If you're in Australia and looking to buy or trade cryptocurrency, you might be wondering which platform to choose. That's where we come in. We've done the research and compared Coinspot and Swyftx across various metrics, including user interface, fees, security, supported coins, and customer support. Keep reading to find out which platform is the best fit for you!
Coinspot and Swyftx are two popular cryptocurrency exchanges based in Australia. Coinspot was founded in 2013 and is registered and headquartered in Melbourne, while Swyftx was founded in 2018 and is based in Milton, Queensland.
Coinspot has over 20 employees and is only available to Australian residents, while Swyftx has over 100 employees and is mainly used by Australians and New Zealanders. Coinspot is a beginner-friendly exchange that offers over 300 cryptocurrencies for trading, including well-known ones such as BTC, ETH, USDT, SOL, ATOM and many others.
The exchange is known for its clean and intuitive user interface, making it easy for inexperienced users to buy and sell cryptocurrencies. Coinspot has over 2 million Australian customers and its services are also available on mobile for Android and IOS where it has received over 100,000 downloads.
On the other hand, Swyftx is also one of the most popular cryptocurrency exchanges in Australia and New Zealand. Swyftx offers spot trading for over 300 cryptocurrencies, including BTC, ETH, AVAX, ATOM, SOL, DOT and many others.
Swyftx has grown to over 700,000 registered users, mainly from Australia and New Zealand. For those that prefer trading with an app, Swyftx is also available on Android and IOS where it has over 10,000 downloads.
As such, both Coinspot and Swyftx are reputable Australian-based cryptocurrency exchanges that offer beginner-friendly interfaces and a wide range of cryptocurrencies for trading. Now that we covered the basics, let's see how they compare across a range of different metrics.
Coinspot vs Swyftx Signup & KYC
When it comes to signing up and KYC, Coinspot and Swyftx both require KYC verification before their users can start trading.
The signup process on Coinspot is quick and easy, with users only needing to provide an email and password. Coinspot then requires users to provide personal information such as full name, address, and an Australian phone number in order to complete the KYC process. Once the documents have been uploaded, Coinspot typically verifies users within 1-2 business days.
On the other hand, Swyftx requires it's users to provide full name, country of residence, phone number, and email to create an account. Once created, users must verify their email, phone number, and government ID in order to unlock fiat deposits and cryptocurrency trading.
For those who wish to send and receive crypto, a selfie is also required. The KYC verification process on Swyftx can take 1-2 days for the team to verify the account. Overall, both Coinspot and Swyftx require KYC verification for users to start trading on their platforms.
Coinspot vs Swyftx Products & Services
In terms of products and services offered, Coinspot is a beginner friendly exchange that offers basic spot trading and a simple swap service to convert one cryptocurrency for another.
Users on Coinspot also have access to a spot exchange where they can buy and sell cryptocurrencies through an orderbook. Coinspot being a smaller exchange does not have as much volume and liquidity as bigger exchanges and as such, spreads will be larger which leads to more expensive trading.
Coinspot has also developed their own NFT marketplace where users can easily list, buy, sell and trade their favourite NFTs. Coinspot finally also offers an OTC desk where higher net individuals can easily purchase cryptocurrencies for larger amounts.
The user experience on Coinspot is good and the website has been well designed to make it simple for users to navigate and conduct basic cryptocurrency trading. This is however not an exchange for experienced traders and investors who are likely looking for a wider range of products and services.
On the other hand, Swyftx is also a simple exchange that focuses on offering a beginner-friendly venue to new cryptocurrency investors. Users can buy and sell over 300 cryptocurrencies via spot trading and they can opt in to recurring buys for those who wish to dollar cost average.
Considering they are mainly targeting beginners, one would expect a smoother and easier to navigate experience. Overall, while Coinspot may offer a simpler and more user-friendly experience, both exchanges offer a limited set of products and services tailored for beginners.
Let's take a look at the trading fees offered by Coinspot and Swyftx. First up, Coinspot charges a 0.1% spot trading fee for makers, takers, and those who use their OTC desk. However, if you opt for instant buy, swap, or recurring buy, the fees jump up to a whopping 1%. Unfortunately, Coinspot does not offer any rebates for high volume traders, so everyone pays the same fees for each transaction.
