CoinSpot vs Coinbase 2023 Features, Fees, Coins & More

This is a strong competitive edge in the market and distinguishes CoinSpot from most other top crypto exchanges. CoinSpot emphasizes three things on its landing page as special benefits with the CoinSpot-platform. With this, they mean that you can deposit and trade easily from your CoinSpot-account. They also highlight that they have a skilled and professional support team. CoinSpot offers a range of deposit methods, luckily the most popular options incur zero fees.

With CoinSpot, you can buy an NFT straight from your account, with any cryptocurrency you like. If you want to sell an NFT, you can also do so straight from CoinSpot. One of the criticisms of CoinSpot is that there are no advanced markets, such as derivatives trading.

They have 2FA logins, geo-locking, anti-phishing codes, and store the majority of their cryptocurrency in offline cold storage, to prevent loss due to hacking. They are also the only Australian crypto exchange to meet the ISO certification standard, making them the most externally audited platform. They have been around since 2013, with over 2 million customers, and have never been hacked. CoinSpot easily won this comparison, as it excelled in every area. Coinbase isn’t a bad crypto exchange, it’s just not suited to the Australian market at all.

Deposit & Withdrawal Methods

CoinSpot’s experienced and knowledgable support team are here for you. Live Chat is available to speak to real people everyday and our Helpdesk Support is 24/7. Deposit any cryptocurrency coinspot review listed on CoinSpot into your Multicoin Wallet. With a majority of listed assets having automated wallet services you can deposit and trade easily and instantly.

• Swyftx is a relatively new player in the Australian crypto market.
• This process is quite strict and adheres to the checks and balances as per AML policies and not to be concerned about.
• Easily access our knowledge base and support team for any questions you have along the way.
• Coinbase only accepts payment of crypto directly using debit card, with a total fee of 4.49%.
• The supported digital currencies include Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash, NEO, Cardano, TRON, EOS, and Stellar Lumens.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, https://forex-review.net/ a SQL command or malformed data. I am the Founder & CEO of Buy Bitcoin Bank and was previously an engineer for a Prop trading firm in Crypto. Wide variety of features including Crypto Staking, NFT Marketplace & Wallet, Crypto ETFs and more. We have published this step-by-step guide on where and how to buy altcoins in Australia.

Withdrawal Methods

The reason for CoinSpot’s popularity is mainly due to its competitively low fees. The platform offers multiple free deposit methods and has provides the lowest trading fee in Australia. There is no withdrawal fee charged for withdrawing funds using bank transfers like POLi or PayID. However, a nominal mining fee is levied on users for cryptocurrency withdrawals from another exchange or a hardware wallet that, in turn, depends on the coin and the network load at that time. Cryptocurrencies are indeed very volatile trading tools, which is why you need to take certain precautions (for instance setting up price alerts or stop-losses). A unique and really useful service that CoinSpot offers is CoinSpot Bundles, which allows you to purchase a variety of assets in a single transaction.

So if you are a US-investor and want to trade at CoinSpot, you’ll have to reconsider your choice of trading venue. Crypto Withdrawals – There is a small network transaction fee, and the fee will vary per token. Beautifully simple, easy and straight-forward platform to navigate even for beginners.

The CoinSpot exchange offers a myriad of features on it platform including a variety of assets and useful trading/investing services. Refer to the below list for a high-level overview of the supported features on CoinSpot. CoinSpot is Australia’s most trusted and audited secure crypto exchange and the first Australian exchange to achieve the coveted ISO certification. It is registered with ASIC and AUSTRAC to prevent money laundering and terrorist financing. It maintains industry best practices by securing most assets in highly secure offline locations.

When it comes to comparing these two exchanges, CoinSpot is a clear winner. Coinbase is a US-based exchange that hasn’t transitioned well to the Australian market. Coinbase’s fees are much higher, and you cannot withdraw AUD from the exchange. Stay up to date with our latest exchange reviews, promotions, how-to guides and educational articles on Bitcoin, cryptocurrency & more. Coinspot is anAustralia cryptocurrency exchange that is based in Melbourne, Victoria.

Other Centralized Exchanges

After a head-to-head comparison, CoinSpot outperforms Swyftx in basically every aspect and is a better option for Aussie crypto investors and those seeking a highly secure crypto exchange platform. You can easily buy Bitcoin, Ethereum, XRP and over 280 other digital currencies directly from your CoinSpot account. You can even swap directly between any currency listed on the platform. Stop-Loss & Limit Orders to help you make the most of market opportunities. For high value trading, institutional investment, and Self Managed Super Funds we have a dedicated OTC Trading Desk & SMSF team to assist with all aspects of account management.

You can buy Bitcoin and other digital currencies like Bitcoin on Swyftx crypto exchange Australia. Chiliz Exchange is the official cryptocurrency exchange app for Europe. You can send your Bitcoin, Ethereum, and other cryptocurrencies to your secured wallet and then trade them.

By staking your Solana, you may generate passive income while holding them. If you’ve been trading cryptocurrency for some time, you should be able to make informed decisions on which coins/tokens to invest in. However, if you’re new to the crypto world, you’ll like CoinSpot’s Bundles. This trading feature groups coins on the basis of various criteria and helps you diversify your investment portfolio in order to mitigate risk. More significantly, you may save money by paying a single fee for the whole bundle rather than paying a fee for each coin individually .

