Swyftx or CoinSpot: Which Platform Should You Choose?

swyftx or coinspot

Swyftx and CoinSpot are two of the most well-known cryptocurrency exchanges in Australia. Swyftx has quickly risen to popularity from its low trading fees, user-friendly and feature-rich trading experience, and its innovative services. CoinSpot is one of the longest-serving exchanges in Australia and has established itself household crypto name. 

In this comparison review, we will assess the exchanges head to head to see which comes out on top using important criteria such as products and services, ease of use, deposit options, trading experience, supported cryptocurrency, fees, security, and customer support.

Quick Comparison

Item

Our Rating

Fiat Currencies

Supported Cryptocurrencies

Deposit Methods

Deposit Fees

Trading Fees

Withdrawal Fees

Advanced Trading Orders

In-built Tax Tools

Mobile App

Live Chat Support

Swyftx

AUD, NZD, USD

297

Bank transfer, POLi, PayID, BPAY, credit/debit card, crypto

None

0.6%

None

Yes

No

Yes (iOS and Android)

Yes

CoinSpot

AUD

345

Bank transfer, OSKO, POLi, PayID, BPAY, cash (Blueshyft)

None for POLi, PayID, bank transfer, 0.9% for BPAY.

0.1 % and 1%

None

Yes

No

Yes (iOS and Android)

Yes

A Brief Overview

Swyftx

Swyftx is a Brisbane-based cryptocurrency exchange that has amassed over 450,000 Australian customers since its establishment in 2019. The founding partners understood the issues and frustrations that were present in the Australian crypto market including dated interfaces, high trading fees, and a lack of customer support. Swyftx was created in response to these issues and now provides Australian and New Zealand investors and traders with a suite of innovative crypto products and services that can be used on a simple but highly functional platform. 

swyftx interface

The reason why Swyftx is a top choice for cryptocurrency investors of all levels is because of the design of the user interface. The layout is clean, visually intuitive, and easy to navigate from feature to feature in the same place. Users with no prior crypto experience will not find the experience daunting and can easily deposit AUD and purchase 297 digital currencies including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Litecoin (LTC), and many more. There is no need for beginners to view and possibly become overwhelmed with live charting and limit orders to buy crypto. Purchased assets are instantly transferred to the users wallet where it can be tracked and managed using the customisable dashboard. Experienced traders will appreciate the TradingView charting with advanced indicators and analytical tools.

One of the strengths of Swyftx is its ability to utilise multiple order books which increases its liquidity on trading pairs. This means that Swyftx can offer its customers tighter spreads and decreased price slippage, especially in volatile markets or where there is a lack of trading activity for a particular cryptocurrency. Combine this with the low trading fee of 0.6% and Swyftx becomes a highly desirable option for altcoin trading for crypto users of all levels of experience.

Pros

Cons

CoinSpot

Founded in 2013, CoinSpot is one of the oldest exchanges in operation and has served over 1 million customers across Australia. The success of CoinSpot is primarily built upon its strong reputation for being a trustworthy and reputable platform to buy 345 cryptocurrencies using AUD.

CoinSpot is a safe and secure platform that has built a strong reputation as a trustworthy cryptocurrency option for Australians and New Zealanders. The platform is a legitimate cryptocurrency exchange that operates under the business entity Casey Block Services Pty Ltd (ABN 19 619 574 186) and trading as CoinSpot. The Melbourne-based platform is registered with AUSTRAC, the government body responsible for for the detection, prevention, and mitigation of organised crime in the financial sector, and complies with strict regulations.

coinspot review

Australians interested in purchasing and investing in Non-Fungible Tokens (NFTs) may consider CoinSpot. It is one of very few Australian crypto exchanges that offer this service however the number of NFTs is limited to 15 including Theta, WAX, Chromia, and others. Other features CoinSpot offers include an OTC desk and SMSF support, both of which benefit from the competitive high-net trading fees. 

A commonly seen drawback of the CoinSpot lies in its high trading fees for instant crypto purchases. The instant buy/sell feature is pushed at the forefront of the CoinSpot platform where beginners, in particular, are more likely to use it. However, buy and sell orders conducted using this feature will attract a hefty 1% trading fee. Lower trading fees of 0.1%, which are very competitive in the Australian crypto market, can be obtained by using the exchange trading interface. Since this function is found within the trading interface, beginners may not be aware of this or maybe discouraged from the seemingly complicated dashboard and live charting.

