Hi everyone today we will be comparing two top crypto exchanges in Australia, Swyftx vs Coinspot.
We considered several parameters (price, usability, functionality) to determine the strength and weaknesses of each exchange accurately.
Several different crypto exchanges cater to the daily trades of crypto enthusiasts in Australia.
However, two of the best crypto exchanges in Australia are undoubted, Swyftx and Coinspot.
Swyftx vs Coinspot Reviewed
Both offer seamless functionality, unique features, and hassle-free trading; however, deciding the best between the two is sometimes confusing.
Users are often in the blue while choosing the right fit for them.
To ease out the process for our users, we put Swyftx exchange and Coinspot exchange against each other.
choosing one between the two Australian crypto exchanges can also be a choice of personal preference.
Read our take on Swyftx vs Coinspot, and then decide which Australian exchange suits you best.
Swyftx is a three-year-old crypto exchange based in Australia. It was initially proposed in 2017 by Alex Harper and Angus Goldman; however, the exchange went live only in 2019.
Despite being a youngster in the crypto world, it swiftly attracted the limelight and now enjoys a considerable user base in Australia.
It’s one of the top crypto exchanges in Australia and lists some of the most traded cryptocurrencies, such as Bitcoin and Ethereum.
Besides the popular one, the Swyftx cryptocurrency exchange also allows trading in more than 200 different cryptocurrencies.
Its USP is an ease-of-use and beginner-friendly app that attracts tons of beginners to the Swyftx platform.
Swyftx Pros And Cons
- The main attraction of Swyftx fees on exchange is low.
- Beginner-friendly demo mode to familiarize with the process before the real deal.
- Simplified app interface for easy operations.
- Staking facility to squeeze extra profits.
- Integrated wallet for swift exchange of cryptocurrencies and secure storage.
- Range of helpful material for a smooth experience on the platform.
- Fund withdrawal issues in some cases.
- Supported Cryptocurrencies are still lower than other platforms.
Is Swyftx Decentralized?
No, Swyftx is not a decentralized exchange. In fact, it’s a centralized exchange and is registered with AUSTRAC.
Similarly, it strictly follows the KYC norms set up by the Australian government.
However, being centralized, the Swyftx crypto trading platform offers a safer and smoother infrastructure for crypto trading.
Is Swyftx Registered With AUSTRAC?
The answer is Yes. Swyftx crypto exchange is registered with AUSTRAC.
Australian Transaction Reports and Analysis Centre is a regulatory body that keeps a check on financial institutions, promoting safer, risk-free transactions and preventing illegal use of money.
To maintain an impartial financial system, AUSTRAC has several stringent security protocols in place, including identity verification and KYC validation.
Swyftx exchange complies with the policies of AUSTRAC and thus provides a safer environment for crypto trading.
Coinspot Exchange is a relatively older exchange than Swiftx; therefore, it has more exposure in the crypto market.
Coinspot platform was developed by Russell Wilsonand, a veteran in the online security space, and launched in 2013.
Moreover, Coinspot is currently one of the best exchanges that thousands of Australians prefer to trade cryptocurrencies.
Although the Coinspot crypto platform was launched keeping in mind the ease of use and beginner-friendly interface, unlike Swyftx, the main USP of Coinspot Exchange is its security.
Besides, Coinspot exchange is associated with the Australian Digital Commerce Association – an agency with an unquestionable reputation for the legal services that it lends to its clients.
Coinspot Pros And Cons
- A secure interface is a must for risk-free crypto transactions, and Coinspot exchange has the upper hand here.
- A relatively higher number of supported coins (more than 300)
- The facility of BPA deposits is not present in the Swyftx platform.
- An ISO27001 certification for greater commitment to security.
- Easy buying and selling of cryptocurrencies.
- Unlike Swyftx, the staking option is not available in the Coinspot platform.
- Similarly, Coinspot fees are higher than Swiftx fees.
Is Coinspot Trustworthy?
Trusting money with someone is essentially a crucial matter; therefore, the trustworthiness of exchange is of paramount importance.
The Coinspot platform doesn’t disappoint in this regard. Since its launch, there have been no recorded incidents of unauthorized break-ins on the exchange.
Besides, the ISO27001 certification confirms its commitment to security. You can trade on Coinbase with complete confidence.
What Is 2FA On Coinspot?
The hacking of crypto exchanges is not unheard of. Besides, the level of investment going into cryptocurrencies make it a hot target for hackers.
