CoinSpot vs BTC Markets

CoinSpot vs BTC Markets Overview

CoinSpot is the largest Australian cryptocurrency exchange, established in 2013, with over 2.5 million registered users. It supports over 420 cryptocurrencies for buying, selling, and trading and provides staking on 30 tokens. Its user-friendly interface, robust security measures, and versatile trading options cater to all types of investors. 

BTC Markets is an Australian exchange founded in 2013, known for its secure and user-friendly interface that is ideal for beginners. The platform offers significantly fewer assets and features than CoinSpot, with 32 cryptocurrencies available to buy and sell. Committed to regulatory compliance, BTC Markets adheres to strict KYC and AML protocols for safe, transparent trading.

Products and Services

CoinSpot offers its users a variety of products, including spot trading on over 420 digital currencies, 16 Bundles (crypto ETFs), and thousands of NFTs on its marketplace, which include Bored Apes, World of Women, Azukis, and more. It also provides several services, such as staking, a crypto Mastercard, a mobile app, a built-in crypto wallet, and an OTC (Over-The-Counter) desk.

BTC Markets does not support as many features and only allows its users to buy and sell 32 cryptocurrencies via its web platform and mobile app. Aside from that, it does not offer any additional products or services.

Winner: CoinSpot is a feature-rich platform with a wide range of assets and products to trade, plus diverse services to use.

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Supported Countries

Both CoinSpot and BTC Markets strictly service the Australian market and are not available in any other countries, which include New Zealand, Palau, and Fiji.

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AUD Payment Methods

CoinSpot supports several AUD payment methods, including PayID, Osko, BPAY, POLi, Bank Transfer, Credit Card, Debit Card, and Cash. It is the only exchange in Australia that accepts cash deposits, which can be done through BlueShyft, a news agency chain with thousands of locations available nationwide. Most of these options are free but some incur a small fee, costs range between 0.9% - 2.58%.

BTC Markets currently only accepts AUD deposits via Osko/Bank Transfer.

Winner: CoinSpot offers the largest range of AUD payment methods and is the only platform accepting cash deposits in Australia.

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CoinSpot vs BTC Markets Fees

CoinSpot has the lowest fees among any platform and can afford to, as it has the largest user base in the country. Trading fees are 0.1% for market buy orders and 1% for instant buy orders. Deposits via PayID, POLi, Osko, and Bank Transfer are completely free. AUD withdrawals to a bank account are also free. However, BPAY deposits incur a 0.9% fee, card is 2.58%, and cash is 2.5%.

BTC Markets fees are much higher in comparison, with 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 significantly lower trading, deposit, and withdrawal fees than BTC Markets.

‍Security and Regulation

CoinSpot is one of the few Aussie exchanges to be awarded the ISO 27001 standard security certification. Obtaining this certificate means the platform's security management systems are highly secure. CoinSpot is also registered with AUSTRAC and ASIC, ensuring regulatory compliance in the country and is considered the most secure exchange in Australia.

BTC Markets was under investigation in 2020 after a data breach where they leaked all of their users' 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 the most secure and trusted platform in Australia and has never been subject to a cyber-attack or data breach.

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Final Thoughts

To recap, CoinSpot is the overall better exchange in Australia as it offers significantly lower fees, a wider range of cryptocurrencies, multiple AUD deposit methods, and is considered Australia's most trusted exchange. It also provides several services to Aussie investors outside of trading, such as an NFT marketplace, a crypto card, staking and more. For more details about the platform, you can visit our detailed CoinSpot Review.