Swyftx vs CoinSpot 2023: Which Is Best For You?

Swyftx and CoinSpot are two of the best cryptocurrency platforms in Australia. They both provide outstanding features for the Australian market, however, there are some subtle differences that might make the difference when choosing between them.

This comparison highlights the similarities and differences between Swyftx and CoinSpot to help with your decision-making process. To do this, we have assessed their fees, features, security measures, quality of customer service, and the value they bring.

The Bottom Line

For most Australians, Swyftx will be the superior crypto exchange to buy and trade digital currencies compared to CoinSpot. The popular platform has a lot more crypto to choose from and buy with AUD, has an interest-earning wallet to steadily grow your assets, and offers free withdrawals of AUD. All of its premium features cater to the Aussie market and are accessed on its visually pleasing and intuitive design. The level of attention and responsiveness from its local customer team is something to behold.

However, Swyftx does not currently offer a crypto debit card where you can spend your assets at in-store or online merchants. This is where CoinSpot may be a good alternative to Swyftx. The CoinSpot Card is easily one of the best crypto debit cards in Australia going around due to its lack of monthly or annual fees and is free to set up using the mobile app.

Winner: Swyftx πŸ†
Website: www.swyftx.com.au
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Swyftx vs CoinSpot: Comparison Table

Swyftx coinspot
ExchangeSwyftxCoinSpot
Fiat currenciesAUD, NZD, USDAUD
Number of crypto320+370+
Deposit methodsBank transfer, POLi, PayID, credit/debit card, cryptoBank transfer, POLi, PayID, BPAY, cash deposit, credit/debit cards
Deposit feesNoneFree except BPAY (0.9%), cash deposits (2.5%)
Maximum trading fees0.6% (flat)1% (flat)
Withdrawal feesNoneNone
Interest-earning walletYesYes
MarketsSpotSpot
Mobile appYes (iOS and Android)Yes (iOS and Android)
SupportLive chat, email, phoneLive chat, email
VerdictImage WinnerImage Loser
ReviewSwyftx ReviewCoinSpot Review

Swyftx Overview

Swyftx is an Australian-based and operated cryptocurrency exchange that was launched in 2019 by Alex Harper (CEO) and Angus Goldman (CTO). Swyftx was deliberately designed to make it easier for everyday Australians to quickly exchange their Australian Dollars (AUD) for popular cryptocurrencies such as Bitcoin, Ethereum, Ripple, and more. Purchasing digital currencies can also be done through a variety of common payment methods including POLi, PayID, and credit/debit cards.

Swyftx review

Since its launch, Swyftx has provided ever-reliable cryptocurrency services which are complemented by its unblemished track record in security. Its target audience comprises people who are new to cryptocurrency investing and trading to beginners who have some level of exposure and experience. It’s streamlined features make it an ideal place to HODL popular digital assets.

Swyftx Pros & Cons

Pros:

  • Quickly buy over 320 digital currencies with AUD.
  • Excellent and fast account funding methods such as bank transfers, POLi, PayID, and credit/debit card purchases.
  • One of the best interest-earning wallets in Australia to passively generate crypto rewards.
  • A free-to-use demo mode that comes stocked with $10,000 of virtual money.
  • Excellent customer support, ratings, and reviews.
  • Integrated TradingView charting package with advanced tools and indicators.

Cons:

  • Advanced trading markets such as margin are not supported.
  • 3.6% fee for credit card purchases.

CoinSpot Overview

CoinSpot is one of Australia’s longest-serving cryptocurrency exchanges where users can buy, sell, and store currencies like Bitcoin and Ethereum. Launched in 2013, CoinSpot provides a secure and easy-to-use platform for beginners to start their cryptocurrency portfolios. Currently, over 1 million Australians have decided to invest in digital currencies with CoinSpot.