Therefore, securing crypto assets is vital. Coinspot exchange is pretty serious about it.
Thus, apart from the usual security parameters like passwords and login credentials, it also implements 2FA protocols to secure the Coinspot account further.
2FA or 2-factor authentication adds an extra element of security validation before giving access to the Coinspot account.
Is Coinspot Good For Day Trading?
Although Coinspot crypto exchange has relatively higher fees than Swyftx, it’s still one of the cheapest when it comes to exchange fees.
This makes Coinspot particularly attractive for day traders. Users can proceed with any number of trades on a given day and close the position at will.
Swyftx crypto exchange has a beginner-friendly mobile app that will be pretty attractive to novice users.
Moreover, Swyftx greatly emphasizes being user-friendly to facilitate even those that are a beginner in the crypto world.
Its Demo mode, instant buying and selling feature, and robust customer support facilitate smooth crypto trading.
Besides, the low spread and staking feature make it particularly attractive for those looking to make extra profits.
At present, users can stake 14 coins to earn extra rewards on their crypto holdings.
Coinspot exchange also offers a user experience similar to Swyftx exchange. Besides, the robust security features, with 2FA and geo-lock, make Coispot one of the safest exchanges in Australia.
On top of that, the interactive dashboard available on Desktop and mobile browsers coupled with instant buying and selling features make trading a breeze.
Furthermore, there is support for 330 coins with coin swapping features so that you won’t be short of trading opportunities.
Moreover, the day trading option at nominal Coinspot charges is also available for those veterans who like to make several deals per day.
Swyftx vs Coinspot Features – Winner
Both Swyftx and Coinspot boast some interactive features that make them top Australian exchanges for buying and selling cryptos.
However, demo mode and staking options allow Swyftx crypto exchange to outperform Coinspot exchange in the features segment.
On top of that, the intuitive mobile app of Swyftx enables users to quickly access their assets and proceed with trades whenever they find a profitable opportunity.
Swyftx does not charge for depositing funds to the account. However, you have to pay 0.6% of the trade amount when buying or selling on the Swyftx platform.
Similarly, Swyftx fees on withdrawal are also nil when withdrawing funds in AUD and Australian banks.
Similar to the Swyftx platform, there are no fees on depositing funds in AUD on Coinspot exchange.
Moreover, Coinspot supports several methods to make fund deposits a hassle-free process. You can opt for Direct Deposit, POLi, and PayID.
However, if you choose BPAY, there is a Coinspot fee of 0.9%, while a fee of 2.5% is applicable for a direct cash deposit.
The Coinspot trading fee is 0.1%, but there is a limitation of only 15 coins. However, there is another facility for instantly buying and selling cryptos.
But you have to pay a hefty 1% fee for such trades.
Swyftx vs Coinspot Fee – Winner
In terms of exchange fees, Swyftx is a complete winner.
The deposit and Withdrawal fee on Swyftx is zero, while the trading fee is significantly lower than Coinspot.
Spread is the gap between cryptocurrencies’ buying and selling prices on any particular exchange.
Ideally, the lower the gap, the higher the profits. Therefore, people obviously go with the exchange that has a lower spread.
There are no fixed parameters to predict the spread accurately; however, on the Swyftx platform, the spread is usually between 1.1% to 1.7%
In comparison with the Swyftx exchange, the spread on the Coinspot crypto exchange platform is much higher.
On average, the spread on Coinspot remains between 2.5 to 4%. It’s a significant disadvantage for those who trade frequently and deal in multiple coins.
Swyftx vs Coinspot Spreads – Winner
Total expenses on Coinspot exchange, including Coinspot fees and spread value, are significantly higher than Swiftx; almost double.
Swyftx cryptocurrency exchange here too has the upper hand with a spread value of around 1.5%
Security is a big concern while trading in cryptos. However, Swyftx makes no compromise in this regard.
2 Factor authentication is in place to offer additional security elements. Besides, the Swyftx platform works in association with AUSTRAC and complies with KYC/AML procedures mandated by the Australian government.
Also, users’ credentials are stored in a high-security cloud infrastructure that makes unauthorized access almost impossible.
Coinspot cryptocurrency exchange is known for its impenetrable security measures to secure trading on its platform.
Similar to Swyftx, Coinspot abides by the Australian KYC/AML norms. Besides, the exchange is also registered with AUSTRAC, therefore abiding by similar security norms as that of Swyftx.