Pros

Cons

Deposit Methods

Before cryptocurrencies can be purchased, users need to fund their account wallets. This can either be fiat currencies such as AUD, NZD, or USD or with cryptocurrencies from another wallet. The method by which an account wallet is funded is a personal choice that differs amongst investors. 

Swyftx and CoinSpot support the most common deposit methods available to Australians and New Zealanders. AUD and NZD can be deposited into the account wallet via PayID, POLi, BPAY, and OSKO. The only point of difference is that CoinSpot does not support the use of credit cards or crypto from another wallet to fund the wallet. Depositing cash at participating News Agencies using Blueshyft is allowed by CoinSpot, however, this method is not a commonly used method.

Deposit Method

Direct bank transfer (OSKO)

POLi

PayID

BPAY

Credit card

Crypto from external wallet

Cash (Blueshyft)

Swyftx

Yes

Yes

Yes

Yes

Yes

Yes

No

CoinSpot

Yes

Yes

Yes

Yes

No

No

Yes

Compared to Swyftx, CoinSpot deposit methods are slightly more limited as credit cards and cryptocurrencies are not supported. Swyftx has the advantage on Digital Surge as it provides users with greater account financing options and flexibility.

Crypto Features & Services

in terms of the variety of crypto services and features offered, Swyftx is the clear standout. Swyftx originally started out as a fiat-to-crypto gateway platform however has added several features along the way. Features unique to Swyftx include the following:

  • Real-time market prices, combined order books and significant liquidity, and TradingView charting to ensure that users get the best out of their trades.
  • A unique demo mode that can be toggled so traders can use $10,000 virtual AUD funds to explore the platform and practice trading. Since funds are virtual and AUD does not need to be deposited, there are no associated risks with trading. The demo mode also simulates real-world liquidity and market depth.
  • In-built cryptocurrency taxation reporting tools to ensure that Australians are aware of their crypto tax obligations for each financial year.
  • Crypto staking where users can earn rewards on their holdings. Staking rewards compound on a daily basis and there are no lock-in periods.
  • A customisable dashboard where users can manually toggle and show what information they want to see on their crypto portfolio.
  • The option to buy bundles of crypto to quickly diversify portfolios whilst incurring fewer trading fees.
  • Robust SMSF support where investors will benefit from Swyftx’s partnership with super fund specialists New Brighton Capital. The SMSF service is centred on a strong understanding of Australian law and regulations.
swyftx features

In comparison to Swyftx, CoinSpot crypto features and services are a little lacklustre with no crypto tax reporting, staking, demo mode, or the ability to customise the layout of the user interface. CoinSpot does offer a selection of NFTs, however, the range is limited to 15 assets and users who want to buy NFTs should consider a global exchange instead.

Both Swyftx and CoinSpot offer TradingView charting with advanced indicators and analytical tools to assist users in identifying and optimising trades. Other shared features include crypto bundles and SMSF support.

Feature

Demo mode

Customisable Dashboard

Staking

NFTs

Crypto Tax Reporting Tools

Advanced Charting

Crypto Bundles

SMSF support

Swyftx

Yes

Yes

Yes

No

Yes

Yes (TradingView)

Yes

Yes

CoinSpot

No

No

No

Yes

No`

Yes (TradingView)

Yes

Yes

Overall, Swyftx and CoinSpot share a lot of similarities in terms of features and primarily revolve around staple features that are commonly offered by crypto platforms. These include advanced TradingView charting, SMSF support, and the ability to purchase bundles of digital currencies in a single transaction. 

Swyftx offers a wider variety of features and services that will appeal to a larger audience. With crypto staking and taxation reporting fast becoming desirables for crypto users, it is not surprising that Swyftx has gained a reputation for being a progressive and innovative exchange in Australia.

Is Swyftx Is Cheaper Than CoinSpot?

Deposit & Withdrawal Fees

Swyftx charges no fees for users to deposit up to $100,000 of AUD, NZD, or USD into their accounts using PayID, OSKO, POLi,  or credit card. CoinSpot also charges no fees for POLi, PayID, and OSKO methods however a 0.9% fee applies for deposits made using BPAY. The minor BPAY fee can easily be avoided by depositing AUD using an alternative method. Users who want to withdraw their AUD from their account can do so without incurring a fee. Withdraws of cryptocurrencies from both Swyftx and CoinSpot do not incur fees however a standard network fee will apply.

swyftx fees

Trading Fees

Swyftx charges a flat trading fee of 0.6% for all buy and sell transactionsThe fee is competitive compared to other Australian-based exchanges such as Digital Surge (0.5%), Cointree (0.5%), BTC Markets (0.85%), Easy Crypto (0.5%), and Binance Australia (0.1%). Due to Swyftx’s combined order books and increased liquidity, the platform is able to provide its customers with tighter spreads that typically start at 0.45%. 

