Swyftx VS Coinspot 2022
There are more than 400 cryptocurrency exchange platforms on the market, and crypto beginners can really have a hard time choosing the right platform to start trading.
A large portion of these platforms have a limited cryptocurrency selection, their trading fees don’t match the quality of their services, security measures are often poor, and customer support teams are sometimes unresponsive. That’s why users should always stick to popular crypto exchanges with loads of positive user reviews and high platform liquidity.
Australian crypto enthusiasts can always choose some of the leading international crypto exchanges like Binance, Kraken, or Coinbase, but the truth is – they don’t really need to do so because there are quite a few reliable and trustworthy Australian crypto exchanges to choose from.
Today, we’ll be talking about two of these Australian platforms – Swyftx and CoinSpot, two top-rated exchanges that provide users with a wide range of trading features and options at affordable rates.
Let’s take a detailed, comparative look at the platforms to find out which one offers better services. Be sure to stick to the end so you can see our verdict and find out which platform is our winner.
|Supported Cryptos||Nearly 300 cryptos||More than 350 cryptos|
|Trading Fees||0.6% fee for all trading operations||Market fees start at 0.1% Instant Buy fees are always 1%|
|Deposit Fees||All deposit types are free of charge||BPAY incurs a 0.9% fee, cash deposits are charged 2.5%, while OSKO, PayID, POLi, and bank transfers are free.|
|Withdrawal Fees||No fees||No fees|
|Average Market Spread||0.4%||2.2%|
|Regulatory Status||Regulated by AUSTRAC||Regulated by AUSTRAC|
|Customer Support||Live chat support, email, help desk support ticket.||Live chat support, email, help desk support ticket.|
|Payment Methods||Bank cards, PayID, OSKO, POLi, Australian bank account transfers||Bank cards, PayID, OSKO, POLi, Australian bank account transfers, BPAY, and cash deposits|
- Very responsive and helpful customer support, with a great live chat option.
- The lowest crypto spreads among Aussie trading platforms.
- Almost 300 digital currencies available for investing and exchanging.
- An easy way to file crypto taxes through Swyftx’s tax service software.
- Complies with ASUTRAC regulations.
- A beginner-friendly demo mode for traders with no experience.
- Supports crypto staking features.
- Lack of advanced trading options and order types.
- Lack of technical analysis features necessary for advanced trading strategies.
- More than 350 available cryptos.
- Low fees when conducting market trading deals.
- CoinSpot is regulated by AUSTRAC.
- High instant buy fees.
- No margin trading options.
When choosing a crypto exchange, one of the first things you should take a look at is the crypto selection. You should make sure that the platform supports most of the trending cryptos from the top 100 list on Coinmarketcap, along with a solid selection of promising mid to low cap altcoins.
Both Swyftx and CoinSpot are crypto exchanges with a huge selection of available digital currencies. You can buy Bitcoin (BTC) and Ethereum (ETH), along with hundreds of trending coins like Ripple (XRP), Tether (USDT), Ethereum Classic (ETC), Bitcoin Cash (BCH), Binance Coin (BNB), Polkadot (DOT), Solana (SOL), Cardano (ADA), Chainlink (LINK), Tron (TRX), Algorand (ALGO), and many others.
While Swyftx supports almost 300 different cryptocurrencies, CoinSpot offers more than 350 coins and tokens, but quantity isn’t the same as quality. Although you can find more cryptos on CoinSpot, the platform is known to have liquidity issues for many less popular coins, which results in high prices and spreads when purchasing some coins.
Swyftx, on the other hand, doesn’t have such issues because the platform only supports coins for which it can assure solid liquidity levels.
Available Cryptocurrencies Winner: Swyftx
Despite the larger number of available cryptos on CoinSpot, Swyftx is our winner because it doesn’t have liquidity issues with the listed coins and tokens. This is a huge advantage over CoinSpot, and it shows that supporting a large number of coins isn’t enough because a reputable trading platform needs to ensure the liquidity of its supported crypto assets and take down any illiquid assets from its offer.
Fees are another key aspect you should take into account when deciding whether to open a user account on a certain crypto exchange platform. The fees must be in line with the quality of platform services.
Unlike many exchange platforms with advanced trading features that use the market maker and taker fee model, Swyftx sticks to a much simpler fee policy geared towards beginners and average crypto brokers. All Swyftx crypto trades are charged a 0.6% trading fee, which is quite affordable, especially if you take into account the competitive asset prices on Swyftx and the low market spreads.
You can make fiat currency deposits and withdrawals in AUD free of charge. In case you want to deposit or withdraw crypto from the platform, you’ll only be charged a blockchain transfer fee.
The CoinSpot platform has one fee for market orders and another one for the instant buy/sell feature. Market orders incur a 0.1% trading fee, and they can drop even more for high monthly trading volumes, especially for market makers who contribute to the platform liquidity by placing market orders at prices different from the average asset price.
However, the instant buy fee is 1%, which is quite high, especially if we consider that many average traders dominantly use instant buy/sell features to trade crypto. Fiat money withdrawals don’t incur any fees, while BPAY deposits are charged 0.9%, and direct cash deposits incur a 2.5% fee.