Just like Swyftx, CoinSpot caters to beginners and people who are new to crypto investing. The platform is incredibly easy to navigate and use where processes such as account funding and management can be easily completed. The AUSTRAC registered company provides excellent wallet funding methods including bank transfers, POLi, PayID, BPAY, cash deposit, and direct purchases using credit/debit cards.

The security and peace of mind that CoinSpot offers is probably one of its biggest strengths. It was the first cryptocurrency exchange in Australia to attain ISO 27001 accreditation and maintains a perfect security track record.

coinspot review

CoinSpot Pros & Cons

Pros:

  • A highly secure wallet to store crypto with an outstanding security track record for over a decade.
  • Easy-to-use interface with simple account funding and crypto purchasing processes.
  • One of the largest selections available with over 370 digital currencies to buy with AUD.
  • Advanced TradingView charting and tools for technical analysis, DCA, and market orders.
  • A robust marketplace for Australians to buy and sell NFTs.
  • Crypto bundles, SMSF support and interest-earning wallets available.

Cons:

  • Expensive 1% fee to use the Instant Buy, Swap, Sell feature.
  • Poor liquidity on trading pairs on the Exchange.
  • Lack of advanced features and markets to keep experienced traders interested.

Swyftx vs CoinSpot: Deposit Methods

Swyftx and CoinSpot provide you with similar avenues to fund your account with money. Both platforms allow you to make convenient transfers from Australian bank accounts, POLi, PayID, and direct crypto purchases using credit/debit cards. Of all the places to buy cryptocurrencies with credit cards, Swyftx and CoinSpot are definitely in the top tier due to the ease at which you can link your cards.

However, CoinSpot offers more AUD deposit methods than Swyftx as unique methods include cash deposits via Blueshyft and BPAY. This could be considered as a slight advantage given that these methods are not overly popular amongst Australians.

Deposit MethodSwyftxCoinSpot
Bank transferYesYes
POLiYesYes
PayIDYesYes
BPAYNoYes
Cash deposit (Blueshyft)NoYes
Credit/debit cardsYesYes
CryptocurrencyYesYes

The other thing to be wary of is the deposit limits. Swyftx users can deposit more cash than CoinSpot users with limits ranging between $20,000 and $50,000, depending on the method. In comparison, the maximum amount of money that you can send to your CoinSpot wallet is $2,000. It gets worse yet for credit/debit purchases of crypto with a low limit of $200.

Winner: CoinSpot πŸ†

CoinSpot supports more payment methods than Swyftx. Both allow you to transfer AUD into your wallets via bank transfers, PayID, POLi and credit/debit cards, but CoinSpot users have the added advantage of BPAY and cash deposits (via Blueshyft).

Whilst the maximum deposit limit of $2,000 on CoinSpot is nowhere near as flexible as Swyftx, this shouldn’t bother the majority of Australian investors and traders.

Create an account with CoinSpot.

Swyftx vs CoinSpot: Features

Range of cryptocurrencies

In terms of supported cryptocurrencies, Swyftx and CoinSpot offer strong selections with 320+ and 370+ assets, respectively. The abundance of cryptocurrencies makes them ideal platforms to trade altcoins.

Swyftx and CoinSpot offer Australians the ability to buy, trade, and sell high-capitalisation currencies such as Bitcoin, Ethereum, Cardano (ADA), Solana (SOL), and Litecoin (LTC). CoinSpot does offer about 50 more digital currencies and assets than Swyftx, however, these comprise unique and exotic coins that everyday investors are probably not going to be interested in.

Buying crypto in bundles

If you’re interested in buying crypto in bundles then you can with Swyftx and CoinSpot. At the time of writing, Swyftx offers 9 bundles compared to CoinSpot’s 10, with both platforms providing similar bundles. Overall, there aren’t too many differences separating the two platforms. This is not surprising since Swyftx and CoinSpot operate as brokerages and it’s easy for them to implement the selling of multiple cryptos in bundles.