The CoinSpot trading fee of 1% for using the Instant Buy/Sell feature is notably higher than Swyftx. Unfortunately, the 1% trading fee also applies to limit orders and recurring buys. Lower fees can be obtained by using market orders in the trading interface however the platform does promote the use of the Instant Buy/Sell feature where users will incur a premium fee. Additionally, spreads on CoinSpot are about 2%. Overall, Swyftx is cheaper than CoinSpot as a cryptocurrency trading option, and users will find that their funds go further.

coinspot trading fees

Which Platform Is Easier To Use?

Ease of use for investors is an important factor to take into consideration. The design of an interface will affect how intuitive it is for beginners. Are features and functions presented in a neat and holistic manner that makes them easily identifiable? Is the interface able to be customized? 

Swyftx users have a slight advantage over CoinSpot as the dashboard is able to be customized. Each investor is different and Swyftx have acknowledged this by allowing the widgets to be swapped and changed to show information that the user wants to see for their portfolio. A nice addition is the ability to toggle dark mode but this is not an essential trading feature and only provides some aesthetic flexibility. Overall, the Swyftx layout is clean, modern and provides a high level of functionality which is refreshing considering the number of outdated interfaces in the market. Although it may seem a little complex to beginners at first, the interface is simple to navigate that the learning curve will be incredibly short.

swyftx interface

Compared to Swyftx, the CoinSpot dashboard is a lot more minimal however still presents users with enough information to enable a sound understanding of their crypto portfolios. Navigation through the various features including account funding, coin swapping, the instant buy/sell, and the markets for trading pairs is easy. Although the CoinSpot dashboard is not able to be customized, account and crypto management is simple and intuitive, even for the beginner with no prior crypto experience.

Overall, the user interfaces of Swyftx and CoinSpot are structured differently, however, both platforms retain a high degree of simplicity that makes it easy for beginners to find their way around. In our opinion, we preferred the aesthetic features of the Swyftx interface however we found no significant difference between the two in terms of ease of use.

Which Is Better For Trading?

Buying Crypto

The CoinSpot Instantly Buy/Sell feature is a great way for Australians to instantly buy cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Once the trading pair with AUD has been selected, the live market price will be shown and the amount of crypto or AUD to spend can be entered. Once purchased, the digital currency will be instantly deposited into the user’s wallet where it can be tracked and managed through the CoinSpot dashboard. Users should be aware that the hefty trading fee of 1% will be incurred using this buy/sell feature and is included in the quoted price.

coinspot buy feature

The Swyftx buy feature works in the same fashion as the CoinSpot version, however, users have slightly more functionality and transparency. Firstly, Swyftx offers the ability to select percentages (i.e. 25%, 50%, 75%, and 100%) of AUD funds to use in the trade. Additionally, the quoted price excludes the trading fee of 0.6% which means that users will exactly how much crypto they will be receiving following the transaction. The key advantage of using Swyftx is that users have access to a range of advanced order types including:

  • Market order
  • Limit order
  • Stop order
  • Recurring orders

These order types provide the trader with an increased level of flexibility and control in terms of risk management. CoinSpot users who want to apply these order types will need to access the exchange trading interface as this level of functionality is not available in the Instant Buy/Sell feature.

swyftx buy btc

The Trading Experience

CoinSpot and Swyftx alike offer advanced charting where live market prices of trading pairs can be viewed. Both platforms have integrated the powerful and feature-rich TradingView charting package into their interfaces where experienced and advanced traders can take advantage of the various indicators and analytical tools. Overall, the trading interface is sufficient for novice investors however advanced traders might find the platform particularly lacking in terms of functionality and flexibility.

coinspot interface

Like CoinSpot, the Swyftx exchange interface is powered by the popular TradingView package where advanced features including trend lines, indicators and other analytical tools are at the traders disposal. There is also the option to set price alerts that will trigger an alert when a crypto reaches a pre-defined price. Users who wish to practice trading with zero risk can easily toggle the demo mode to use $10,000 of virtual AUD funds.

swyftx trading interface

Security of Assets & Funds

Based on our research, Swyftx and CoinSpot have not experienced any security breaches that have resulted in the loss, theft, or damage of digital assets or customer funds. Both crypto platforms are registered with AUSTRAC and adhere to strict  AML/CTF and KYC regulations that are designed to monitor transactions over $10,000 and reduce risks associated with financial crimes. 

