The two most well-respected and largest cryptocurrency exchanges in Australia that have grown in popularity in recent years are Swyftx and CoinSpot. But which exchange is best for beginners and experienced traders? In this Swyftx vs CoinSpot exchange review, we will assess both exchanges to products and services, ease of use, deposit options, trading experience, supported cryptocurrency, comparison of their fees, how safe they are to use and which has the better customer service.
Quick Summary: Swyftx vs. Coinspot
Read our full Swyftx review
Read our full CoinSpot review
$10 Bitcoin to open a verified account
No promotion available
AUD, USD, NZD
Bank transfer, POLi, PayID, credit/debit card & crypto
POLI, PayID, BPAY, Cash Deposit & crypto
Max. Trading Fee
Instant AUD Withdraw
Live Chat Support
Swyftx & CoinSpot Exchange Overview
Swyftx is a leading crypto trading platform based in Australia that offers a simple and transparent way for individuals to buy, trade and sell over 280 cryptocurrency projects. The platform has surged in popularity since its inception in 2019 with over 350,000 registered users. Swyftx has focussed on providing an easy-to-use platform that is rich in features for new, intermediate and advanced traders.
The excellent features offered include rapid AUD deposits and withdrawals, portfolio tracking, recurring orders, low trading fees, demo mode and price alerts, full mobile app, responsive customer service and no fees to instantly withdraw AUD to a bank account.
Coinspot is a reputable and trusted cryptocurrency exchange that was established in 2013. Since its launch in the industry, CoinSpot is widely regarded as a safe place for individuals, companies and Super Fund investors to buy, trade and sell over 304 cryptocurrencies. The exchange is recommended for beginners due to its simple to use interface and mobile app.
The exchange complies with Australia's strict new AML/CTF laws enforced by AUSTRAC to ensure the safety of user accounts. CoinSpot has bank-like security measures to protect its customer's information and keep funds secure. It is also the first cryptocurrency platform in Australia to receive the internationally recognized ISO 27001 certification for information security.
Which Is Easier To Get Started With?
Getting started with a new cryptocurrency exchange can be a difficult process as both Swyftx and CoinSpot must comply with AML/CTF regulations. This means individuals must complete an identity verification process which will typically involve submitting personal information and a Government-backed document.
The account creation process on Swyftx has been streamlined and can be completed within a few minutes. The website will prompt for an email address, mobile phone number and ID document number. There is no requirement to upload a photograph or selfie which is a major benefit. In contrast, individuals that create an account with CoinSpot will need to upload scanned copies of a Driver's Licence or Passport which takes a bit longer to complete.
Tip: Make sure to use our referral link to receive $10 worth of free Bitcoin (the login page should look like the below).
The major difference between Swyftx and CoinSpot is the time for a verified account to be approved. Our account with Swyftx was approved within 30 minutes during business hours. The KYC process on CoinSpot took several hours to receive notification of approval. Similar speeds were observed to request increased deposit and withdrawal limits.
What Deposit Methods Are Available?
Swyftx and CoinSpot offer commonly available methods to deposit fiat currency such as Australian Dollars to the exchange to fund a wallet. Both exchanges allow AUD deposits using POLi, PayID and cryptocurrency. In terms of the differences between the two exchanges, Swyftx supports bank transfers and debit cards and credit cards to purchase crypto. On the other hand, CoinSpot offers alternative payment methods such as PayPal, BPAY and cash deposits via News agencies. These options may appeal to certain investors however come with higher fees.
In our opinion, Swyftx is the better pick due to its availability of near-instant payment options and bank transfers which take approximately 1-minute using OSKO or between 2 and 6 hours for standard transfers. There is also the option to use a credit/debit card which is not available on CoinSpot or any other Australian cryptocurrency exchange.
What About The Fees?
Trading fees are an important consideration when deciding whether to use Swyftx or CoinSpot. We have assessed all of the fees charged by both platforms which include deposit fees, buy and sell fees, spreads and cost to withdraw AUD to a bank account or cryptocurrencies to a wallet.