However, Swyftx provides greater flexibility than CoinSpot since you can customise a bundle to include (or remove) the coin of your liking. The other benefit is that you can buy bundles instantly with cash, apply trigger orders or use Dollar-Cost-Averaging (DCA). With CoinSpot, you don’t have these features to work with.

swyftx customise your crypto bundle

Wallets to earn crypto interest

Swyftx and CoinSpot are two of the best places to earn interest on your crypto. Swyftx currently supports 15 cryptocurrencies to earn interest on compared to CoinSpot’s 23. In recent months, Swyftx has removed Bitcoin and Ethereum from its list, whilst CoinSpot has only removed Bitcoin. When we compare the Annual Percentage Yields (APYs) that can be obtained (refer to the table below), CoinSpot comes out on top although the differences are almost negligible.

Overall, CoinSpot has a better wallet to earn crypto interest than Swyftx due to its support for more coins and slightly more attractive yields.

CryptoSwyftx Max. APY CoinSpot Max. APY
Ethereum (ETH)Not available4.00%
Cardano (ADA)3.00%3.30%
Solana (SOL)4.00%4.50%
Axie Infinity (AXIE)65%70%
Algorand (ALGO)5.35%6.00%
Polkadot (DOT)8.22%9.50%
Kava (KAVA)19.72%20.50%
Binance Coin (BNB)Not available3.50%
Fantom (FTM)Not available2.90%
Kusama (KSM)19.72%20%

Swyftx has a demo mode

If you choose Swyftx then you will have access to one of the best demo platforms for cryptocurrencies available in Australia. The demo mode is free to use and can be easily toggled with the click of a button from the dashboard. For beginner traders, this poses a significant advantage since you can use it to explore the platform, become familiar with its features, and place trades without any risk. This is because the demo ode comes equipped with $10,000 of fake AUD funds.

Some of the features of the demo mode include the ability to set price alerts, view live market prices with TradingView charting, and access to hundreds of analytical tools. Additionally, the demo mode simulates the market depth and liquidity. Some features such as Swyftx Earn are not supported.

swyftx demo trading screenshot

Buying NFTs

If you’re interested in buying Non-Fungible Tokens (NFTs) from a top Australian marketplace, then look no further than CoinSpot. The highly reputable trading platform currently has 32 collections of digital art pieces and collectibles, making it one of the best NFT marketplaces in Australia. Currently, Swyftx does not offer an NFT trading feature.

The purchase of NFTs on CoinSpot’s marketplace can be done with any of the platform’s supported cryptocurrencies, a nice feature if you’re an active altcoin trader. However, Ethereum is most commonly used since the majority of its NFTs are hosted on the Ethereum network.

coinspot NFT marketplace

Spend with the CoinSpot Mastercard

One of the significant advantages that CoinSpot has over Swyftx is its crypto debit card where your digital currencies can be used as payment for goods and services. Swyftx does not offer a crypto debit card.

The CoinSpot Mastercard is a recently released crypto debit card that can be used at in-store and online retailers that accept Mastercard. Like most other debit cards, the Mastercard works by automatically converting your crypto to AUD at the time of the transaction using the best rates that CoinSpot can find.

coinspot mastercard to spend crypto

One of the features that make the CoinSpot Mastercard the best crypto debit card in Australia, is the ability to use any digital currency for payment. Having said that, you can go into your multi-token wallet and select up to five currencies where the order of selection dictates the order in which they are used. If the balance runs out on the first choice, then the card will start deducting the second choice crypto for payment.

CoinSpot has not yet developed and released a crypto reward or loyalty program. So if you prefer a form of reward system such as cash-back, then an alternative will need to be sought.

Other features that Swyftx and CoinSpot share

Swyftx and CoinSpot host a number of minor but useful features that will benefit you. Since we found them to be relatively similar in terms of quality, we have listed them below.

