Coinbase vs CoinSpot

CoinSpot vs Coinbase: Key Features

CoinSpot is a feature-rich Cryptocurrency exchange that offers a wide range of products and services. On CoinSpot, Aussie investors can buy and sell over 370 Cryptocurrencies and stake over 20, spend all 370 tokens on the CoinSpot Mastercard, invest in Bundles (Crypto ETFs), or purchase NFTs from popular projects like BAYC, Crypto Punks, Azukis, Cool Cats, and thousands more.

Coinbase also has a large suite of features however, these services are not available to Australian investors and can only be accessed by US residents. The only feature that Coinbase offers to Aussies is trading on over 200 Cryptocurrencies, staking for 9 tokens, and an NFT marketplace.

Winner: Although Coinbase offers significantly more features than CoinSpot, it doesn't offer them to Australian investors. Therefore, CoinSpot offers a more feature-rich platform for Aussies.

Security and Compliance

CoinSpot is registered with both AUSTRAC and ASIC as a digital currency exchange. It also has the ISO27001 Standard Security Certificate for high-security measures and standards. The exchange is considered the most secure trading platform in Australia. CoinSpot has been operating since 2013 and has never once had its security breached or penetrated.

Coinbase is also registered with AUSTRAC as a digital currency exchange. It is considered a highly secure exchange and has implemented various security protocols to prevent cyber attacks. Although it has been subject to attacks in the past where hackers were able to get away with millions of users' funds. In saying that, Coinbase did refund all of their users for the stolen assets.

Winner: CoinSpot is widely regarded to be the most trusted and safe platform in Australia.

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Trading Fees

CoinSpot offers the lowest fee schedule in Australia. Firstly, PayID, POLi, Osko, and Direct Deposits are completely free. BPAY deposits are 0.9%, Credit/Debit Card is 2.58% and Cash is 2.5%. Additionally, all withdrawals are free of charge. As for the trading (buy/sell) fee, market orders are 0.1% and instant buy orders incur a fee of 1%.

Coinbase on the other hand has the highest fees out of any exchange in the world. They do not offer any free payment methods and the fees vary between 2% - 4.99%. As for the trading fees, their maker/taker rebate is 0.60%/0.40%, plus an additional spread fee of 1% - 3% depending on the token you are trading.

Winner: CoinSpot offers significantly lower fees than Coinbase, and has the lowest trading fee in Australia.

Cryptocurrency Staking

CoinSpot has the best staking program in Australia with 23 Cryptocurrencies to earn yields from. The returns range from 3% - 45% and they all offer flexible terms. This means that users can stake and unstake their assets at any time with zero lock-in contracts. Additionally, all rewards earned on staked assets will be restaked to increase the maximum returns on your investment.

Coinbase also offers staking but only on 9 options which include Algorand, Cardano, Cosmos, Dai, Ethereum, Solana, Tether, Tezos and USD Coin. The APY (yields) range between 1.5% and 6.12%. In addition, these tokens are not available for flexible terms and must be locked in for a certain time period.

Winner: CoinSpot supports more staking options than Coinbase and doesn't require a lock-in contract.

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Mobile Application

CoinSpot supports a mobile version of its web platform for both Apple and Android users. The CoinSpot app is currently rated 4.8 stars from ‎15K reviews and ranked #59 overall in the Finance category on the Apple App Store. On the Google Play Store, it has a rating of 3.7 stars from ‎7K reviews.

Coinbase also offers a mobile app that is supported by both iOS and Android devices. It offers the same functionality and UI as its desktop version. The Coinbase app is rated 4.7 stars from 1.6 million reviews and ranked #35 overall in the Finance category on the Apple App Store. On the Google Play Store, it has a rating of 4.1 stars from ‎746K reviews.

Winner: The Coinbase app has a significantly higher rating on both the Google and Apple Store than the CoinSpot app.

User Experience

CoinSpot has a very simple UI that is easy for any Crypto beginner to use. It is straightforward and easy to navigate no matter what your experience with trading is. Additionally, if you do struggle with understanding how to use the platform, CoinSpot offers 24/7 customer support via its live chat feature, email, phone, or through social media like Facebook, Twitter, or Reddit.

Coinbase has a slightly more confusing UI and may be hard to navigate for novice investors. Although, they do offer 24/7 customer support via live chat, email, and social media such as Twitter, Reddit, and Facebook.

Winner: CoinSpot is a great platform with a simple UI that both advanced and novice traders can easily navigate.

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Final Thoughts

Our expert team has completed a thorough investigation of both CoinSpot and Coinbase, and has come to the conclusion that CoinSpot is the superior platform. Generally speaking, when comparing international exchanges like Coinbase or Binance against a local option like CoinSpot, the local option always wins. Australian exchanges are cheaper and are tailored to meet the needs of Aussie investors.

After completing our detailed analysis and review of both Cryptocurrency exchanges, CoinSpot wins when compared head-to-head against Coinbase on all metrics which include fees, AUD deposit methods, total cryptocurrencies available and overall features. For more information about their platform, read our CoinSpot Review.