CoinSpot takes pride as the largest cryptocurrency exchange in Australia, with over 2 million registered users, while Coinbase takes the lead in the United States. So, which is the best cryptocurrency exchange?
CoinSpot is Australia’s number one crypto exchange as it suits the market perfectly. Coinbase, on the other hand, does not allow cryptocurrency trading and AUD withdrawals for Aussies.
Although both exchanges are popular for selling and swapping currencies, there are a few factors to consider before deciding which is best for you.
This article will help you compare the two platforms based on security, fees, deposit methods, and supported cryptocurrencies. Keep reading to see how the two platforms compete in these areas so you can make an informed decision on which to choose.
CoinSpot Pros & Cons
Pros
- CoinSpot is audited and highly secured in Australia.
- Offers more than 360 coins.
- A more straightforward platform that’s ideal for beginners.
- Affordable trading fees.
- Unlike Coinbase, this platform supports AUD withdrawals.
Cons
- Only accessible for Aussies.
- CoinSpot doesn’t allow cryptocurrency gambling.
Coinbase Pros & Cons
Pros
- Coinbase is the leading cryptocurrency exchange in the US.
- Boasts over 160 coins.
- An easy-to-use interface that’s perfect for beginners.
- This is a highly secured exchange with 98% storage for crypto assets.
- Their crime insurance cover guarantees user protection.
Cons
- Coinbase doesn’t let you trade cryptocurrency in Australia.
- Doesn’t support AUD withdrawals to your account.
- The trading fees are higher than CoinSpot’s.
CoinSpot vs. Coinbase Features
CoinSpot has been the leading crypto exchange in Australia since its inception in 2013. The platform started as a small agency, and since then, it has attracted over 2 million users. In addition to attracting many customers, CoinSpot has developed functionality that lets you buy and sell on-the-spot, making it beginner-friendly.
The best part is that users can access limited coins with lower trading fees of 0.1%. Their excellent customer support via live chat lets you adjust to the cryptocurrency game. And on top of that, you can choose your desired coin from the 360+ cryptocurrencies offered.
Coinbase is also a straightforward platform and is extremely popular in the United States. It has a feature known as Coinbase Earn, which rewards you with free crypto upon watching a short video on the platform. Ideally, you’re being paid to learn cryptocurrency basics, which is a mutual benefit.
The only downside is its inability to support crypto exchange for Australian users. This means no selling of crypto or withdrawing of AUD funds for Aussies. If you cannot sell crypto on Coinbase, consider converting it to a different currency and selling it there.
Fees: Which Is More Affordable?
Even though Coinbase is one of the best crypto exchanges in the world, it’s relatively expensive compared to CoinSpot. It charges the highest trading fees, regardless of the exchange rate.
While most exchanges range between 1-2%, Coinbase charges up to 4.5% per transaction. This is twice as much as CoinSpot charges — 0.1-1% per transaction.
For this reason, we recommend CoinSpot as they impose lower rates in the cryptocurrency game, thus making it a budget-friendly platform.
Is CoinSpot Safer Than Coinbase?
CoinSpot is a trusted and secure cryptocurrency platform in Australia with an ISO 27001 certification. Furthermore, it’s an accredited member of Blockchain Australia and employs top-notch security measures such as geo-lock logins, session timeout settings, 2FA, anti-phishing phrases, and custom withdrawal restrictions.
Coinbase is also very secure, with 98% of your files being encrypted offline in cold storage to prevent the loss of sensitive information through hacking. The best part is that it is covered by crime insurance to guarantee your safety in the cryptocurrency space.
It is also worth noting that the insurance cover guarantees your compensation in the unfortunate event of hacking or theft. Other notable features include biometric logins, data backups, USB drive storage, and data encryption.
Looking into these features, we recommend Coinbase as it is the most secure cryptocurrency platform in the world. Not only does it protect your data, but it also keeps your online identity anonymous.
Supported Cryptocurrencies
Supported cryptos are another critical factor to consider when comparing exchanges. As such, you need to have a wide selection of cryptocurrencies on a platform for customers to buy, sell, and trade cryptos on various platforms.
For example, CoinSpot offers 150 cryptocurrencies on its platform but supports over 360 different cryptocurrencies. This is twice as much as what Coinbase offers, giving it an edge over other exchange platforms.
Therefore, we recommend CoinSpot as it supports various cryptos, including stable coins, meme coins, and altcoins.
Deposit Methods
Since Coinbase does not support AUD transactions, they only allow deposits through debit cards with a hefty fee of 3.99% per transaction. Investors outside Australia are free to deposit using the many options available on Coinbase.
CoinSpot, on the other hand, offers its investors various deposit options, including cash deposits, BPAY, PayID/OSKO, POLi, and Australian bank transfers. Unsurprisingly, some of these options charge no transaction fee, making them ideal for traders.
Clearly, CoinSpot is the winning platform for its various deposit options. We, therefore, recommend it for those looking for an exchange platform with multiple deposit options.
Support
Both platforms offer excellent support, from buying and selling, to account management, to trading and storing your coins. Even more, they have a helpful FAQ section that addresses all your queries with a single click. Nearly all of your enquiries are resolved in its help centre.
If your problems aren’t addressed in the help centre, feel free to submit your enquiries to their customer support and anticipate responses within an hour. Alternatively, you can reach out to them via their Facebook page; in most cases, they reply instantly.
Final Verdict
Both CoinSpot and Coinbase are excellent exchange platforms. However, CoinSpot checks nearly all the boxes in this comparison. And since it’s built with Aussies in mind, the platform is perfect for people based in Australia.
Additionally, the platform charges no transaction fee when using Osko, PayID, or bank deposits. It also has lower trading fees than its competitor, Coinbase.
But that’s not all; CoinSpot supports over 360 cryptocurrencies, double the number it offers. Finally, CoinSpot has an excellent live chat support system available 24/7, making it the overall winner in our comparison.
