Crypto exchanges are globally raising at the same rate as currencies would. A beginner could have confusion on choosing the topmost out of the two well-known crypto exchange platforms Swyftx vs Coinspot.
Firstly, one would want to know what exactly these are and what are the features comprising of the same:
Swyftx:
Swyftx is a crypto exchange platform introduced in 2019 by Alex Harper (CEO) & Angus Goldman (CTO). The User Interface is quite simple and also the Signup and verification is a smooth process.
CoinSpot:
CoinSpot is also a crypto exchange platform in Australia which is introduced in 2013, which earlier traded in BTC but now supports over 200 varieties of coins. The User Interface is simple but the verification procedure is presumed a bit complex.
Swyftx vs CoinSpot:
The differences in many of the features of these platforms can give out a clear winner. Now let us get into it the article.
1. Swyftx vs Coinspot: Security
The first feature is Security which is a very important aspect in such a risky line.
Swyftx: Swyftx is a regulated and licensed platform registered with the AUSTRAC, therefore it is a legal DCEP that follows Government norms as an exchange platform. This platform rules out the condition of unauthorized access that notifies on activation of the account.
It has a two-factor authentication to approve for larger transactions. Swyftx partnered with a third-party cloud security company, Auth0. They provide multi-layer security by performing penetrating tests and data encryption.
CoinSpot: CoinSpot is also a regulated and licensed platform registered with the AUSTRAC, therefore it is a legal DCEP that follows Government norms as an exchange platform.
CoinSpot Is the first platform in Australia to have ISO 27001 certification, which spotlights their top-notch data Security. Moreover, CoinSpot has been in the market since 2013 and also never had a history of an attack or a break-in.
Winner: CoinSpot
2. Swyftx vs Coinspot:
Deposit Methods:
Swyftx: Swyftx allows the Deposit of money(AUD) into your account through bank transfers, POLi, and PayID. It has recently allowed credit and debit cards for easily accessible and comfortable transactions.
swyftx regular accounts have a daily limit of $20,000 and a fee of $2 for deposits under $200 AUD. But if you are fully verified the limit increases to $100k AUD and there is no nominal fee.
Coinspot: On the other hand CoinSpot had only 4 methods for depositing and they are: Bank transfers, BPay, POLi, and PayID. Credit and Debit are not allowed here.
CoinSpot has a daily limit of $2000 for regular and $100K for verified accounts. The fee is not charged for any type of AUD Deposits.
Winner: Swyftx
3. Swyftx vs Coinspot:
Exchange:
Both Swyftx and CoinSpot have a feature with which traders can swap one kind of crypto coin for another.
The feature is acquired in both platforms but with varying fees.
CoinSpot – 1%
Swyftx – 1.2%
Winner: Swyftx
4. Swyftx vs Coinspot:
Cryptocurrencies:
Swyftx currently has more than 250 coins, including the most popular ones like BTC, lite coin, etc. The varieties are huge and can be traded for exchange in other currencies. They update their currencies and rule out the unused to provide better trade pairs.
Coinspot also has a variety of currencies to trade and exchange. They have over 290 coins to select and also update their currency to provide a better user experience in trading
Winner: TIE
5. Swyftx vs Coinspot:
Beginner Friendly:
Swyftx: For Beginners Swyftx provides a $10 signup bonus. They have a website as well as a mobile app for the ease of the user. They have a navigation panel that provides a customized Dashboard that gives users options and control over the interface.
This has a demo mode for first-timers to navigate and help through the process.
The Customer support in Swyft is astonishing. It has 24/7 customer service support and a call-back option if needed other than the Live chat option.
Coinspot: It does not have an app but the website is pretty simple to use. This does not come with a Demo mode to help understand beginners on how to get started.
The Customer support in CoinSpot is also good with a live chat option and a FAQ page to answer general queries.
Winner: Swyftx
6. Swyftx vs Coinspot:
Trading Fees:
Swyftx: The fees to trade on the SwyftX exchange are locked at 0.6% per transaction for an instant buy. It charges Zero fees for AUD transactions.
CoinSpot: CoinSpot offers two different ways to trade, the first being instant buying at 1% per transaction. The other is Market Buying, at 0.1% per transaction.
Like SwyftX, CoinSpot does not charge excess fees for deposits and withdrawals.
Winner: Swyftx
Conclusion:
Swyftx vs Coinspot:
The clear winner is Swyft. Being beginner-friendly and with a wide range of Currencies, it also charges a lesser transaction fee with many benefits. Although CoinSpot had many features similar and some better than Swyftx, it is not very beginner-friendly and the cons were balanced by many of Sywftx Pros.
Hope this article was helpful and gave a basic idea of the features and aspects of both the Exchange Platforms.