Swyftx vs. CoinSpot: Which Platform Should You Choose?

Published 13 Jan, 2022 Updated 09 Dec, 2022

Exchange Reviews

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 as a household crypto name as a safe and secure platform.

In this comparison review, we 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.

A Quick Comparison

ITEMSWYFTXCOINSPOT
Fiat CurrenciesAUD, NZD, USDAUD
Supported Cryptocurrencies312345
Deposit MethodsBank transfer, POLi, PayID, BPAY, credit/debit card, cryptoBank transfer, OSKO, POLi, PayID, BPAY, cash (Blueshyft)
Deposit FeesNoneNone for POLi, PayID, bank transfer, 0.9% for BPAY
Trading Fees0.6%0.1 % and 1%
Withdrawal FeesNoneNone
Advanced Trading OrdersYesYes
In-built Tax ToolsNoNo
Mobile AppYes (iOS and Android)Yes (iOS and Android)
Live Chat SupportYesYes

A Brief Overview

Swyftx

Established in 2019, Swyftx is a relatively new crypto exchange in the Australian market. However, its youthfulness has not stopped it from surging in popularity and overtaking some of its older and more established competitors. Today, the Brisbane-based exchange has amassed over 550,000 Australian customers.

Swyftx was built to solve common issues in the Australian crypto market. These included dated interfaces, high trading fees, and a lack of customer support. The team at Swyftx continues to develop its products and services with this mantra in mind. The result is a simple but highly functional platform that provides Aussies with a suite of features that cater to their needs.

OUR RATING 4.8/5

Promotion: $20 Free Bitcoin for creating a new account

Trading Fees: 0.6%

Available Cryptos: 312

Ease of use

Reputation

Deposit Methods

Fees

Visit Swyftx

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Swyftx is widely known for its unique and easy-to-use interface that makes it an ideal starting point for beginners. The layout is clean, visually intuitive, and easy to navigate from feature to feature in the same place. If you have no prior crypto experience using exchanges, you are unlikely to find the Swyftx experience daunting or complicated.

If you don’t want to be distracted by complicated live charting or other features seen in the large global exchanges, then you simply don’t have to. The crypto buying process is streamlined and you can easily use Australian Dollars (AUD) to purchase 312 digital currencies including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Litecoin (LTC), Ripple (XRP), and many more.

Purchased assets are instantly transferred to the users’ wallets where they can be tracked and managed using the customizable dashboard. If you’re an experienced trader who knows how to analyze the price action of crypto, then you will appreciate the TradingView charting with advanced indicators and analytical tools.

swyftx interface

One of the strengths of Swyftx is its ability to utilize multiple order books which increases its liquidity on trading pairs. This means that Swyftx can offer you 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 all levels of experience.

For more information, you can read our detailed and comprehensive Swyftx review.

Pros

  • Better value for money with tight spreads and low fees (0.6%)
  • Integrated TradingView charting package with advanced tools and indicators to optimize trades
  • Explore the platform and practice trading with virtual funds using the demo mode
  • Quickly diversify portfolios by purchasing cryptocurrency bundles
  • 297 supported digital assets which suits altcoin traders
  • Receive quick and helpful customer support 24/7
  • Start trading immediately with a rapid signup and ID verification process

Cons

  • Advanced trading features including leveraged margin trading are not supported.

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.

Promotion: None available at this time

Trading Fees: 1%

Available Cryptos: 330+

Ease of use

Reputation

Deposit Methods

Fees

Visit CoinSpot

We work with partners that may result in MoreCrypto earning a small commission. Read our affiliate disclaimer for further information.

We found from our CoinSpot review, that the platform 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 is trading as CoinSpot. The Melbourne-based platform is registered with AUSTRAC, the government body responsible for the detection, prevention, and mitigation of organized crime in the financial sector, and complies with strict regulations.

coinspot review

If you’re interested in purchasing and investing in Non-Fungible Tokens (NFTs) then you may want to 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 of 1% 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. If the 1% trading fee is discouraging, then you can read our review of cheaper CoinSpot alternatives.

CoinSpot does offer lower trading fees of 0.1%, however, they are only accessible through the exchange trading interface. This is not an ideal solution if you are a beginner and don’t want to deal with complicated dashboards and live charting.

Pros

  • ISO 27001 Certification for Information Security Management
  • Huge choice of coins, NFTs, and DeFi coins
  • User-friendly and simple design
  • Excellent live chat support
  • TradingView live charting
  • Highly secure and well established
  • Crypto bundles offered
  • Competitive trading fees for OTC and SMSF investors

Cons

  • High trading fees to instantly buy, sell, or swap crypto (1%)
  • Advanced traders might find the trading features lacking
  • Staking is not supported

Deposit Methods

Before cryptocurrencies can be purchased, you will need to fund your account wallets. This can either be fiat currencies such as AUD, NZD, or USD or 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 METHODSWYFTXCOINSPOT
Direct bank transfer (OSKO)YesYes
POLiYesYes
PayIDYesYes
BPAYYesYes
Credit cardYesNo
Crypto from external walletYesNo
Cash (Blueshyft)NoYes

CoinSpot deposit methods are slightly more limited compared to Swyftx as credit cards and cryptocurrencies are not supported. Swyftx has the advantage as it provides you with greater account financing options and flexibility.

