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Swyftx, a cryptocurrency exchange based in Brisbane, Australia, has recently announced the cancellation of their Earn product, causing frustration and disappointment among their users. According to a statement from the company, the decision to cancel the Earn program was due to regulatory issues and their lack of understanding of how to run a program whilst being compliant.
The cancellation of the Earn product is a massive blow to Swyftx, which has had many recent issues, as it had been a key feature of the exchange and a major selling point for many of its users. However Swyftx customers have a number of alternatives they can use to Earn with their assets.
CoinSpot
For those looking for alternative exchanges, one standout option is CoinSpot, the largest cryptocurrency exchange in Australia with over 2.5 million customers. CoinSpot is known for its ease of use, excellent customer service, and wide range of earning options with over 23 coins available, including high APY percentages and no lock-in periods. In addition to a user-friendly interface and advanced charting tools. CoinSpot also offers multiple deposit options and is regulatory compliant. With the lowest trading fee in Australia at 0.1%, 24/7 live chat support, and an ISO accreditation, CoinSpot is a reliable and trustworthy choice for cryptocurrency traders.
They are also the first Australian cryptocurrency exchange to complete an external statutory audit, receiving the highest possible level of assurance under Australian Auditing Standards, ensuring that all user funds are held at 1:1. For any investors looking to earn interest on their crypto holdings, it is hard to look past CoinSpot due to its ease-of-use and extensive security features.
Binance
Binance is another exchange that Australian users can earn rewards on. They do have a large variety of assets that can be staked, however they get our second vote for Australians. This is largely due to the fact they’re an international business that doesn’t abide by the same laws as Aussie exchanges. The exchange has also faced controversy in the past over its lack of regulatory oversight and susceptibility to hackings. This may be a concern for some users. Another example of an international player negatively impacting investors was the recent FTX crash severely hurting Australian investors.
Another negative for Binance which pushes it down the list is the fact that users must lock their funds away for 30 days or more to achieve the maximum APY returns. This can be a drawback for those who prefer more flexibility with their investments.
Coinbase
Coinbase is another well-established exchange that is widely regarded as one of the most popular and used platforms in the industry. It is worth knowing that Coinbase relies on their sister app, the Coinbase Wallet, to facilitate most of their staking options, as they only have 6 coins natively available for staking within the Coinbase application. This may be a limitation for users who are interested in a wider range of staking options that are easily accessible.
As an international exchange, Coinbase is subject to the same regulatory issues as Binance when it comes to operating in Australia. In addition to its limited coin selection for staking, Coinbase has also faced criticism for its high fees which has turned off a lot of potential users.
Crypto.com
Crypto.com is another international cryptocurrency exchange and wallet that has recently begun offering staking services to its users. While Crypto.com’s product may seem appealing at first glance, it is important to carefully consider the limitations and potential drawbacks of using their Earn option. One potential concern is the relatively narrow range of proof-of-stake coins that are supported. This may limit the options available to users and prevent them from taking advantage of the most promising opportunities. It is also worth noting that earning through Crypto.com only provides customers with limited rewards if they are not also staking CRO, which may not be desirable for everyone. All of these factors should be taken into account when deciding whether to use Crypto.com.
Conclusion
Overall, the recent cancellation of Swyftx’s Earn product is a disappointment for the exchange and its users. For those looking for alternative exchanges, there are a number of good options available. CoinSpot stands out as a reliable and user-friendly choice, while other alternatives include Coinbase, Binance, and Crypto.com, each with their own strengths and limitations to consider.
The cancellation of Swyftx’s Earn product is a reminder that the cryptocurrency market can be unpredictable, so we always recommend doing your research to choose the best exchange for you.
Australians have a number of good options to choose from, and by thoroughly researching and comparing the different exchanges, users can find the platform that best meets their needs and goals.