CoinSpot and Swyftx are two of Australia’s best cryptocurrency exchanges: however, Crypto.com is an excellent exchange platform with even more features.
But what are the differences between these three platforms for Australian crypto investors?
This guide will compare CoinSpot, Swyftx, and Crypto.com based on different criteria to give you the final recommendations.
Swyftx wins the top spot overall because it offers staking, lower spreads, live chat support, demo mode, and $20 free Bit just to sign up.
CoinSpot and Crypto.com take second place.
CoinSpot has a better specific aspect, though, offering double cryptocurrencies. Crypto.com, on the other hand, has staking, NFT marketplaces, borrowing, lending, and visa debit cards that offer up to 8% profit per purchase.
What is Swyftx?
Angus Goldman and Alex Harper initially established Swyftx in response to the high demand for a solid crypto exchange compiled with Australian crypto regulations and taxation.
Swyftx’s intermediary services provide the perfect platform for beginners and professionals from Australia who want to use specially tuned crypto exchanges in the region.
It offers self-managed and autonomous cryptocurrency superfunds, giving investors tax incentives and allowing users to take advantage of the crypto market on a broader scale.
What is Coinspot?
Since 2013, CoinSpot is still at the leading edge of Australia’s blockchain revolution.
Their goal is to provide a simple system that embraces everything a user needs to trade and manage multiple crypto accounts.
Over 300 digital currencies, such as Bitcoin Cash, Bitcoin, Ethereum, Litecoin, and Ripple, are available. DeFi and NFTs were added to CoinSpot’s list of tradable assets more recently.
What is Crypto.com?
Crypto.com is an eminent crypto exchange platform that accepts a variety of cryptocurrencies. It allows users to trade various currencies while paying low trading fees.
The company also offers crypto credit cards, decentralized exchanges, offline cryptocurrency wallets, and NFT marketplaces.
Users can also obtain up to 14.5 percent interest by betting on cryptocurrencies or storing them in their Crypto.com wallets for a specified period.
Crypto.com may be an excellent choice for anyone looking to buy and hold currencies like Bitcoin or Ethereum. The upper limit of the fee is 0.4%, and if the commercial volume or the ownership of the CRO currency is large, the cost will be reduced.
Swyftx Pros and Cons
Pros
Reliable Australian exchange listed under AUSTRAC
$20 sign-up bonus and quick ID confirmation
You can deposit AUD via POLi, PayID, bank transfer, credit, and debit cards
Low trading costs and narrow spreads
Supports cryptocurrency staking on the platform
Great mobile app and trading experience
Easy to report the profits from cryptocurrency trades to ATO
Cons
Exchanging crypto for AUD has elevated forex fees
The fee for using a credit card to make a deposit is 2%
No order form for trading, only immediate buying
There’s no option to trade on margin.
Coinspot Pros and Cons
Pros
Deposit with an AUD credit card at a fee
Instant trading once you’re verified
A substantial variety of coins compared to other Aussie crypto exchanges
Set up automatic purchases on a weekly, monthly, or daily basis to maximise your dollar-cost averaging
Easily convert between the displayed value from USD to AUD and vice versa
AUSTRAC is ISO regulated and certified
Multiple currencies available
Some of the most competitive rates are available
The option to make automated purchases based on your investment’s dollar average on a weekly, monthly, or daily basis
Cons
Insurance applies only to the Coinbase online shop
Weekly limits increase with the duration and regularity of purchases
Volume limit is set weekly and grows with time
No option to trade on margin
It’s not possible to pay bills with crypto
Crypto.com Pros and Cons
Pros
A large number of cryptocurrencies are supported
Transparent and competitive rates with discounts
Endorse for a cryptocurrency product ecosystem
Staking cryptocurrency is supported, allowing you to earn interest from over 40 coins
Borrowing, crypto loans, and an NFT marketplace are among its additional features
To gain rewards on every purchase, use your USD, AUD, or Visa debit card
Cons
Fees are higher unless you own and utilise a CRO.
Poor Customer service
It might be challenging to navigate the world of trading fee savings.
Paying with a debit or credit card incurs a 3.5 percent fee (free for one month)
The desktop site doesn’t allow AUD trading
Demo mode isn’t available
Swyftx vs CoinSpot vs Crypto.com Fees
I’ve compiled a list of the different costs for CoinSpot, Swyftx, and Crypto.com so you can see which platform suits you best.
Deposit Fees
Swyftx doesn’t charge any fees on any AUD deposits.
CoinSpot
Free services include PayID, POLi, and Direct Deposit—through OSKO
Cash deposits are subject to a 2.5 per cent fee
Crypto.com
PayID and BPAY are free
3.50 per cent for credit and debit cards—free for one month
Trading Fees
When purchasing or selling bitcoin, Swyftx imposes a fee of 0.6%.
