Swyftx vs. CoinSpot: Which Exchange Is Better For Altcoins?

Swyftx and CoinSpot are two of the best cryptocurrency platforms in Australia based on our ratings. They both provide outstanding features for the Australian market. However, some subtle differences might make the difference when choosing between them.

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Quick Verdict

Crypto investors and traders who want innovative features that make buying and selling assets easier will appreciate Swyftx. From its customizable dashboard, straightforward layout and navigation, flexible trading options, and order types to the advanced TradingView charting, Swyftx has everything a trader needs. 

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Swyftx vs CoinSpot Compared

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Swyftx Overview

Swyftx is an Australian-based and operated cryptocurrency exchange. It is one of the standout performers in the Australian crypto industry due to its ease of use, trading fees, and features that make cryptocurrencies accessible to a broad spectrum of investors and traders. 

Over the years, the platform has focussed on evolving its features to meet the needs of the Australian consumer and has delivered them exceptionally well. 

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Swyftx Pros

• Has better crypto purchasing options than CoinSpot. 
• A dedicated customer support team.
• A demo mode for users to practice trading.
• More economical fees.

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Swyftx Cons

• No NFT marketplace.
• No crypto debit card.

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Click here to read our full Swyftx review for Australians.

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CoinSpot Overview

CoinSpot, established in 2013, is among the oldest cryptocurrency exchanges in Australia. With more than 2.5 million customers, CoinSpot is immensely popular. Like Swyftx, it attracts the general community due to its highly intuitive interface and streamlined processes for account funding and management tasks. 

One of CoinSpot's greatest advantages is the sense of security and confidence it provides. Notably, it was the first cryptocurrency exchange in Australia to achieve ISO 27001 certification and has maintained an impeccable security track record.

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CoinSpot Pros

• Has a more extensive crypto selection than Swyftx.
• Massive customer base.
• Never been hacked.

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CoinSpot Cons

• Outdated and cumbersome interface.
• It’s a quantity-over-quality feel.

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Swyftx vs CoinSpot: Deposit Methods

Swyftx and CoinSpot support straightforward money transfers from Australian bank accounts, PayID, and direct cryptocurrency purchases using credit/debit cards. However, neither allows BPAY.

However, CoinSpot provides more deposit methods for AUD than Swyftx, where additional methods include PayPal and cash deposits via Blueshyft. This might be considered a minor advantage, especially since these methods are not very popular among Australians.

👉 Winner: Tie

Swyftx and CoinSpot provide their customers with the deposit methods that the vast majority will use. Although CoinSpot has more options, PayPal and cash deposits are unlikely to be popular.

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Swyftx vs CoinSpot: Crypto and Markets

Swyftx (375) and CoinSpot (470+) offer a wide selection of digital currencies that can be traded with AUD. While both exchanges offer over 350 crypto assets, often the benchmark for what is considered a good alt-coin trading platform, CoinSpot has 100 more coins and tokens. 

The usefulness of having 470+ digital currencies will only be relevant to some traders and investors. If the intention is to invest in newer or less-known coins and tokens, CoinSpot might be the better option. However, CoinSpot’s trading fees need to be considered.

🏆 Winner: CoinSpot

While most users would be happy with Swyftx’s offering of 375 digital currencies, altcoin investors will be drawn to CoinSpot’s better selection. Some coins and tokens might not be available on Swyftx.

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Swyftx vs CoinSpot: Features

Demo mode

Swyftx's demo account provides a wide range of features to offer users an authentic trading experience without financial risk. With $10,000 of fake AUD, users can practice different trading strategies in an environment that simulates real-time market prices and fluctuations. Compared to the live trading mode, no charting or analytical tools are left out, and users can access the powerful TradingView package while paper trading. 

Paper trading is not available on CoinSpot. 

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NFTs

The highly reputable trading platform currently has 32 digital art pieces and collectibles collections. Currently, Swyftx does not offer an NFT trading feature.

NFTs can be purchased on CoinSpot’s marketplace with any of the platform’s supported cryptocurrencies, which is a nice feature if the user is an active altcoin trader. However, Ethereum is most commonly used since most of its NFTs are hosted on the Ethereum network.

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Crypto bundles

Swyftx and CoinSpot offer customers the ability to purchase crypto in bundles. That is, buying multiple assets in a single transaction. This results in faster portfolio diversification with fewer fees.

Although CoinSpot has seven more bundles, this is almost irrelevant since Swyftx bundles are far more flexible. Swyftx customers can customize their bundles as they see fit by adding or removing coins. 

Not only that, but the proportion allocation of the assets can be tailored to meet the balancing needs of the user’s portfolio. Tailored bundles can be set up as recurring orders to make it even better.

