The Australian crypto exchange market is one of the fastest-growing, with thousands of traders joining each year, explaining the country’s high number of cryptocurrency trade platforms.
However, Swyftx and Coinspot are the two most popular exchanges, and most traders in the country use both or at least one of them. For traders that are yet to use either, it is not always easy to pick between them.
The only way to decide which platform to use between these two is by understating what sets them apart and the highlights of each.
Introduction: Swyftx vs. Coinspot
Swyftx has the largest daily trade volume and the highest number of traders in Australia, making it the biggest trading platform in the country.
The idea for forming the crypto exchange was conceptualized in 2017, but it launched in 2019. The exchange aims to offer Australian traders better liquidity and customized solutions that cater to their unique needs.
Coinspot has been in the industry since 2013, making it one of the oldest exchanges in the world. Hence, it has seen the most challenging times in the industry, which has given it a unique understanding of the market.
Although the company only focused on Bitcoin exchange in its early years, it has since added hundreds of coins on its platform. It now has one of Australia’s largest digital assets portfolios.
Supported Cryptocurrencies
One of the key reasons Swyftx and Coinspot are top-rated exchanges is that they give traders more cryptocurrencies for trading than most other exchanges in Australia.
With Swyftx, you can exchange over 250 different currencies, and the exchange is constantly adding more coins to give traders even more pairs. Additionally, the platform removes any non-performing coins promptly to ensure a good trader experience. Some of the leading cryptocurrencies on the platform are Bitcoin, Litecoin, Ethereum, Ripple, XRP, and Safemoon.
Coinspot allows traders to exchange over 290 different cryptocurrencies against the BTC, AUD, and USD. The coins on offer include Bitcoin, Ethereum, Cardano, Dogecoin, Theta, and Shiba Inu. Like Swyftx, they update their cryptocurrency portfolio constantly to ensure you never miss out on any new coins with the potential for making good profits.
Trading Fees
Trading fees have a massive effect on the experience you get on your trading platform and can impact the actual profits you end up making. Also, these fees can be very significant for those that trade a lot as you can end up parting with a substantial amount of money every day.
The good news is that Coinspot and Swyftx offer relatively low trading fees. When using Swyftx, you will have to part with 0.6% as a trading fee for every transaction. The fee is a flat rate as the company does not have separate maker and taker fees. Additionally, they have low spreads that can go down to 0.45%.
Coinspot has a 0.1% fee for market orders and OTC transactions, which is among the lowest in the market. However, the instant buy/sell/swap transaction attracts a 1% fee that is quite expensive compared to the total amount you spend on Swyftx. Other transactions like recurring buys and orders for taking profit or stop trade also have a 1% fee.
Supported Countries
Swyftx and Coinspot are Australian-based crypto exchanges that focus more on providing a secure crypto platform for Australian citizens.
Swyftx seems to be stricter regarding access from other countries, given that the platform requires identity verification by uploading an ID document. The only other place you can probably use the exchange is neighboring New Zealand.
Coinspot is also meant for the Australian market but is a bit more flexible. If you are not in Australia and still wish to use the exchange, you can fund your account using cryptocurrencies.
Account Funding Methods
The ease of funding your account is crucial that traders should not ignore when looking for a platform for their crypto trade. Luckily, Swyftx and Coinspot accommodate all the local payment methods to cater to different Australian traders.
When using Swyftx, you can fund your account using instant bank transfer or other channels like PayID and POLI. The exchange does not charge anything for fiat deposits, but you can expect to pay the network mining fee to finance your account using cryptocurrency.
Coinspot allows or direct bank deposits and will also accommodate other methods like POLI and PayID. All these channels are free to ensure you get the exact amount you send to your account. However, when you use BPAY to deposit or withdraw from your account, there is a 0.9% fee, while cash deposits or withdrawals attract a 2.5% fee.
Opening Account & Account Limits
Opening an account on both Coinspot and Swyftx is a straightforward process that only takes a few minutes to complete. Hence, you will be ready to make your first trade on both platforms in just a few minutes, which is highly convenient.
Once the account is ready, Swyftx will give you a daily deposit and withdrawal limit of up to $20,000. However, a trader can increase the account limit to $100,000 once they fully verify their accounts.
