CoinSpot and SwyftX are the two of the most popular cryptocurrency exchanges in Australia because they allow investors to acquire hundreds of different crypto assets with minimal fees.
However, many Aussie crypto-investors find it a bit overwhelming choosing between these two crypto exchange giants.
But not to worry, this article will break down which one is best for you—is it SwyftX or CoinSpot?
Swyftx & CoinSpot Exchange Overview
1. Swyftx
Swyftx is a leading crypto trading platform headquartered in Australia—allowing users to purchase, trade, and sell over 280 cryptocurrency projects transparently and straightforwardly.
And with over 350,000 registered members, the network has grown in popularity since its launch in 2019. Furthermore, Swyftx has a user-friendly platform with several features for rookie, moderate, and professional traders.
The excellent features are quick AUD deposits and withdrawals, portfolio management, recurring orders, low trading expenses, demo mode and price alerts, a comprehensive mobile app, fast customer service, and no fees to transfer AUD to a bank account.
Swyftx Pros
- A well-liked transaction with a lot of community backing
- Advanced trading tools and charts, as well as a quick verification
- Low spreads and a maximum trading cost of 0.6 percent
- Mobile trading software with a comprehensive set of features
Swyftx Cons
- There are no trading fee reductions available.
2. CoinSpot
Coinspot, which was founded in 2013, is a renowned and recognized cryptocurrency exchange. Since its inception, CoinSpot has been widely recognized as a secure platform for individuals, businesses, and Super Fund investors to purchase, trade, and sell over 304 cryptocurrencies. Because of its easy interface and mobile app, the exchange is ideal for novices.
To guarantee the safety of customer accounts, the exchange adheres to Australia’s rigorous new AML/CTF rules enforced by AUSTRAC. CoinSpot employs bank-style security procedures to safeguard its customers’ information and cash. It is also the first cryptocurrency platform in Australia to be awarded the internationally renowned ISO 27001 information security accreditation.
CoinSpot Pros
- Australian exchange that is reliable and trustworthy
- Designed for novices to buy/sell cryptocurrency immediately
- A wide range of payment methods is available for funding an account
- Supports SMSF investors and recurring orders
CoinSpot Cons
- Expensive fees when utilizing the Instant Buy/Sell product
- CoinSpot Exchange does not have a full-featured mobile trading app and has a low trading volume and liquidity.
CoinSpot vs Swyftx
1. Spreads
The term “spread” refers to the difference in price between buying and selling an asset. You generally want the spreads to be as narrow as possible to execute a more efficient and cost-effective transaction.
Spreads may be shown by the fact that on CoinSpot, you can purchase Bitcoin for $50,000 AU and sell it for $49,000. This equates to a $1,000 spread or 2%.
SwyftX has a 1.7 percent average spread, whereas CoinSpot has a 3 percent spread. Therefore, SwyftX is the more cost-effective exchange for investing in cryptocurrency.
2. User Experience
Beginner-friendliness and simplicity of use are essential considerations for both new and seasoned investors. Swyftx and CoinSpot have extremely distinct user interfaces, which is best for novices.
This might include the complexity of the account setup and ID verification procedure, the number of steps required to purchase or trade cryptocurrency, the user interface’s simplicity, and the responsiveness of the mobile app.
Swyftx’s user interface is well-designed with a basic navigation bar along the left side that provides easy access to trade, deposit money, withdraw AUD, set up recurring orders, and see the asset list with the account balances in BTC and AUD displayed at the bottom.
Swyftx’s ability to modify the design of the dashboard is a fantastic feature. This offers investors power over the user interface, allowing them to show and disable widgets.
However, CoinSpot offers a simple and uncomplicated dashboard that shows the overall portfolio performance and a breakdown allocation graph of the top coin holdings. The navigation is focused on utilizing the rapid deposit method buttons or the menu at the top, which is typical and will suit most investors.
3. Fees
Trading costs on the SwyftX exchange are set at 0.6 percent per transaction for an immediate buy. SwyftX charges ZERO deposit and withdrawal fees for Australian Dollar transactions into Australian Bank accounts.
CoinSpot has two trading options—the first is quick buying (similar to SwyftX), which costs 1% of each transaction—and the second option is Market Buying, which is similar to a typical order book on a stock market but considerably less expensive at 0.1 percent each transaction. However, CoinSpot, like SwyftX, does not impose any additional fees for deposits or withdrawals.
4. Safety
With the increasing frequency of crypto exchange breaches, the exchange’s security is a vital issue. Cold wallet storage, multi-signature withdrawals, and two-factor authentication are all industry-standard security features. These safeguards aid in the prevention of money laundering and other fraudulent behaviour.
When it comes to securing client information and cash within wallets, CoinSpot and Swyftx are on par. Notable distinctions include biometric login on the Swyftx app and Coinspot being the first Australian crypto platform to receive the globally renowned ISO 27001 certification for information security.
5. Security
SwyftX and CoinSpot are both reputable digital currency trading platforms based in Australia. Both exchanges are regulated by AUSTRAC and comply with all necessary financial reporting requirements to prevent money laundering.
CoinSpot is Australia’s only exchange to have received ISO 27001 accreditation, indicating that they have top-tier data security.
6. Deposit Methods
Swyftx and CoinSpot both provide widely available means for depositing fiat cash to the exchange, such as Australian dollars, to fund a wallet. POLi, PayID, and cryptocurrency are all accepted for AUD deposits on both exchanges.
Swyftx accepts bank transfers as well as debit and credit cards to acquire cryptocurrency. CoinSpot, on the other hand, accepts other payment options like PayPal, BPAY, and cash payments through news agencies. These choices may be appealing to certain investors, but they come with higher costs.
We recommend Swyftx due to its near-instant payment options and bank transfers that take about one minute to utilise OSKO or between two and six hours for conventional transfers. There is also the option to use a credit/debit card, which CoinSpot and other Australian cryptocurrency exchanges do not support.
7. Customer Support
Swyftx has a customer care team of 29 people available 24 hours a day, seven days a week through phone, email, live chat, or Telegram. The exchange got a 4.7/5 star rating based on 2,300 customer reviews and comments according to Trust Pilot ratings.
Approximately 88 percent of consumer feedback on the trading platform, mobile app, and customer support was good. This is an excellent representation of the company’s customer care for both new and returning customers. A complete part with over 100 articles on how-to instructions, tutorials, and commonly asked questions is also available on the website.
Verdict: Is Swyftx Better Than Coinspot?
Yes, Swyftx is typically the best option for most customers who want to use the ‘immediate buy’ function on both exchanges owing to their cheap costs. The immediate buy charge on CoinSpot is 1%, whereas the fee on SwyftX is 0.60%, making it a considerably more cost-effective exchange.
