Summary: CoinSpot and SwyftX are leading digital asset exchanges in Australia, each with its unique offerings. After meticulous evaluation by our team of experts, we have determined that CoinSpot holds a slight edge for Australian investors. It excels with a more intuitive user interface and supports a wider range of digital assets. The platform provides added features, including staking, an NFT marketplace, and speciliased Bundles (Crypto ETFs). 

CoinSpot vs SwyftX - Winner
Registered as a Digital Currency Exchange (DCE) with AUSTRAC.
Table of Contents

CoinSpot vs SwyftX Overview

CoinSpot reigns as Australia's most popular cryptocurrency exchange, founded in 2013 and boasting more than 2.5 million registered users. It offers an impressive range of over 420 cryptocurrencies for various trading activities and even provides staking opportunities on 30 different tokens. The platform is known for its simple interface, strong security protocols, and diverse trading options, making it suitable for investors of all experience levels.

SwyftX is another Australian exchange with support for approximately 260 digital assets. It doesn't quite match CoinSpot's extensive list but still offers a solid variety. Its interface is user-friendly and designed primarily for those new to the crypto world. While it follows rigorous KYC and AML guidelines to ensure secure and transparent trading, it offers fewer features, such as staking or bundled investment options, which CoinSpot provides.

SwyftX: Home Page.
SwyftX: Home Page.

Products and Services

CoinSpot delivers a broad spectrum of offerings to its users, from spot trading on an expansive selection of more than 420 digital currencies to 16 unique Bundles, which are essentially crypto ETFs. Its NFT marketplace is also home to sought-after collections like Bored Apes and World of Women. Users can also benefit from a range of services including staking options, a crypto Mastercard, a mobile app, a wallet, and an OTC desk for large-volume trading.

SwyftX provides a more focused set of features. It allows trading on around 260 tokens through both its web platform and mobile app. While it does offer some advanced trading options and a simple mobile app, it falls short in offering extras like staking, a wide range of bundled investment choices, or an extensive NFT marketplace.

Winner: CoinSpot shines as a multifaceted platform, offering a plethora of assets, products, and versatile services for traders to take advantage of.

Supported Countries

CoinSpot and SwyftX are both tailored to serve the Australasian financial market and do not extend their services to other nations. CoinSpot specifically is only available to Australia, and residents of nearby countries like New Zealand, Palau, and Fiji cannot access the platform for trading or investment. However, SwyftX is available and accessible from New Zealand and accepts NZD deposits.

AUD Payment Methods

CoinSpot provides a wide range of AUD payment options such as PayID, Osko, BPAY, POLi, Bank Transfer, Credit and Debit Cards, as well as Cash. Unique to CoinSpot, it also allows cash deposits through its partnership with BlueShyft, a network of over 1000 news agencies scattered across the country. 

SwyftX is more limited in its payment methods, accepting only bank transfers and POLi for AUD deposits.

Winner: CoinSpot takes the lead with its extensive range of payment methods, setting itself apart by being the sole platform to accept cash deposits in Australia.

CoinSpot: Fees and Deposit Methods.
CoinSpot: Fees and Deposit Methods.

CoinSpot vs SwyftX Fees

CoinSpot boasts some of the most competitive fees in the Australian market, with a trading fee of just 0.1% for market buy orders and 1% for instant buy orders. Deposits made through methods like PayID, POLi, Osko, and Bank Transfer come with no added charge. Additionally, AUD withdrawals to a bank account are entirely free. But keep in mind that deposits via BPAY come with a 0.9% fee, card payments have a 2.58% fee, and cash deposits incur a 2.5% fee.

SwyftX operates on a slightly higher fee structure with a flat 0.6% fee for trades. Like CoinSpot, it also offers free AUD deposits and withdrawals via bank transfers. However, there are additional fees for deposits made through other methods, and cryptocurrency withdrawals are also subject to network fees.

Winner: CoinSpot leads in the fee department with lower trading costs and a more extensive list of free deposit and withdrawal methods.

Security and Regulation

CoinSpot is a paragon of security among Australian exchanges, distinguished by its ISO 27001 security certification. This accolade is an assurance that CoinSpot's security protocols are top-tier. Moreover, the platform is fully registered with AUSTRAC and ASIC, cementing its commitment to adhering to Australian regulatory standards.

SwyftX, while not ISO certified, also places a high emphasis on security. It employs two-factor authentication and cold storage solutions to protect user assets. Additionally, SwyftX is registered with AUSTRAC, ensuring compliance with Australian laws and regulations, though it lacks the additional layer of ASIC registration.

Winner: CoinSpot holds the edge in security and regulation, fortified by its ISO 27001 certification and dual registration. It remains a stronghold of trust and security for Aussie investors.

CoinSpot: Security.
CoinSpot: Security.

Final Thoughts

To recap, CoinSpot is the superior cryptocurrency exchange when compared to SwyftX due to its lower trading fees, simple user interface, diverse AUD payment methods, and more unique features. The platform also offers more tokens and is generally faster to list Metaverse, NFT, and memecoins, providing Australian investors with access to the newest and most popular digital currencies.