Features
CoinSpot offers the most crypto-related services and products from any exchange in the country. On CoinSpot, Aussie investors can buy and sell over 380 tokens, then stake them for interest up to 70% APY (Annual Percentage Yield). Additionally, it has an NFT marketplace, Bundles (Crypto ETFs) and a crypto card that allows you to spend crypto on real-life purchases.
SwyftX offers a similar suite of products, including 300+ cryptocurrencies, Bundles (Crypto ETFs) and SMSF support. However, the platform does not have a dedicated NFT Marketplace and NFT Wallet like CoinSpot. They also offer slightly fewer cryptocurrencies to trade and do not provide staking services or a crypto card.
Winner: CoinSpot provides Australian investors with considerably more features than SwyftX.
Pricing
CoinSpot has two types of fees, the deposit and trading fee. The trading fee varies from 0.1% to 1% depending on the trading method you use (Market or Instant Buy). For deposits, if you transfer AUD to CoinSpot via PayID, POLi, Osko or Bank Transfer, it is completely free. But, Card charges 2.58%, BPAY is 0.9%, and cash is 2.5%. There are no fees for withdrawals.
SwyftX only offers Instant Buy trading and charges a fixed fee of 0.6%. However, in addition to the trading fee, there is the cost of the spread, which falls between 1% - 2%. Deposits and withdrawals are completely free, except card deposits with a 3.6% fee and up to a 4% spread charged by Banxa.
Winner: CoinSpot overall has a lower pricing structure than SwyftX as it does not charge a spread.
AUD Deposit Methods
CoinSpot supports various AUD payment methods, including Bank Transfers, Osko, PayID, Cash Deposits, BPAY, POLi and Credit/Debit Cards.
SwyftX comes in as a close second, offering its users only one option less than CoinSpot. It supports Debit/Credit Cards, Bank Transfer/Osko, POLi & PayID, but does not accept cash deposits.
Winner: CoinSpot supports the most AUD deposit methods out of any cryptocurrency exchange in the world.
Supported Tokens
CoinSpot support over 380 cryptocurrencies, including the most popular tokens like Bitcoin, Ethereum, Solana, Avalanche, Erbitrum and more. Their platform also has 'Crypto Bundles', which are similar to an Exchange Traded Fund (ETF), and give broad exposure to sectors within Crypto. CoinSpot currently offers 15 different bundles, including NFT and Metaverse ones.
SwyftX has over 310 cryptocurrencies, which means they fall short of CoinSpot by 70 tokens. They also offer slightly fewer Crypto Bundles, with ten different variations.
Winner: CoinSpot has the widest range of cryptocurrencies out of any Australian cryptocurrency trading platform.
Security
CoinSpot, founded in 2013, has been a member of Blockchain Australia and AUSTRAC since its inception. It is a regulated entity by ASIC, making it a safe digital asset trading platform for the custody of your assets. CoinSpot is also the only exchange to acquire an ISO 27001 Standard Security Certification, highlighting its data security.
SwyftX was founded in 2017, so it is less battle-tested than the CoinSpot platform. That said, It has acquired the relevant licensing from regulators such as AUSTRAC and ASIC, and is a member of Blockchain Australia. It has also never bene subject to a cyber attack or hacking incident.
Winner: CoinSpot is more secure than SwyftX and is the only Australian cryptocurrency exchange to acquire the ISO 27001 certification.
Customer Service
CoinSpot provides 24/7 assistance through live chat, email, web-based form, telephone (exclusively for OTC customers), and various social media channels such as Facebook, Reddit, Instagram, and Twitter. The Australian-based support staff ensures prompt and effective local customer service.
SwyftX also offers 24/7 support via live chat but does not provide phone or email support. The customer support team is present on social media like Facebook & Twitter.
Winner: CoinSpot offers more methods to contact the support team than SwyftX.
Conclusion
To summarise, CoinSpot is the clear winner when compared to SwyftX. CoinSpot offers more features, lower fees, a wider range of tokens, better support options and a simple UI. If you want to learn more about the exchange, visit our detailed CoinSpot Review.
