Swyftx and CoinSpot are two well-known cryptocurrency exchanges in Australia, and they are often compared directly against each other. Both are Australian-founded, both offer large asset ranges, and both are designed primarily for retail investors. Independent Reserve uses a different exchange model, with order book trading, tiered fees and no spread.
This guide compares how Swyftx, CoinSpot and Independent Reserve stack up across fees, spreads, supported assets and trading features.
Key takeaways
- Swyftx and CoinSpot are similar in approach. Both apply a spread on top of their trading fee, and both offer large asset ranges aimed at retail investors.
- The biggest difference between Swyftx and CoinSpot is the fee structure. Swyftx charges a tiered fee from 0.6% down to 0.1% plus a variable spread. CoinSpot charges 1% plus a spread on instant trades, or 0.1% on its market trading interface which covers a smaller selection of assets.
- Independent Reserve uses an order book model with tiered trading fees and no additional spread applied by the platform. It uses a single order book with tiered fees from 0.5% down to 0.02% and no spread on any trade.
Table of contents
Key differences at a glance
| Feature | Swyftx | CoinSpot | Independent Reserve |
| How you trade | Broker (quoted price with built-in spread) | Instant buy/sell (spread applies) or market trading on selected assets | Order book (market, limit and stop orders) |
| Trading fees | Tiered trading fee plus spread | Different fees for instant and market trading | Tiered trading fee |
| Spreads | Variable spread on every trade | Applies to instant buy/sell | None |
| Supported assets | 420+ cryptocurrencies | 470+ cryptocurrencies | 41 cryptocurrencies (focused on established assets) |
| Ease of use | Beginner-friendly interface | Beginner-friendly interface | Beginner and advanced views, same fees across both |
| Account types | Personal, SMSF, trust, company | Personal, SMSF, trust, company | Personal, SMSF, trust, company |
| Supported fiat | AUD, NZD | AUD | AUD, NZD, USD, SGD |
| Deposit methods | PayID/Osko/EFT, card, Apple Pay, Google Pay, crypto | PayID/Osko/EFT, card, PayPal, cash, Apple Pay, Google Pay, crypto | PayID/Osko/EFT, card, PayPal, SWIFT, crypto |
| 24/7 support | Local online support | Online support | Local online support |
| Best suited to | New or casual investors wanting a wide asset range | Beginners wanting the widest asset range and multiple deposit options | Investors wanting lower fees, no spreads and multi-currency support |
Swyftx vs CoinSpot: How they compare
Swyftx and CoinSpot are the two most directly comparable exchanges in this guide. Both were founded in Australia, target retail investors and apply spreads in addition to their trading fees. The main differences are in their fee structures, the number of assets available and the ways users can fund their accounts.
Supported assets
CoinSpot supports 470+ cryptocurrencies, the largest range of the three exchanges in this guide. Swyftx supports 420+. Both offer significantly more assets than Independent Reserve’s curated selection of 41.
Deposit options
CoinSpot offers the broadest range of deposit options, while Swyftx supports fewer payment methods.
Swyftx also supports both AUD and NZD, whereas CoinSpot supports AUD only.
How Independent Reserve differs
Independent Reserve uses a different trading model to Swyftx and CoinSpot. It operates an order book, where buy and sell orders are matched at available market prices.
There is no spread, and the same fee structure applies across both the standard and advanced trading interfaces. Independent Reserve also supports AUD, NZD, USD and SGD, with a more curated range of 41 established cryptocurrencies.
Fee comparison
Swyftx uses tiered trading fees with a variable spread added to each trade. CoinSpot charges higher fees on instant trades, while its market trading interface offers a lower fee on a smaller selection of assets.
For investors using instant buy and sell, Swyftx generally has a lower trading fee. Both platforms also apply spreads, so the trading fee alone does not show the full cost of a transaction.
The table below compares trading, deposit and withdrawal fees across all three exchanges.
| Fee type | Swyftx | CoinSpot | Independent Reserve |
| Trading fees | 0.6% to 0.1% (tiered, based on 30-day volume) | 1% (instant buy/sell) or 0.1% (market trading) | 0.5% to 0.02% (tiered, based on 30-day AUD volume) |
| Spreads | Variable spread on every trade | Applies to instant buy/sell | None (order book pricing) |
| AUD deposit (bank transfer & PayID) | Free | Free | Free |
| AUD withdrawal (bank transfer & PayID) | Free | Free | Free |
| Card deposit | 1.875% to 1.99%* | 1.22% | 1%** |
| PayPal | Not supported | 0.5% deposit / 2% withdrawal | 1% |
| SWIFT | Not supported | Not supported | Yes (USD and NZD) |
*Fees vary by processor. Stripe charges 1.875% (AUD) or 2.734% (NZD). Banxa charges a 1.99% gateway fee plus a variable spread of up to 3.5% (AUD) or 4% (NZD).
