Summary: CoinSpot is the largest and most popular exchange in Australia with over 2.5 million users compared to SwyftX with 600,000 customers. The key reasons why CoinSpot is the preferred exchange for Australians is because it offers more coins, better staking returns, an NFT Marketplace, better customer service and a cleaner user experience than SwyftX.
CoinSpot and SwyftX Comparison Overview
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: 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 and andvanced user interface, 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.
CoinSpot provides trading fees as low as 0.1% for market orders and levies a 1% fee for instant swaps. In contrast, SwyftX exclusively offers instant trading at a 0.6% fee. As a result, SwyftX is a more advantageous trading platform for altcoins, while CoinSpot is preferable for trading larger market cap assets such as Bitcoin and Ethereum.
When it comes to deposit and withdrawal fees, both exchanges waive AUD fees for transactions via Bank Transfer, PayID, and Osko.
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.
Security and Regulation
Both CoinSpot and SwyftX maintain equivalent licenses and regulatory approvals in Australia. They are regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC) and possess ISO 27001 certificates, which emphasize their tier-1 data security. In general, both exchanges offer a secure environment, and the choice ultimately depends on users' comfort and preferences with each platform.
CoinSpot is the leading exchange in Australia, with 2.5 million users and a wider range of offerings than SwyftX, which has 600,000 customers. CoinSpot's advantages include more cryptocurrencies, superior staking returns, an NFT Marketplace, better customer service, and a cleaner user experience. While both exchanges have similar security, licensing, and regulation, CoinSpot stands out with direct OpenSea integration and a more user-friendly interface. SwyftX, however, offers lower fees for instant trading and supports additional jurisdictions, making it a close contender. Ultimately, the choice between the two depends on users' preferences and requirements.