Coinspot allows traders to deposit or withdraw up to $2,000 per day once they set up the account and fill up the basic information. However, you can have higher limits once verified, but the actual limit depends on your deposit method. For example, when depositing using POLI, the 24-hour limit is $20,000, while BPAY deposits are capped at $10,000.
How to open a Swyftx account
- Go to Swyftx.com and click on the “Sign Up” button
- Fill in the form with your email, phone number, and a password
- Next, navigate to the “Profile” button on the sidebar
- Click “Verification” to verify your identity
- Verify your email, phone number, and identification by clicking on the respective tabs
- Add money to your account and start trading.
How to open a Coinspot account
- Go to Coinspot.com.au and click on “Register” at the top right corner
- Enter your email and a password on the page that pops up to create your account
- Verify your account by following the prompts
- Deposit money to your account and start trading
Ease of Use & Interface
Overall, Swyftx and Coinspot are pretty easy to use exchanges thanks to their user-friendly and intuitive interfaces. These interfaces are suitable for beginners and intermediate users, so anyone should easily figure things out.
A combination of different trading tools on both platforms includes multiple charts and trading indicators to help traders keep track of the market, so they know precisely where to invest.
Additionally, you can use the exchanges on both the web-based platform and mobile apps. The apps can work for iOS and Android devices and have most of the functionalities you get on the web trading platform.
That said, Swyftx also includes a demo account that will allow traders to practice their trading skills without risking their digital assets. Better still, you can reset the demo account when you run out of virtual money, meaning you will have endless trading opportunities to learn.
Coinspot does not have a demo account, so the only way to learn is through actual trading, which is highly risky, especially for beginner traders.
Security Features
With different statistics showing that cryptocurrency theft has been on the rise over the years, security should be at the top of your mind when deciding whether to use Swyftx or Coinspot.
Since both are huge companies with thousands of traders on their platforms, it should be obvious that they take security very seriously. They have some of the most advanced security protocols and systems you can expect to get in any Australian exchange to ensure crypto traders can trade with no worries.
Swyftx uses a multi-layer security system to secure their crypto exchange. This system includes 2FA that ensures there is never unauthorized user account access. You can activate this function when setting up your account, and in case someone tries to log in to your account, you get an immediate notification.
Additionally, Swyftx partners with Auth0 to provide extra security for trader accounts and passwords. Other things like the advanced data encryption and regular penetration tests that the company conducts ensure maximum safety for their exchange.
Coinspot might not have as many security features as Swyftx, but they still have enough to give traders confidence that their funds will be safe. The exchange allows users to add 2FA when setting up their accounts, and traders can also set customized withdrawal restrictions for added security levels.
Customer Support
If you have any problems using the Swyftx exchange, you can reach customer support through live chat, callback, or open a ticket via their email support platform. For the live chat and callback options, you should have someone ready to listen to your issues in just a couple of minutes.
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Swyftx tries to respond to all email tickets in less than 24 hours to ensure prompt trader issues resolution. Also, you can get them on most social media platforms, and they provide all their handles on the website.
Coinspot also has a live chat option with a good team that responds to trader queries in just a few minutes. However, they do not have a callback feature, but traders can still send email queries if they cannot use the live chat option.
- Is Swyftx a safe exchange?
Swyftx is a safe crypto exchange that uses multiple security measures to ensure maximum security for users and their assets. Since it started its operation, the platform has never been hacked, and issues with traders losing their assets are almost nonexistent.
However, the exchange does not take any chances as they use both hot and cold wallets to ensure that most of your digital assets are in offline storage just in case there was a hacking incident.
- Is Coinspot a safe exchange?
There has also never been any hacking incidence on the Coinspot exchange platform despite having been in business for over eight years.
This fact and others like they have several security features should give you enough confidence that the exchange is safe to use for all Australian traders.
Conclusion
Swyftx and Coinspot are legal digital asset exchanges regulated by AUSTRAC, which should give you enough confidence you are dealing with genuine companies you can trust.
However, when looking at them side by side, Swyftx seems to have the edge over Coinspot in various aspects despite the latter being the older of these two Australian crypto trading platforms.
Swyftx offers more security features to make their exchange safer to use, better customer support, a demo account, and relatively lower total transaction fees, given their low spreads. Hence, it is generally the better option of the two for both beginner and intermediate traders.
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