Swyftx and CoinSpot are easily the two biggest names in Australian crypto exchanges. They both regularly make the list of best crypto exchanges for Aussies, and for good reason. They both offer an extremely user-friendly experience which is perfect for beginners, and a wide range of cryptocurrencies to choose from. If you haven't used either of them before, how do you decide which one you should open an account with? What are the differences between the two? We have compared them for you here, to save you time, but if you just want the answer: CoinSpot. It offers much of what Swyftx offers, with a few advantages: unmatched security, over 360+ coins, staking on 21 coins, and an NFT marketplace. Keep reading to find out how we came to our conclusion, and what aspects of the exchanges we compared.

Header

Coins

360+

320+

Trading Fee

Market buy: 0.1%; Instant buy: 1%

0.6%

Deposit Fee

Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5%

Free

Withdraw Fee

Free

Free

Deposit Methods

Bank transfer, POLi, PayID, OSKO, BPAY, Cash deposit

Bank transfer, POLi, Credit/Debit card, OSKO, PayID

Features

- Most secure and trusted exchange in Australia

- Live Chat support 

- Staking on 21 coins

- NFT marketplace

- Staking on 20 coins

- Live Chat support

- Demo mode - learn how to trade with $10,000 play money

Disadvantages

- Higher fees and spreads compared to Swyftx

- Not as many coins offered as CoinSpot

Cell
Header

Coins

360+

320+

Trading Fee

Market buy: 0.1%; Instant buy: 1%

0.6%

Deposit Fee

Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5%

Free

Withdraw Fee

Free

Free

Deposit Methods

Bank transfer, POLi, PayID, OSKO, BPAY, Cash deposit

Bank transfer, POLi, Credit/Debit card, OSKO, PayID

Features

- Most secure and trusted exchange in Australia

- Live Chat support 

- Staking on 21 coins

- NFT marketplace

- Staking on 20 coins

- Live Chat support

- Demo mode - learn how to trade with $10,000 play money

Cons

- Higher spreads and fees compared to Swyftx

- Not as many coins offered as CoinSpot

Cell

Swyftx vs CoinSpot Features

Swyftx is an excellent choice of cryptocurrency exchange for those that are brand new to crypto, or those that have a bit of experience, but are not serious traders. It is incredibly easy to use, on mobile app or desktop browser, and if you do have any trouble figuring it out, there is live chat support available. You can buy or sell over 320+ different cryptocurrencies, and even stake 20 coins. Staking is a way of using your coins to verify transactions on the blockchain and get rewarded for it, similar to receiving interest on your AUD in a bank. It sounds complicated, but you don't physically have to do anything to "verify the transactions". All you need to do is provide your coins to be staked - there is no risk to you, you won't lose those coins and you can withdraw them when you want.

 Another top feature of Swyftx is the demo mode, which helps you learn trading without risking your money. With a single toggle of a switch, you will enter demo mode, with $10,000 free play money. You can try out different strategies, and test out buy and sell features, without worrying about losing your money. 

CoinSpot is another beginner-friendly crypto exchange for Aussies. CoinSpot aimed to help everyday Australians buy and sell crypto easily, and they have done a great job of it. Established in 2013, they now have more than 2.5 million Australian customers who are drawn to the exchange for its simplicity. The instant buy and instant sell feature is basic enough for anyone to understand, but if you really need help, you can reach out to customer support through live chat.

There are over 360+ coins you can explore, and if you are unsure which coins to buy as a beginner, you can buy CoinSpot Bundles. They are a package of cryptocurrencies, so you can diversify your portfolio. For example, you can buy a Bundle that has the top ten coins by market capitalisation. This could be a good suggestion for new users. 

CoinSpot also offers staking on 21 coins, so you can grow the amount of cryptocurrency you own as you hold it for the long-term. This is an excellent way to earn passive income, and the rates you receive are much higher than you would get if you left AUD in your bank account.

CoinSpot even has an NFT marketplace, where you can access many popular collections. You can even find the popular Bored Ape Yacht Club on CoinSpot's NFT marketplace, and you can purchase your favourite artworks using any crypto you own. 

