Swyftx and CoinSpot are two of the best crypto exchanges for Aussie users, and Kraken is one of the most popular USA-based exchanges. How do these three choices stack up for Australian cryptocurrency investors? I have compared them across several factors to come up with my ranking. Swyftx comes first, with lower fees, lower spreads, staking, a demo mode, and $20 free Bitcoin when you sign up. In second place is CoinSpot, with a huge range of over 330+ cryptocurrencies, the highest levels of security and auditing, and low trading fees of 0.1% on the market. Kraken is an excellent platform with features such as crypto staking and margin trading. However, it is much more suited for the US market, because in Australia Kraken is limited to only 16 different coins.
Swyft Pros and Cons
1. Lowest buy/sell fees at 0.6%
2. Lower spreads
3. Fee-free deposit methods including debit/credit cards
4. Demo mode available
5. $20 free BTC bonus
1. AUD is the only fiat currency supported
Coinspot Pros and Cons
1. Most trusted and secure exchange in Australia
2. ISO 27001 certified
3. Huge range of over 330+ cryptocurrencies
4. Low trading fees of only 0.1% on the market
1. Instant buy/sell fees of 1% are higher than Swyftx (0.6%)
2. Higher spreads than Swyftx
3. No demo mode
Kraken Pros and Cons
1. Cryptocurrency staking is supported so you can earn interest on your holdings
2. Margin trading and futures trading are available
3. 7 fiat currencies accepted (AUD, USD, EUR, GBP, JPY, CAD & CHF)
4. Users can deposit using Apple Pay and Google Pay
1. Instant buy/sell fees of 1.5% are the highest out of the three
2. Only 16 cryptocurrencies available to buy/sell with AUD
3. No demo mode
Swyftx vs CoinSpot vs Kraken Fees
I have summarised all the different fees for Swyftx, CoinSpot, and Kraken here, to make it easier to compare which is the best.
Swyftx charges zero fees on all AUD deposits.
1. POLi, PayID, and Direct Deposit (via OSKO): free
2. BPAY: 0.9% fee
3. Cash deposits: 2.5% fee
1. Bank transfer/OSKO: free
2. Google Pay and Apple Pay: 3.75% + $0.25
3. Credit and debit card: 3.75% + €0.25
Note: card payments are only available in EUR. When you select a credit or debit card, the spending amount will automatically change to EUR and any purchases will be charged to your card in EUR as well. Make sure that your card issuer can process the currency conversions.
Swyftx charges 0.6% fees when buying or selling cryptocurrency.
CoinSpot charges 1.0% fees when buying or selling cryptocurrency instantly from the exchange. You can also trade on the market, where the fees are an extremely low 0.1%. Note that only 14 popular cryptocurrencies can be traded on the market, such as BTC, ETH, ADA, XRP, DOGE, LTC.
Kraken charges a 1.5% fee per transaction when you buy or sell crypto directly from the exchange. If you trade on the market, the fees start at 0.16% for makers and 0.26% for takers. For frequent traders with a large 30-day trading volume, you can reduce your fees based on the following table.
Swyftx charges ZERO fees for AUD withdrawals to Australian bank accounts.
CoinSpot charges ZERO fees for AUD withdrawals to Australian bank accounts.
Kraken charges ZERO fees for AUD withdrawals to Australian bank accounts.
Swyftx vs CoinSpot vs Kraken Deposit Methods
Swyftx supports direct deposit, PayID, POLi, credit card, debit card, and cryptocurrency deposits.
CoinSpot supports direct deposit, PayID, POLi, BPAY, cash, and cryptocurrency deposits.
Kraken supports bank transfer/OSKO, PayID, credit card, debit card, Apple Pay, Google Pay, and cryptocurrency.
Swyftx vs CoinSpot vs Kraken Features
Each of these three crypto exchanges has loads of features that make them a worthwhile choice, but I cannot write about all of them here. Instead, I will mention a few features that make each platform unique, and if you want to find out more, you can read the full reviews here: Swyftx review, CoinSpot review, and Kraken review.
Swyftx has a unique demo mode that is not found on any other Australian crypto exchange. With free virtual money provided, newcomers to the crypto game can practice trading without risking any of their own money. It is a really useful tool that I’m surprised has not been adopted by more platforms. It is easy to access the demo mode from your Swyftx account, using a simple toggle switch.
Swyftx has a simple easy-to-use interface, with a new modern design, and a customizable Dashboard. You can personalize this to display only the info you find useful, and in any order you want.
CoinSpot is very popular because of its huge collection of over 330+ altcoins. If you want to invest in smaller coins that are not commonly purchased by everyone else, then CoinSpot is a great exchange for you. It will be easy for you to find some coins that you are interested in trading with such a wide variety to choose from.
CoinSpot has a convenient and useful feature called CoinSpot Bundles which is great for diversifying your portfolio. Users can purchase a variety of coins in a single transaction, spreading out risk, lowering fees, and affixing an average cost to several cryptocurrencies. One of the most popular Bundles is the ‘Top Ten Market Cap’ which is self-explanatory – the top ten biggest cryptos based on market capitalization. This is a useful Bundle because it encompasses coins that most investors would buy anyway, including BTC, ETH, BNB, ADA and spreads out risk to reduce volatility. These are the CoinSpot Bundles you can currently purchase.
Kraken offers to stake on their exchange, which is a method of growing your crypto holdings while you invest, similar to how you earn interest in a bank. Kraken even supports the staking of fiat currencies, which are unique and not found on other crypto exchanges. You can stake any of the following assets to earn staking rewards (paid twice weekly) and grow them further by compounding those future rewards.
Kraken is great for experienced traders who want to margin trade and trade futures. Margin trading on Kraken allows users to go long or go short on a variety of coins with up to 5x leverage, only 0.02% fees to open a position, and low rollover fees (maximum 0.02% per 4 hours).
Kraken offers access to regulated futures products, and they are dedicated to providing a dependable and diverse solution for cryptocurrency futures trading around the world. They currently offer Ethereum, Litecoin, Bitcoin Cash, Ripple, and Bitcoin futures, with up to 50x leverage.
Swyftx vs CoinSpot vs Kraken Security
Swyftx, CoinSpot, and Kraken are all safe and trustworthy crypto exchanges. They employ multi-layered security measures to ensure users’ assets are protected and are all registered with AUSTRAC, meeting strict AML/KYC obligations.
Having said that, CoinSpot is the standout for security, as the most trusted and secure crypto exchange in Australia. It is the only Aussie crypto exchange with the ISO 27001 certification for information security, undergoing an external audit by SCI Qual International (an accredited JAS-ANZ certification body).
Swyftx, CoinSpot, and Kraken are all great crypto exchanges with their benefits, but Swyftx wins this comparison with its lower fees and spreads, staking, a useful demo mode to practice trading and $20 free Bitcoin as a signup bonus. Following closely behind Swyftx is the most secure exchange – CoinSpot – with over 330+ cryptocurrencies and low trading fees of 0.1% on the market. Kraken comes third, but not because it is a poor exchange, by any means. Kraken is feature-rich with crypto staking, margin trading, forex trading, and futures which are not found on the other two platforms. However, as a US-based exchange, it does not perform as well in Australia, with restricted access to only 16 different cryptocurrencies.