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. CoinSpot is Australia’s longest-running crypto exchange by Russell Wilson. It caters to both beginners and advanced traders with a wide range of features such as:
- Instant buy/sell for quick and easy trades
- Market and limit orders for precision control
- OTC desk for large trades with personalized support
- NFT marketplace for buying/selling digital collectibles
- Bundles for thematic portfolio diversification
- Staking for earning rewards on held assets
- Multi-coin wallet for secure self-custody
- SMSF accounts for tax-efficient crypto investing
Key Metrics
- 2.5 million+ registered users
- $15 billion+ traded volume to date
- 400+ supported cryptocurrencies
- 0.1% market order fee, 1% instant buy/sell fee
- 2% average spreads
- 4.2/5 average mobile app rating
- 4 order types (market, limit, stop, recurring)
- 7 payment methods (PayID, BPAY, POLi, cash deposit, direct deposit, cryptocurrency)
- ISO 27001 and CCSS certified for security compliance
- $10 Bitcoin sign-up bonus for new users
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 allows users to trade over 310 digital currencies with a user-friendly interface. Some of its key features include:
- Instant buy/sell with fast, smooth transactions
- Recurring orders for automated investing
- Demo mode to practice trading risk-free
- Portfolio tracking and performance analytics
- Integrated TradingView charts for market analysis
- Limit, market and stop orders for advanced strategies
- Staking for earning passive income (currently paused)
Key Metrics
- 800,000+ registered users
- $20 billion+ traded volume to date
- 310+ supported cryptocurrencies
- 0.6% flat trading fee
- 0.41% average spreads
- 4.6/5 average mobile app rating
- 5 order types (limit, market, stop, recurring, convert)
- 7 payment methods (PayID, Osko, POLi, bank transfer, credit/debit card, cryptocurrency)
- ISO 27001 certified for information security
- $20 Bitcoin sign-up bonus for new users
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 as of March 2024. Swyftx does not currently offer staking after closing it in January 2023 due to regulations.
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, 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. However, Swyftx’s spreads average just 0.41% compared to CoinSpot’s 2%. This makes Swyftx cheaper overall for most traders.
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
CoinSpot Reviews
“CoinSpot is an easy to use platform for beginners looking to invest in cryptocurrency. They have simplified the entire process and it’s really clear to track your wallet. They are also all over security and education.” – Stef
“I have found the site really easy to use and find in fun to see what is happening in this space. I am not putting in a lot of money so its a great way to learn about the whole system, what it is etc” – tracey grant
“Love it! I’m brand new to crypto and learning every day. I’m finding CoinSpot very easy to navigate and love all the information that it can give me to help me make buy/sell decisions.” – Ang
“Easily the best exchange in australia. I’ve been using coinspot for almost 8 years. They have the most crypto to buy and are probably the most secure from what i’ve researched” – Haveyouseenmygum
“CoinSpot is an easy to use platform for beginners looking to invest in cryptocurrency. They have simplified the entire process and it’s really clear to track your wallet. They are also all over security and education.” – Stef (Source)
“I have found the site really easy to use and find in fun to see what is happening in this space. I am not putting in a lot of money so its a great way to learn about the whole system, what it is etc” – tracey grant (Source)
“Love it! I’m brand new to crypto and learning every day. I’m finding CoinSpot very easy to navigate and love all the information that it can give me to help me make buy/sell decisions.” – Ang (Source)
“Easily the best exchange in australia. I’ve been using coinspot for almost 8 years. They have the most crypto to buy and are probably the most secure from what i’ve researched” – Haveyouseenmygum (Source)
Swyftx Reviews
“Easy to use interface and when I posed a question on chat it was quickly answered by their polite support staff. Thanks for making my trades quick and easy and answering all of my questions.” – Natalie Barlow
“I’m only 2months into my crypto journey. I did a lot of research to find the right exchange, & chose Swyftx mainly bc they’re Australian, but they had good reviews…I’ve since looked at 2 other exchanges (only bc Swyftx didn’t have some of the coins I wanted) & realised Swyftx is waaay better than other exchanges in terms of ease of use/app setup, fees, and support.” – Melanie
“As a beginner, Swyftx has been an awesome home base for my crypto assets. It nice knowing it’s Aussie based and if you get stuck with anything the live chat will generally get back to you pretty quickly. The live chat staff have been patient with me as I’m learning (I know I’ve asked some silly questions).” – lachie winter
“I’ve moved 1.5mil in orders through swyftx and never once had an issue. Of course I offload those tokens out to my loopring wallet (decentralised exchange and wallet). It’s simply cheaper to buy the IOU’s on swyftx then send them off to a wallet. The vast majority of those tokens that swyftx OIU’d me came from binance.” – duallytransit
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.