Features: CoinSpot wins the comparison of features. Both exchanges are very similar, but CoinSpot has staking on 21 coins and NFT marketplace, where you can purchase many different NFTs.

Stay up to date with vital crypto news

Subscribe to receive the latest crypto news straight to your inbox

Name

Email*

Number of Coins

Swyftx has more than 320+ cryptocurrencies supported.

CoinSpot supports more than 21+ cryptocurrencies.

Coins: CoinSpot has 360+ cryptocurrencies, which is the most of any exchange in Australia. 

Swyftx vs CoinSpot Fees

Swyftx has a simple fee structure, with free AUD deposits and withdrawals. Buying and selling crypto will cost you 0.6% in fees.

CoinSpot has deposit fees for BPAY (0.9%) and cash deposit (2.5%) but all other deposit methods are free of charge.

If you trade crypto on the market, the fee is only 0.1%, but you can only access 15 coins on the market. For the remaining cryptocurrencies, you need to use Instant Buy or Sell which will cost you 1% in fees. 

Withdrawing AUD from CoinSpot to your Australian bank account is free.

Fees: Swyftx has lower fees than CoinSpot, with free AUD deposits and withdrawals, and trading fees of just 0.6%.

Deposit Methods

Swyftx supports Bank transfer, POLi, Credit card, Debit card, OSKO, and PayID.

CoinSpot accepts Bank transfer, POLi, PayID, OSKO, BPAY and cash deposit.

Deposit Methods: It is a Tie for this section, because both Swyftx and CoinSpot support a range of methods including the most common: bank transfer, POLi, PayID and OSKO. If you need credit or debit card support, then Swyftx is the one for you, and if you prefer cash deposit or BPAY, then CoinSpot supports those methods.

Swyftx vs CoinSpot Security

Swyftx is a safe cryptocurrency exchange that has never been hacked since its establishment in 2017. Various layers of security are used so you can trust that your funds and private data are always protected when you trade on Swyftx. There is biometric authentication, 2FA, KYC verification, external penetration testing, and consulting with 3rd party security auditors to ensure the exchange is never compromised.

CoinSpot is the most secure and trusted crypto exchange in Australia, and has never been hacked even though it has been around since 2013. CoinSpot is proud to hold the ISO 27001 certification (only Australian crypto exchange to do so) and is also a certified member of Blockchain Australia. They have a ton of safety protocol including anti-phishing phrases, geo-lock logins, 2FA, session timeouts and custom withdrawal restrictions so you can always know that your funds are safe on CoinSpot.

Security: CoinSpot wins the security comparison, as it is the most trusted and audited exchange, complete with ISO 27001 certification, and regular external auditing.

CoinSpot Pros & Cons

Pros
  • Australia's largest crypto exchange with 2.5 million users
  • Most secure and trusted crypto exchange
  • Over 360+ different coins
  • Staking on 21 cryptocurrencies
  • NFT marketplace
  • Live Chat support
Cons
  • Higher fees and spreads compared to Swyftx

Swyftx Pros & Cons

Pros
  • Low trading fees of 0.6%
  • Demo mode - learn to trade risk-free with $10,000 play money
  • Stake 20 different coins to earn interest while you invest
  • Easy for beginners to use
  • Live Chat support
Cons
  • No NFT marketplace
  • Not as many coins are supported

Conclusion

Swyftx and CoinSpot are quite similar in many regards, and neither is a bad choice. However, if you were to only pick one, I would suggest you open an account with CoinSpot. CoinSpot has many of the same features as Swyftx, with higher levels of security, NFT marketplace, 360+ coins, and staking on 21 coins. If you are undecided, you can read my Swyftx review or CoinSpot review. You might also like this article about the best crypto exchanges in Australia (click here). All exchanges on that list are legitimate, so you can trust that you are opening a secure account.

About the author 

Luke Campbell

Luke is an early adopter of cryptocurrency, and was buying and using Bitcoin back in 2011. He has seen the landscape of cryptocurrency change over the years, and firmly believes we are still in the early stages of mainstream crypto adoption. Luke is fascinated about the potential of the metaverse, and invests in virtual real estate.

Sign up to stay up to date with vital crypto news