  • Swyftx (Koinly and CryptoTaxCalculator) and CoinSpot (Koinly, CoinLedger, CryptoTaxCalculator, and Accounting.com) both offer crypto tax reporting tools so you can easily get an understanding of your taxation obligations. For more information about the taxation of cryptocurrencies in Australia, you can read our guide.
  • Support for Self-Managed Super Fund (SMSF) investors. Swyftx and CoinSpot have partnered with New Brighton Capital, a super fund specialist, to deliver these services. For more information about cryptocurrency investing as part of super funds, you can read our guide.

Winner: CoinSpot πŸ†

CoinSpot simply has more and better-developed features than Swyftx, however, the differences in their quality are not that great. For example, the cryptos that can earn interest payments on CoinSpot outnumber those supported on Swyftx, but there is a negligible difference in interest yields. Although both platforms support a respectable number of coins and tokens, CoinSpot lists about 50 more. The provision of a robust NFT marketplace and a crypto debit card with no annual fees are features unique to CoinSpot.

Create an account with CoinSpot.

Swyftx vs CoinSpot: Ease of Use

Swyftx and CoinSpot are both beginner-friendly platforms to trade and invest in cryptocurrencies. Their interfaces are clean, modern and not cluttered with excessive features and distractions that might prove overwhelming for people starting out.

Having said that, the Swyftx interface is more visually intuitive and pleasing to the eye compared to CoinSpot. This is not surprising given that the Swyftx interface has received regular improvements to make it easier to use. From usage on our accounts, we can say that the overall Swyftx experience is enjoyable and engaging. There is also a dark-mode and demo mode that can be toggled.

Apart from the modern design, the widgets on the Swyftx dashboard can be customised to suit your needs. Widgets that present unnecessary information can be replaced with new widgets that provide more value.

swyftx customisable dashboard

On the other hand, CoinSpot’s interface is a lot older and takes on more of a traditional design and layout. Whilst it is considered as beginner-friendly, the overall CoinSpot experience feels a bit cumbersome and static compared to the fluidness of Swyftx.

For example, the Swyftx Earn feature is neatly tucked away in a central location where it is easy to find and use. Due to CoinSpot’s multi-token wallet, the Earn features are inside the wallet of each coin and token, meaning that you need to individually find the wallet from the list.

Winner: Swyftx πŸ†

The Swyftx user experience is a lot more enjoyable than CoinSpot due to its superior interface. The Swyftx interface is modern and visually intuitive, with all of its features smartly organised. Overall, the quality of life with Swyftx is better.

Create an account with Swyftx.

Swyftx vs CoinSpot: Fees

Simply put, Swyftx is a cheaper cryptocurrency exchange than CoinSpot. First of all, Swyftx charges zero fees to deposit AUD into your account using any of the supported methods, including bank transfers, POLi, PayID, and credit/debit cards. Whilst most of CoinSpot’s deposit methods are free to use, money deposits using BPAY and Blueshyft (cash deposits) will incur fees of 0.9% and 2.5%, respectively.

Swyftx and CoinSpot share some common ground where no fees are charged for withdrawals of fiat currencies such as AUD. No fees are also applicable for cryptocurrency transfers to an external wallet, however, a network fee will apply. This fee is not paid to either platform and will the amount will vary depending on the asset being withdrawn, the complexity of the transaction, and network congestion.

CoinSpot is considerably more expensive than Swyftx when it comes to trading fees. Swyftx charges a flat 0.6% fee which applies to all buy and sell trades. This is quite competitive for an Australian-based platform where a competitive fee is considered to be around 0.5% to 0.6%. On the other hand, using CoinSpot’s Instant Buy/Sell feature will cost you 40% more with its hefty fee of 1%. CoinSpot doesn’t offer value for money.

Much cheaper fees can be obtained on the CoinSpot Exchange. Here, 0.1% fees will be charged for all trades made, however, you need to know how to place market orders. Beginners who are starting out will be more comfortable with the Instant Buy feature which is squarely promoted on the CoinSpot website.

