Coinspot vs Swyftx | One Exchange Is Clearly Better

Let's take a look at the trading fees offered by Coinspot and Swyftx. First up, Coinspot charges a 0.1% spot trading fee for makers, takers, and those who use their OTC desk. However, if you opt for instant buy, swap, or recurring buy, the fees jump up to a whopping 1%. Unfortunately, Coinspot does not offer any rebates for high volume traders, so everyone pays the same fees for each transaction.

On the other hand, Swyftx charges maker and taker fees of 0.6%, which is quite high compared to most exchanges out there. And for those that conduct swaps, the minimum fee applied is 0.6% for the buy order and 0.6% for the sell order. This means that the total fee comes out to be 1.2%, which is definitely on the high side.

So in terms of trading fees, Coinspot is much cheaper than Swyftx but both exchanges are more expensive like more well established exchanges such as OKX, Pheme and Binance.

When it comes to depositing fiat currencies, Coinspot and Swyftx have some similarities.

To begin, Coinspot only supports deposits with one fiat currency, AUD. Deposit methods inlude Poli, PayID and Direct Deposits which are all free of charge to use. Coinspot users can further deposit AUD via BPAY (0.9% fee), Cash (2.5% fee) and via credit/debit card which comes with a 2.58% free.

Swyftx on the other hand offers AUD deposits via PayID, Poli, bank transfers and credit/debit card deposits with Visa and Mastercard. There are no fees when depositing AUD via PayID and bank transfers but there is a 3.6% fee and up to 4% spread for those depositing with credit/debit card. That is ridiculously expensive and something that we would recommend people avoid paying.

Coinspot and Swyftx are two cryptocurrency exchanges that offer different withdrawal methods and fees. Coinspot allows users to withdraw their AUD for free, but charges varying fees for cryptocurrency withdrawals depending on the blockchain used.

For example, Bitcoin withdrawals have a fee of 0.0002 BTC, Ethereum has a fee of 0.0018 ETH, and Solana has a fee of 0.02 SOL. Withdrawals for ERC-20 Tether come with a fee of 7 USDT.

Users on Swyftx can withdraw two fiat currencies in AUD and NZD. While there are no fees for AUD withdrawals, the fee for NZD withdrawals are $10 excluding any possible fees charged by the bank.

For those that withdraw AUD with a bank that supports Osko, the withdrawal time is 1-2 minutes. For banks that don't support Osko, those have to wait up to 2 business days to receive their funds.

When it comes to the fees associated with cryptocurrency withdrawals, Swyftx charges the following. For Bitcoin withdrawals, the fee is 0.0002 BTC for each withdrawal. For Ethereum and Solana those fees are 0.0018 ETH and 0.008 SOL.  And for those that wish to withdraw ERC-20 USDT, the fee for that is 7 USDT.

Coinspot and Swyftx are two of the most popular cryptocurrency exchanges in Australia. Both exchanges have their pros and cons, and it ultimately depends on the user's preferences when it comes to choosing between them.

Coinspot is a beginner-friendly exchange that offers over 300 cryptocurrencies for trading. Their user interface is clean and intuitive, making it easy for inexperienced users to buy and sell cryptocurrencies.

Coinspot charges a 0.1% spot trading fee for makers, takers, and those who use their OTC desk, which is lower compared to Swyftx. However, if you opt for instant buy, swap, or recurring buy, the fees jump up to 1%. Coinspot only supports deposits in AUD, and while they offer free fiat bank transfers, other deposit methods come with fees.

On the other hand, Swyftx is an equally basic exchanges where users can buy and sell over 300 cryptocurrencies. They also offer a demo account for users who want to buy and sell with fake money without needing to go through KYC. Swyftx charges maker and taker fees of 0.6%, which is higher compared to Coinspot.

While they allow for AUD deposits via PayID, Poli, bank transfers, and credit/debit card deposits with Visa and Mastercard, their credit/debit card fees are expensive. Swyftx allows users to withdraw both AUD and NZD with no fees for AUD and a $10 fee for NZD.

In conclusion, both Coinspot and Swyftx are reputable Australian-based cryptocurrency exchanges that offer beginner-friendly interfaces and a wide range of cryptocurrencies for trading.

For users who want to access a wider range of product and services, better liquidity and lower trading fees, they will have to signup to exchanges such as OKX, Binance and Phemex.