Deposit & Withdrawal Fees
The deposit fees to transfer AUD to Swyftx and CoinSpot using an Australian Bank account are the same. There are no fees to deposit AUD from a bank account using POLi, PayID or a Direct Deposit. Other deposit methods offered on CoinSpot such as BPAY and cash deposit using a Flexipin voucher will incur additional fees of 0.9% and 2.5% respectively. Similarly, there isn't any point of difference between the AUD withdrawal fees on Swyftx and CoinSpot.
Swyftx has a simple fee of 0.6% per transaction for buy and sell orders which is quite competitive in the market compared to other notable exchanges in Australia such as Digital Surge and Independent Reserve. The high liquidity providers enable Swyftx to reduce slippage on its trading pairs and keep spreads as low as 0.45% per trade.
Coinspot fees to instant buy and sell cryptocurrency is a flat 1% per order which applies to recurring trades and using advanced orders such as take profit, stop and limit orders. For high-net-worth and SMSF investors the use the OTC desk, the trading fee can be reduced to 0.1%. However, the website is designed to promote the Instant Buy/Sell feature to quickly buy, swap and sell coins and charge a premium fee of 2%. There is also an average spread of 2.2% applied on each trade.
When deciding which exchange has the lowest trading fees, Swyftx is a clear winner. The maximum trading fee of 0.6% is much lower compared to the 1% offered on CoinSpot. Secondly, the difference between the spreads across the trading pairs is too significant to ignore. According to the Swyftx website, the average spread on their pairs is 1.7% compared to competitors' average of 4%.
Which Has A Better User Experience?
Beginner-friendliness and ease of use for beginners and experienced investors alike is an important consideration. This can include how complex is the account creation and ID verification process, the number of steps to buy or sell crypto, the simplicity of the user interface and the responsiveness of the mobile app. Swyftx and CoinSpot offer very different user interfaces, so which is better for beginners?
Starting with Swyftx, the user interface is well laid out with a simple navigational bar along the left side with quick options to trade, deposit funds, withdraw AUD, configure recurring orders and view the asset list. At the bottom, account balances in BTC and AUD are shown. A great feature of Swyftx is the ability to fully customize the appearance of the dashboard. This gives the investors control of the user interface to show and hide widgets.
On the other hand, CoinSpot has a clean and simple dashboard that shows the overall portfolio performance with a breakdown allocation graph of the top coin holdings. Navigation is based on using the quick deposit method buttons or the menu along the top which is traditional and will suit the majority of investors.
Which Is Best For Trading Crypto?
CoinSpot is well-known for providing a simple and elegant user interface that is ideal for beginners to buy Bitcoin in Australia. It comes as no surprise the user interface is simplistic and beginner-friendly. Once the user has selected an asset to trade, the order entry window will show the live rate for the pair and the amount of AUD to spend. CoinSpot does have its own Exchange that is designed for traders, however, it is basic in functionality and difficult to use.
In comparison, the buying and selling experience on Swyftx includes features on an advanced trading platform such as Binance. There are options to set advanced orders on the buy/sell page such as:
- Market order
- Limit order
- Stop order
- Recurring orders
Customers can quickly enter the size of trade using the percentage auto-fill options (e.g. 25%, 50% or 75%) of available trading capital. The order window also shows the amount of crypto that will be received in a wallet after the 0.6% trading fee. Another great feature that will suit intermediate and experienced investors is the advanced trading charts and tools that can be shown within the same user interface. Investors and traders alike can switch to candlestick charts to view the historical prices of each cryptocurrency asset against AUD, USD and Bitcoin pairs.
Swyftx has integrated with TradingView that is well-known for its advanced trading features, indicators, drawing tools and chart pattern overlays. Users can also set alerts that are triggered when the price reaches a pre-defined level. For beginners that are still learning how to trade cryptocurrency, Swyftx even has a demo mode to trade crypto without real money.