When purchasing or selling crypto instantly on CoinSpot, the exchange imposes a fee of 1%. Trading on the market is also an option, with fees as little as 0.1%.
Only 14 prominent cryptocurrencies, such as ETH, BTC, XRP, ADA, LTC, and DOGE, can be exchanged on the market.
When you trade on the desktop site, Crypto.com charges a low fee of only 0.4 per cent per transaction. However, you can only deal with USDC, USDT, or BTC on the desktop site.
With the Crypto.com app, it’s free to buy or exchange cryptocurrencies in your wallet in fiat currency. Fees are integrated into the spread, not the explicit fees. If you want to buy bitcoins by paying with a credit or debit card, you will be exempt from the 3.5 per cent charge for the first 30 days. Fees are integrated into the spread, not the explicit fees.
Withdrawal Fees
Swyftx does not charge customers for Australian dollar withdrawals to Australian bank accounts. CoinSpot and Crypto.com also apply the same rules for Australian trading.
Verdict
Swyftx possesses the best pricing model, free deposits and withdrawals, and a trading fee of only 0.6%. With the CoinSpot market, you can get a 0.1% charge for 14 coins, but any other has a 1% fee rate.
On the Crypto.com desktop exchange, the fee is only 0.4%, but you can’t trade for AUD.
There are no fees on the Crypto.com app, but the spreads are much higher, meaning Swyftx has the lowest charges overall.
Swyftx vs CoinSpot vs Crypto.com Deposit Methods
Swyftx accepts deposits via PayID, POLi, credit or debit card, direct deposit, and cryptocurrency.
CoinSpot accepts PayID, BPAY, POLi, cash, direct deposit, and cryptocurrency.
PayID, credit or debit card, BPAY, and crypto deposits are all accepted at Crypto.com.
Verdict
Swyftx offers a variety of deposit alternatives, all of which are available for free.
Swyftx’s payment methods are suited for the majority of Australian users. You can utilise CoinSpot or Crypto.com if you have to use BPAY.
Swyftx vs CoinSpot vs Crypto.com Features
Swyftx Features
Swyftx’s subscribed users have access to the below core functionalities:
User-friendliness
Swyftx’s desktop and mobile applications were created to fulfil the demands of both novices and expert investors looking to get involved with cryptocurrency.
Utilising the sidebar, you can easily browse between the asset list, wallet, withdrawals, charts, and other valuable functions.
The website’s interface is customisable and can be adjusted to any investor’s needs. Individuals can also choose between dark mode and a demo account to practice risk-free crypto trading before proceeding to trade.
Rapid Verification
The entire registration and verification procedure is quick and straightforward. Unlike other Australian exchanges that require users to provide ID documents or selfies, Swyftx’s verification process takes a few minutes.
To complete the verification procedure, customers must fill out an application form with required fields such as their name, email, and ID document info.
Swyftx account transcribers who’ve been verified can immediately begin trading.
Multiple Deposit Methods
Swyftx offers a variety of ways to deposit AUD into a customer’s account.
Users can quickly deposit over 40,000 AUD using any deposit options: POLi payment, bank transfer, PayID, and OSKO, through an Aussie bank account.
Swyftx has also recently added credit card approval to its platform to fund an account.
Low Spreads
Customers agree that most bitcoin exchanges levy concealed trading costs in the guise of spreads. To commence trading, they must pay these hidden fees.
Some platform spreads might cost up to 2.6% for each trading transaction. Traders can trust Swyftx because the platform is completely transparent and has no hidden costs.
For popular coins like Bitcoin, the spread costs at Swyftx can’t exceed 0.45%. In the platform’s asset list, traders can see the spread charges for every exchange.
Furthermore, the aggregate transaction costs and spread fees for AUD pairs are significantly lower than those charged by other Australian platforms that use their trading volumes.
Recurring Orders
This is a fantastic feature available mainly on the Swyftx platform. The Recurrent Orders function allows users to invest in popular digital currencies regularly.
Users can schedule an auto AUD deposit notification for a specific amount and send money to the exchange through any of the approved payment methods, such as PayID, POLi, or a bank transfer.
The funds can be used to purchase multiple cryptocurrencies at the same time.
Also known as periodic ordering or DCA (dollar-cost averaging), it is helpful in volatile markets.
Automated Tax Reporting
Swyftx provides an innovative tax reporting solution that generates downloadable tax reports automatically, simplifying the tax reporting procedure and removing the EOFY difficulties associated with the crypto tax.
Security and Reliability
Swyftx is a highly regulated and authorised platform recognised with AUSTRAC, according to our Swyftx assessment.
KYC (Know Your Customer) and AML (Anti-Money Laundering) standards are stringent on the site.
