Summary: Based on our comparison methodology, we found the CoinSpot is the better overall exchange compared to SwyftX. This is because they offer a wider variety of crypto assets, better crypto staking rates, greater platform security and an NFT Marketplace.
That said, SwyftX is a great option for those who are just getting started in the crypto space. The platform is extremely user-friendly, and it also offers a range of tutorials to help you get comfortable with using the platform.
- CoinSpot is Australia's largest exchange with 2.5 million users, compared to SwyftX with 500k users.
- CoinSpot offers more cryptocurrency assets to trade and stake with 370+ versus 300 of SwyftX.
- CoinSpot is feature-rich with an NFT Marketplace, NFT Wallet, SMSF support and other products.
This guide is designed to help Aussie investors determine which platform is best for their needs. Whether you are new and looking to choose an exchange, or an existing user looking to switch over, our comprehensive comparison will have you covered.
CoinSpot User Interface
CoinSpot is Australia’s largest and most popular exchange for a reason. Their user interface across Web and Mobile is the gold standard, providing a seamless experience for new and veteran investors. Customers of CoinSpot can buy, sell, swap and stake over 370 different cryptocurrencies with ease all in one platform. CoinSpot is also the only platform in Australia to offer a native NFT Marketplace and NFT wallet for users.
SwyftX User Interface
SwyftX offers a very similar user experience with its easy to use dashboard that was released recently in August of 2022. This new and improved look enables effective navigation of their various products which include instant trading, crypto staking and Crypto Bundles.
CoinSpot vs SwyftX: Trading Fees
CoinSpot offers two main ways to trade cryptocurrencies on their platform. The first is their Market Order feature, which offers the lowest trading fees in Australia starting at 0.1%. The other is their Instant Buy feature, which charges 1% but provides an easy and convenient method to trade for new users.
SwyftX only offers one way to trade cryptocurrencies and that is their Instant Buy feature. For this service, they charge 0.6% per trade. It must be noted that their fees are slightly higher due to their wide spreads. This means the price difference between their Buy and Sell price for cryptocurrencies is very wide.
Winner: CoinSpot is the cheaper way to buy and sell cryptocurrencies with their Market Order feature.
CoinSpot vs SwyftX: AUD Deposit Methods
CoinSpot offers a myriad of deposit methods including Bank Transfer, PayID/Osko, Cash, BPAY and POLi.
SwyftX offers slightly more deposit methods than CoinSpot with all of the above plus PayPal, Credit Card and Debit Card.
Winner: SwyftX has more variety for Australian Dollar (AUD) deposit options.
CoinSpot vs SwyftX: NFT Marketplaces
CoinSpot has recently released an NFT Marketplace that allows their customers to buy, sell and trade the top NFT collections from OpenSea including Bored Ape Yacht Club, Cool Cats, VeeFriends and many others. Their NFT Marketplace allows users to buy or sell NFTs with any of the 370+ cryptocurrencies listed on their platform. This means that you can use Bitcoin, ETH, AVAX, stablecoins or anything else as collateral.
SwyftX does not yet offer a native NFT Marketplace and only provide a basic cryptocurrency exchange as at time of writing.
Winner: CoinSpot is the only local Australian exchange to offer a native NFT Marketplace, so they are the best platform in Australia for new NFT traders or users looking for a safe NFT wallet.
CoinSpot vs SwyftX: Staking
CoinSpot was the first ever Australian exchange to implement cryptocurrency staking on their platform. As at time of writing, they offer staking for 20 of the top proof-of-stake coins like Solana, Avalanche, Cardano and many others. They also allow you to get the best yields on cryptocurrencies when compared to other platforms.
SwyftX also offers cryptocurrency staking for 20 different proof of stake coins for Australians. The yields on SwyftX are however lower than CoinSpot because they take a small stealth fee when paying out rewards.
Winner: CoinSpot is the better cryptocurrency staking platform because they offer better yields than SwyftX. For example, on CoinSpot you can earn 5.1% APY staking Cardano and on SwyftX you only earn 4.5% APY. This ultimately means that SwyftX takes a stealth fee when paying users out their yield.
CoinSpot vs SwyftX: Regulation and Security
CoinSpot has comprehensive security protocols in place, including two-factor authentication for account access and strong encryption standards to ensure the safety of user funds. On top of this, CoinSpot is also compliant with anti-money laundering (AML) and know-your-customer (KYC) regulations.
SwyftX is also a safe and secure platform, with an emphasis on keeping user funds safe. It uses 256-bit encryption for data protection, as well as two-factor authentication for account access. Additionally, the platform has a range of regulatory measures in place to ensure compliance with AML/KYC regulations.
Winner: Both platforms are equally regulated and secure.
CoinSpot is the superior cryptocurrency exchange when compared with SwyftX due to their lower trading fees, better user interface and higher staking yields for digital assets. Their platform also offers more cryptocurrencies and is generally faster to list metaverse, NFT and other popular assets.