Swap fee: It is applied when changing one crypto for another without using AUD or USDT. CoinSpot charges a 1% fee for every swap transaction.
- Market: CoinSpot charges a fee of 0.1% for every market order transaction. But if you put target points like take profit, stop, and limit orders, you will pay 1% fees.
Withdrawal Fees
Both crypto platforms charge no withdrawal fees for fiat currencies. However, there might be network fees if you withdraw through a blockchain network. These are fees that the blockchain network charges you when you send or transfer crypto from your Swyftx or CoinSpot wallet to another wallet.
These fees are not for the platforms but for the validators. The fees change depending on the coin/token and how congested the network is and are shown as an amount of the asset you send.
Winner: CoinSpot charges lower trading fees for market orders, whereas it has high fees for instant swapping compared to Swyftx.
Swyftx vs CoinSpot: Supported Coins
Swyftx has more than 310 cryptocurrencies that you can trade, including popular ones like Bitcoin, Ethereum, XRP, Litecoin, Cardano, Polkadot, and Dogecoin. You can trade any coin with AUD or NZD.
CoinSpot also supports over 400 digital assets you can trade, a bit more than Swyftx. It also has an NFT marketplace for artists where you can buy and sell unique digital items using any cryptocurrency you want.
Winner: CoinSpot has a slight edge over Swyftx regarding the number of coins and the availability of NFTs.
Swyftx vs CoinSpot: Staking Rates
Swyftx does not support the staking of crypto assets. Due to regulations, they closed their “Earn” Program on 10 Jan 2023.
However, CoinSpot allows the staking of over 23 coins like ETH, ADA, SOL, DOT, BNB, and AXS. Some have very high-interest rates, up to 45% APY. You don’t have to pay fees or lock your coins for staking. You can take them out whenever you want.
You will start getting interest in your staked coins right away. You will get paid weekly and can reinvest or withdraw your earnings. You can also see how much you are making and how well your coins are doing.
Winner: CoinSpot staking rates are high, whereas Swyftx does not support staking.
Related Article: Yield Farming vs. Staking – Which is Better?
Swyftx vs CoinSpot: Spreads
Spreads are the difference between a cryptocurrency’s buying and selling prices on an exchange. The smaller the spread, the better for you because you pay less and get more tokens.
Swyftx has the best spreads among Aussie crypto exchanges. The average spread on Swyftx is only 0.41%. CoinSpot has much higher spreads, with an average of 2%. This means that CoinSpot makes you pay more for each trade than Swyftx.
Winner: Swyftx has low spreads compared to the CoinSpot crypto exchange.
Swyftx vs CoinSpot: Security & Regulations
Swyftx and CoinSpot also have various security features and measures to secure your accounts and assets, such as encrypting data, requiring two-factor authentication (2FA), using biometric authentication, locking logins by location, detecting breached passwords, offline cold storage, and rewarding hackers who find bugs. They also have a live chat support team and education resources to help you stay safe and informed.
Swyftx and CoinSpot also got the ISO 27001 certification, a global standard for managing information security. This means they have set up best practices and policies to prevent cyberattacks and breaches on their data and systems.
Swyftx and CoinSpot are both registered with AUSTRAC, a government agency that watches over financial transactions to stop money laundering, fraud, and other crimes. Swyftx is also an audited exchange and maintains strict compliance.
Winner: Tie. Both are highly secure and regulated crypto platforms.
Swyftx vs CoinSpot: Deposit Methods
Both platforms let you deposit fiat currency (AUD) for free and instantly using PayID, Direct Deposit, BPay, and POLi. Swyftx and CoinSpot also have an extra option of Card Deposits, which lets you buy crypto with a debit or credit card.
You can deposit funds using Visa and Mastercard. You can also make a cash deposit. Swyftx and CoinSpot both support Cash Deposits. These are done at a newsagent, where you can hand over cash, and the platform will distribute tokens.
Winner: Tie. Both platforms support similar payment methods in Australia.
Swyftx Review
Swyftx is a popular Australian crypto exchange that lets you trade over 310 digital currencies. It was launched in 2018 by two Aussie entrepreneurs who envisioned making crypto trading easier and better for everyone. You can buy, sell, or swap popular coins, tokens, and stablecoins, as well as explore DeFi projects.
It has a user-friendly interface that helps you manage your crypto portfolio, set up automatic orders, switch between assets, and see market trends. You can also use the Swyftx mobile app on your mobile phone to trade anytime.
Swyftx is a secure exchange that follows the rules of AUSTRAC and verifies its users to prevent fraud and money laundering. This exchange keeps your funds and data safe with cold storage, encryption, and multi-factor authentication.
Pros of Swyftx
- Regulated and secured crypto exchange in Australia and New Zealand.
- Low fees and fast AUD transactions.
- It supports many payment methods, including credit and debit cards.
- Easy-to-use app and website with many features and tools for traders.
Cons of Swyftx
- Not available in many countries, including the USA
- It does not offer margin trading or leverage.
- Swyftx does not have its own token or coin for discounts or rewards like BNB on the Binance exchange.
Website: swyftx.com
Twitter: twitter.com/swyftxau
Facebook: facebook.com/swyftx
CoinSpot Review
CoinSpot is another platform where you can trade cryptocurrencies in Australia. You can choose from over 390 digital coins and tokens to buy, sell, or swap. It started in 2013 and has a good reputation for being safe, reliable, and easy to use.
CoinSpot is approved by Blockchain Australia and Sci Qual, which means it follows the highest standards for the industry. It has a simple and intuitive interface that lets you easily access everything you need.
Pros of CoinSpot
- Wide range of coins with over 400 trading pairs, including popular and emerging ones.
- User-friendly platform with easy access to useful features and data.
- Strong security with two-factor authentication, Blockchain Australia certification, and external audit.
- Excellent customer service with live chat and help desk to talk to real people anytime.
Cons of CoinSpot
- Low liquidity compared to other global exchanges like Binance or OKX.
- No margin trading or leverage options for traders.
Website: coinspot.com.au
Twitter: twitter.com/coinspotau/
Facebook: facebook.com/coinspotau/
Final Thoughts: Which Should You Choose?
So, when it comes to Swyftx vs CoinSpot, both stand head-to-head. CoinSpot has more coins than Swyftx, including some rare and unique ones.
It also has staking, interest earning, and an NFT marketplace where you can buy and sell digital art with any crypto. CoinSpot is good for experienced and adventurous traders, while Swyftx is good for beginners.
Do your research, think about what matters most, and then choose. You can also try both platforms and see which one you like more.
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FAQs
Is CoinSpot better than Swyftx?
CoinSpot is better than Swyftx in many aspects, like market order fees, number of supported coins, and built-in NFT Marketplace. It charges lower market trading fees of 0.1% compared to 0.6% by Swyftx. CoinSpot also has a dedicated NFT platform, whereas Swyftx doesn’t.
Which is good for beginners, Swyftx or CoinSpot?
Swyftx is better for beginners due to its demo mode features. As a new trader, you can explore various exchange features without risking your real money. It also has a simple and intuitive interface that allows you to buy and sell coins with a few clicks.
What is CoinSpot’s withdrawal time?
The withdrawal time varies depending on a few things, such as the coin or token you are withdrawing, the amount of money, the wallet status, and the network traffic. It can take up to 12 hours. Also, if you place a withdrawal request during weekends, it may take up to 2 days.
