SwyftX vs CoinSpot

Exchange comparison

Quick-Take: CoinSpot is the better platform compared to SwyftX because they offer lower base fees, more token variety and higher yields to stake cryptocurrencies.

Verified Author

SwyftX and CoinSpot are two of Australia's most popular cryptocurrency exchanges. As at time of writing, CoinSpot has over 2 million users, and SwyftX boasts a modest 600,000 customers.

In this article we will compare the two platforms and touch on fees, security, features, NFTs, staking, supported cryptocurrencies and deposit methods.

This will help you decide which platform is best for you to start trading, and earning interest on digital assets.

Exchanges
CoinSpot vs SwyftxSwyftX vs CoinSpot
Cryptos Available
350+
300+
Trading Fees
0.1% - 1%
0.6%
Deposit Options
Bank Transfer, PayID, Osko, POLi, Cash or BPAY
Bank Transfer, PayID.Osko, Credit Card or Debit Card
Crypto Staking
NFT Marketplace
24/7 Local Support
Overall Best

Table of Contents

Fees: Which is more expensive?

Technically this should go to CoinSpot as they offer 0.1% on market orders but their instant buy incurs a 1% fee. Most investors use the instant buy function over the market buy function therefore this category goes to SwyftX.

They offer the lowest instant buy fees at just 0.6%. Both SwyftX and CoinSpot have free deposit and withdrawal methods available for their Australian investors.

Winner: CoinSpot and SwyftX are tied when it comes to fees. SwyftX offers lower Instant Buy fees and CoinSpot offers lower Market Buy fees. It will just depend on which platform has your preferred feature!

Is SwyftX or CoinSpot safer?

Both cryptocurrency exchanges are regulated under AUSTRAC and fulfil all of the relevant financial reporting to combat money laundering.

However, only CoinSpot has acquired an ISO 27001 certification which makes it an extremely high security exchange. It is the most secure platform for your crypto assets in Australia. SwyftX is yet to obtain their certification.

Winner: CoinSpot is the winner due to it being the only Australian cryptocurrency exchange to acquire the ISO 27001 certification.

Supported Cryptocurrencies

For this category, it is a very close call with SwyftX falling behind by only 40 tokens. Both CoinSpot and SwyftX are considered to have a large selection of cryptocurrencies, most centralised exchanges have around 100 - 200.

Winner: CoinSpot takes the win again, offering their investors 353 cryptocurrencies to choose from.

SwyftX vs CoinSpot AUD Deposit Methods

SwyftX comes in as a close second offering its users only 1 option less than CoinSpot. It currently supports Debit/Credit Cards, Bank Transfer/Osko, POLi  & PayID.

CoinSpot offers its investors deposits through various deposit methods which include Australian Bank Transfers/Osko, PayID, Cash Deposit, BPAY, POLi and more.

Winner: CoinSpot, again takes the win! It has a large variety of deposit methods for its Australian investors.

NFT Wallets

CoinSpot is the only cryptocurrency exchange in Australia that offers a native NFT Marketplace and NFT Wallets. Their marketplace allows you to buy and sell popular NFT collections from OpenSea like Bored Ape Yacht Club, Cool Cats and many others.

SwyftX does not offer any NFT support on their platform.

SwyftX vs CoinSpot NFT Wallets

Final Verdict

CoinSpot is the clear winner when comparing both platforms on a feature to feature basis. They offer more coins to trade, more coins to stake, an NFT Marketplace and NFT Wallet. These features are what makes the CoinSpot platform the largest and most trusted in Australia with over 2 million users.

To learn more and read reviews on these exchanges, please click CoinSpot or SwyftX.

Frequently Asked Questions

Is SwyftX more expensive than CoinSpot?

CoinSpot is cheaper to buy and sell major cryptocurrencies like Bitcoin and Ethereum at 0.1%. SwyftX offers a cheaper instant buy experience at 0.6% compared to CoinSpot's 1%. This feature is only relevant for investors buying long-tail and small-cap altcoins.

Is CoinSpot better than SwyftX?

CoinSpot is better than SwyftX because they offer a wider variety of features. Their platform has more cryptocurrencies to trade, stake and even offer NFT wallets compared to SwyftX who do not.

Does CoinSpot or SwyftX have better staking?

Based on our research - CoinSpot offers a better staking experience because they have more cryptos to stake, and provide higher yields.

Visit CoinSpot

Author Bio

Timothy Wilson was a former Prop Trader for a notable crypto trading fund based in Hong-Kong. He built BCA after deciding he wanted to focus his career on educating new users about Crypto and DeFi.

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