Australia has emerged as a hotspot for crypto adoption in recent years. With the increasing demand for cryptocurrency trading platforms, exchanges like CoinSpot vs Swyftx have grown in popularity. This article provides an in-depth comparison of these two leading Australian crypto exchanges to help users choose the best fit. We analyzed key factors like fees, coins supported, security measures, user experience, and more.
Summary
Overall, CoinSpot and Swyftx are both excellent options for trading cryptocurrencies in Australia. While CoinSpot has been around longer and supports more coins, Swyftx offers lower fees and a simpler user interface.
After considering their varying strengths, we found Swyftx pulls slightly ahead as the top exchange for most Australian traders. New users can get started on Swyftx today by clicking here to register for a free $20 account.
Platform Details
CoinSpot
Our Rating: 8.7/10
CoinSpot is Australia’s oldest crypto exchange, launched in 2013. It has over 2.5 million users and supports 400+ coins and tokens. CoinSpot is known for its wide selection of altcoins and integrated staking options.
Swyftx
Our Rating: 9.2/10
Founded in 2018, Swyftx has emerged as a favorite for Australians due to its low fees and easy-to-use interface. It lists 310+ coins and claims the nation’s lowest spreads. Swyftx also operates smoothly via its intuitive mobile apps.
Feature Comparison: CoinSpot vs Swyftx
Supported Assets
While Swyftx supports 310+ coins, CoinSpot has a slight edge with over 400 assets. However, CoinSpot’s extras are often obscure altcoins with low liquidity. Both cover major currencies.
Order Types
Both platforms offer standard limit, market, and stop orders. CoinSpot also has “bundles”, letting users invest in indices of popular coins. And only CoinSpot operates an NFT marketplace.
Staking
CoinSpot leads here, allowing the staking of 23 coins with yields up to 45% APY. However, it recently closed staking due to regulatory issues.
Tools
Swyftx offers portfolio tracking, price alerts and integrated TradingView charts. However, CoinSpot’s bundles, OTC desk and SMSF access give it an edge for advanced users.
In summary, while CoinSpot arguably leads in features, Swyftx remains the better overall package for most due to its simplicity and low costs.
Fee Structure
Deposits
Both platforms allow free deposits of Australian dollars via Poli, bank transfer and other local banks. Card deposits carry fees of 1-3% on both platforms.
Withdrawals
There are no fiat withdrawal fees on either platform. Crypto withdrawals are subject to network fees set by the blockchain.
Trading Fees
CoinSpot offers lower 0.1% fees on market orders but charges 1% on instant buy/sell. Swyftx levies a flat 0.6% on all trades. Swyftx’s lower spreads offset this, making it cheaper overall.
Overall, while CoinSpot is slightly cheaper for market makers, Swyftx’s compounding advantages of lower spreads and simpler pricing make it the clearer winner on costs.
Security and Regulation
Both Swyftx and CoinSpot comply with Australian regulations like AML checks and storing funds securely. Key security methods include bank-grade encryption, mandatory 2FA, whitelisting addresses and monitoring systems.
Cold storage is used for the vast majority of funds.
The platforms are also accredited by governing bodies including the ACCC, AUSTRAC and Blockchain Australia. This provides customers robust protection from fraud and hacks.
Overall, CoinSpot and Swyftx implement industry-leading security practices and are equally trustworthy options regulated to Australian standards.
Customer Support
CoinSpot and Swyftx offer 24/7 multi-channel support. Both have live chat, email ticketing, and dedicated phone numbers.
Waiting times for live chat on Swyftx tend to be lower at under 5 minutes on average versus 15+ on CoinSpot. This could be due to Swyftx’s rising popularity attracting more support staff.
CoinSpot separates its teams by product, whereas Swyftx agents have general knowledge. Support quality seems equivalent overall based on user reviews, though response times give Swyftx an edge.
Mobile Apps
Both platforms have Android and iOS mobile apps rated 4+ stars on respective stores.
Swyftx’s app stands out as a little sleeker and more intuitive to use according to reviews. CoinSpot’s feels slightly more cluttered, though still fully-functional. Technical issues are rarely reported for either.
