Swyftx vs Coinspot

Coinspot vs Swyftx 

Fees 

The following is a summary comparing the respective fees for Swyftx and CoinSpot. View our Swyftx review for a more thorough breakdown of the exchange.

Trading fees  

Swyftx charges a 0.6% trading fee for all buy and sell trades which is considered below the industry average and competitive compared to the other trusted Australian crypto exchanges. This equates to $6 in fees for a $1,000 trade.   

On the other hand, the CoinSpot exchange charges a 1% fee for instant buy or sell crypto orders, but market orders only charge 0.1%. That said, only roughly 16 coins are available to be traded through CoinSpot’s market order.   

Related: Swyftx vs Binance.

Deposit fees  

Swyftx charges no fees for deposits in Australian Dollars—including bank transfers, POLi, PayID, and credit or debit card.  

CoinSpot offers a number of free deposit options in AUD, including bank transfers, POLi, PayID, and OSKO. However, BPAY deposits incur fees of 0.9% and cash deposit fees of 2.5%.   

Crypto withdrawal fees  

When withdrawing crypto from either CoinSpot or Swyftx, a fee is incurred, however, this isn’t charged by the platform themselves and is rather a network mining fee. This fee will vary depending on which coin you’re withdrawing.   

AUD withdrawal fees  

Swyftx does not charge fees for AUD withdrawals to an Australian bank account, and CoinSpot withdrawals are also free of charge.  

Spreads  

A market spread refers to the difference between the buy and sell price of an asset listed on an exchange. Exchanges will apply a thread which acts as an additional fee. It’s important to be cautious of spread because they can sometimes be more significant than trading fees.   

As well as having lower trading fees than CoinSpot, Swyftx averages a fee of 1.1%, inclusive of the spread.   

On the other hand, CoinSpot averages a fee of 2.13%, inclusive of the spread, for instant buy and sell orders.  

Deposit methods 

Before purchasing cryptocurrency, you first need something to buy it with. The most common way to first buy crypto is with AUD, so it’s important that the exchange you choose supports a number of methods to quickly, easily and cheaply deposit funds into your account. 

Swyftx supports a number of deposit methods including bank transfer, POLi, PayID, OSKo and credit or debit card. Most of these methods are instant, but customers have highlighted that it has taken up to 24 hours for the funds to arrive in their account. Additionally, you can also deposit crypto in your account by sending it to your Swyftx wallet address from another wallet. 

Coinspot also offers their users a number of deposit options including bank transfer, POLi and BPAY. They even support cash deposits, however, these incur a hefty 2.5% fee. 

Customer support  

Becoming initiated in the world of cryptocurrency can be daunting to beginners. Understanding blockchain technology, how different platforms operate, the nature of coins and tokens, and the market forces surrounding them requires a steep learning curve. As such, crypto exchanges realise just how vital strong customer service is to grow their user base. While large exchanges can often disregard customer support given their prominence and huge number of users, smaller exchanges need to create the best user experience possible.   

Swyftx is renowned for its customer support service, offering live chat support 24/7 through support staff based in Australia, New Zealand, the UK, and mainland Europe.   

Coinspot is also known for its stellar customer service, also offering live-chat support 24/7, and showing a great deal of respect for its customers.   

Security  

It must be noted that both CoinSpot and Swyftx are remarkably secure platforms, each incorporating a wide range of measures to ensure the safety of their customers’ digital assets. Both exchanges are registered with AUSTRAC.   

Swyftx employs two-factor authentication, biometric logins, KYC verification, breached password detection, and penetration testing, all undertaken by a rigorous, experienced security team. They also were recently awarded ISO 27001 verification for excellence in information security.   

At the same time, CoinSpot was also awarded the ISO 27001 certificate—an internationally recognised specification in acknowledgment of its overall management of information security. CoinSpot also secures its accounts through two-factor authentication, anti-phishing phrases, and offline cold storage.  

Staking / Earn  

Staking refers to the process of committing assets to verify transactions on Proof-of-Stake blockchains and earning rewards in the process—most often in the form of a percentage of the coin being staked.  

Swyftx used to have a staking feature is called Earn and which allowed users to earn interest on several crypto assets including Cardano (ADA) and Polkadot (DOT), Solana (SOL) and more. Interest was paid out daily and compounded daily. Unfortunately, due to regulatory concerns, Swyftx removed their Earn feature.

CoinSpot’s staking feature is also called Earn and allows users to earn crypto rewards on 21 crypto assets. Similar to Swyftx, CoinSpot pays out daily rewards, which can be viewed from your staking wallet in the CoinSpot app. 

Features  

Both exchanges offer a range of enviable features, however, we will only focus on features that are unique to their respective exchange.   

Swyftx  

Most notably, Swyftx offers its users a ‘crypto demo mode’, allowing them to familiarise themselves with the dashboard and the platform itself, while also simulating cryptocurrency trades without any risk. It’s a brilliant tool for new users who are looking to Learn the crypto markets and practice their trading strategies before committing their own money.   

Swyftx also offers a range of customisable dashboard options to suit individual users’ needs and preferences, and also boasts an impressive mobile app.  

Finally, Swyftx currently lists 320+ digital currencies for trading on its platform.  

CoinSpot  

Recently, CoinSpot launched its own NFT marketplace on its exchange, including a vast number of collections, such as the very popular Bored Ape Yacht Club collection. It allows users to purchase NFTs using their choice of cryptocurrency, making it one of the easiest ways to buy NFTs in Australia, and with no need to convert currency or set up an external wallet.   

Furthermore, CoinSpot lists 360+ digital currencies for trading. 

Learning materials

Both Swyftx and CoinSpot aim to be ideal exchanges for beginners and, as such, are both generally committed to providing learning materials for inexperienced cryptocurrency investors. Engaging with the crypto community does require research and understanding, and smaller exchanges know these must be provided to educate their users.   

Swyftx has taken this role very seriously, operating Swyftx Learn, a dedicated educational platform specifically designed for those entering the world of crypto, as well as offering more experienced users with ways to hone their knowledge. Furthermore, Swyftx hosts a detailed, frequently updated blog to keep their users in the loop.  

At the same time, CoinSpot operates a blog on their site, also attempting to help their users with a series of guides and other educational material.   

Transparency 

Over the last year, several key events delivered significant blows to the confidence in the crypto market. Firstly, we saw the collapse of Terra ecosystem that featured then top 10 cryptocurrency LUNA. Following that, one of the biggest exchanges in the world, FTX, collapsed into insolvency after fraudulent activity was uncovered by a report conducted by CoinDesk. These events caused a ripple effect within the industry and a number of other crypto businesses went bust. 

These events in particular put crypto exchanges in the spotlight, with customers demanding transparency. 

In light of this, Swyftx announced themselves as an audited exchange after they published details of a Proof of Funds audit that highlighted the financial position of the company. You can find more details on their about us page. 

Coinspot also claims to have completed a financial audit in accordance with Australian Auditing Standards. More details here.