Swyftx vs CoinSpot
We put the two beginner-friendly Aussie crypto exchanges to the test.
Overview: Coinspot vs Swyftx
CoinSpot launched in 2013 and is one of Australia's longest-running exchanges, with more than 2.5 million users as of 2024. It has a simple interface and a long history of security, making it a popular go-to exchange for beginners looking to dip their toes in the crypto markets. Coinspot was named Highly Commended in the Best Overall category in the 2024 Finder Crypto Trading Platform Awards.
Swyftx was founded in 2018 but has quickly made name for itself thanks to its convenient payment options, demo account and local customer support mean. It was named the best crypto platform for Beginners in the 2024 Finder Crypto Trading Platform Awards.
But which comes out on top?
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Our verdict: Coinspot
Overall, we've rated Swyftx a slightly better overall option for beginners than CoinSpot.
But ultimately either exchange is a good choice for beginner crypto investors.
Both exchanges focus on offering instant purchases using AUD, with Swyftx charging a 0.6% fee on instant buys and Coinspot charging 1%. However, Coinspot only charges 0.1% for limit orders, which is when you can set the price at which you want to buy a certain crypto.
Both exchanges have an accessible user interface, educational resources, a huge range of cryptocurrencies on offer and multiple fee-free payment options.
Neither platform has experienced a significant hack and both are registered with AUSTRAC. Both offer live chat, although Swyftx's response times are usually a little faster.
It's worth remembering that there's no such thing as a "best" exchange – only exchanges that are "best" for you. You should pick the platform that offers the features that you value as most important.
Swyftx vs Coinspot: The key stats
 |  | |
| Finder Score | 4.0 ★★★★★ | 4.0 ★★★★★ |
| Trading Fee | 0.1 – 0.6% | 1% |
| Deposit method | Bank transfer,Credit card,Cryptocurrency,Debit card,PayID | Bank transfer,Credit card,Cryptocurrency,Debit card,PayID |
| Withdrawal Fees | AUD: $0 Cryptocurrency: $0 (network fees apply) | AUD: None Cryptocurrency: Fees vary |
| 24/7 support? | Yes | |
| App available? | Yes | Yes |
| Go to site More Info | Go to site More Info |
Swyftx vs Coinspot: Local presence
CoinSpot and Swyftx are both based in Australia; CoinSpot has its HQ in Melbourne, while Swyftx operates out of Brisbane. Both platforms allow their customers to deposit and trade using Australian dollars and both are registered with the Australian regulatory body AUSTRAC and comply with anti-money laundering (AML), know your customer (KYC) and counter-terrorism financing (CTF) protocols.
Each exchange offers a native multi-token wallet that can hold, receive and send a large variety of cryptocurrencies. Both support the option to buy "bundles" instead of single crypto assets, similar to an ETF.
Verdict: Swyftx wins for its superior local customer support.
Swyftx vs Coinspot: Supported coins
| | |
| Number of tradeable crypto assets | 432 | 500 |
| Go to site More Info | Go to site More Info |
CoinSpot nudges in front when it comes to supported cryptocurrencies, giving its user base access to over 50 coins more than Swyftx.
With that said, the majority of investors will find most assets they are considering on either platform. Neither exchange has any glaring omissions, although CoinSpot also offers NFT collections.
Verdict: Coinspot boasts the bigger coin selection, but both offer most popular cryptocurrencies.
Swyftx vs Coinspot: Supported fiat currencies
| | |
| Number of supported fiat currencies | 3 | 1 |
| Go to site More Info | Go to site More Info |
Swyftx and CoinSpot are both Australian-native exchanges and offer Australian dollar deposits to their customers. Swyftx has also expanded its operations to New Zealand and allows NZD deposits too.
Swyftx vs Coinspot: Fees
| | |
| Minimum deposits | $0 | $1 |
| Deposit Fees | Bank transfer: $0 Card: Fees vary PayID: $0 Cryptocurrency: $0 | Bank transfer and PayID: None Cash: 2.5% Card: 1.88% |
| Trading Fee | 0.1 – 0.6% | 1% |
| Withdrawal Fees | AUD: $0 Cryptocurrency: $0 (network fees apply) | AUD: None Cryptocurrency: Fees vary |
| Go to site More Info | Go to site More Info |
Fees on CoinSpot are fairly competitive, with 0.1% for limit orders on select cryptocurrencies and 1% for instant buys and limit orders. It also charges no deposit or withdrawal fees for AUD.
Swyftx has a flat trading fee of 0.6% for both instant purchases and limit orders, which is lower than Coinspot's instant purchase fee (but higher than its limit order fee). Like Coinspot, it also lets you deposit and withdraw AUD without fees.
Neither boasts the competitive trading fees of global exchanges like Binance or Kucoin. Ultimately, the platform that is likely to be more cost-effective for you will depend on whether you plan on using instant purchases or limit orders to buy crypto. If it's the former, Swyftx might be a better bet, if it's the latter then it might be Coinspot.
Verdict: It's a stalemate. Coinspot wins for limit orders and Swyftx wins for instant buys.
Swyftx vs Coinspot: Deposit methods
| | |
| Deposit methods | Bank transfer, Credit card, Cryptocurrency, Debit card, PayID | Bank transfer, Credit card, Cryptocurrency, Debit card, PayID |
| Go to site More Info | Go to site More Info |
CoinSpot offers a variety of popular deposit methods for fiat currency. Customers can choose from instant online transfers (POLi and PayID), bank transfers and cash deposits at supported newsagents around Australia. Swyftx doesn't offer cash deposits but does allow standard bank transfers as well as POLi, Osko and PayID payment methods.
What separates the exchanges is Swyftx's support for credit card deposits. Customers can deposit a maximum of $50,000 each day, with a minimum deposit of $30. Card transactions typically take less than half an hour.
Verdict: Swyftx edges it because of its support for credit cards.
Swyftx vs Coinspot: User reviews
Finder users have left over 300 reviews for both CoinSpot and Sywftx which are overwhelmingly positive.
The two exchanges have very similar user scores on FInder. CoinSpot scores an average of 4.3/5 and Swyftx 4.4/5.
Swyftx received 3 awards in the 2024 Finder Crypto Trading Platform Customer Satisfaction Awards.
Verdict: Swyftx has the higher user score.
CoinSpot reviews
A common theme among CoinSpot users is praise for how easy the platform is to use and its beginner-oriented features. Customer support is also well-regarded.
As for criticisms, they tend to focus on issues with account verification and security measures that some users find inconvenient.
This is a great platform for beginners, very easy to use. The desktop site has many more features than the app. The app is still great. But with the desktop, you are able to set prices for buy and sell. If a coin reaches this price you've input you will receive a notification via email or text or both. Low fees.
I registered with CoinSpot when I didn't know much. There are better ones out there. They have an authentication process that takes a couple of days so it takes a little while if you want to get started urgently (not really possible with this exchange). However, I did have someone crack into my emails and try to steal my Bitcoin and CoinSpot was excellent in blocking them/passing on the details to me.
Swyftx reviews
Swyftx users consistently praise its customer service team, with many users saying how quick they were to respond. Beginner cryptocurrency investors appear to have an easy time using the platform.
Criticism of Swyftx appears to revolve around accounts being banned and users struggling to retrieve funds.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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