Winner: Swyftx πŸ†

With its 0.6% fee which is highly competitive for a local crypto exchange, Swyftx offers better value for money than CoinSpot. In comparison, CoinSpot users will incur a 1% fee for instantly buying, swapping, or selling digital currencies which is excessive. Swyftx is also cheaper for account funding where all AUD deposit methods can be used for free. Minor fees apply for BPAY (0.9%) and cash deposits (2.5%) made on CoinSpot.

Create an account with Swyftx.

Swyftx vs CoinSpot: Markets & Trading

Since Swyftx and CoinSpot are Australian-based and operated cryptocurrency exchanges, they are only permitted to provide spot trading markets under AUSTRAC and ASIC regulations. Both are not allowed to provide advanced trading markets such as futures and margin with leverage. You can check out our list of reviewed and ranked margin trading platforms in this article.

Spot trading involves the direct exchange of a fiat currency for a fraction or whole digital currency. Since CoinSpot supports more digital assets than Swyftx, it has more AUD trading pairs. We couldn’t find the ability to place limit or recurring orders on CoinSpot, but we noted a new feature called Pegged Orders.

CoinSpot offers real-time TradingView charting along with numerous advanced analytical tools and indicators to assess the price action of currencies. Order books were not previously a feature but have been re-introduced. This is an advantage over Swyftx as you can assess the volume and spreads for a trading pair.

The CoinSpot trading interface.

Swyftx appears to target beginner traders and investors as the trading interface possesses a high degree of simplicity. The visually intuitive design of the Swyftx interface transcends into the trading panel where the TradingView charts take centre stage. Although simple, the trading interface has been smartly designed to heighten the level of functionality. This is particularly evident when you navigate between features.

Buying and selling cryptocurrencies can be undertaken using an order window that pops out from the right-hand side. You can choose to instantly buy cryptocurrencies, set up price triggers, or implement recurring orders (otherwise known as Dollar Cost Averaging).

The Swyftx trading interface.

Winner: Swyftx πŸ†

Swyftx and CoinSpot offer the same trading markets, however, the trading experience is much more appealing on Swyftx. Not only is the interface modern and visually intuitive, but you can also buy crypto instantly, or apply trigger orders or DCA. For those that want to see order books to assess the trading volume and spread for a crypto asset, CoinSpot is your option, but this is the only advantage.

Create an account with Swyftx.

Swyftx vs CoinSpot: Mobile App

Swyftx and CoinSpot provide apps for iOS and Android mobile devices for trading digital currencies on the go. Both apps implement 2-Factor Authentication (2FA) measures to ensure that the apps are secure places to buy, sell, and store digital assets.

From our testing, the Swyftx mobile app pulls slightly ahead of the CoinSpot app due to its biometric login and seamless integration of its trading features. Moreover, the Swyftx app has the same enjoyable feel as the desktop version due to its innovative design.

Winner: Swyftx πŸ†

Whilst Swyftx and CoinSpot provide functional and easy-to-use mobile apps, the Swyftx app has the security advantage since you can set up biometric login. Additionally, the design of the Swyftx mobile app is just as visually intuitive as the desktop version, resulting in a seamless and enjoyable user experience.

Create an account with Swyftx.

Swyftx vs CoinSpot: Customer Service

Swyftx is known for its outstanding customer service. Providing high-quality and responsive assistance to its customers is one of the reasons behind the platforms founding. The Swyftx customer service is based in Australia. methods of reaching out to them include the live chat bot which will connect you to a real person, a ticket system, and by phone.

CoinSpot’s customer support is on par with Swyftx with the exception of the lack of direct phone support. You can reach them through support tickets or via the live chatbot on the website. The feature is only active between 9 am-6 pm on weekdays and 10 am-8 pm on the weekends, Melbourne time.