Two-factor authentication and persistent traffic monitoring measures protect customers’ cash.
Auth0, a cloud-based security platform, is also integrated into the platform, adding an extra security measure to customers’ wallets and accounts.
Furthermore, the exchange safeguards its customers’ cash by storing it in hot and cold wallets.
Demo Account
Swyftx is the only platform in Australia that allows customers to open demo accounts and trade with fake money, allowing them to try out the cryptocurrency exchange’s features and functionality (paper trade) without risking their real money.
Coinspot Features
Buy Crypto Instantly With AUD
The most notable characteristic of this Australian exchange is acquiring crypto with AUD. It’s now simple to deposit Australian dollars into your CoinSpot account so that you can effectively purchase crypto instantly.
CoinSpot has offered an immediate crypto exchange to help buy Bitcoin or other 290+ coins by clicking a single buy button.
Unlike other exchanges like P2P, with CoinSpot, you don’t need to wait for an eCommerce counterpart or another trader to work out the price through intense negotiation to buy the crypto you need.
The best part is that CoinSpot stands on its own as a cryptocurrency which means it can trade assets separately.
However, given the wide variety, you can be overwhelmed by the crypto exchange to choose from. To use CoinSpot effectively, you have to be aware of the services it offers.
Simple User Interface
CoinSpot has a simple interface that helps beginners navigate cryptocurrency effectively.
Similarly, CoinSpot also values adroit crypto traders; that’s why they have incorporated an extra price chart window that will assist expert traders in undertaking technical analysis by simply opening the dashboard.
The additional CoinSpot price chart is available on the desktop version and app.
The most valuable feature for most crypto traders is buying and selling with ease. CoinSpot’s hotkeys available in the dashboard enable you to efficiently buy and sell crypto while checking the live press on its side.
Further down, you’ll come across a portfolio of coins that will help you track your investments.
Over 330+ Supported Cryptocurrencies
CoinSpot combines and works well with many massive cryptocurrencies; however, it comes with some unique options that are mostly not found in many smaller exchanges, adding to its quality as an exchange.
If you only want to purchase the leading coins like ADA, ETH, BTC, BNB, and XRP, you are safe as many exchanges offer them. However, if you only need to use small and unique coins that you feel matches your investment, then try CoinSpot.
Customer Support
CoinSpot customer service is one of the best among exchanges as it comes with a live chat hallmark that enables you to acquire instant crypto trading assistance.
The live chat functions from 9 am to 8 pm on weekdays and 9 am to 5 pm on Saturdays and Sundays.
The live chat feature has been tried and tested and is a great way to address issues you might have about CoinSpot.
The best part is that you get assistance from real people, which helps you handle your problem quickly. Similarly, they don’t rely on queues, thus offering a fast response.
However, if you have a problem that you want to communicate to CoinSpot outside the live chat, then you can do so by contacting their 24/7 help desk—they’ll instantly respond to your ticket within 24 hours.
Similarly, CoinSpot has developed a comprehensive information centre that provides tutorials to trading beginners. The information centre has a FAQ to help beginners buy Bitcoin and various digital coins effectively.
Android and iOS Apps
You can access CoinSpot through their apps or web browser available for download on either the iOS App Store or Google Play Store. The CoinSpot app will help you manage and monitor the coin market prices.
Security
When you closely check CoinSpots’ security from other crypto exchanges, you’ll realise that it’s among Australia’s best and most secure. It is the only exchange issued with the ISO 27001 certificate, which speaks volumes on its security level.
Similarly, CoinSpot is among the first exchanges to have its name entered into the AUSTRAC (Australian Transaction Report and Analysis Centre) due to its safe handling of their details and users’ assets or investments in secure offline locations.
CoinSpot also allows you to make your accounts security personal by effectuating the two-factor authentication, anti-phishing phrases, a few session timeout settings, geo-lock logins, and various custom withdrawal restrictions.
Referral Program
CoinSpot is an exciting exchange as it provides its users with a free $10 in Bitcoin upon making their initial deposit in Australian dollars. Moreover, they don’t charge any trading fees on initial Australian dollar deposits, a practice that benefits their new customers.
To get the $10 in Bitcoin, you only need to share a unique referral code with your family or friends.
If they register with CoinSpot, get authenticated, and input their Australian dollar deposit, then a free $10 in Bitcoin will be updated on your account.
CoinSpot Bundles to Diversify Your Portfolio
Cryptocurrencies are unpredictable trading tools that change unexpectedly; that’s why you need to implement certain precautions, such as stopping losses by setting up price alerts.
CoinSpot offers another valuable and unique feature known as the CoinSpot bundles that helps you in the practical purchase of various assets in one transaction.
Not only does it spread the risk and diversify your portfolio, but it also reduces fees, saves time, and puts a minimum cost on various coins.
