CoinSpot and Swyftx are both online exchanges that allow you to buy and sell cryptocurrency in Australia. They have their similarities, but there are also some key differences between the two platforms.
Swyftx is an Australian crypto exchange that offers a variety of trading pairs for the purchase and sale of digital assets. In addition to its website interface, Swyftx also offers mobile apps for both Android and iOS devices.
CoinSpot is a cryptocurrency exchange based in Australia, where users can buy, sell and trade over 300 coins. The platform has its own token, CSP, which was launched in February 2019.
In this article we’re going to look at these differences so you can decide which one is best for your needs. For more information about the rivalry, let’s compare Swyftx vs CoinSpot.
Number of coins available
The number of coins available on each exchange varies significantly. CoinSpot offers access to more than 300 cryptocurrencies, while Swyftx offers access to just under 100 cryptocurrencies. This means that you’ll be able to find more coins on CoinSpot than Swyftx.
Trading pairs offered
CoinSpot offers trading in Australian dollars, US dollars and British pounds, which makes it easier for users from all over the world to get started with trading on the platform. Swyftx only accepts USD deposits at this point in time so it’s only suitable for US residents who want to trade in USD. This could change in future but at this stage it’s not possible for users outside the US to trade on Swyftx’s platform at all unless they use an exchange like Binance or Coinbase Pro where they can convert their crypto into USD before sending it over to Swyftx’s platform.
Fees
Both CoinSpot and Swyftx offer free accounts with limited trading capabilities. However, if you want to use advanced features like margin trading or stop losses, then you’ll have to upgrade your account by paying a fee of $20/month on CoinSpot or $100/month on Swyftx (which includes unlimited access to multiple cryptocurrency markets).
Security
CoinSpot and Swyftx both offer 2FA authentication via SMS, email or Google Authenticator apps – however only CoinSpot offers phone number authentication as well (in addition to SMS). This additional layer of security ensures that even if someone gets access to your email or password, they still won’t be able to log in without knowing your phone number. CoinSpot offers just one fiat pair against bitcoin, which is AUD/BTC (Australian dollars to bitcoin). Swyftx offers five fiat pairs against BTC and BCH: USD/BTC, EUR/BTC, JPY/BTC, CAD/BTC and GBP/BTC.
Market depth
CoinSpot offers deep liquidity for its BTC/AUD pair with an average daily volume of over $9 million AUD per day according to CoinMarketCap data at the time of writing. Swyftx does not report any trading volume data online but the company says its platform is designed for high-volume traders with an “order book depth of up to 10 million UDS” — or 10 million Venezuelan sovereign bolivar (VEF), the country’s official currency which trades at less than 1% of its face value on international markets due to hyperinflation concerns.
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