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DCA

Swyftx offers dollar-cost-averaging (DCA), which can be implemented straightforwardly into the user’s buying schedule. CoinSpot doesn’t offer this feature, which is disappointing for a crypto platform with such a large customer base.

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CoinSpot Mastercard

The CoinSpot MasterCard is one of the advantages of being with the platform. Swyftx does not offer a crypto debit card.

The CoinSpot Mastercard can be used at offline and online retailers. It functions by automatically converting your cryptocurrency to Australian dollars at the time of the transaction, utilizing the best rates available through CoinSpot.

Any of the supported 470+ crypto assets can be used as payment for goods and services, however, users need to select the crypto to use in the mobile app. If the first selected crypto balance reaches zero, then CoinSpot will automatically use the second choice cryptocurrency for payment.

CoinSpot has not yet created or introduced a cryptocurrency reward or loyalty program. 

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🏆 Winner: Swyftx

Swyftx focuses on providing features that benefit everyday investors and traders, some of which aren’t available on CoinSpot. From simple things like recurring orders, flexibility around purchasing digital currencies, and allowing users to practice trading and test strategies in demo mode, Swyftx is clearly making it easier for people to trade crypto. 

On the other hand, CoinSpot provides features that might benefit some people, but they don’t combine to improve the quality of life for active traders. 

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Swyftx vs CoinSpot: The Trading Experience

The trading experience is far superior on Swyftx than it is on Coinspot. Although both platforms are user-friendly, Swyftx has taken it to the next level, while CoinSpot has not changed its dated interface.

The Swyftx interface is more visually intuitive and pleasing to the eye than CoinSpot. This is not surprising, given that the Swyftx interface has received regular improvements to make it easier to use. Apart from the modern design, the widgets on the Swyftx dashboard can be customized to suit the user's needs. The dark mode and demo mode can be easily toggled on and off.

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Conversely, CoinSpot's interface appears more dated and presents a more traditional design and layout. Despite being user-friendly, the general CoinSpot experience feels somewhat clunky and unchanging when compared to the smoothness of Swyftx.

Instead of using a simple drop-down menu or search bar to switch digital currencies, CoinSpot users might become frustrated by having to manually open up new tabs for the asset they want to view.

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CoinSpot's interface appears more dated and presents a more traditional design and layout. Despite being user-friendly, the general CoinSpot experience feels somewhat clunky and unchanging when compared to the smoothness of Swyftx.

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🏆 Winner: Swyftx

The user experience with Swyftx is much more pleasant than that of CoinSpot because of its superior interface. Swyftx's interface is contemporary and visually easy to understand, with all its features thoughtfully arranged. Overall, the quality of life with Swyftx is superior.

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Swyftx vs CoinSpot: Fees

In simple terms, Swyftx offers a more cost-effective cryptocurrency exchange than CoinSpot. 

Swyftx does not charge fees when depositing AUD into the user’s wallet using any of its supported methods. While most of CoinSpot's deposit methods are free to use, fees of 0.5% and 2.5% apply for PayPal and Blueshyft (cash deposits), respectively.

Swyftx and CoinSpot have similar policies of not charging fees for withdrawing fiat currencies such as AUD. 

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When it comes to trading fees, CoinSpot is significantly more expensive than Swyftx. Swyftx applies a maximum fee of 0.6% to all buy and sell trades, which can be reduced depending on the user's 30-day trading volume. 

On the other hand, using CoinSpot's Instant Buy/Sell feature will cost you 40% more, as it has a 1% fee. CoinSpot does not provide good value for money in this instance.

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Lower fees can be obtained on the CoinSpot Exchange. Here, 0.1% fees will be charged for all trades made. However, users need to know how to place market orders. 

🏆 Winner: Swyftx

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With its maximum fee of 0.6% fee, Swyftx provides better value for money compared to CoinSpot’s Instant Buy and Sell feature. Swyftx also offers cheaper account funding options, as all AUD deposit methods can be used for free. Minor fees apply on CoinSpot depending on the deposit method used.

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Swyftx vs CoinSpot: Final Verdict

For most, Swyftx will be the superior crypto exchange for buying and trading digital currencies compared to CoinSpot. The popular platform has deliberately chosen to develop features to make the trading experience more flexible and straightforward, and they complement each other, too. 

If you enjoyed this comparison, we also 👉 compared Swyftx and Crypto.com in this article.

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We aim to publish factual and accurate information as of the publication date. For specific information about a cryptocurrency exchange or trading platform please visit that provider's website. This information is general in nature and is for educational purposes only. We do not provide financial advice, nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

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