The Australian cryptocurrency market is growing rapidly, as are the number of exchanges available for investors to open an account with.
Choosing an exchange is not as simple as seeing what platform sells the cryptocurrency you are looking to buy. Factors such as fees, number of digital tokens, level of security and the features the exchanges offer are all important considerations before opening an account.
If you’ve narrowed down your options between Swyftx and CoinSpot, in this article we’ll discuss the similarities and differences between the two.
CoinSpot has been running in Australia since 2013 and at the time of writing, has close to 2 million people using their platform. On their website, they have an average review of 4.5 stars out of 5 (from 1,442 reviews captured by Trustpilot). The exchange is a member of Blockchain Australia and was specifically built with the Australian customer top of mind.
Swyftx is considered to be a fairly new player in the crypto space, with the exchange launching in Australia in 2019. At the time of writing, there are over 30,000 users on the platform. Swyftx allows for advanced trading including users the functionality to place automatic crypto trades. The platform also allows for real-time portfolio tracking, tax reporting and SMSF asset allocation.
CoinSpot VS Swyftx Features
CoinSpot has over 290 cryptocurrencies available on its platform. It has a user-friendly mobile app with a live chat feature to allow customers to ask real-time questions and receive direct account support. Coinspot also has an offering called CoinSpot Bundles which allows you to buy a bundle of coins in one transaction. This helps to diversify your portfolio and minimises the fees you’re paying to transact. Examples of bundles currently available include: DeFi bundle, Green Bundle, NFT Bundle, Social Bundle, AI Bundle, and the Top Ten Market Cap Bundle, just to name a few.
Swyftx offers over 270 coins on the exchange and has a live chat feature on its user-friendly mobile app. Swyftx is the only Australian exchange that has a demo account that allows users to try out the platform and become comfortable with the interface before committing to investing. This feature is great for beginners to get a feel for the platform. It also allows users to customise the dashboard to display only the notifications that you find relevant and useful. This can be a powerful tool as you build your crypto portfolio and are looking for quick insights.
CoinSpot VS Swyftx Security
CoinSpot has two-factor authentication, biometric security measures (face ID and fingerprint) and an offline cold storage feature for users who choose to store their cryptocurrency on their platform. Being basedin Australia, the exchange is also registered with AUSTRAC and is ISO 27001 certified meaning it has a registered Information Security Management system framework of policies and procedures as a form of legal risk management.
Swyftx is AUSTRAC accredited, but does not currently hold an ISO 27001 certification. Swyftx also does not have an offline cold storage option which means that it is less secure for users who buy cryptocurrency on the exchange and choose to store it on the exchange as opposed to a cold wallet. Both Swyftx and Coinspot fulfil the AML/KYC verification requirements to protect against money laundering and financing of terrorism.
CoinSpot VS Swyftx Payment Options
CoinSpot accepts AUD as its only fiat currency and has a buy/sell fee of 1%. As a customer, you have a daily deposit limit of $100,000 and are able to deposit into your account using direct deposit, PayID, POLi, BPAY, Cryptocurrency and cash deposits via a newsagent. The platform charges $0 on AUD deposits using POLi, PayID or direct deposit via OSKO. Cash deposits incur a 2.5% fee, whereas BPAY users will be charged 0.9%. It’s important to consider your deposit method, especially if you are funding your account regularly as these fees can really add up over time. There are no withdrawal fees for customers who withdraw AUD into an Australian bank account at the time of writing.
Swyftx comes in cheaper for Australian users, charging $0 fees on AUD deposit and withdrawal. The exchange also charges 0.6% in fees when buying or selling crypto. You can fund your Swyftx account via debit or credit card, direct deposit, PayID, POLi and cryptocurrency.
The Pros and Cons
Still deciding which crypto exchange to go with?
Deciding which exchange is best for you can be difficult from a first glance, but once you begin using the platform, you’ll likely get a feel for whether it is right for your needs or not. Before investing large amounts of money into one crypto asset on one exchange, it could be worthwhile investing a small amount into your desired platform to see if you’re happy with the usability and features.
Just like every investor is different and has unique personal circumstances, no one exchange is built the same. To find the best exchange for you, it’s important to consider your investment timeline, risk tolerance and reasons for investing. Perhaps you’re looking to trade altcoins, or maybe you’re looking to buy and hold Ether for the next 10 years. Both situations might call for a different exchange with varying features to suit the differing needs.
Cover image: Balance Form Creative/Shutterstock.com