Swyftx vs CoinSpot 2023

If you’re looking for Australian cryptocurrency exchanges, Swyftx and CoinSpot are surely at the top of the list. These two exchanges aren’t your typical Aussie exchanges, but they are among the best that are available! 

In this article, I’ve reviewed both, and in the end, we definitely prefer Swyftx. This mainly because Swyftx has lower trading fees compared to Coinspot, which is one of the most important factors when it comes to trading cryptocurrencies.

It’s also a plus point that Swyftx offers a nice bonus of $20 in Bitcoin when you sign up through the button below!

Start Trading with Swyftx

While Swyftx is my preferred choice, CoinSpot has advantages in some ways over Swyftx. Let’s get into it.

Swyftx vs CoinSpot Comparison Table

Swyftx Pros and Cons

Pros

• Comes with a staking option for crypto traders/investors who wish to generate passive income from their cryptocurrency holdings
• Wide variety of available crypto assets and trading options
• Quick verification process
• High liquidity
• Easy tax reporting for each client
• No deposit or withdrawal fees
• Easy-to-use iOS and Android compatible mobile app
• Industry low fees and spreads
• No security breaches so far
• Great live chat, email, and phone customer support
• Built-in TradingView marketplace charting

Cons

• Doesn’t offer margin or derivatives trading
• Their financial services are only available for Australian crypto traders as well as those users based in New Zealan

CoinSpot Pros and Cons

Pros

• Large selection of cryptocurrencies for instant purchases and sales
• Proven track record as a trustworthy company
• Quick deposit and withdrawals
• Beginner-friendly design
• Cold storage for keeping users’ and company funds offline
• NFT market available

Cons

• High fees for instant purchases
• No option for credit and debit card deposit

Features

Swyftx was created to cater to new crypto traders in mind. It is extremely simple to use, as it includes an intuitive demo mode for users, reliable live chat support, and instant buys and sells. Their app is also fantastic.

If you’re just beginning using Swyftx’s demo feature, it is sure to help you greatly, particularly when you don’t want to gamble with your hard-earned cash since you’re new to the game.

You can trade using no-cost virtual currency through their demo mode before diving into the real world. In case you’re not interested in risky trading, you could instead put your money into 20 different coins so that you can earn a cash-flow from your investments.

Additionally, CoinSpot is also a beginner-friendly cryptocurrency exchange. Like Swyftx, CoinSpot also provides instant buy and sell functions. If you’re looking to swap between two coins, it is easy to make it happen with CoinSpot.

CoinSpot also has its own mobile application that is user-friendly and allows you to trade on the go.

If you’re having issues with your account, do not fret, as you can depend on CoinSpot’s 24/7 live chat customer support. As compared to the number of coins you can place with Swyftx, CoinSpot has 21 coins that you can bet on.

In addition, if you’re looking to invest in NFTs CoinSpot Aussie exchange also has the NFT marketplace.

Yes, Swyftx and CoinSpot have the same cryptocurrency features. But, CoinSpot wins this because it provides more options, such as the NFT marketplace.

In the end, CoinSpot is the winner in terms of features.

Winner: CoinSpot

Supported cryptocurrencies

Swyftx offers a variety that includes more than 320 different cryptocurrencies.

However, CoinSpot has a larger selection of cryptocurrency assets that are 360+.

Naturally, CoinSpot offers more cryptocurrencies to trade.

The winners are … CoinSpot!

Winner: CoinSpot

Fees

Swyftx doesn’t charge any fees for deposits or withdrawals. For fees for trading, they charge 0.6 percent per transaction.

CoinSpot doesn’t charge any fees related to withdrawals. If you make a deposit of Australian Dollars into your CoinSpot account There will be several options completely free of charge. These are OSKO, PayID, and POLi.

If you choose to make use of BPAY and pay with BPAY, you’ll be charged an 0.9 percent cost. In the case of cash deposits, they charge 2.5 percent. Instant crypto buys incur a 1% fee. The cost of trading is just 0.1 percent.

Since Swyftx offers lower fees for trading of 0.6 percent and does not charge fees for all withdrawal methods, and also offers no-cost AUD deposits. Swyftx is definitely the best choice in the fee category.

Winner: Swyftx

Customer Support

Swyftx provides a callback service and live chat support. If you’re brand unfamiliar with the crypto world and would like to play it in a safe manner, you can reach them to learn. You can ask them an inquiry and receive a response or even chat live!

For the customer support aspect they also offer live chat capability. However, unlike Swyftx the latter doesn’t offer the ability to call. While they don’t have such a feature CoinSpot has a section for FAQs and a thorough knowledge base to find answers to your questions.

However, considering how crucial it is to support live chat The winner is Swftx.

