Which Is the Best Option For YOU Coinspot vs Swyftx ?
Aussies are some of the top cryptocurrency enthusiasts widely, and it shows; there are more than 250 registered exchange sites. With this many platforms to select from, it can get overwhelming, especially whether you’re a beginner.The exchange site you choose highly controls your profit margins and can either make or break your trading experience. Whether you’re on this review, the possibility is that you’ve boiled Swyftx vs CoinSpot down to 2 main platforms; Swyftx and Coinspot.
We’ve made a simple comparison of CoinSpot and SwyftX below, including their fees, security, and varieties of currencies they offer to help you make an informed decision.
Swyftx was launched in 2019 by Alex Harper (CEO) & Angus Goldman (CTO) to help Aussies trade digital coins calmly. Both creators are reputable crypto enthusiasts, and they mainly focused on addressing the pain points of crypto traders and filling market gaps.
This platform has a simple sign-up process, and identity verification takes less than 5 minutes. They also give new users $20 worth of BTC on sign up so you can also use a demo account or practice with the $20.
Signing up for an account is fairly simple, however, their identity verification process is a bit more complex. Yet, it is still very easy and fast to get up and running.
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How Do You Compare Swyftx or Coinspot to Each Other?
To help you decide which platform to sign-up to, here’s a comparison of Coinspot vs Swyftx that’s mainly centered around the top features which crypto traders should focus on.
Let’s enter the ring for 9 rounds and see that one comes out as a clear winner…
1. Coinspot vs Swyftx : Ease of use
The cryptocurrency industry is murky and hard to navigate, that is why it’s important that you go for a platform with a simple interface. Swyftx has invested in a user-centric website design that is likable to both beginners and expert traders.
Their layout is impressive, and you can easily search for information without much hassle. Whether you’re still new to the crypto trading world, Swyftx gives you a free $20 worth of bitcoin to get you started before you start trading actively.
Coinspot also has a website that creates digital portfolio management easy. It’s accessible on both mobile and PCs and has a color scheme that’s easy on the eye.
In 2021, cryptocurrency theft increased by 40% and struck $1.9 billion. Crypto exchange sites are a hot target for malicious hackers, and investing in an unsafe platform only puts your money at risk. Both platforms have invested in server security protocols to keep your funds safe.
Swyftx has multi-layer security protocols, including 2-factor authentication that’s aimed at abolishing unauthorized access to your account. This attribute is activated on registration and notifies you every time someone tries to log into your account.
It is needed for withdrawal confirmation, to approve changes to your account information, and sometimes to confirm high-value trades.
Swyftx has agreed with a third party, Auth0, a cloud platform security business, to help them maintain high standards of account and password safety. They also use data encipher. and penetration testing to protect your account. Swyftx has never been hacked, that is pretty impressive.
Coinspot has also never been hacked. Coinspot’s security features are also top-notch except they are fairly lax compared to Swyftx. Their main security feature is the 2FA which sends a code to your phone every time someone tries to access your account.
They’ve also executed session timeout limit settings and custom withdrawal reduction to protect your account.
Management exchange sites are safer because they have to comply with Anti-Money Laundering rules and Know Your buyer’s regulations. Swyftx vs CoinSpot greatly reduces cases of fraud, ultimately enhancing account security.
Both Swyftx and Coinspot are managed by AUSTRAC and have to abide by the stringent regulations that govern the Australian finance sector.
4. Procedure of Deposit & Withdrawal
Both platforms have a type of popular withdrawal and deposit procedure to enhance convenience. On Swyftx, you can make fast transactions through POLi, PayID, OSKO, debit cards, and bank transfers.
PayID and PLOi provide instant deposits; OSKO deposits are consider on your account on the same day, while bank transfers could take a while. Swyftx users have a $20,000 transaction limit, Nevertheless, when you’re fully verified, the limit increases to $100,000. You don’t get charged for AUD withdrawals.
