Does CoinSpot have more features than BTC Markets?
CoinSpot supports trading on over 370 Cryptocurrencies, staking on 23 tokens, an NFT marketplace, a Crypto card, Bundles (Crypto ETFs), a mobile app, a built-in wallet, and and OTC desk.
BTC Markets does not support as many features and only allows its users to buy and sell 29 Cryptocurrencies via its web platform and mobile app. Aside from that, it does not offer any additional products, services or features.
Winner: CoinSpot offers significantly more products and services than BTC Markets.
CoinSpot vs BTC Markets Fees
CoinSpot has the lowest fees among any Australian Cryptocurrency exchange in Australia and can afford to do so as they have the largest user base in the country. They currently have 2 million users which are 10% of Australia's population. CoinSpots trading fees are 0.1% for market buy orders and 1% for instant buy orders. They offer multiple free AUD deposits and all withdrawals are free.
BTC Markets fees are much higher in comparison and there is a flat 0.85% fee on trades. As for deposits and withdrawals, they are free of charge. Except for Crypto withdrawals, they are subject to a small fee to cover the cost of gas.
Winner: CoinSpot has the lowest trading, deposit, and withdrawal fees out of any Australian Crypto exchange.
AUD Deposit Methods
CoinSpot has multiple AUD payment methods including PayID, Osko, BAY, POLi, Bank Transfer, Credit Card, Debit Card, and Cash via BlueShyft locations.
BTC Markets currently supports only Osko (Direct Deposit) deposits.
Winner: CoinSpot offers the largest range of AUD payment methods in Australia.
Security, Licensing, and Regulation
CoinSpot is the only Cryptocurrency exchange in Australia to be awarded the ISO 27001 standard security certification. Obtaining the ISO 27001 standard means that their information security management systems are highly secure, eliminating unauthorized access, modification, or use for malicious intent. In addition to this, CoinSpot is registered with AUSTRAC and ASIC.
BTC Markets was under investigation in 2020 after a data breach where they leaked all of their user's names and email addresses. They had leaked over 270,000 of their user's personal details and claimed to have self-reported the incident to the Office of the Australian Information Commissioner (OAIC) “and fully comply with the data breach reporting requirements".
Winner: CoinSpot is a significantly more secure and trusted platform when compared with BTC Markets.
CoinSpot provides 24/7 customer support via a variety of contact methods including live chat, email, online ticketing system, phone, and several social media channels including Facebook, Twitter, and Reddit.
BTC Markets does not offer any live support and if you wish to get in contact with them, you will need to fill out an online form. They do not have any contact email address or phone number they can be reached by. This can be pretty frustrating in Crypto as prices fluctuate all the time and certain tokens can be volatile in price so immediate support is required at times.
Winner: CoinSpot supports 24/7 live customer service through multiple channels, unlike BTC Markets, which doesn't offer live support.
iOS & Android Mobile App
CoinSpot currently supports a mobile version of its platform on both iOS and Android devices. It offers the same functionality and UI as its web version, including trading and staking services, contact support, and more. It is currently rated 4.8 stars from 15K reviews on the Apple App Store. On the Google Play Store, it has a rating of 3.7 stars from 7K reviews.
BTC Markets also supports a mobile version of its exchange and has a rating of 4.1 stars out of 50 reviews on the Apple App Store. It is also available to download on the Google Play Store.
Winner: CoinSpot has a much more sophisticated mobile app in comparison to BTC Markets.
We have thoroughly evaluated BTC Markets and CoinSpot and determined that CoinSpot is the better platform. This decision was ultimately made because CoinSpot has significantly lower fees, a wider range of Cryptocurrencies, multiple AUD deposit methods, and is considered the most trusted and secure exchange in Australia. For more details about the exchange, please visit our CoinSpot Review.