Summary: CoinSpot and Coinbase are leading platforms in the realm of digital currency, but after an in-depth analysis, CoinSpot proves to be the more favourable choice for Australian investors. The platform has been specifically tailored to meet the needs of Aussie traders, whereas Coinbase is mainly focused on the US market. Further enhancing its appeal are features like staking, an NFT marketplace, Bundles, a crypto card and an OTC desk.
- Staking, NFT marketplace, Bundles, OTC Desk and crypto Mastercard.
- Free and instant AUD deposits via PayID, bank transfer, BPAY, cash and card.
- Buy, sell and trade over 420 cryptocurrencies with fees from 0.1%
CoinSpot vs Coinbase Overview
CoinSpot is Australia’s most used cryptocurrency exchange. Established in 2013, it has amassed over 2.5 million registered users nationwide and offers access to an impressive 420 cryptocurrencies through instant or market orders. CoinSpot’s intuitive interface, strong security protocols, unique features, and diverse trading options make it a compelling choice for Aussies.
Coinbase is a globally recognised platform founded in 2012 that caters to a broad international audience of 100 million users, including Australians and 100 other countries. However, its range of 150+ cryptocurrencies isn’t as expansive as CoinSpot’s. It also lacks some of the additional features like staking and bundled investments that Australian users may find beneficial.
Products and Services
CoinSpot boasts an extensive catalog of over 420 cryptocurrencies, 16 Bundles and thousands of NFTs. Its NFT marketplace features renowned collections like Cool Cats, Bored Apes, and Azukis. Extra perks include a crypto debit card, which allows users to spend any of the supported tokens on real-life purchases, an OTC desk for institutional investors, and crypto ETFs.
Coinbase offers fewer cryptocurrencies with 150 available to trade on spot and futures markets. It does offer a plethora of other features, but they are not available to Australian residents due to regulatory constraints. Aussies can only buy and sell tokens on the exchange.
Winner: CoinSpot provides a feature-rich platform that offers hundreds of digital currencies to trade and useful services.
Supported Countries
CoinSpot primarily serves the Australian market, restricting its services to Australian residents.
Coinbase has a more global reach, supporting users in more than 100 countries, including Australia. Its offerings vary depending on the jurisdiction, as the exchange is not regulated in every country where its services are available.
Winner: Coinbase offers broader international access by accepting users in over 100 nations worldwide.
AUD Payment Methods
For AUD payments, CoinSpot supports a multitude of options such as PayID, Osko, BPAY, POLi, Bank Transfers, and Credit and Debit Cards. It even allows cash deposits through its partnership with BlueShyft, which operates in over 1000 news agencies across Australia.
Coinbase has a more limited range of payment methods for AUD, usually confined to debit and credit cards or bank transfers.
Winner: CoinSpot surpasses Coinbase by providing a more diverse and flexible set of payment methods, which includes cash deposits.
CoinSpot vs Coinbase Fees
CoinSpot maintains competitive fees, charging 0.1% for market buy orders and 1% for instant buys. Many deposit methods incur no additional fees, and AUD withdrawals to a bank are also free.
Coinbase charges a variable fee based on the purchase method, which can go as high as 4.99% for debit cards. AUD withdrawals through some methods will also incur a small fee. The trading fee is 2% on spot markets.
Winner: CoinSpot is the clear winner, offering lower trading fees and more free deposit and withdrawal options.
Security and Regulation
CoinSpot sets itself apart with its ISO 27001 security certification and registration with AUSTRAC and ASIC, reflecting its commitment to the Australian regulatory landscape. It has also never been subject to a cyber attack in its 10 years of operation, highlighting how secure its platform and security measures are.
Coinbase also prioritises security with features like two-factor authentication and cold storage. It complies with various international regulations but is not registered with ASIC.
Winner: CoinSpot edges out Coinbase in security and regulation due to its exhaustive registration with AUSTRAC and ASIC, plus its ISO 27001 certification.
Final Thoughts
To sum up, CoinSpot delivers an unparalleled offering for Australian cryptocurrency enthusiasts, from its extensive list of 420+ cryptocurrencies to its added features like staking and an NFT marketplace. Its focus on robust security measures further cements its standing as a reliable and trustworthy platform. Coinbase does offer certain advantages, particularly its international availability, but its offerings are comparatively limited.
Full-time writer and cryptocurrency newbie! Learning about NFTs, DeFi and GameFi with my research and writing for BuyBitcoinBank.
