CoinSpot and CoinJar Overview
When comparing two cryptocurrency exchanges the key differences you want to look for are security, fees, supported assets, features and customer support.
In the table below you can see a side-by-side comparison of the CoinSpot vs Coinjar investing platforms.
Coinjar vs CoinSpot Fees
As mentioned above, CoinSpot has the lowest trading fees in Australia starting at 0.1% when using their Market buy/sell feature and 1% when using their Instant Buy feature. CoinJar on the other hand has pretty high fees starting at 1% and this figure can go up depending which token you are trading.
As for deposit fees, all of CoinSpots deposit methods are completely free. CoinJar however, charges pretty significant fees to deposit certain methods on their platform. Please refer to the photo below for a full breakdown of their Deposit Fees.
CoinJar vs CoinSpot Features
For features, it's hard to compete with CoinSpot as they have the most abundant features on their platform. Just last month they added an NFT marketplace on their platform where you can purchase the most popular NFTs in the entire world directly on their marketplace. CoinSpot are often releasing new features on their platform.
Other features they currently offer are an OTC Desk for large orders, Staking options on over 20 cryptocurrencies and 12 different bundles (similar to ETFs) to invest in.
CoinJar also offers bundles on their platform but only have 8 available and the cryptocurrencies in each bundle are very basic. They have a bundle where it's just BTC so it's essentially the same as just owning Bitcoin, you're not really diversifying your funds. Additional to bundles, they also have their own CoinJar card (mastercard) where their users can buy items online using their crypto.
Both exchanges have a mobile version of their platform available on both iOS and Android. CoinSpot however supports both iPhone and iPad whereas CoinJar only supports the iPhone version. You can refer to the photo below for a screenshot of CoinSpots mobile app version.
Security & Licensing: Are they safe?
CoinSpot is widely regarded as the most secure cryptocurrency exchange in Australia as they are the only platform to be awarded the ISO 27001 standard security certificate. This is an extremely hard certificate to obtain as the certification application process requires an in-depth investigation and ongoing audits of Information Security Management processes and practices of an exchange.
CoinJar is yet to obtain the certification making it a mildly secure cryptocurrency exchange. They do however store at least 90% of their customers funds offline in geographically-redundant, secure locations. Additional to this they use multi-sig technology to protect digital assets that must be stored online.
Supported Cryptocurrencies (Coins)
CoinSpot supports the most cryptocurrencies out of any Australian-based exchange. They currently offer over 350 cryptocurrencies to buy, sell and trade on their platform. CoinJar on the other hands currently only support 52 tokens on their exchange.
When it comes to customer support it is pretty hard to compete with CoinSpot, they have staff available 24/7, 7 days a week. They offer Live Support from 9AM - 8PM Mon-Sat and outside of those hours they have a Help Desk team who can assist users. Not only do they offer 24/7 Live Support but they also have an informative FAQs page that has heaps of relevant information.
CoinJar does not offer any Live Support options on their platform and the only way to get help is by going through their FAQs. They do not have any contact options available on their platform which is pretty poor for a cryptocurrency investing platform.
CoinSpot is by far the superior exchange for Australian investors as it has much lower fees, free AUD deposit methods, larger selection of cryptocurrencies available on their platform and is the only high security exchange in Australia.
If you would like to read a full comprehensive review of CoinSpot, please visit our CoinSpot Review page.