Winner: Swyftx πŸ†

Whilst both platforms place an emphasis on strong, helpful, and timely support for their customers, Swyftx allow you get in touch in more ways than CoinSpot. The live chat feature will eventually connect to a real person, the standard ticket system is available, but there is also assistance for people who prefer to use a phone.

Create an account with Swyftx.

Swyftx vs CoinSpot: Security

In terms of security measures and performance, there is not much separating Swyftx and CoinSpot. Both platforms have not been hacked, implement industry-leading security controls, and possess ISO 27001 accreditation. If anything, CoinSpot has a longer track record of being a secure place to buy and trade crypto since 2013.

Winner: Tie

Swyftx and CoinSpot are secure and trusted platforms to buy and sell a multitude of digital currencies. The ISO 27001 accredited platforms have unblemished security records of no security breaches that have resulted in the loss of funds or assets and implement top-class protection measures.

Swyftx vs CoinSpot: Comparison Outcomes

It is no doubt that Swyftx and CoinSpot are two of Australia’s leading crypto brokerage platforms. Their stellar reputations in the crypto community has been built off their strong track records in security and providing Australians what they want.

Swyftx is the younger of the two platforms and exhibits a modern and fresh interface that results in an enjoyable experience. It is this factor that makes the Brisbane-based company highly suitable for beginners. The attention to detail on how the platform is delivered, transcends into its features that are seamlessly integrated. To top it off, its classy design is finished with high-quality customer service.

On the other hand, CoinSpot has been around for a long time, and it certainly shows in its interface. Compared to Swyftx, the interface is a bit more clunky but still very usable. The shining light for CoinSpot is its features which are slightly better than Swyftx. Examples include its NFT marketplace and the recently released CoinSpot Mastercard, which show the platform’s willingness to stay at the forefront of Australian crypto platforms.

Comparison CriteriaWinnerReason
Deposit MethodsCoinSpotCoinSpot has more deposit methods than Swyftx including bank transfers, PayID, POLi, credit/debit cards, BPAY, and cash deposits.
Products & ServicesCoinSpotCoinSpot has more unique features such as an NFT marketplace and crypto debit card. Differences in other features are negligible.
Ease of UseSwyftxBoth are suitable for beginners, but the Swyftx experience is more visually intuitive and enjoyable.
FeesSwyftxSwyftx has cheaper deposit and trading fees.
Markets & TradingSwyftxInstant purchases, trigger orders and recurring purchases can be implemented on Swyftx.
Mobile AppsSwyftxThe Swyftx mobile app is slightly ahead due to its design and biometric security feature.
Customer ServiceSwyftxSwyftx customers have more avenues to customer support compared to CoinSpot.
SecurityTieBoth are ISO 27001 accredited and have not been hacked.

Factors To Consider When Choosing Between Two Crypto Exchanges

Before creating an account on an exchange platform, you should consider factors such as;

  1. ID Verification: most Australian crypto exchange sites are regulated, so there’s a high chance that you’ll need to verify your identity. While it’s more convenient to sign up to an unregulated platform, it’s riskier, and you’ll be bound by low trading limits.
  2. Supported Cryptocurrencies: always go for a platform with cryptocurrency pairs that are in alignment with your investment goals. Most of the time, Australian exchange sites don’t support new coins and those that anonymize users.
  3. Trade Restrictions and Limits: the limits placed on the amount of crypto that you can trade daily is based on the site’s trading volume. Some sites like Swyftx don’t have trade limits.
  4. Fiat Currency: if you plan on depositing or withdrawing in AUD, go for a crypto exchange platform that supports fiat transactions.
  5. Security History: has the platform been hacked before? Exchange sites are high-profile targets for malicious hackers, but highly secure platforms are rarely attacked. Go for a site that has multi-layer security protocols.

If you found this comparison between Swyftx and CoinSpot to be useful, here are other Australian crypto exchange comparisons to read next:

Disclaimer: This article is intended to be used and must be used for informational purposes only. It's important to understand that digital assets are risky, you should always do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.