Investing in cryptocurrency is both exciting as well as risky. Under favorable circumstances, you can go from 0 to 10 very fast, but if you are not careful enough, you might lose the profit as quickly as you got them. Despite its risky nature, many people are investing more and more in cryptocurrency. To do so, you need to have a platform to buy, sell, and transact your crypto coins. CoinSpot and Swyftx are two platforms operating in Australia.
Many people are doing business with either of them. If you are interested in making a crypto investment and do not know which platform to choose, here we have compiled a small comparison to help you make an informed decision. You can get detailed information from Swyftx vs CoinSpot - Comparison by Coin Culture.
Here is an overview to help you make a quick decision on these exchanges. You can judge the two platforms with these 4 simple characteristic comparisons.
1. Reliability
When it comes to investment, everyone wants to make sure that they put their hard-earned money in some place secure and reliable. Apart from frequent ups and downs in crypto markets, another security concern of investors is the reliability of the platform.
CoinSpot is considered a more secure and reliable platform. It has been in the Australian market for quite a time now. It has been certified with Blockchain Australia which makes it a more reliable option.
Contrary to this, Swyftx is new in town so there is not much say in its security. It does not hold a Blockchain certification, so you might have to proceed at your own risk.
2. Versatility
When you are an investor, you might want to have a versatile portfolio for investment. This goes for a mode of payment as well as offerings available on the platform.
CoinSpot offers over 350 different coin listings, this means that you can buy different kinds of cryptocurrency on the same platform. Or you can choose from multiple options. Whereas Swyftx has only 280 coin offerings, which might make you feel you missed out on some options.
Talking about the mode of payments, Swyftx wins in this area as it accepts multiple currencies. CoinSpot only allows deposits and withdrawals in Australian dollars. It might not be an issue if your investments are purely in Australian currency.
3. Customer Services
Customer services of a business give a major reason for customers to either work with them or not. CoinSpot is old in the market and fairly developed a reputation. The majority of the investors working with them are quite happy with the kind of services they get.
Swyftx, however, has failed to satisfy their customers. Their customer service is poor. Their response and support is also very slow.
4. Fee Structure
Now talking about money, you might want to work with the platform that requires minimum extra expenses. For example, withdrawal fee, transaction fee, and as such for cryptocurrencies.
CoinSpot has a fixed minimum trade fee of 0.1% that is pretty much standard in Australian markets, with no hidden costs. Swyftx, on the other hand, takes a high percentage of crypto trade fee. Around 0.6% seems a bit too irrational, considering the customer services they provide.
