Swyftx vs CoinSpot: Which to use in 2024?

This is branded content for Green Wall.

When it comes to cryptocurrency trading in Australia, CoinSpot and Swyftx are two of the top exchanges that many people consider. CoinSpot, renowned for its security and trustworthiness, boasts the highest levels of security, 460+ cryptocurrencies, a user base of 2.5 million, and 11 years of industry experience. On the other hand, Swyftx, established in 2018, has rapidly grown to become the second largest Australian crypto exchange, attracting over 700,000 users with its low trading fees.

Both crypto exchanges offer a user-friendly experience with a simple interface and 24/7 live chat support, as well as a wide variety of coins. However, we wanted to determine which is the better choice, so we independently tested CoinSpot and Swyftx, comparing them on several important criteria to find the answer.

CoinSpot emerged as the superior exchange in this head-to-head comparison, thanks to its huge range of 460 cryptocurrencies, an integrated NFT marketplace, lower market trading fees, and $20 FREE Bitcoin upon signing up. Take a look below to see how we came to our conclusion.

CoinSpot offers low market trading fees of 0.1%, however it is important to note that this only includes the following 15 cryptocurrencies: BTC, USDT, ETH, ADA, XRP, DOGE, LTC, XLM, TRX, EOS, NEO, POWR, GAS, RFOX, RHOC. To access the other 445+ cryptocurrencies, you need to buy or sell them instantly from the exchange, with a fee of 1%.

If you are a large volume investor or trader, you can access low 0.1% fees using OTC (over-the-counter) trades, with minimal slippage.

Swyftx charges 0.6% for their trading fees on all 350+ of their cryptocurrencies. For high volume traders, this can be reduced down to 0.1%. However, note that you need to trade over $6 million in the past 30 days to access fees of 0.1%, which is out of reach of most Australians. In order to reduce the fee from 0.6% to 0.55%, you still need to trade over $100,000 in the past 30 days.

Swyftx does not charge for any of their deposit methods, however if you deposit using your card, there is a charge of 1.99% applied by the third-party payment provider Banxa. They also charge up to 3.5% spread on top of the transaction fee.

CoinSpot and Swyftx do not charge for AUD withdrawals.

CoinSpot and Swyftx charge network fees for withdrawing crypto. These fees vary based on the coin and can be seen at the time of withdrawal.

CoinSpot offers one of the largest ranges of crypto of any Australian exchange, with over 460 coins at the time of writing. They regularly add more to their platform and even take suggestions from users about which coins to add.

Swyftx has fewer cryptocurrencies than CoinSpot, but still a respectable number, with more than 350 at the time of writing. Most of the popular coins you want to trade can be found at Swyftx, but if it is not there, you might have luck finding it on CoinSpot.

CoinSpot offers five methods to deposit AUD into the account: PayID, BPAY, Direct deposit, Cash deposit, Card deposit. You can also deposit crypto from an external wallet or exchange.

Swyftx supports PayID, Bank transfer, Card deposit and cryptocurrency deposits.

Both exchanges offer a diverse range of features that make it attractive to Australian crypto investors, and goes beyond the scope of this article. If you would like to read the full range of features, see our CoinSpot Review and Swyftx Review. In this section, we will focus on some unique features that users may be interested in.

CoinSpot has released their own CoinSpot Mastercard which offers users the convenience of spending their cryptocurrencies in everyday transactions. This debit Mastercard can be used for online and in-store purchases just like any regular credit or debit card. The payment is made in AUD by instantly converting your crypto at the time of sale, and can be made with any of the 460+ cryptocurrencies available on CoinSpot!

During our real-world test, we used the CoinSpot Mastercard to spend BTC, USDT, and ETH at over two dozen different stores, both online and in-person, without encountering any issues. The card can be easily added to your Apple Pay or Google Wallets, making it extremely convenient, and the transaction fee is only 1%.