Supported Cryptocurrencies

For example, if a trader opens a position with AU$1,000 of their own capital on a 10% margin, then they will effectively borrow AU$9,000 from the exchange and open a combined position of AU$10,000. Another very crucial feature that is missing from the platform is the ability to trade on margin. This is an extremely important feature for any platform, especially one that wishes to appeal to more experienced investors. For active traders, the fees they pay as a part of trading on any platform become a major part of their profitability calculations. Therefore, they are constantly on the lookout for platforms that can allow them to trade with lower fees.

This is what some users feel when they sign up to a crypto exchange that lacks customer support. I have had readers tell me how they were put off cryptocurrency because they signed up to an exchange and couldn’t figure out how to get their money off the exchange, and they had no one to turn to. CoinSpot has solved this issue by offering Live Chat customer support as well as email if you prefer that method of communication. I have tested out their Live Chat service, and it is very helpful, and there was no wait time, which was surprising for such a popular exchange with 2 million users. CoinSpot is one of the first Australian cryptocurrency exchanges to add staking functionality to their platform, and they have offer it on 21 coins. This is an easy way for you to earn interest on your crypto as you hold it and invest in the long term.

As we discussed earlier, CoinSpot allows users to instantly purchase and sell cryptocurrencies without having to go through a lengthy process. For starters, it means that users can very easily deposit and withdraw funds from their accounts in their local currency. It also has the added advantage of ensuring that the exchange is regulated and reliable. However, such local exchanges are far and few between, and it is usually difficult to find such exchanges. Once you’ve signed up for an account, you can instantly start buying and selling Bitcoin. You’ll also gain access to the open market, where you can earn potential profits through speculation.

CoinSpot Review

If you are new to cryptocurrency or just getting started, there is no need to fear. CoinSpot is designed to suit everyone from beginners to advanced traders alike. We are super excited to have you on board and we have the best and brightest support team to help with anything you need.

CoinSpot has an app which is available for iOS and Android devices, making it really easy to keep track of your crypto and make trades whenever you like. The mobile app has all the same features as the desktop version, so you are not missing out on anything when you access it from your phone or tablet. On CoinSpot you can easily browse NFTs and buy them using any cryptocurrency you like. Unlike OpenSea where you need to link an external wallet, and pay using ETH, with CoinSpot you can buy an NFT straight from your CoinSpot account, and choose with coin you want to pay with. CoinSpot has made it so easy for newcomers to get started with NFTs.

Is CoinSpot A Wallet?

I have spoken with customer service who have identified and agreed with the issue and promised to address the lack of transparency regarding trades as soon as possible. Despite the issue, their response and service was so good I will return to the site. The trust they had established has returned and I am more than happy to change my review to a recommendation. I tried using another popular platform first but I wasn’t experienced enough to understand how to use it. Then my husband said to try CoinSpot & wow it is extremely user-friendly especially for new people like me trying to learn what Crypto is all about. As a result, traders can execute a trade at any time during the day and close all trade positions within the same day.

Coinbase has a cool feature known as Coinbase Earn, where you can receive free crypto just for watching a short video about cryptocurrency. Unfortunately, Coinbase lacks one of the most basic features of a crypto exchange for their Australian users. There is no ability to sell cryptocurrency, and therefore you cannot withdraw AUD from the exchange. If you want to convert it to AUD, you will need to transfer the crypto to a different exchange and then sell it there.

CoinSpot is the largestAustralian crypto exchange around, reaching over 2 million users in late 2021. It has been around since 2013, which has helped establish it as the most trusted and secure crypto exchange for Aussies, complete with ISO certification. It is extremely easy for beginners to use, and offers over 370+ different cryptocurrencies which is also great for more experienced crypto investors.

Normally, trading fees apply to the newbie traders who have just set out their career in cryptocurrency trading using AUD. Every time traders place a trade on CoinSpot, the exchange charges a trading fee which flat 1% for all- buying, selling, or swapping cryptocurrencies. Likewise, for placing a take profit or stop-loss orders or recurring buys (in case of dollar-cost averaging), the fee is 1%. While the trading fee to use the exchange’s Over-the-Counter desk is 0.1%. CoinSpot offers instant crypto purchases, so you can buy Bitcoin or any of the 370+ coins by simply clicking the Buy button. Unlike exchanges where you must trade on the market, you don’t have to wait for another trader to fill your order before your transaction is complete.

Continue reading through our head-to-head comparison article to see how CoinSpot and Coinbase stack up in the various areas, and you can make up your own mind about which to choose. If you also want to read our article on the best crypto exchanges in Australia, you can do so by clicking here. Trustee Wallet is the best crypto wallet for safe storage and profitable purchase of cryptocurrencies. Intuitive design, innovative security technology, anonymity, and endless possibilities all in one place. CoinSpot is a safe and legitimate cryptocurrency exchange with over 2 million users in Australia. It is a trustworthy exchange that is regulated and complies with Australia’s new AML/CTF laws which are enforced by the Australian regulatory body, AUSTRAC.