Swyftx vs. CoinSpot 2023: Deposit, Fees and Security
Swyftx vs. CoinSpot, who wins? In this article, we’ll find out by comparing these two leading crypto exchanges in Australia considering their trading fees, deposit methods, security, customer service, number of cryptocurrencies, and much more. To reach our conclusions our team carried out exhaustive research and got first-hand experience with both crypto exchanges.
Swyftx vs Coinspot: Verdict
Our pick is the CoinSpot cryptocurrency exchange as the platform offers more products to Australian users than Swyftx.
Swyftx vs Coinspot: Unique Features
Unique Features of Swyftx
rrency is reached, the user will no longer be able to add the asset to Earn. The user will only be able to add the asset after some customers withdraw their asset from Earn or Swyftx increases the market cap for the asset.
To add cryptocurrencies to Swyftx Earn, do the following:
- Open the Swyftx app and go to the wallet
- Tap “Earn”
- Enter the amount of asset you wish to add. Alternatively, you can use the percentage slider.
- Tap the “Earn” button to add the asset
If you wish to remove a crypto asset from Earn, go to “Wallet” and do the following;
- Search for the asset you wish to remove
- Tap the name of the asset
- Click the “Remove” button
- Enter the amount of the asset you wish to remove
- Tap “Remove” to remove the asset.
With Recurring orders, Swyftx users can schedule automatic direct deposit of fiat from their bank to buy crypto. This is a great way to regularly invest in the crypto market.
Recurring orders on Swyftx have two aspects: an ongoing direct deposit of fiat from the user’s bank via bank transfer into his Swyftx account and subsequent recurring Buy orders in selected cryptocurrencies.
The minimum spend on Swyftx recurring orders is $30, while the minimum spend per individual asset is $1. Both bank transfer and recurring orders can be canceled at any time. If the user cancels the recurring buy but forgets to cancel the bank transfer, the user’s bank will continue to make deposits to the user’s Swyftx account at the scheduled time.
Unique Features of CoinSpot
Bundles contain a package of cryptocurrencies that can be bought in one single transaction. CoinSpot Bundles are curated for individuals looking for an easy, fast, and cost-effective way to diversify their crypto portfolio. Instead of buying each cryptocurrency individually and incurring fees for each transaction, CoinSpot users can simply buy a bundle containing their preferred cryptocurrencies and save time and money. The transaction fees on bundles are a lot cheaper than the total of what will be incurred if the user chose to buy each cryptocurrency individually.
CoinSpot users cannot choose the cryptocurrencies in a bundle. Bundles are purchased the same way individual cryptocurrencies are purchased. Once a bundle is purchased, the cryptocurrencies are separated into their respective wallets. The user can choose to sell or swap any of the cryptocurrencies with other CoinSpot users.
Bundles available on CoinSpot include Metaverse bundles, NFT bundles, Bitcoin bundles, Gold/Silver ratio bundles, Social bundles, Supply Chain bundles, Green bundles, AI bundles, and DeFi bundles.
CoinSpot market gives CoinSpot users a platform to buy and sell cryptocurrencies with other CoinSpot users at the best available market price. This is like a peer-to-peer marketplace. Trading fees in the CoinSpot market are as low as 0.1%.
Despite being a peer-to-peer marketplace, CoinSpot supervises every transaction done in the market and ensures that both parties in every transaction keep their part of the agreement before the funds or crypto is released to them.
Buying and selling in the CoinSpot market can also be automated. Users can set an exact price target if they wish to buy or sell crypto. When the market price gets to the set rate, CoinSpot automatically executes the trade.
The CoinSpot app has a simple and clean interface that enables CoinSpot users to trade all the supported cryptocurrencies right from the comfort of their phones. The CoinSpot app is available on both Android and iOS operating systems.
Asides from the trading of cryptocurrencies, CoinSpot users can also do the following with the app: monitor market movements, access the CoinSpot wallet, get price alerts for any listed coin, view transaction history, and view charts with daily, weekly, monthly and yearly timescales.
Swyftx vs Coinspot: Cryptocurrencies Available
Cryptocurrencies Available on Swyftx
Swyftx supports 320+ cryptocurrencies. Supported cryptocurrencies include: Bitcoin, Ethereum, Litecoin, Binance Coin, ApeCoin, Binance USD, Shiba Inu, Bitcoin Cash, Decentraland, Dai, Chainlink, Dogecoin, Gala, Hedera, Ontology, Solana, PancakeSwap, etc.
Cryptocurrencies Available on CoinSpot
CoinSpot users can buy, sell and swap over 370 cryptocurrencies. This includes Ethereum, Bitcoin, USD Coin, Uniswap, Binance USD, Bitcoin Cash, Ethereum Classic, Dogecoin, Wrapped Bitcoin, Litecoin, Cosmos, Cronos, Stellar, XRP, BitTorrent, Cardano, Terra Lunar Classic, Hedera Hashgraph, etc.
Swyftx vs Coinspot: Can You Buy and Sell NFTs?
Can You Buy and Sell NFTs on CoinSpot?
Swyftx vs Coinspot: Fees
The Swyftx crypto exchange charges traders a 0.60% trading fee and 0.40% spread. That said, the platform provides the opportunity to reduce its trading fees if you perform high-volume trades. However, it does not mention to what percentage it offers trading fees discounts.
Swyftx does not charge for fiat (AUD) withdrawals or deposits. However, cryptocurrency transactions incur their associated network fees.