However, one feature put Coinspot exchange ahead of Swyftx exchange; it has an ISO27001 certification.
The ISO certificate is a benchmark worldwide for safety and secure trading for crypto exchanges.
ISO certificate pushes the security level much higher and places it at the level of bank-grade security.
Therefore, security features on both, Swyftx and Coinspot may look the same at one glance; however, once you dig a little, you will find that the Coinspot platform’s security is much more robust, and the ISO certificate is proof of that.
Coinspot vs Swyftx Security – Winner
Although, Swyftx in no way compromises its user’s security.
In fact, it implements all the latest security measures for a safer exchange; Coinspot still sets itself apart with a more robust security infrastructure and an ISO certificate.
Between Coinspot and Swyftx, Coinspot is a winner in terms of security features.
Coinspot vs Swyftx Number Of Coins Supported
Both Coinspot and Swyftx exchange offer support for a larger number of cryptocurrencies.
On the Swyftx platform, you can deal in about 280 coins. Similarly, on the Coinspot platform, users have the facility to trade around 330 coins.
Clearly, the Coinspot crypto exchange supports more coins and therefore offers more trading opportunities than Swyftx.
Coinspot vs Swyftx Deposit Methods
There is no shortage of deposit methods on both Coinspot and Swyftx.
Even if you are a novice, you won’t have any issues depositing funds in your accounts, as both platforms allow several different ways to fund the account.
Users can go with Direct Deposit, cryptocurrency, POLi, and PayID.
Apart from the methods mentioned above, Swyftx crypto exchange has recently added the facility to deposit funds through debit or credit card.
Moreover, Swyftx has a limit in place for daily deposits. On any given day, users can fund their account with 100k AUD.
Moreover, for any deposit of 200 AUD, you have to pay an extra 2AUD as a deposit fee.
Unlike Swyftx, Coinspot exchange still does not support debit and credit cards. Moreover, the daily limit in Coinspot is also much smaller.
Although it varies with the deposit method used, it ranges between eight to ten thousand Australian dollars.
Furthermore, Coinspot crypto exchange has a BPAY facility, but it charges around a 0.9% fee. All in all, the Swyftx crypto exchange seems better in terms of fund deposits with lower Swyftx charges and higher deposit limits.
Swyftx vs Coinspot Mobile App
One primary reason many users prefer the Swyftx app over the Coinspot app is due to its excellent mobile app.
The interface is sleek, with easy navigation features, focussing on usability and seamless functionality.
Incidentally, the Swyftx app enjoys high rating scores on the Apple store, mainly due to its user-friendly approach.
Speaking about Coinspot – the exchange doesn’t have any mobile app yet. However, the website is in no way inferior to the Swyftx app platform.
In fact, it also offers users a simple interface for hassle-free trading. The availability of a mobile app makes Swyftx a tad better than Coinspot as it facilitates faster account accessibility.
Swyftx Customer Support
Efficient customer support is essential for any brand to establish itself among a more extensive user base.
Swyftx allows several different avenues to reach out to its customer support services.
Users can opt for live chat or send their query and receive a call back in case they are stuck with something on the Swyftx exchange.
Coinspot Customer Support
Coinspot exchange has a somewhat different approach. Although it does have live chat support, the callback feature is missing.
But in comparison with Swyftx, Coinspot has more thorough support materials, including FAQs.
In most cases, users will find the solution for whatever issues they are facing.
Coinspot vs Swyftx Customer Support-Winner
Call back feature pushes Swyftx exchange further ahead than the Coinspot crypto exchange.
Although both have general support features, call-back facilities make users feel more connected to the platform and instill confidence that someone is working on their issue and soon they will have the solution.
It works in favor of Swyftx, and it seems a winner in the customer support segment.
Swyftx vs Coinspot – Final Verdict
In our Swyftx vs Coinspot comparison, we found Swiftx a little better than Coinspot. Although both platforms have nearly similar features, Swyftx looks ahead in some aspects.
Trading fees, which significantly impact the overall profits, are lower on Swyftx.
Moreover, those beginning their crypto journey are more likely to favor the cost-effective trading opportunities available on Swyftx.
The demo mode is another feature that enables Swyftx to outshine Coinspot.
Similarly, the staking facility makes Swyftx a more attractive exchange because of the opportunity of churning more profits on the invested amount.