Winner: Swyftx

Deposit Methods

Each of Swyftx and CoinSpot offer a variety of deposit methods for you to deposit funds into your account. Deposits in crypto, POLi, PayID, and Direct Deposit are the deposit options both exchanges offer.

The differentiator is that Swyftx allows debit and credit card deposits in contrast, CoinSpot does not.

However, CoinSpot supports cash deposits at a local newsagent for the 2.5 percent fee, as well as BPAY with the 0.9 percent fee, whereas Swyftx doesn’t.

The two exchanges CoinSpot and Swyftx offers a variety of deposit options. Because it is determined by your individual preferences, both exchanges share this aspect.

Winner: Tie

Security

Swyftx is a secure and legitimate cryptocurrency exchange that utilizes a variety of security measures to protect their users’ data and assets. This includes tests of penetration through external sources, consulting with security auditors of third-party, KYC verification, two-factor authentication as well as biometric authentication.

In the case of CoinSpoit it is well-known as the most secure and audited crypto exchange within Australia. CoinSpot has been registered by AUSTRAC and is granted with the ISO 27001 certification and a recognized participant in Blockchain Australia. CoinSpot provides a variety of custom security measures to safeguard the assets of their customers. CoinSpot utilizes offline cold storage sessions, session timeout settings geo-lock logins, anti-phising words as well as custom withdrawal restrictions and two-factor authentication.

Since CoinSpot has the highest secure and audited Australian cryptocurrency exchange and the only cryptocurrency platform to have ISO 27001 certification, CoinSpot is definitely the best choice. Additionally, note that the platform has been operating since 2013 with more than 2.5 millions users. This is a testimony to the trustworthiness of the platform as well as security.

Winner: CoinSpot

Conclusion

Each Swyftx and CoinSpot are characterized by a variety of commonalities in different categories. Yet, Swyftx beats CoinSpot because it provides lower trading fees in the market, which is arguably the most important factor when it comes to choosing the best Australian crypto exchange.

If you’re unable to determine the best crypto exchange then you should look over this comprehensive Swyftx review as well as Coinspot review to get more in depth information about the two.

Frequently Asked Questions

Is it legal to use Swyftx in Australia?

Swyftx is fully regulated by AUSTRAC, which means it complies with all Australian laws and tax regulations regarding cryptocurrencies, so it’s perfectly legal to use Swyftx.

Is Swyftx safe?

Swyftx is considered one of the most secure Australian crypto exchanges, thanks to their robust security measures, third-party safety audits, and their clean history regarding platform hacks.

Does Swyftx have a withdrawal limit?

The maximum withdrawal limits for Swyftx depend on the verification level you have. In the end, you can withdraw up to 100,000 dollars each day. This is greater than other international exchanges such as Binance ($8,500) or Coinbase ($3,000) as well as most Australian cryptocurrency exchanges such as the Digital Surge ($10,000) as well as CoinJar ($5000).

Who is Swyftx owned by?

Swyftx operates and owns controlled through Swyftx Pty Ltd (ACN 623 556 730) with Alex Harper as the CEO of the exchange.

Does Swyftx have an affiliate program?

Swyftx provides an affiliate program which gives users 30% off the total cost of trade. The discount is applicable to any trades that are made using affiliate accounts. Additional discounts are offered to affiliates that also obtain an affiliate referral code via the platform.

Affiliates receive monthly payments. If someone signs up through their referral link our tracking systems notify the affiliate of their new registration.

Is Coinspot the easiest way to buy Bitcoin in Australia?

CoinSpot is a very user-friendly platform. It enables beginners to buy and sell any cryptocurrency using their local currency, AUD. Australian traders can instantly make crypto trades through the CoinSpot website or mobile app.

Is there a CoinSpot app?

Yes. The CoinSpot app is a convenient on-the-go trading assistant that allows you to trade and monitor your assets wherever you go. You can download it for free from the App Store for iOS-supported devices and Google Play for Android-supported devices.

What countries are supported by CoinSpot?

The financial services of this platform are exclusively available to residents of Australia.

Is CoinSpot Regulated In Australia?

Cryptocurrency exchanges are categorized as legal entities in Australia and are required to comply in accordance with Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF 2006). Being a well-established participant on the market, CoinSpot operates in full conformity with Australian laws.

What types of NFTs are available on CoinSpot?

CoinSpot isn’t in any way connected with CoinSpot isn’t closely linked to DeFi area of the crypto world , but it does have a selection of the hugely popular art tokens referred to as NFTs. There are more than twenty NFT collection that are available for sale directly on CoinSpot which includes Decentraland (MANA), ApeCoin (APE) along with Sandbox (SAND)

Related:

• Swyftx Review
• CoinSpot Review
• CoinSpot vs BTC Markets
• Best Australian Crypto Exchanges
• Swyftx vs. eToro
• Swyftx vs. Coinbase