CoinSpot does not charge users for AUD withdrawals. That said, users incur the following trading fees for the below-listed activities:
- Market Order: 0.10%
- OTC: 0.10%
- Instant Buy, Sell, and Swap: 1%
- Recurring Buy: 1%
- CoinSpot NFT: 0.90%
- Take Profit, Limit Orders, and Stop Loss: 1%
Deposit Fees for different deposit methods on CoinSpot include the following:
- PayID: Free
- POLi: Free
- Direct Deposits: Free
- BPAY – 0.9% Fee
- Cash Deposits – 2.5% Fee
- Card Deposit – 2.58% Fee
Swyftx vs Coinspot: Payment Methods
Swyftx Payment Methods
Swyftx supports the following deposit methods: PayID, Bank Transfer, POLi, and debit card.
CoinSpot Payment Methods
With CoinSpot, Australian traders can use the following deposit methods: Bank transfer via PayID, POLi, Direct deposits, BPAY, Cash Deposits, and CoinSpot debit card deposit.
Swyftx vs Coinspot: Security
Swyftx is regulated by AUSTRAC and implements security measures that are compliant with the ISO27001 framework. Swyftx Security Operation Center constantly monitors the platform and identifies and tackles hacking attacks directed at the platform or users.
Swyftx encrypts all the users’ information and secures every Swyftx account with two-factor authentication. It also implements industry-leading privacy safeguards to ensure that unauthorized parties do not have access to users’ data or assets.
CoinSpot holds a Blockchain Australia Certification and an ISO27001 Certification for Information Security Management. It stores the majority of its crypto assets in cold storage offline.
All CoinSpot accounts have customizable account security settings that enable the account owner to customize different security features. Customizable security features on CoinSpot include custom withdrawal restrictions, two-factor authentication, and session timeout limit settings.
Swyftx vs Coinspot: Earn/Staking Rewards
Swyftx Earn/Staking Rewards
Crypto traders can earn up to 65% APY on Swyftx by staking eligible cryptocurrencies via the platform’s earn program. Supported coins include the following: Polkadot, Cosmos, Polygon, Flow, Kava, Axie Infinity, Harmony, TRON, Algorand, Tezos, Kusama, Solana, and Cardano.
CoinSpot Earn/Staking Rewards
CoinSpot Earn gives users up to 70% APY in staking rewards on 20+ crypto assets. Some supported digital assets include Solana, Avalanche, Cronos, Binance Coin, etc.
Swyftx vs Coinspot: Usability
Swyftx vs Coinspot: Usability
Swyftx is one of the easiest Australian exchanges to start crypto trading for Australians. The trading interface offers a demo mode with $10,000 in fake fiat currency that allows users to get a hang of the platform and market.
The demo mode features training tools like “real-market conditions” to ensure the experience is legitimate. Swyftx also offers some expert features like recurring orders, bundles, and an AUD 50,000 daily deposit limit. There’s also an Australian live chat that helps beginners get a hang of the platform and the crypto space in general. Swyftx features a mobile app for Android and iOS.
Swyftx vs Coinspot: Usability
CoinSpot is a beginner-friendly Australian crypto exchange that features instant buy and sell orders as well as bundle purchases. However, it also offers advanced order types and trading view charts. CoinSpot requires verification before you can begin trading. The platform offers a browser desktop, and mobile app (the mobile app is available on Google Play store and Apple App Store. On all apps, you’ll be able to view graphs and price charts and use other advanced tools.
Swyftx vs Coinspot: Customer Service
Swyftx Customer Service
Swyftx customers with complaints can contact the support team via phone at (07) 3088 7633 or via email at email@example.com. Users can also find helpful guides and articles in the Help Center.
CoinSpot Customer Service
The CoinSpot support team can be contacted every day of the week via live chat support and email at firstname.lastname@example.org. It also has a help center that is equipped with the necessary information required by users to trade easily on the platform.
Conclusion: Final Verdict
CoinSpot wins in general. The CoinSpot Australian crypto exchange features more products than Swyftx, such as an NFT marketplace, more advanced tools, and cryptocurrencies as well as higher staking rewards. Swyftx is an Australian exchange but is best for beginners who want to test out crypto investing before diving in fully.
CoinSpot wins with a 4/5 rating
Most frequent questions and answers
No, CoinSpot supports 360+ cryptocurrencies while Swyftx offers 320+ assets.
CoinSpot is a good exchange for Australians. The cryptocurrency exchange allows users to deposit fiat currency (AUD) from an Australian bank account, features over 360 cryptocurrencies, allows users to earn interest on 20+ assets, and is regulated by AUSTRAC.
Swyftx is a cryptocurrency exchange headquartered in Australia. You can trade more than 320 assets on Swyftx including Ethereum, Bitcoin, Litecoin, and much more.
Binance offers more security features than Swyftx.
Though CoinSpot has never been hacked it is safer to keep your crypto assets in cold storage like Trezor or Ledger. Online exchanges like CoinSpot are prone to hacking and other security incidents.
Swyftx supports more cryptocurrencies than Coinbase.
To enable withdrawals on CoinSpot you must upload an authorization photo. The image must include yourself, a handwritten authorization statement, and the photo identification used to verify your account. CoinSpot doesn’t have any withdrawal fees.
Currently, CoinSpot hosts over 2.5 million Australian customers.
Binance charges 0.1% in trading fees, Swyftx has a trading fee of 0.60% but it is still higher than the Binance trading fee.
Russell Wilson is the CEO of CoinSpot Australia.
Russell Wilson is the CEO of CoinSpot Australia.
CoinSpot is owned by Casey Block Services Pty Ltd.
Bitcoin is the most popular crypto in Australia.