SwyftX vs CoinSpot
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.
CoinSpot is the most feature rich cryptocurrency exchange in Australia. Their platform boasts over 370 different cryptocurrencies to trade, crypto staking, crypto bundles (ETFs), an NFT Marketplace, SMSF support and much more. The CoinSpot exchange is the most immersive platform for beginners to get started with Crypto, DeFi and NFTs.
SwyftX offers a very similar suite of products including 300+ cryptocurrencies, crypto staking, crypto bundles and SMSF support. Their platform does not have a dedicated NFT Marketplace and NFT Wallet like CoinSpot, however. They also offer slightly fewer cryptocurrencies to trade and stake to earn yield.
Winner: CoinSpot is the superior exchange with more features, more coins and an NFT Marketplace and NFT Wallet.
CoinSpot offers two different types of trading, one is called Market Buy that charges a low 0.1% trading fee. The other is the Instant Buy feature, which charges 1% to instantly swap any of the 370+ cryptos on their platform. If you are looking to buy BTC, ETH or another high market-cap token, we recommend you use their Market Buy feature which is the cheapest in Australia.
SwyftX only offers Instant Buy trading and charges a fixed fee of 0.6%. If you want to use the Instant Buy feature, then SwyftX may be your best bet for low fees. Both SwyftX and CoinSpot have free AUD 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!
CoinSpot was founded in 2013 and has been a member of Blockchain Australia and AUSTRAC since their inception. They are a regulated entity by ASIC, making them a safe digital asset trading platform to custody your assets. They are also the only exchange to acquire an ISO 27001 certification, which highlights their data security and custody.
SwyftX was founded in 2017, so it is a little younger and slightly less battle-tested than the CoinSpot platform. That said, they have acquired the relevant licensing from regulators such as AUSTRAC and ASIC, and are a member of Blockchain Australia.
Winner: CoinSpot is the winner due to it being the only Australian cryptocurrency exchange to acquire the ISO 27001 certification.
CoinSpot support over 370 different cryptocurrencies, including all of the latest DeFi, NFT and Metaverse tokens. Their platform also has 'Crypto Bundles' that are similar to an Exchange Traded Fund (ETF), which gives broad exposure to sectors within Crypto. They currently offer over 15 different bundles.
SwyftX has over 300 tokens, which means they fall short of CoinSpot by 70 tokens. They also offer slightly fewer Crypto Bundles, with 10 different variations.
Winner: CoinSpot takes the win again, offering their investors 353 cryptocurrencies to choose from.
CoinSpot offers its investors deposits through various deposit methods which include Australian Bank Transfers/Osko, PayID, Cash Deposit, BPAY, POLi and more.
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.
Winner: CoinSpot, again takes the win! It has a large variety of deposit methods for its Australian investors.
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 currently offer any NFT support on their platform. This includes NFT Wallets, which means you cannot send your NFTs from your Metamask Wallet to SwyftX for secure storage.
Winner: CoinSpot is the superior platform for NFT users thanks to their integration with OpenSea and easy-to-use NFT Wallets.
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.
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.
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.
Based on our research - CoinSpot offers a better staking experience because they have more cryptos to stake, and provide higher yields.
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