CoinSpot and BTC Markets are two of Australia's longest running cryptocurrencies exchanges and therefore are two of the most trusted. Both cryptocurrency investing platforms have been in the crypto space since early 2013 which is roughly around 4-5 years before most popular exchanges like Binance and FTX launched.
That said, CoinSpot is by far the better cryptocurrency exchange in Australia as they have the lowest fees starting at 0.1% and currently support over 350 cryptocurrencies. Whereas BTC Markets fees are 0.85% and they only support 25 cryptocurrencies on their platform.
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 Australia. They currently have 2 million users which is 10% of Australia's population. When comparing to other popular exchanges like SwyftX who offer 0.6% and eToro who offer 1%, CoinSpots fees are considerably low.
BTC Markets fees are much higher in comparison starting from 0.85% when trading between $0 - $500, however, the more you trade, the lower your trading fees are. BTC markets can offer 0.1% but only if you are trading 5,000,000 AUD which is pretty unreasonable for retail users. CoinSpot does not require you to trade a minimum amount to obtain the 0.1% trading fee.
AUD Deposit Methods
BTC Markets currently supports only two deposit methods - Osko & BPAY. CoinSpot however, supports Cash Deposit, Direct Deposit, BPAY, PayID and POLi.
It is also important to mention that CoinSpot does not charge any fees to withdraw from their platform whereas BTC markets has a pretty extensive list of withdrawal fees. For the full list of their withdrawal fees please refer to their Fees Page.
Security, Licensing & 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 unauthorised access, modification or use for malicious intent. Additional to this, CoinSpot secures a vast majority of their users funds in highly secure offline locations.
Unfortunately in December 2020, BTC Markets was under investigation after a data breach where they leaked all of their users names and email addresses. They had leaked over 270,000 of their users personal details and claimed to have self-reported the incident to the Office of Australian Information Commissioner (OAIC) “and fully comply with the data breach reporting requirements".
CoinSpot are one of the only cryptocurrency exchanges in Australia to offer a Live Support option on their platform. Their support team are available 12 hours a day, 7 days a week. Outside of working hours you can refer to their Help Desk or visit their FAQs.
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 on. Which 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.
CoinSpot & BTC Markets Arbitrage
There is no arbitrage available between CoinSpot and BTC Markets because the spreads on CoinSpot are too wide. This means you cannot efficiently buy bitcoin on BTC Markets and sell it on CoinSpot to rake the arbitrage and vice versa.
Do CoinSpot and BTC Markets have Mobile Apps?
Yes, CoinSpot and BTC Markets currently support iOS and Android versions of their platform. Both of the exchanges mobile apps offer virtually the same features as their web platforms.
The photo below is CoinSpots iPhone app screenshots. CoinSpot also supports their mobile app on iPad.
For Australian investors, we recommend using CoinSpot as they have significantly lower fees, wider range of cryptocurrencies, multiple AUD deposit methods and are the most trusted and secure exchange in Australia.
For a comprehensive review of CoinSpot, please visit our CoinSpot Review page.