CoinSpot vs SwyftX

Summary: CoinSpot and SwyftX are the two largest Australian cryptocurrency exchanges. CoinSpot has the most users in the country with over 2.5 million, making up 38% of the Australian crypto market share. It offers a diverse range of 450+ digital currencies to trade and stake. SwyftX has the second largest market share with over 700,000 registered users nationwide and supports over 350 digital assets to buy.

Both are registered with AUSTRAC, but CoinSpot's diverse token offerings, unique features, and robust security make it a trusted and safe choice in Australia.

CoinSpot vs SwyftX Overview

Founded in 2013, CoinSpot was the first Australian cryptocurrency exchange. It prioritises security with features like 2FA, geo-locking, and an ISO 27001 standard certificate, plus it’s a member of Blockchain Australia and registered with AUSTRAC. The platform supports over 450 digital assets, which can be bought with AUD through local methods like BPAY, PayID, bank transfer, and credit or debit cards. Besides crypto, it provides access to NFTs through its in-built NFT marketplace.

SwyftX was established in 2018 and has a modern interface tailored for beginner traders, featuring over 350 cryptocurrencies. It provides the lowest instant trading fees from just 0.6% and robust security with its ISO 27001 certification. The platform does not solely focus on the Australian market and is also available to New Zealand investors. SwyftX has several features including a demo account, crypto bundles and DCA investing.

Here is a detailed comparison table of SwyftX and CoinSpot, giving clarity to how many assets are supported, what the fees are, relevant licensing and regulations, plus available features.

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Supported Cryptocurrencies

CoinSpot has an impressive selection of more than 450 digital currencies. This extensive range allows users to engage in trading a diverse collection of coins, from popular options like Bitcoin, Ethereum, and Tether to lesser-known altcoins like Celestia and Solana. It has the largest selection of tokens out of any Australian exchange.

SwyftX currently supports trading for 357 different crypto assets, which is just over 100 less than CoinSpot. By offering such a diverse selection, it provides opportunities for traders to diversify their portfolios. Overall, CoinSpot has more supported cryptocurrencies when compared to SwyftX.

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Regulation

CoinSpot and SwyftX are both registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and maintain regulatory compliance. CoinSpot, while compliant with Blockchain Australia standards, faced a security challenge with a breach involving over $2 million. However, they confirmed no customer funds were affected, showcasing their resilience and commitment to asset protection. 

SwyftX adheres to AUSTRAC regulations, and boasts a clean security record with no notable breaches, backed by its ISO 27001 certification for information security, highlighting its steadfast approach to safeguarding user data and assets. It is considered one of the safest platforms in the world

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Fees Schedule

When comparing the fee structures of CoinSpot and SwyftX, it's essential to understand their distinct approaches. Here is a quick summary of how their pricing differs:

• CoinSpot: Charges just 0.1% for market orders and 1% for instant buy/sell trades. There are no fees to deposit AUD via PayID or bank transfer, but BPAY takes 0.9%, card is 1.88% and cash is 2.5%. All bank withdrawals are free.
• SwyftX: SwyftX adopts a straightforward fee model of 0.6% for all trades. This flat rate is particularly beneficial for those who prefer the convenience of instant transactions. The deposit fee is 1.99% and up to a 3.5% spread. Withdrawals are free.

When comparing the fees, the needs of the individual investor should be considered. Users who already have cryptocurrency and want the lowest instant trading fees might find SwyftX more appealing, whereas beginners who need to deposit funds will find CoinSpot more suitable.

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Other Products and Features

CoinSpot and SwyftX each offer unique capabilities that cater to diverse user needs, from those interested in DeFi and NFTs or others who prioritise a simple interface. We break down the distinct features of each exchange to help you make an informed decision about which platform might better suit your trading style and investment needs.

CoinSpot Features:

1. Multiple AUD Payment Methods: Aussie investors can deposit funds through several local payment options, including BPAY, PayID, bank transfer, credit or debit card, and even cash through BlueShyft, an Australian news agency.
2. NFT Marketplace: A unique feature where users can explore and invest in the NFT space directly through the platform with access to thousands of projects including Bored Apesm Azukis and Crypto Punks.
3. CoinSpot Bundles: This feature simplifies the diversification of crypto portfolios by allowing users to buy collections of cryptocurrencies in a single transaction.
4. SMSF Services: CoinSpot supports self-managed super fund accounts, catering to users who wish to include cryptocurrencies in their retirement savings.
5. OTC Desk: For institutional traders, there’s an over-the-counter trading desk that provides instant execution for large transactions over $100,00 with competitive rates.
6. Crypto Mastercard: CoinSpot provides a cryptocurrency debit card, enabling users to spend their crypto holdings at any merchant that accepts Mastercard payments.

SwyftX Features:

1. Demo Account: SwyftX offers a demo mode, allowing new users to practice trading and test strategies without taking any financial risk.
2. Bundles: Similar to CoinSpot, SwyftX provides an option for users to invest in bundles, facilitating easy diversification through several key industries like NFTs or AI.
3. DCA Investing: The platform supports Dollar-Cost Averaging (DCA), a strategy for reducing the impact of volatility by spreading out investments.
4. Company, Trust, & SMSF Accounts: SwyftX also caters to SMSFs as well as trust and company accounts, offering tailored services for larger and corporate entities.
5. TradingView Charts: Integration with TradingView charts appeals to technical traders looking for advanced charting and analytical tools.

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Bottom Line

In conclusion, CoinSpot and SwyftX are the two largest exchanges in Australia, each catering to different investor needs. CoinSpot is the more diverse and trusted choice, with over 2.5 million users, a vast selection of over 450 digital currencies, and a strong focus on security and customer support, backed by AUSTRAC regulation and Blockchain Australia certification.

While SwyftX offers a more global focus and competitive fees, CoinSpot's broad offerings and unique features make it a popular and reliable option for a wide range of investors in Australia.