Coinbase vs CoinSpot

CoinSpot vs Coinbase Overview

CoinSpot is a reputable Australian digital currency exchange that has been operating since 2013, making it the oldest crypto trading platform in the country. With a strong commitment to compliance with regulations, it is regulated by both ASIC and AUSTRAC, making it a highly secure and reliable platform. It is best known for its extremely low fees and wide range of AUD payment methods.

Coinbase, established in 2012, is a renowned cryptocurrency exchange based in the United States. It boasts a secure platform wand is registered with AUSTRAC. It has an intuitive interface, stringent security protocols, and diverse trading options. Coinbase provides additional features, such as staking and a crypto card. However, most of its services are not available to Australian users. 

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Products and Services

CoinSpot offers various products for investors, which include over 380 digital currencies, 15 Bundles (Crypto ETFs), and thousands of NFTs, such as Bored Ape Yacht Club and Cool Cats. In addition, the platform extends staking services on 23 tokens, a crypto wallet, a crypto card (Mastercard), an OTC desk, and a mobile app. 

Coinbase provides crypto trading, staking, and rewards on various tokens. It also features a self-hosted crypto wallet and hosts an NFT marketplace. The platform offers tailored services for institutional clients, including business solutions and a derivatives market. Unfortunately, none of these features are available to Aussie users, as they can only trade over 200 digital currencies and cannot access any additional features. 

Winner: Although Coinbase offers significantly more services than CoinSpot, it doesn't offer all of them to Australian investors. Therefore, CoinSpot is a more comprehensive crypto trading platform for Aussies.

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AUD Payment Methods

CoinSpot accepts both crypto and AUD deposits via PayID, Osko, BPAY, POLi, Bank Transfer, Credit Card, Debit Card, and Cash. CoinSpot is the only crypto trading platform in Australia that supports cash deposits. All cash deposits are completed via BlueShyft, a nationwide newsagency chain with thousands of locations available.

Coinbase only allows AUD deposits via PayID and debit card.

Winner: CoinSpot offers the most AUD payment methods and is the only platform accepting cash deposits.

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Fees

CoinSpot offers the lowest fee schedule for crypto transactions in Australia. Firstly, deposits via PayID, POLi, Osko, and Direct Deposits are free. The credit/debit card deposit fee is 2.58%, cash deposits are 2.5%, and BPAY deposits are charged 0.9%. All withdrawals are free of charge. It offers the lowest trading fees in the country, with market orders at 0.1% and instant buy orders at 1%. 

Coinbase trading costs are some of the highest in the world. Unlike CoinSpot, deposits are not free on Coinbase, and the fees vary between 2% and 4.99%. As for the trading fees, the maker and taker rebate is 0.6% and 0.4%, respectively. On top of that, traders are charged a spread fee of 1% to 3%, depending on the token. 

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

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Security and Regulation

CoinSpot is registered with both AUSTRAC and ASIC as a digital currency exchange. It has attained the ISO27001 Standard Security Certificate, indicating it has secure and battle-tested security measures. The exchange is considered the most secure trading platform in Australia. It has operated since 2013 and has never had any security incidents or data breaches.

Coinbase is also registered with AUSTRAC as a digital currency exchange. It is considered a highly secure exchange, employing stringent security protocols to prevent cyberattacks. However, it has been subject to attacks where hackers got away with millions of users' funds. In saying that, Coinbase provided refunds to all of the impacted users for the stolen assets.

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

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Mobile Application

CoinSpot provides a mobile version of its web platform for users of both Apple and Android devices. On the Apple App Store, the CoinSpot application carries an impressive 4.8-star rating from approximately 16K users and holds the #36 position in the overall Finance category. Similarly, on the Google Play Store, it has achieved a 3.7-star rating from around 7K reviews.

Similarly, Coinbase provides a mobile application compatible with iOS and Android devices, mirroring its desktop version's functionality and user interface. On the Apple App Store, the Coinbase app has earned a 4.7-star rating based on more than 1.7 million reviews, ranking #43 in the overall Finance category. The app has a strong 4.1-star rating from approximately 756K reviews in the Google Play Store.

Winner: The Coinbase app has a considerably higher rating on the Apple App Store and Google Play Store than the CoinSpot app. 

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Final Thoughts

To wrap up, when comparing Coinbase and CoinSpot head-to-head, CoinSpot comes out on top. Our decision was based on its low fees, generous range of digital assets, and multiple AUD deposit methods. It is also worth noting that it is widely considered the most secure and trustworthy crypto exchange in Australia. To learn more about the platform, you can read our CoinSpot Review.