CoinSpot vs SwyftX Review
CoinSpot and SwyftX are the two most popular cryptocurrency exchanges in Australia because they enable investors to buy hundreds of different crypto assets with low fees.
Many crypto investors in Australia sign up to either CoinSpot or SwyftX and wonder whether they should make the switch to the other exchange.
In this guide, we breakdown which one if right for you as we conduct a head-to-head comparison of both SwyftX and the CoinSpot exchange.
The table below provides a high-level overview of all of the important aspect of both CoinSpot and SwyftX in Australia.
CoinSpot vs SwyftX: Spreads
The word "Spread" means the difference between the price to buy an asset and sell an asset. Generally, you want the spreads to be as tight as possible to execute a more efficient and lower cost order.
An example of spreads would be, on CoinSpot you can buy Bitcoin for $50,000 AU, and you can sell it for $49,000. This would be a spread of $1,000 or 2%.
The average spread on SwyftX is 1.7% on average, compared to CoinSpot at 3%. This makes SwyftX the more cost efficient exchange to invest in crypto.
Winner: SwyftX 🏆
The average spreads are 1.3% lower on SwyftX when compared to CoinSpot. This makes it a better venue to execute trades for lower prices.
CoinSpot vs SwyftX: Fees
The fees to trade on the SwyftX exchange are locked at 0.6% per transaction for an instant buy. With respect to deposit and withdrawal fees, SwyftX charges ZERO in fees for Australian Dollar transactions into Australian Bank accounts.
CoinSpot offers two different ways to trade, the first being instant buying (similar to SwyftX) which is 1% per transaction. The other is Market Buying, which is like a traditional order book on a stock exchange and is much cheaper at 0.1% per transaction. Like SwyftX, CoinSpot do not charge excess fees for deposits and withdrawals.
Winner: SwyftX 🏆
SwyftX has cheaper instant buy fees, but CoinSpot has an alternative trading option that has 0.1% in fees. We have selected SwyftX as the winner because the Instant Buy feature is by far the most used way to trade on both platforms.
CoinSpot vs SwyftX: Security
Both SwyftX and CoinSpot are trusted and secure digital currency trading platforms located in Australia. Both exchanges are regulated under AUSTRAC and fulfil all of the relevant financial reporting to combat money laundering.
CoinSpot is the only exchange in Australia to have earned their ISO 27001 certification, which highlights they have top-tier data security.
Winner: CoinSpot 🏆
CoinSpot wins by being the only Australian exchange with an ISO 27001 Data Security certification.
Is SwyftX better than CoinSpot?
Yes, for most users who are looking to use the 'instant buy' feature on both exchanges - SwyftX is generally the better option due to their low fees. The instant buy fee on CoinSpot is 1% and the SwyftX fee is 0.6% making it a much more cost-effective exchange.
SwyftX also offer a promotion where you get $10 free when you sign up through this link.
If you are interest in other comparisons for investment platforms in Australia, be sure to check out our other guides.