Coinspot, on the other hand, has 4 main deposit ways; BPAY, POLi, cash, and PayID. All these channels supply instant deposits, except BPAY deposits that get processed after 3
days. The cash limit for Coinspot is $10,000 with an $8,000 cash deposit that is very limiting for experienced investors. one more drawback is that you can only withdraw from Coinspot using fiat money.
5. Keep Up Cryptocurrencies
The number of cryptocurrencies available on an exchange site controls the trading pairs you can invest in. When a site has few coins, Swyftx vs CoinSpot limits the number of trades you can make, possibly reducing your profits.
Swyftx presently has more than 250 coins, including the most popular ones like Bitcoin, Litecoin, and Ethereum, Also, lesser-known coins include Civic (CVC. These coins can be traded as opposed to AUD, USD, and BTC.
Coinspot also has a variety of digital coins and is constantly updating them. This is why the platform is favor expert investors that trade with diverse portfolios.
Swyftx fees executes all trades at market value that is why they charge some of the lowest trading fees in Australia. They don’t trust any trading limits or charge deposits & swyftx withdrawal fees for fiat and cryptocurrency deposits above $200. Deposits less than this amount incur a 2% fee.
Swyftx fees for lowest open out at 0.45% and only charges a 0.6% convenience fee on all trades.
Coinspot fees only charges a 0.1% trading fee which is very low. They, yet, impose a 1% convenience fee on all trades, which is very high compare to other platforms. Deposits and withdrawals are imposed based on the channel used.
7. Customer Support
Swyftx has considerable customer support, and their Trustpilot reviews are proof of this. They have a rating of 4.7 after more than 2300 reviews that are pretty impressive.
They are very responsive, and you should anticipate hearing from them within 3 minutes, except for email tickets which can take a while. Swyftx also has a library of resources that you can use to resolve standard account issues.
Coinspot has good customer support even though their rating is lower on Trustpilot. They presently have a 4.5 rating after 1000 reviews. You can extend out to them through a live chat feature on their site and support tickets.
- Mobile App
Mobile apps are easy and allow you to trade while on the go. Their only major downside is the small screen. They have the same type as the PC version.
Both Swyftx and Coinspot have mobile apps compatible with Android & iOS and are similar to the desktop version to supply a streamlined user experience.
9. Demo Account
A demo account comes in handy when you’re a starter and are still learning the ropes of the cryptocurrency world. Swyftx vs CoinSpot allows you to emulate real-world trades and try out various trading pairs without having to invest real money.
Swyftx has a demo account that permits you to reset once your virtual money use up.
Coinspot vs Swyftx comparision
Which Factors Should You Consider When Selecting Between 2 Exchange Platforms of Australia?
During creating an account on an exchange platform, you should consider factors such as;
- ID Verification: most Australian crypto exchange sites are regulated, so there’s a high chance that you’ll require to verify your identity. While it’s easier to sign up to an unregulate platform, it’s riskier, and you’ll be connected by low trading limits.
- Supported Cryptocurrencies: always go for a platform with cryptocurrency pairs that are in alignment with your investment purpose. The bulk of the time, Australian exchange sites don’t support new coins and those that anonymize buyers.
- Trade Restrictions and Limits: the limits placed on the amount of crypto which you can trade every day is based on the site’s trading volume.
- Fiat Currency: if you plan on depositing or withdrawing in AUD, go for a crypto exchange platform that supports fiat agreements.
- Security History: has the platform been hacked before? Exchange sites are high-profile targets for malicious hackers, but highly protective platforms rarely attack Go for a site that has multi-layer security protocols
Coinspot vs Swyftx : Which One Should You Sign up On?
The exchange site you select should be based on the fees, level of security, supported cryptocurrency, and buyer support.
Both platforms are serious for both novice and expert traders, Swyftx has more features that could doing your trading experience wholesome.
They also have lower fees compared to Coinspot which charges a trading fee of 1%. Swyftx demo account also permits you to sharpen your trading .skill before you invest your hard-earned cash.