CoinSpot's NFT marketplace is another standout feature of the exchange. This marketplace allows users to explore, buy, and sell a wide variety of NFTs, and makes it easy for everyday Australians to engage with the digital art industry. Unlike other platforms that require complex processes involving several wallets and converting crypto to ETH first, CoinSpot simplifies the NFT experience by enabling users to purchase NFTs directly using any of the coins on the exchange. This integration offers a seamless and user-friendly way to dive into the world of NFTs on CoinSpot's secure and trusted platform.

Visit CoinSpot website

Swyftx has a unique demo mode which is an invaluable feature, especially for newcomers to the cryptocurrency market. This mode allows users to practice trading with $10,000 in virtual funds, providing a risk-free environment to learn and experiment with various trading strategies. By simulating real market conditions, the demo mode helps users understand the platform's features, market dynamics, and the impact of different trading decisions without the fear of financial loss.

It's an excellent tool for building confidence and developing skills before transitioning to live trading. Even experienced traders can benefit from the demo mode by testing new strategies and refining their approach. Swyftx's demo mode serves as both an educational and strategic resource, making it a great feature that enhances the overall trading experience on the platform.

Swyftx's Learn & Earn feature is a fantastic initiative designed to educate users about cryptocurrencies while rewarding them for their efforts. This program offers short, easy-to-understand courses that cover various aspects of cryptocurrency and blockchain technology. Upon completing these courses and passing a quiz, participants are rewarded with free cryptocurrency, for example $5 of Bitcoin.

This not only incentivises users to expand their knowledge but also allows them to start building their crypto portfolio at no extra cost. The Learn & Earn feature is especially beneficial for beginners who are looking to get a solid foundation in the world of crypto, as well as for experienced traders wanting to stay updated with the latest trends and technologies. This innovative approach to education and engagement makes Swyftx appealing for both new and seasoned crypto enthusiasts.

Visit Swyftx website

CoinSpot is renowned for its robust security measures, making it the most trusted exchange in the Australian cryptocurrency market. Notably, CoinSpot was the first Australian cryptocurrency exchange to achieve ISO 27001 certification for information security, a rigorous standard that underscores its commitment to safeguarding user data and funds. This certification involves comprehensive external audits and demonstrates that CoinSpot adheres to stringent security protocols.

In addition to ISO 27001 compliance, CoinSpot employs various other security features, including two-factor authentication (2FA), anti-phishing mechanisms, and multi-signature wallet technology. The platform also uses advanced encryption techniques to protect sensitive information and conducts regular security audits and penetration testing to identify and mitigate vulnerabilities. CoinSpot also stores the majority of its crypto in offline cold storage, to minimise the risk of being hacked. These extensive security measures provide users with significant peace of mind, ensuring that their assets are well-protected against potential threats.

Swyftx is also committed to maintaining high security standards, ensuring that its users' assets and data are well-protected. They have partnered with TRM Labs, a leading provider of blockchain intelligence solutions, to enhance its ability to monitor and mitigate suspicious activities and potential threats. Additionally, Swyftx is ISO 27001 certified, reflecting its adherence to rigorous international standards for information security management.

Alongside these measures, Swyftx employs two-factor authentication (2FA) and biometric login options to further safeguard user accounts. These comprehensive security features provide Swyftx users with peace of mind, knowing that their investments are protected by some of the most advanced security practices in the industry.

After a thorough comparison of Swyftx and CoinSpot, it's clear that both platforms offer excellent features and services to Australian cryptocurrency traders. Swyftx impresses with its Learn & Earn program, demo trading mode and $20 FREE Bitcoin when you sign up here. However, CoinSpot emerges as our winner in this in-depth comparison.

CoinSpot not only offers an impressive selection of over 460 cryptocurrencies but also provides unique features such as a crypto debit card, an integrated NFT marketplace and FREE $20 Bitcoin when you register here. Its security credentials are unmatched, as the first Australian exchange to achieve ISO 27001 certification, and it has a long-standing reputation, with over a decade of industry experience and a user base of 2.5 million. Additionally, the platform's comprehensive 24/7 live chat support ensures users have access to help whenever needed. With these factors combined, CoinSpot stands out as the best choice for those looking for a crypto exchange in Australia.

Visit CoinSpot website and claim $20 FREE BTC