In summary, CoinSpot is an ideal exchange for beginners with a minimal technical understanding of price charts and advanced orders. In particular, the Instant Buy/Sell feature makes it easy to convert AUD into crypto. However, in our opinion, the overall user experience on Swyftx is far superior compared to CoinSpot. With its well-designed web application, it is evident that the user interface has been carefully thought out. The abundance of small yet useful features shows that Swyftx is willing to go an extra step to continually innovate and provide the best user experience for its users.
Swyftx Or CoinSpot Mobile App?
Swyftx has a mobile trading app that has an overall user rating of 4.5/5 on the Android Play store based on 5,252 reviews. The vast majority of the features on the desktop site are available on the app which makes it easy to monitor balances, places trades or view charts while on the go.
In comparison, CoinSpot has recently introduced a mobile app for its exchange that has a user rating of 3.4/5 based on 539 reviews. The website appears to have better functionality which raises questions on the app, which also does not have dark-mode. Overall, Swyftx has the better mobile app for ease of use and features such as monitoring portfolios, placing trades and withdrawing funds.
Which Exchange Is Safer To Use?
The safety of the exchange is a critical consideration with the number of crypto exchange hacks. Industry-standard security features include cold wallet storage, multi-signature withdrawal process and two-factor authentication. These measures help to prevent the theft of funds and fraudulent activity.
CoinSpot and Swyftx are on par when it comes to protecting customer information and customer funds within wallets. Notable differences include biometric login on the Swyftx app and Coinspot is the first Australian crypto platform to achieve the internationally recognized ISO 27001 certification for information security.
Who Has Better Customer Support?
Swyftx provides a 24/7 service desk with an astounding 29 members in the customer support team to assist via phone, email, live chat or Telegram. The exchange has received a 4.7/5 star rating according to Trust Pilot reviews based on 2,300 user reviews and comments. Around 88% of customer feedback on the trading platform, mobile app and customer service has been rated as excellent. This is a very good reflection of the customer service for its new and existing users. The website also provides a comprehensive section with over 100 articles on how-to guides, tutorials and frequently asked questions.
On the other hand, Coinspot provides a comprehensive Help Centre that contains guides and Frequently Asked Questions to assist beginners to get started. Users that can't find help in the FAQ section can get in touch with the support team by using the help widget in the bottom right corner. The widget works like a form and a specific question can be asked which will be answered by the Coinspot support team. In our experience, we received an answer in less than 24 hours on a business day.
Based on feedback from existing customers on social media, forums and review websites, Swyftx has a better customer support service that provides fast, responsive, timely and helpful advice for all matters concerning the platform.
Final Verdict: Swyftx
To conclude our comparison of which exchange is better, Swyftx or CoinSpot, we have created a simple scoring system for each of the evaluation criteria as shown below. So what's our conclusion? We have rated Swyftx as the better option in most of our categories.
Account creation & ID Verification
A main difference between the two in our opinion is the ongoing development of Swyftx to improve its products, services and user experience. On the other hand, CoinSpot has remained constant over the years with little development which is evident with the recent release of its mobile app.
Lastly, Swyftx takes the lead on trading fees with a maximum flat rate of 0.6% per buy and sell transaction. The spreads as low as 0.45% for liquid pairs such as BTC/AUD is approximately 4 times lower in comparison to its competitors. Whereas CoinSpot has been carefully designed to push its customers to the Instant Buy/Sell feature which has high fees of 1% per trade. This includes recurring orders, take profit and stop-loss triggers.
To wrap up this comparison on Swyftx vs CoinSpot, both are reputable exchanges in Australia with a large user base that are well-known and used in the community. In short, Swyftx is recommended for beginners and experienced investors that will benefit from a sleek and intuitive user interface that has powerful features, trading tools and competitive trading fees. On the other hand, CoinSpot is best suited for beginners only that want to buy crypto quickly and don't mind paying higher fees.
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