Swyftx vs Coinspot: Which Is the Best Option For YOU?
Aussies are some of the top cryptocurrency enthusiasts globally, and it shows; there are more than 250 registered exchange sites. With this many platforms to choose from, it can get overwhelming, especially if you’re a beginner.
The exchange site you choose highly determines your profit margins and can either make or break your trading experience. If you’re on this review, the chances are that you’ve boiled it down to 2 main platforms; Swyftx.com.au and Coinspot.com.au.
We’ve compiled a simple comparison of the two sites below, including their fees, security, and types of currencies they offer to help you make an informed decision.
Swyftx was launched in 2019 by Alex Harper (CEO) & Angus Goldman (CTO) to help Aussies trade digital coins conveniently. Both founders are reputable crypto enthusiasts, and they mainly focused on addressing the pain points of crypto traders and filling market gaps.
This platform has an easy sign-up process, and identity verification takes less than 5 minutes. They also give new users $10 worth of BTC on sign up so you can either use a demo account or practice with the $10.
Signing up for an account is fairly simple, but their identity verification process is a bit more complex. However, it is still very easy and fast to get up and running.
How Do Swyftx and Coinspot Compare to Each Other?
To help you decide which platform to sign-up to, here’s a comparison of Swyftx vs Coinspot that’s mainly centred around the top features that crypto traders should focus on.
Let’s enter the ring for 9 rounds and see which one comes out as a clear winner…
1. Ease of use
The cryptocurrency industry is murky and hard to navigate, which is why it’s important that you go for a platform with a simple interface. Swyftx has invested in a user-centric website design that is favourable to both beginners and expert traders.
Their layout is impressive, and you can easily find information without much hassle. If you’re still new to the crypto trading world, Swyftx gives you a free $10 worth of bitcoin to get you started before you start trading actively.
Coinspot also has a website that makes digital portfolio management easy. It’s accessible on both mobile and PCs and has a colour scheme that’s easy on the eye.
In my opinion, Swyftx just wins this one.
In 2021, cryptocurrency theft increased by 40% and hit $1.9 billion. Crypto exchange sites are a hot target for malicious hackers, and investing in an insecure platform only puts your money at risk. Both platforms have invested in stringent security protocols to keep your funds safe.
Swyftx has multi-layer security protocols, including 2-factor authentication that’s aimed at eliminating unauthorized access to your account. This feature is activated on registration and notifies you every time someone tries to log into your account.
It is required for withdrawal confirmation, to approve changes to your account details, and sometimes to confirm high-value trades.
Swyftx has partnered with a third party, Auth0, a cloud platform security company, to help them maintain high standards of account and password safety. They also use data encryption and penetration testing to protect your account. Swyftx has never been hacked, which is pretty impressive.
Coinspot has also never been hacked. Coinspot’s security features are also top-notch but are fairly lax compared to Swyftx. Their main security feature is the 2FA that sends a code to your phone every time someone tries to access your account.
They’ve also implemented session timeout limit settings and custom withdrawal restrictions to protect your account.
Swyftx wins this one as well.
Regulated exchange sites are safer because they have to comply with Anti-Money Laundering rules and Know Your Customer regulations. This considerably reduces cases of fraud, ultimately enhancing account security.
Both Swyftx and Coinspot are regulated by AUSTRAC and have to abide by the stringent regulations that govern the Australian finance sector.
I think it’s safe to say we have a tie with this round.
4. Deposit + Withdrawal methods
Both platforms have a variety of popular withdrawal and deposit methods to enhance convenience. On Swyftx, you can make quick transactions through POLi, PayID, OSKO, debit cards, and bank transfers.
PayID and PLOi provide instant deposits; OSKO deposits reflect on your account on the same day, while bank transfers could take a while. Swyftx users have a $20,000 transaction limit, but when you’re fully verified, the limit increases to $100,000. You don’t get charged for AUD withdrawals.
Coinspot, on the other hand, has 4 main deposit methods; BPAY, POLi, cash, and PayID. All these channels provide instant deposits, except BPAY deposits that get processed after 3
days. The cash limit for Coinspot is $10,000 with an $8,000 cash deposit which is very limiting for experienced investors. Another drawback is that you can only withdraw from Coinspot using fiat money.
Swyftx wins again!
5. Supported Cryptocurrencies
The number of cryptocurrencies available on an exchange site determines the trading pairs you can invest in. When a site has few coins, it limits the number of trades you can make, potentially reducing your profits.
Swyftx currently has more than 250 coins, including the most popular ones like Bitcoin, Litecoin, and Ethereum, as well as lesser-known coins including Civic (CVC. These coins can be traded against AUD, USD, and BTC.
Coinspot also has an assortment of digital coins and is constantly updating them. This is why the platform is preferred by expert investors that trade with diverse portfolios.
Another point to Swyftx
Swyftx executes all trades at market value which is why they charge some of the lowest trading fees in Australia. They don’t impose any trading limits or charge deposits & withdrawals for fiat and cryptocurrency deposits above $200. Deposits less than this amount incur a 2% fee.
Swyftx also has one of the lowest spreads at 0.45% and only charges a 0.6% convenience fee on all trades.
Coinspot only charges a 0.1% trading fee which is very low. They, however, impose a 1% convenience fee on all trades, which is very high compared to other platforms. Deposits and withdrawals are charged based on the channel used.
This round goes to Swyftx again.
7. Customer Support
Swyftx has great customer support, and their Trustpilot reviews are proof of this. They have a rating of 4.7 after more than 2300 reviews which is pretty impressive. You can reach them on email, phone, live chat, and they recently added a telegram channel which is highly convenient.
They are very responsive, and you should expect to hear from them within 3 minutes, except for email tickets that can take a while. Swyftx also has a library of resources that you can use to solve standard account issues.
Coinspot has reliable customer support even though their rating is lower on Trustpilot. They currently have a 4.5 rating after 1000 reviews. You can reach out to them through a live chat feature on their site and support tickets. They are only available from 9 am-6 pm (Mon-Fri), and 10 am-8 pm (weekends).
Swyftx is the clear winner here!
8. Mobile App
Mobile apps are convenient and allow you to trade while on the go. Their only major downside is the small screen, but most of the time, they have the same features as the PC version.
Both Swyftx and Coinspot have mobile apps compatible with Android & iOS and are similar to the desktop version to provide a streamlined user experience.
I think both apps are on par and I think it’s only fair to make this round a tie!
9. Demo Account
A demo account comes in handy when you’re a beginner and are still learning the ropes of the cryptocurrency world. It allows you to emulate real-world trades and try out different trading pairs without having to invest real money.
Swyftx has a demo account that allows you to reset once your virtual money is used up.
With bone crunching left hook, Swyftx has won by K.O!
Which Factors Should You Consider When Choosing Between 2 Exchange Platforms?
Before creating an account on an exchange platform, you should consider factors such as;
- 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.
- 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.
- 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.
- Fiat Currency: if you plan on depositing or withdrawing in AUD, go for a crypto exchange platform that supports fiat transactions.
- 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.
Swyftx or Coinspot; Which One Should You Sign up On?
The exchange site you choose should be based on the fees, level of security, supported cryptocurrency, and customer support.
While both platforms are great for both novice and expert traders, Swyftx has more features that could make your trading experience wholesome.
They also have lower fees compared to Coinspot that charges a trading fee of 1%. You can make fiat withdrawals & deposits, and their customer support is more responsive. Swyftx demo account also allows you to sharpen your trading prowess before you invest your hard-earned cash.