Crypto Features & Services

In terms of the variety of crypto services and features offered, Swyftx is a 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, significant liquidity, and TradingView charting ensure that you can identify suitable trades.
  • A unique demo mode that can be toggled on and off with $10,000 virtual AUD funds to explore the platform and practice trading. Since funds are virtual and your real-life 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 quickly produce a summary of crypto trades to make tax time easier.
  • Receive interest payments up to 101% Annual Percentage Yield (APY) on 23 digital assets. Based on our review, Swyftx is the best interest-earning wallet for crypto in Australia.
  • customizable dashboard where you can manually toggle and show what information you 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 centered on a strong understanding of Australian law and regulations.
swyftx features

In comparison to Swyftx, CoinSpot crypto features and services are a little lackluster with no crypto tax reporting, staking, demo mode, or the ability to customize the layout of the user interface. CoinSpot does offer a selection of NFTs, however, the range is limited to 15 assets. If you want a bigger selection, then you should consider a global crypto exchange such as Binance or Crypto.com.

Both Swyftx and CoinSpot offer TradingView charting with advanced indicators and analytical tools to assist you in analyzing the price action of digital currencies and identifying trades. Other shared features include crypto bundles and SMSF support.

FEATURESWYFTXCOINSPOT
Demo modeYesNo
Customizable DashboardYesNo
StakingYesNo
NFTsNoYes
Crypto Tax Reporting ToolsYesNo
Advanced ChartingYes (TradingView)Yes (TradingView)
Crypto BundlesYesYes
SMSF supportYesYes

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 to deposit up to $100,000 of AUD, NZD, or USD into your account 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. you can easily avoid the minor fee by opting for one of the other supported methods.

Withdraws of AUD or cryptocurrencies from both Swyftx and CoinSpot do not incur fees however a standard network fee will apply for crypto.

swyftx fees

Trading Fees

Swyftx charges a flat trading fee of 0.6% for all buy and sell transactions. The 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 you will incur a premium fee.

Additionally, spreads on CoinSpot are about 2%. Overall, Swyftx is cheaper than CoinSpot as a cryptocurrency trading option, and you will find that your 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 has acknowledged this by allowing the widgets to be swapped and changed to show information that you want to see. 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 and the learning curve will be incredibly short.

swyftx interface

Compared to Swyftx, the CoinSpot dashboard is a lot more minimal however still presents enough information to enable a sound understanding of your crypto portfolio. 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 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 to instantly buy cryptocurrencies in Australia 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 your wallet where it can be tracked and managed through the CoinSpot dashboard.

You 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, you 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 you will exactly how much crypto they will be receiving following the transaction. The key advantage of using Swyftx is that you have access to a range of advanced order types including:

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

These order types provide you 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 offer advanced charting where live market prices of trading pairs can be viewed and analyzed. 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 if you’re a novice investor. If you’re an advanced trader, then you 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 your disposal. There is also the option to set price alerts that will trigger an alert when crypto reaches a pre-defined price. If you want to practice trading with zero risk then you 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 CoinSpot 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 to the highest standards. Customers should be assured that they are receiving the highest level of information security available and that their funds and assets are secure.

How Do The Mobile Apps Compare?

Both Swyftx and CoinSpot offer mobile apps that are compatible with 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 unauthorized 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 550,000 Australians. You can get in touch with the Swyftx customer support team via live chat, phone, email, or Telegram.

swyftx customer support

On the other hand, customer assistance on CoinSpot can be reached via 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.

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 that has a lot of commercial exposure.

CoinSpot will provide you with solid customer support and is by no means a poor experience. in fact, both platforms offer a wealth of informative guides and articles to assist you 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 you 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 ranging from beginners to advanced.

ASSESSMENT CRITERIAWINNERREASON
Deposit MethodsSwyftxSwyftx provides a greater number of account financing options including credit cards and crypto transfers.
FeaturesSwyftxSwyftx provides additional small but functional features such as tax reporting and staking.
FeesSwyftxSwyftx trading fees of 0.6% are cheaper than CoinSpot (1%).
User ExperienceTieBoth platforms are easy to use and navigate.
TradingSwyftxBetter features that suits experienced and advanced traders.
Security & SafetyCoinSpotCoinSpot is ISO 27001 accredited.
Mobile AppTieBoth Swyftx and CoinSpot apps offer a similar variety of features that are available on the desktop version.
Customer SupportSwyftxMore 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 if you just want buy and hold digital currencies.

Aaron SengAaron Seng

Aaron Seng is the Founder of MoreCrypto.com. His journey in the world of cryptocurrency began in 2016 where he was an early investor in Bitcoin and Ethereum. His initial interests revolved around blockchain technologies and their application in a variety of industries and markets. Over the years, he has watched the slow and steady progression and growth of digital currencies around the world.

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