On the other hand, Swyftx charges maker and taker fees of 0.6%, which is quite high compared to most exchanges out there. And for those that conduct swaps, the minimum fee applied is 0.6% for the buy order and 0.6% for the sell order. This means that the total fee comes out to be 1.2%, which is definitely on the high side.
So in terms of trading fees, Coinspot is much cheaper than Swyftx but both exchanges are more expensive like more well established exchanges such as OKX, Pheme and Binance.
When it comes to depositing fiat currencies, Coinspot and Swyftx have some similarities.
To begin, Coinspot only supports deposits with one fiat currency, AUD. Deposit methods inlude Poli, PayID and Direct Deposits which are all free of charge to use. Coinspot users can further deposit AUD via BPAY (0.9% fee), Cash (2.5% fee) and via credit/debit card which comes with a 2.58% free.
Swyftx on the other hand offers AUD deposits via PayID, Poli, bank transfers and credit/debit card deposits with Visa and Mastercard. There are no fees when depositing AUD via PayID and bank transfers but there is a 3.6% fee and up to 4% spread for those depositing with credit/debit card. That is ridiculously expensive and something that we would recommend people avoid paying.
Coinspot and Swyftx are two cryptocurrency exchanges that offer different withdrawal methods and fees. Coinspot allows users to withdraw their AUD for free, but charges varying fees for cryptocurrency withdrawals depending on the blockchain used.
For example, Bitcoin withdrawals have a fee of 0.0002 BTC, Ethereum has a fee of 0.0018 ETH, and Solana has a fee of 0.02 SOL. Withdrawals for ERC-20 Tether come with a fee of 7 USDT.
Users on Swyftx can withdraw two fiat currencies in AUD and NZD. While there are no fees for AUD withdrawals, the fee for NZD withdrawals are $10 excluding any possible fees charged by the bank.
For those that withdraw AUD with a bank that supports Osko, the withdrawal time is 1-2 minutes. For banks that don't support Osko, those have to wait up to 2 business days to receive their funds.
When it comes to the fees associated with cryptocurrency withdrawals, Swyftx charges the following. For Bitcoin withdrawals, the fee is 0.0002 BTC for each withdrawal. For Ethereum and Solana those fees are 0.0018 ETH and 0.008 SOL. And for those that wish to withdraw ERC-20 USDT, the fee for that is 7 USDT.
Coinspot and Swyftx are two of the most popular cryptocurrency exchanges in Australia. Both exchanges have their pros and cons, and it ultimately depends on the user's preferences when it comes to choosing between them.
Coinspot is a beginner-friendly exchange that offers over 300 cryptocurrencies for trading. Their user interface is clean and intuitive, making it easy for inexperienced users to buy and sell cryptocurrencies.
Coinspot charges a 0.1% spot trading fee for makers, takers, and those who use their OTC desk, which is lower compared to Swyftx. However, if you opt for instant buy, swap, or recurring buy, the fees jump up to 1%. Coinspot only supports deposits in AUD, and while they offer free fiat bank transfers, other deposit methods come with fees.
On the other hand, Swyftx is an equally basic exchanges where users can buy and sell over 300 cryptocurrencies. They also offer a demo account for users who want to buy and sell with fake money without needing to go through KYC. Swyftx charges maker and taker fees of 0.6%, which is higher compared to Coinspot.
While they allow for AUD deposits via PayID, Poli, bank transfers, and credit/debit card deposits with Visa and Mastercard, their credit/debit card fees are expensive. Swyftx allows users to withdraw both AUD and NZD with no fees for AUD and a $10 fee for NZD.
In conclusion, both Coinspot and Swyftx are reputable Australian-based cryptocurrency exchanges that offer beginner-friendly interfaces and a wide range of cryptocurrencies for trading.
For users who want to access a wider range of product and services, better liquidity and lower trading fees, they will have to signup to exchanges such as OKX, Binance and Phemex.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.