One of the most frequently asked questions by Aussies on various internet forums is which platform out of Swyftx and Coinspot is better?
If you also have this thought lingering at the back of your mind, read this detailed Swyftx vs Coinspot comparison to discover the undisputed champion in this battle of crypto exchanges.
Swyftx vs. CoinSpot Overview:
Founded in 2017 by Alex Harper and Angus Goldman Swyftx was established to tackle the low liquidity of bitcoin in the international trading market. It was aimed to be the ultimate solution to the lack of Australian online crypto exchanges that complied with Australian Crypto Tax Regulations. One of the key offerings of Swyftx is its self-managing super fund of cryptocurrencies that’s not available with any other Australian exchanger.
CoinSpot was launched in 2013, four years before Swyftx. The platform makes it super easy for traders to buy/sell a range of tokens and crypto coins but is mostly focused on the exchange of bitcoin. CoinSpot offers a wide variety of user-friendly features making it easier for new and advanced users to make better traders.
Both Swyftx and Coinspot provide users with the options for Direct Deposit, POLi, and PayID. However, you also get Cash Deposit and BPAY with CoinSpot. Still, the most widely used, affordable, and fast way to put funds in your account whether Swyftx or CoinSpot is via POLi – it’s free and incredibly fast.
That said, there’s one benefit with Swyftx that you don’t get with CoinSpot or many other crypto exchanges in Australia, and that is deposit via credit or debit card. Although the funds land in your account in under 1 hour, there will be a payment processing fee depending on your service provider.
Bottom Line: Both platforms offer a range of deposit options but if you are depositing via BPAY or Cash, don’t go for Coinspot as it charges a hefty fee, read the below section to know more.
Swyftx vs Coinspot Fees:
For the deposit, transferring less than 200 AUD on Swyftx would attract a fee of 2 AUD, no matter the payment method. But besides that, there’s absolutely no deposit fee associated with Swyftx.
With Coinspot, you need to pay a 0.9% deposit fee on BPAY and a 2.5% fee on cash deposits. But for direct deposits, POLi and OSKO, there’s absolutely no fee.
This is where things get tricky because Swyftx charges a flat fee of 0.6% with an average spread of 1.7%. But Coinspot, on the other hand, charges a fee of 0.1%, which is a lot less.
However, this fee is for market orders where you trade with other traders and the liquidity and market volume are not very high at Coinspot except for the few popular coins.
For Instant Buy/Sell/Swap, the fee on Coinspot is 1%. Plus, their spread can go up to 4% so that increases the overall fee by A LOT.
Bottom Line: If you are planning on investing in popular coins like BTC and ETH, you may be able to benefit from the low fee at Coinspot. However, Swyftx takes the crown for tighter spreads.
Sign-Up & Verification:
Swyftx makes it incredibly easy for its users to sign up by providing basic personal details like email, name, phone number, and setting a password. There are no lengthy sign-up processes that may make your head spin.
Coinspot also makes it easy for its users to sign up by providing basic information. However, to use the full features of both platforms, you need to verify your accounts on them.
With Swyftx, verification takes a few minutes thanks to their Rapid Verification feature. You can get verified by providing your phone number, email, and government ID number and that’s it.
Coinspot makes it a little difficult to verify your account by asking for a copy of your passport or ID card with your address and a selfie with your ID document in hand. Then they go on and take over 24 hours to verify your account.
Bottom Line: Swyftx definitely takes the trophy home in this one. The whole sign-up and verification process hardly takes 10 minutes.
Availability of Coins:
Both platforms have a massive range of coins and other digital assets. Swyftx has over 250 coins listed while Coinspot has over 260 so there isn’t much difference because all the main ones like BTC, ETH, XRP, and LTC, etc. are available on both of them.
Another great thing about both of these platforms is they list their digital assets on their websites with their buy/sell prices and 24h change rate, something that not many platforms do.
Bottom Line: It’s a tie.
Swyftx allows you to contact their team via phone call, live chat, email, and Telegram. They have a team of over 11 members ready to solve every query you have.
Coinspot also has good customer support but you can only reach them via live chat and help desk. There’s no phone call feature available.
Bottom Line: Swyftx wins this one as well because you have three more ways to reach their team than just live chat.
Both Swyftx and Coinspot are great for advanced traders or people who’re just starting out. However, Swyftx seems better when it comes to tighter spreads, instant verification, and customer support.
Coinspot on the other hand has lower trading fees but again, their spreads are very high, making Swyftx an overall good option if you want to save more money on trades.