The best of all is the Top Ten Market Cap which involves the massive coins, which are put into categories according to their market capitalisation.
This is a special deal as it includes all the renowned coins such as ETH, BNB, BTC, and ADA that evenly spreads the risk and decreases volatility.
Crypto.com Features
Gift Cards And Phone Top-Ups
If you thought that a Crypto.com Visa Card was the only and most efficient way of utilising your crypto, then you’re wrong.
You can also acquire money by adequately utilising your gift cards with multiple relevant brands. If you’re making use of your gift card in the US, then try Barnes & Noble, Airbnb, and Macy’s.
However, the cashback will entirely depend on the company and CRO you have accumulated. Similarly, you can choose to use prepaid phones on various networks.
Earn Interest
Apart from being a place where traders purchase Bitcoin and different cryptocurrencies, you can equally secure high-interest rates. However, the highest interest you can earn is 14%. You have to set aside some cash in CRO for the Visa card benefits to qualify.
However, keep in mind that interest rates will only be massive depending on the amount of money you had initially set aside, the currency the savings were made in, and the amount of staked CRO.
Similarly, the interest rates can increase if you:
Stake above 50,000 CRO to land an increase in interest rates. However, if you want to gain more, you should stake 500,000 CRO.
Make a three-month deposit to boost interest rates. Similarly, you can go for one-month flexible terms that are accessible. All in all, the three-month period is still impressive.
You should also make an elaborate plan to invest positively in a stable coin. This is because stable coins go hand in hand with fiat commodities and currencies.
For example, you are putting your money on a stable coin that matches well with the US dollar to earn more interest. However, it’s implausible that your cash will gain value in the same light as a cryptocurrency should.
However, putting all your savings and hopes on cryptocurrency is extremely risky as it is unpredictable and volatile.
Cash Back Cards
Cryptocurrency offers and supports five prepaid Visa Cards, which can be utilised anywhere where Visa is accepted. However, the Visa will have to be topped up with cash. And just like other unique products, the better the benefits, the more CRO you need.
The high-end Obsidian card gets 8 per cent cashback, more accurate tags, and extra bonuses. However, you’ll be required to stake $750,000 (5,000,000 CRO) to qualify.
If you don’t have access to a large sum of money, then there’s the no-stake Midnight blue card responsible for 1 percent cash back after purchases.
Similarly, for $750, which is equivalent to 5 000 CRO, you can get 2 per cent back in conjunction with a Ruby Steel card.
Fortunately, there’s no annual fee charged, and you can get free foreign transactions and ATM withdrawals depending on the card you hold.
Verdict
Out of all the exchanges discussed, Crypto.com tops the list as it has many unique features, and it’s the better option for those who want to utilise crypto as a long-term investment.
Crypto.com is a great way to earn cash passively with its CRO coin benefit and 40+ different coins option. Crypto.com is a great way to make some money passively.
Swyftx vs. CoinSpot vs. Crypto.com Security
All three significant exchanges play a crucial role in safeguarding investors’ money through their multi-layered security system. However, Crypto.com and CoinSpot are miles above Swyftx with respect to security features.
Similarly, CoinSpot is the only Australian Crypto exchange with ISO 27001 certification and undergoes regular external audits by the famous SCI Qual International. Moreover, CoinSpot is trusted by its users as it has cold storage where assets are secured.
After thorough third-party audits, Crypto.com obtained its ISO certification in 2019, making it stand out as the only crypto exchange platform to undertake extreme privacy certification.
It also uses cold storage to secure its users’ 100 per cent assets, has crypto asset insurance, and uses ledger vaults.
One-Stop-Shop
Many people confuse and think that Crypto.com is more of a crypto bank than a currency exchange or even a brokerage. Sure, it’s possible to purchase and sell cryptocurrencies or swap with different users using a DeFi wallet.
But besides that, you can also utilise your crypto through prepaid visa cards. You just need to get paid in crypto and inject it into your interest account. However, in some states, you can secure a crypto loan.
Verdict
Crypto.com is a top exchange and is the only one to go through comprehensive certification in 2019 by ISO/IEC 27701. Moreover, it stores most of its customers’ assets in cold storage and comes with an insurance cover to make it one of the safest exchanges.
Final Verdict – Swyftx
Even though Crypto.com, Swyftx and CoinSpot are all top exchanges, Swyftx still takes the lead as it has low fees, staking, and an impactful demo mode to guide new traders. Moreover, it offers a bonus of $20 in Bitcoin and has an active live chat that responds to your needs in seconds.
Following Swyftx is a tie between Crypto.com and CoinSpot —but CoinSpot stands out a bit with its lively live chat and numerous trading coins.
Similarly, Crypto.com has visa cards that provide users with various staking options, thus widely appreciated.