Swyftx and CoinSpot implement industry-standard security measures to safeguard customer funds and digital assets against potential loss, theft, or damage. Controls include the storage of the majority of held assets at highly secure offline locations, withdrawal restrictions, geo-lock logins, and 2FA. Biometric fingerprint logins can also be set up on both the Swyftx and Digital Surge mobile apps to add an extra layer of account protection.

CoinSpot’s ISO 27001 certification with the International Organisation for Standardisation is an indication of the platform’s willingness to provide its users with a great deal of confidence. The certification means that CoinSpot’s internal processes for digital asset storage, information and record keeping, intellectual property, and more are held at the highest standards. Customers should be assured that they are receiving the highest level of information security available and their funds and assets are secure.

How Do The Mobile Apps Compare?

Swyftx and CoinSpot provide their users with a mobile app that are compatible for iOS and Android devices. Most of the features that are available on the desktop version can be accessed, with the exception of live charting on the Swyftx app. Biometric fingerprint login can be set up on the Swyftx mobile app to provide another layer of account protection against unauthorised access.  

In our experience, the Swyftx and CoinSpot mobile apps were generally smooth and we did not experience any difficulties buying cryptocurrencies or contacting the customer support team. Although the CoinSpot app does not have a dark mode, we found no significant advantages from either app. 

Customer Support

Swyftx has arguably the best customer support team in Australia which comprises 35 team members ranging from Customer Support Officers, Resolution Managers, Compliance Officers, and Verifications Officers. The impressive size of the team is a reflection of the platform’s large customer base which spans over 450,000 investors and traders. Swyftx users can get in touch with the customer team via live chat, phone, email, or Telegram

swyftx customer

On the other hand, CoinSpot users can contact the customer support team using the live chatbot or by submitting an email ticket. CoinSpot does not allow its customers to call them directly for technical assistance which limits the number of ways a customer can achieve direct and immediate help. Nevertheless, customer feedback and reviews on popular review websites such as TrustPilot and Product Review indicated an overwhelming proportion of positive feedback. This comes as no surprise as CoinSpot is one of Australia’s most well-known and reputable crypto exchanges.

CoinSpot provides its customers with solid customer support and is by no means a poor experience. Both platforms also offer a wealth of informative guides and articles to assist with troubleshooting issues. However, Swyftx simply offers more convenient options to contact the dedicated customer service team. Beginners, particularly those with little or no previous crypto experience, are likely to be the bigger beneficiaries.  

Comparison Outcomes

To assist investors and traders in making an informed decision, we have summarised the assessment outcomes for each category. Based on our comparison review, Swyftx is seen as the better cryptocurrency exchange option for Australian investors and traders.

Assessment Criteria

Deposit Methods

Features

Fees

User Experience

Trading

Security & Safety

Mobile App

Customer Support

Winner

Swyftx

Swyftx

Swyftx

Tie

Swyftx

CoinSpot

Tie

Swyftx

Reason

Swyftx provides a greater number of account financing options including credit cards and crypto transfers.

Swyftx provides additional small but functional features such as tax reporting and staking.

Swyftx trading fees of 0.6% are cheaper than CoinSpot (1%).

Both platforms are easy to use and navigate.

Better features that suits experienced and advanced traders.

CoinSpot is ISO 27001 accredited.

Both Swyftx and CoinSpot apps offer a similar variety of features that are available on the desktop version.

More avenues to help and a larger customer support team.

Swyftx Versus CoinSpot Surge: Our Verdict

Both Swyftx and CoinSpot have established themselves in the Australian crypto market as highly reputable exchanges. CoinSpot has been around since 2013 and is now a trusted household name. Swyftx was established in 2019 and has quickly grown in popularity due to its ongoing efforts to release innovative crypto products and services such as staking and crypto tax reporting. 

With this in mind, Swyftx is the superior cryptocurrency platform as it provides more dynamic features, more advanced trading tools, and lower trading fees. On the other hand, CoinSpot seems to have fallen behind in staying in touch with market needs, however, it is still a strong option for users who want to buy and hold digital currencies.

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