Platform Fees Winner: Swyftx
As far as fees gо, our vote goes to Swyftx because all trades are charged the same 0.6% fee, which is considerably lower than the 1% instant buy fee on CoinSpot. Additionally, all fiat currency deposits are free of charge on Swyftx, while CoinSpot charges considerable deposit fees for BPAY and direct cash deposits.
Fees are one aspect of cryptocurrency trading profitability. The other one is crypto market spreads. Different platforms can have dramatically different buy and sell prices for the same assets and trading pairs.
Exchanges with lower trading liquidity tend to have higher market spreads, which means that the price difference between buy and sell prices is higher. When market spreads are high, it means you’ll be paying more cash for a certain crypto, and you’ll be able to sell it for less. That’s why you should always choose a platform with lower average crypto spreads.
Swyftx is famous for having the lowest spreads on the Australian crypto market, with an average spread of 0.4%. This is considerably lower than many other crypto exchanges, with average spreads of several percent.
Many platforms have extremely high spread swings ranging from less than 0.5% to more than 4 or 5%. For instance, CoinSpot’s average 2.2% spread is more than five times that of Swyftx. This high market spread erases the benefits of the relatively lower fees for market trading.
Crypto Spread Winner: Swyftx
In the category of crypto spreads, Swyftx is the winner. The fact that Swyftx is able to provide solid liquidity for all of its available coins at low spreads is definitely something that makes the platform stand out from its competitors.
High-quality customer support services are something that most crypto exchanges lack. Support teams are often unresponsive, with long response periods and limited contact possibilities, which can be frustrating for platform users.
Swyftx and CoinSpot can really be regarded as exceptions to this rule because their support teams are flawless. Not only can you contact support through email or via a support ticket through the platform helpdesk, but you can also reach support through a fantastic live chat option that lets you speak to a real assistant and not some chatbot.
Both platforms respond in under ten minutes, and the team members are extremely professional and helpful.
Support Team Winner
We definitely have a draw in this category because there really isn’t any aspect of the support team services that’s better on either of the two platforms. Both exchanges set the standard for what customer support services on online platforms should look like.
Platform Mobile Apps
Most crypto traders need to have quick access to their chosen trading platforms so they can conduct quick trades and react to price fluctuations in real-time. That’s why most leading exchanges also have mobile apps built for both Android and iOS smartphones.
The Swyftx mobile app is built just like the browser version of the platform, with user convenience and smooth functioning in mind. The app comes with an elegant, user-friendly design that lets traders conduct all of their crypto operations with just a few clicks. Users can initiate trading orders, manage their portfolio, and even issue recurring purchase orders through the app.
The CoinSpot mobile app is a step up compared to the browser version of the platform because it’s less complex and easier to handle, especially for beginners. Inexperienced crypto traders who choose CoinSpot should definitely focus on the app instead of the browser version.
All of the trading features and technical analysis tools are available on the app, which means users don’t have to use their PCs or laptops even when conducting the most advanced trading operations.
Platform Mobile Apps Winner: Coinspot
CoinSpot is the winner in the mobile app section because its app has far more trading functionalities and features compared to the Swyftx app.
When choosing a crypto exchange, it’s important to select a fiat-friendly platform that allows you to both deposit and withdraw cash. This makes it really easy to invest in crypto and cash out your gains whenever you want.
The Swyftx platform supports most of the popular methods for AUD deposits like POLi, OSKO, and PayID, along with debit cards, credit cards, and classic bank transfers. All of these deposit methods are totally free.
On the other hand, CoinSpot also supports these payment options with the addition of BPAY and direct cash deposits. However, BPAY deposits are charged 0.9% per deposit, while direct cash deposits incur a flat 2.5% fee.
Deposit Methods Winner: Swyftx
Our vote goes to Swyftx because all of the deposit methods supported by the platform are totally free of charge. However, if Swyftx were to include BPAY and direct cash deposits, it’s possible they would charge them as they do on CoinSpot.
Among Australian cryptocurrency exchanges, Swyftx is famous for its strong security measures. Swyftx has never been hacked, and it goes through regular audits by reputable cyber security companies. Also, the platform hires third-party security experts to conduct security breaching tests and patch up safety holes, if any.
User accounts are protected by anti-phishing software, encryption tools, two-factor authentication (2FA), and passwords. When creating a Swyftx account, users need to comply with the know-your-customer (KYC) protocol, which requires detailed identification data for scam prevention purposes.
CoinSpot also has extensive security measures and a clean hacking record, but many platform users have reported receiving suspicious, fake CoinSpot platform emails that are apparently phishing attempts designed to steal user credentials.
Platform Security Winner: Swyftx
Regarding platform security, our winner is Swyftx – not because it has some exceptionally better security measures than CoinSpot, but because of the CoinSpot phishing campaign that might pose a serious security threat to users.
The Final Verdict
As seen in this guide, both platforms offer great services, but Swyftx is clearly a better choice for Australian users. The lower crypto spreads and stable 0.6% fee for all trades, along with the better platform liquidity are some of the key reasons why Swyftx is a better choice than CoinSpot.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.