Fees compared
Fees are where this comparison gets nuanced. The headline numbers can mislead unless you know which products each platform offers.
The default user experience
If you sign up to CoinSpot and tap "Buy", you'll land on Instant Buy at 1% trading fee plus a 0.5-1% spread — total cost around 1.5-2%. Most users never realise the cheaper Markets section exists.
If you sign up to Swyftx and tap "Buy", you'll pay 0.6% trading fee plus around 0.5-1% spread — total cost around 1.1-1.6%. There's no separate cheaper section to discover.
For the default consumer experience: Swyftx is cheaper.
If you use the cheaper products
CoinSpot Markets (the order book section) charges a flat 0.1% on every trade with no volume requirements. Available to every user from day one.
Swyftx's lowest fee (0.1%) requires $1M+ in 30-day trading volume — institutional territory for most retail users.
For the lowest practical retail fee: CoinSpot Markets wins decisively.
Real-world cost on a $5,000 BTC buy
| Product | All-in cost | $ cost on $5,000 |
|---|
| CoinSpot Markets | 0.1% | ~$5 |
| Swyftx (standard) | ~1.1-1.4% | ~$55-70 |
| CoinSpot Instant Buy | ~1.5-2% | ~$75-100 |
Coin selection compared
CoinSpot supports 490+ cryptocurrencies; Swyftx supports 440+. Both cover all major Layer-1 blockchains, top stablecoins, and most well-known altcoins.
Where CoinSpot wins: the long tail of smaller altcoins and memecoins. If you want exposure to coins outside the top 100 by market cap, CoinSpot lists more of them. Swyftx's selection is more curated.
Where neither wins: ultra-exotic DeFi tokens, fresh launches, or chain-specific tokens. For those, Coinstash at 1,100+ coins plus DeFi Connector is the better choice.
Security compared
Both platforms have strong security profiles with no reported major incidents. Both are AUSTRAC registered and ISO 27001 certified.
Where CoinSpot edges ahead: Mazars proof-of-reserves audits are publicly disclosed. Swyftx commits to 1:1 reserves but doesn't publish equivalent third-party attestations.
Where Swyftx edges ahead: Fireblocks institutional custody integration is publicly disclosed and provides MPC-based key management. CoinSpot's specific custody architecture is less publicly detailed.
Net result: both are appropriately secure for most users. Neither is bulletproof. For long-term holdings, transfer to a hardware wallet either way.
User experience compared
Swyftx wins on raw mobile UX. The app is consistently rated as Australia's best-designed crypto app, with a clean information hierarchy, helpful onboarding, and the unique demo mode for new users.
CoinSpot wins on breadth of features and support. The Instant Buy interface is more beginner-friendly than Swyftx's standard trade screen, the 24/7 live chat is genuinely better, and you get access to more products (Markets, NFT marketplace, Mastercard).
Trade-off: if you only ever use the platform from your phone and are new to crypto, Swyftx feels nicer. If you'll use both mobile and desktop and want advanced features as you grow, CoinSpot has more headroom.
Customer support compared
Both offer 24/7 live chat. The practical difference is response quality and depth.
CoinSpot's support is consistently rated higher across user reviews — Australian-based agents, faster typical response (5-10 minutes), and deeper product knowledge. This matters most during account issues, deposit problems, or tax questions.
Swyftx support is good but a step behind, with longer typical response times (10-30 minutes) and less specialised handling of complex issues.
Who should pick CoinSpot
- You want the widest coin selection on a single Australian platform
- You'll learn the Markets section (0.1% flat) instead of staying on Instant Buy
- You value 24/7 Australian-based customer support
- You want Mazars-audited proof of reserves
- You're an active trader without institutional volume
- You want access to additional products (Mastercard, NFTs)
Who should pick Swyftx
- You're a first-time crypto buyer who wants to practice with the demo mode
- You want the best-designed mobile app in Australia
- You'll mostly trade via consumer Buy/Sell (Swyftx's 0.6% beats CoinSpot's 1%)
- You want to dollar-cost average from $1 AUD via Auto-Invest
- You value Fireblocks-backed institutional custody
- You're mobile-first and don't need advanced features
Can I use both?
Yes, and many active Australian traders do. There's no rule against having accounts on multiple AUSTRAC-registered platforms. Some use Swyftx for daily DCA via Auto-Invest and CoinSpot Markets for one-off larger purchases at the lower fee. The trade-off is doubled tax reporting work and harder consolidated record-keeping.
If you're going to use one primarily, pick the one that matches your dominant use case from the lists above. The fee savings from consolidating volume on one platform outweigh the diversification benefit of using both for most users.
Frequently asked questions
Is CoinSpot or Swyftx better for beginners?
Swyftx narrowly wins for absolute beginners because of the demo mode — you can practice with simulated funds before depositing real AUD. CoinSpot's Instant Buy interface is arguably simpler, and the 24/7 live chat support catches beginners when they get stuck. Both work well. We give Swyftx the slight edge for first-time buyers.
Which has lower fees, CoinSpot or Swyftx?
Depends entirely on which products you use. CoinSpot Markets at 0.1% flat is the cheapest available to any retail user. But for the default consumer experience, Swyftx (0.6%) beats CoinSpot Instant Buy (1%). Most users who don't switch to CoinSpot Markets end up paying more on CoinSpot than Swyftx.
Is CoinSpot or Swyftx safer?
Both are appropriately secure. Both are AUSTRAC registered, ISO 27001 certified, and have no reported major incidents. CoinSpot publishes Mazars proof-of-reserves audits; Swyftx uses Fireblocks custody. For long-term holdings, transfer to a hardware wallet (Ledger or Trezor) regardless of which platform you use.
Can I transfer crypto between CoinSpot and Swyftx?
Yes. Both platforms support standard crypto withdrawals. You'd transfer crypto out of one to your external wallet address on the other. The withdrawal incurs network fees only (no exchange markup). Be careful to use the correct network — sending an ERC-20 token via BSC network will result in lost funds.
Does CoinSpot or Swyftx have lower withdrawal fees?
Both charge network fees only (pass-through with no exchange markup) for crypto withdrawals. AUD withdrawals are free on both. The practical cost is identical for typical users.
Do CoinSpot and Swyftx both support SMSFs?
Yes, both support SMSF accounts. Neither is the best choice for SMSF investing though —
Independent Reserve has dedicated SMSF infrastructure with KPMG tax tools and is the industry standard for Australian SMSFs. See our
best for SMSFs guide.