Fund management, order execution and portfolio tracking are all smoothly handled on both apps. Swyftx may have a small edge in the growing mobile-first market.
Supported Countries
Swyftx serves Australia and New Zealand. CoinSpot remains Australia-only due to different compliance needs worldwide. Crypto is taxed differently in varied jurisdictions.
This broadens Swyftx’s available user base. Australians traveling can also use Swyftx from abroad more easily than CoinSpot.
User Experience
Both exchanges employ clean and simple web interfaces tailored for easy crypto trading. CoinSpot carries a larger catalogue of coins, making it slightly more complex to navigate initially.
Swyftx’s styling is arguably crisper with more visual clarity. Educational guides and help center articles are plentiful on both platforms.
Overall, Swyftx’s lower learning curve edging it ahead. But both rank highly across user reviews for their natural usability.
Community & Reviews
Each exchange has its own blog and active social media channels where questions are answered fast. Swyftx sustains an especially large Telegram group.
RedditCrypto provides further insight. Swyftx regularly tops Australia-related posts for its affordable fees. Meanwhile, CoinSpot maintains legacy fans but sees slightly more complaints regarding support delays.
Trends suggest Swyftx is winning over new users at CoinSpot’s expense due to reduced barriers and costs despite CoinSpot’s first-mover history.
The Pros & Cons
The following table compares the main pros and cons of Swyftx versus Coinspot.
Swyftx
| Pros | Cons |
| Regulated and secured crypto exchange in Australia and New Zealand. | Not available in many countries, including the USA |
| Low fees and fast AUD transactions. | It does not offer margin trading or leverage. |
| It supports many payment methods, including credit and debit cards. | Swyftx does not have its own token or coin for discounts or rewards like BNB on the Binance exchange. |
| Easy-to-use app and website with many features and tools for traders. |
CoinSpot
| Pros | Cons |
| Wide range of coins with over 400 trading pairs, including popular and emerging ones. | Low liquidity compared to other global exchanges like Binance or OKX. |
| User-friendly platform with easy access to useful features and data. | No margin trading or leverage options for traders. |
| Strong security with two-factor authentication, Blockchain Australia certification, and external audit. | |
| Excellent customer service with live chat and help desk to talk to real people anytime. |
Final Recommendation
In summary, both CoinSpot and Swyftx are very capable cryptocurrency exchanges suited for Australian traders. CoinSpot remains a solid choice especially for more advanced users due to its wider selection of coins and features.
However, for most everyday crypto investors just getting started, we recommend giving Swyftx a try due to its lower barriers to entry. Newcomers can appreciate Swyftx’s simple, intuitive interface and industry-leading low costs. Its demonstration trading mode also allows learning the ropes risk-free before going live.
Whichever platform you choose, research all available options as your needs evolve. Also, consider sticking with an exchange briefly to understand how well its services suit your style before fully committing long-term funds. With cryptocurrency still in the growth phases, the best platforms today may change over time.
But based on today’s landscape, Swyftx stands out as our top pick for most Australians venturing into cryptocurrency markets in 2023 and beyond. Don’t forget to take advantage of Swyftx’s sign-up bonus of $20 worth of Bitcoin simply for creating an account. We wish you the best of luck in your crypto trading journey!
FAQs
Which crypto exchange is best in Australia?
Based on this analysis, Swyftx currently ranks as the best overall crypto exchange for most Australian users, particularly beginners, due to its low fees and intuitive interface. However, CoinSpot also caters well to certain advanced investor types.
Is CoinSpot the best?
CoinSpot was previously the leading Australian exchange due to its first-mover status and wide range of coins/features. However, Swyftx has now surpassed it for all-round value due to lower fees and a simpler user experience.
Who is CoinSpot’s competitor?
The main competitor to CoinSpot in Australia is Swyftx, which has emerged as the market leader in recent years by addressing areas where CoinSpot was lacking, such as higher costs.
Is Swyftx a good trading platform?
Yes, Swyftx has proven itself as an excellent cryptocurrency exchange and trading platform. It is highly rated for its ease of use, low fees, strong security practices and regulatory compliance. For most Australian traders just starting out, it represents a top choice.
