CoinSpot vs SwyftX Features

CoinSpot is the most feature-rich exchange in Australia, boasting over 370 crypto assets, staking services, an NFT Marketplace & Wallet, OTC & SMSF Support and much more. They are the only Australian exchange that has a direct integration with OpenSea, the world's largest NFT platform, allowing investors so safely access NFTs through the CoinSpot user interface.

SwyftX is a close second when it comes to depth of features, offering the same services as CoinSpot with the exception of NFT support. Another notable difference is that SwyftX offers fewer cryptocurrencies than CoinSpot, with only 300 tokens available on the platform.

CoinSpot NFT Marketplace
CoinSpot NFT Marketplace.

Supported Jurisdictions

CoinSpot is an Australian exchange that only accepts Australian residents and AUD deposits. SwyftX on the other hand supports Australia & New Zealand, with native AUD and NZD banking support. The platform is also planning to expand to Canada and the United Kingdom sometime in 2023.

Fees

CoinSpot offers trading fees as low as 0.1% for market orders on their platform and charge 1% for instant swaps. SwyftX only offers instant trading and charges a 0.6% fee, which means they are the better trading venue for altcoins, but CoinSpot is better for larger market cap assets like Bitcoin and Ethereum.

When it comes to deposit and withdrawal fees, both exchanges offer zero AUD deposit and withdrawal fees when using Bank Transfer, PayID and Osko.

Security, Licensing and Regulation

Both exchanges hold the same licenses and regulatory approvals in Australia. CoinSpot and SwyftX are regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC) and hold ISO 27001 certificates highlighting they both have tier-1 data security.

Overall, both exchanges are equally safe to use and it’s up to the user to decide which platform they feel more comfortable with.

User Experience

CoinSpot and Swyftx are both cryptocurrency exchanges that offer user-friendly platforms for buying, selling, and trading digital assets. Here are some specific differences in terms of user experience:

  • CoinSpot: CoinSpot has a more traditional exchange layout, with clear and easy to understand navigation that allows you to jump between their trading, NFT and staking features. The platform also has a simple dashboard that allows you to get a simple view of your crypto watch list and monitor the profit and loss of your crypto portfolio. Overall, CoinSpot has the cleaner and more simple user interface & user experience.
  • SwyftX: SwyftX has a more modern looking UI, but it takes some time to get used to as the platform is quite cluttered with many different options. The exchange also offers a range of advanced trading features limit and stop orders. This makes the platform attractive for experienced traders who are looking for an edge in the markets.
SwyftX UI

In conclusion, both platforms offer a great user experience and depending on what you’re looking for in an exchange, either one could be the right choice for you. It really comes down to personal preference and which platform feels the most comfortable for buying & selling cryptocurrency.

Bottom Line

CoinSpot and SwyftX are both excellent choices for Australian crypto investors looking to buy, sell, and trade digital assets. CoinSpot offers a more comprehensive selection of features and a better user experience than SwyftX. However, SwyftX has the advantage when it comes to fees and its advanced trading features that may be attractive for more experienced investors. Ultimately, either platform is a great choice and it really comes down to personal preference.