If you are not sure which platform out of the two can leave you with more profits by charging lower fees then this detailed Swyftx vs Coinspot fees comparison will help you make a choice. Read on to know more.
Swyftx supports deposits via POLi, BPAY, OSKO, Bank Transfer, Cryptocurrency, and Bank Transfer and it doesn’t charge any fee on the deposit. Although transfers made via credit card would attract a transaction fee, it will not be charged by Swyftx but your payment processor.
Coinspot allows deposit through POLi, OSKO, BPAY, Direct Deposit, and Cash Deposit via Blueshyft. However, it charges a 0.9% fee on BPAY and a 2.5% fee on cash deposits. But if you transfer money via OSKO, POLi, or make a direct deposit, you won’t be charged any fee.
Bottom Line: Swyftx wins this one because it doesn’t charge any fee on deposits from any transfer method. Plus, Swyftx also allows deposits via credit cards.
Swyftx allows you to buy/sell more than 250 cryptocurrencies with a flat fee of 0.6%. If you add their average spread of 1.7% to this, it becomes 2.3%. However, the spread is not always 1.7%, for BTC, it’s 1%, and for other smaller coins, it can go as little as 0.4%. So the overall trading cost can be anywhere from 1% to 2.3%.
Coinspot charges a flat fee of 0.1%, which is a lot lower than Swyftx and even one of the lowest in the Australian crypto exchange market. However, some hidden fees can add up to increase this cost when you make a trade. Furthermore, this fee only applies to market orders. If you buy or sell directly from CoinSpot via Instant Buy, Sell & Swap, the fee is 1%. Plus, their spreads go up to 4% for some currencies and stay near 1% for bigger, more liquid ones. So the total fee can vary a lot.
Bottom Line: Coinspot charges a low trade fee but it has high spreads on most coins so you will be limited to a few crypto options with low spreads, allowing you to benefit from low fees. Swyftx has better spreads and a little higher fee than the market standard, bringing it equal to Coinspot, so it’s a tie.
Both Swyftx and Coinspot offer free withdrawal so that was not something worth mentioning. That said, if you are looking for something with incredibly low trading fees, go for Coinspot. However, for tighter spreads, Swyftx is your go-to platform.