**1% for Australian cards. International cards incur a 3.5% fee.
For a detailed breakdown of fees across Australian exchanges, see our full crypto exchange fee comparison guide.
Understanding spreads
A spread is the difference between the quoted price and the underlying market price. On Swyftx and CoinSpot’s instant trades, the spread is built into the quoted price rather than shown as a separate fee. This means the trading fee alone does not represent the full cost of the trade.
CoinSpot also offers market trading on a smaller selection of assets, where the fee is 0.1% and no instant-trade spread applies. Assets outside that market selection are typically bought or sold through the instant trading service, which charges a 1% fee plus a spread.
On an order book exchange like Independent Reserve, you trade at the market price and pay a tiered trading fee. There is no spread, so the cost is clearer before you confirm your trade.
Security & regulation
All three exchanges are registered with AUSTRAC and operate under Australian laws covering anti-money laundering, consumer protection, privacy and financial services.
All three use cold storage and two-factor authentication, and all three maintain ISO 27001 certification for information security management.
Independent Reserve does not lend or use customer assets for any purpose, undergoes independent annual audits of all fiat and crypto balances, and maintains insurance arrangements for certain custody scenarios.
Account types, institutional features and advanced tools
All three exchanges support personal, SMSF, trust and company accounts. The differences lie in how those accounts can be managed and what institutional features are available.
Multi-user access
Independent Reserve provides multi-user accounts with different permission levels for trusted users such as employees, accountants and advisers. Swyftx also supports multiple members and permission levels on entity accounts such as SMSFs, trusts and companies. CoinSpot does not appear to publicly offer the same level of multi-user access.
OTC trading
All three exchanges offer OTC trading for larger transactions.
CoinSpot has the lowest standard entry point at $20,000 AUD and charges a 0.1% fee per OTC transaction. Swyftx generally offers OTC trading from $50,000 AUD, with some smaller trades from $25,000 AUD potentially eligible for less liquid assets.
Independent Reserve’s OTC desk supports trades from $50,000 to more than $50 million, with access to deep liquidity across local and global markets. Pricing is provided as an all-inclusive quote rather than a separate percentage fee.
Trading tools
Swyftx offers quick buy/sell, Auto Invest for recurring purchases, and trigger orders. CoinSpot offers instant buy/sell, market trading on selected assets, and recurring buy.
Independent Reserve offers full order book access with market, limit and stop orders across all supported assets, plus recurring buy for dollar-cost averaging and, for eligible users, leveraged trading.
Payments and remittance
Independent Reserve offers on-demand liquidity (ODL) services for crypto remittance, enabling businesses to settle cross-border payments without the delays and costs associated with traditional correspondent banking. Swyftx and CoinSpot do not appear to publicly offer an equivalent service.
Tax and reporting
Swyftx provides integrated tax reports through its Koinly partnership, with CoinLedger also supported. CoinSpot provides a dedicated EOFY tax centre with transaction exports.
Independent Reserve offers integrations with crypto tax tools such as Summ (formerly Crypto Tax Calculator) and Koinly, plus integrations with BGL and Iress for accountants and financial advisers.
Pros and cons
Swyftx
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CoinSpot
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Independent Reserve
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Which exchange is right for you?
The main differences between Swyftx, CoinSpot and Independent Reserve are their fee structures, supported assets and trading models.
Swyftx may suit new or casual investors who want a wide range of cryptocurrencies and a simple trading experience, while CoinSpot offers the largest asset range and more deposit options.
Independent Reserve may suit investors who prioritise tiered fees, no additional spread, support for multiple fiat currencies and more advanced account features, including multi-user access.
For lower-tiered fees, no spread and support for multiple fiat currencies, consider Independent Reserve.
Start investing with Independent Reserve
Related comparisons
Want a more detailed look at any of these exchanges? See our individual comparison guides:
- Swyftx vs Independent Reserve
- CoinSpot vs Independent Reserve
- BTC Markets vs Independent Reserve
- Coinbase vs Independent Reserve
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