Summary: CoinSpot and CoinJar are notable digital currency exchanges in Australia. After a thorough evaluation by our experts, we found that CoinSpot is the preferable option for Australian investors. It features a user-friendly interface, offers a broader selection of cryptocurrencies, and is an overall more secure platform. Additionally, it provides extra features like staking, an NFT marketplace, and bundled investment options.
- 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 CoinJar Overview
CoinSpot holds its position as one of Australia's top cryptocurrency exchanges, established in 2013 with over 2.5 million registered users to date. The platform gives traders access to an impressive lineup of more than 420 cryptocurrencies, along with the ability to stake 30 different tokens. Known for its straightforward interface, robust security measures, and variety of trading possibilities, it caters to investors of varying skill levels.
CoinJar, also a respected Australian exchange, attracts a significant user base but offers a less extensive range of assets than CoinSpot. It falls short in providing additional functionalities such as staking and bundled investment options. One advantage the platform does have is its availability to investors outside of Australia, as it also provides services in the United Kingdom.
Products and Services
CoinSpot offers a vast catalog of over 420 cryptocurrencies to 16 Bundles, which are crypto ETFs. The platform also boasts an NFT marketplace that features the top collections such as Bored Apes and Azukis. Additional services include staking, a crypto debit card, desktop and mobile compatibility, a secure wallet, and an OTC desk for institutional investors.
CoinJar presents a narrower scope of cryptocurrencies. It supports trading on a more limited list of 50 tokens accessible via its web platform and mobile app. Although its selection is limited, it does offer staking, a crypto card and Bundles.
Winner: CoinSpot excels as a comprehensive platform, giving traders a wide range of assets, products, and multifunctional services to explore.
Supported Countries
CoinSpot is designed exclusively for the Australian financial market, limiting its services strictly to Aussie investors and traders.
CoinJar, on the other hand, is slightly more accessible beyond Australia's borders. It allows for trading from in the country and accepts customers from the United Kingdom, widening its geographical reach.
Winner: While CoinSpot remains an Australia-only platform, CoinJar offers a bit more flexibility by extending its services to include the UK market.
AUD Payment Methods
CoinSpot offers a variety of AUD payment methods, including PayID, Osko, BPAY, POLi, Bank Transfer, and Credit and Debit Cards. It uniquely enables cash deposits via its alliance with BlueShyft, which has over 1000 news agency locations across Australia.
CoinJar accepts fewer payment options, limited to BPAY and PayID for AUD deposits.
Winner: CoinSpot clearly leads in offering a more flexible and comprehensive range of payment methods, distinguishing itself further by allowing cash deposits through BlueShyft.
CoinSpot vs CoinJar Fees
CoinSpot offers highly competitive fees, charging only 0.1% for market buy orders and 1% for instant buys. Plus, it doesn't levy additional fees for deposits made via methods such as PayID, POLi, Osko, or Bank Transfer. Withdrawing AUD to a bank account is also free. However, deposits via BPAY attract a 0.9% fee, card payments are 2.58%, and cash deposits are 2.5%. CoinJar has a simple fee structure with a 1% fee for completed trades. AUD deposits via BPAY are free, but using PayID comes with a 1% fee. They also charge a $20 flat fee for AUD withdrawals through EFT.
Winner: CoinSpot has significantly lower trading costs and more free deposit and withdrawal options.
Security and Regulation
CoinSpot sets a high bar for security in the Australian cryptocurrency scene, boasting an ISO 27001 security certification. This serves as a testimony to the robustness of its security measures. In addition, the exchange is fully registered with both AUSTRAC and ASIC, showcasing its commitment to comply with Australian legal frameworks.
CoinJar also strongly focuses on security but also holds an ISO 27001 certification. It uses multi-factor authentication and advanced encryption to safeguard user assets. CoinJar is also registered with AUSTRAC, ensuring its adherence to Australian regulatory standards, but it isn't registered with ASIC.
Winner: CoinSpot takes the lead in the realm of security and regulation thanks to its ISO 27001 certification and comprehensive registration with all relevant financial authorities in the country.
Final Thoughts
To conclude, CoinSpot outperforms CoinJar in multiple key areas crucial for cryptocurrency traders and investors in Australia. With a broader collection of more than 420 cryptocurrencies, additional features like staking, NFT marketplaces, and a myriad of payment options, CoinSpot offers a comprehensive and user-friendly experience.
Its focus on robust security measures, including ISO 27001 certification and full registration with AUSTRAC and ASIC, further shows its reputation as a trustworthy and reliable platform. While CoinJar offers some advantages, such as availability to UK investors, its offerings are more limited. Overall, for those based in Australia looking to venture into the cryptocurrency space, CoinSpot is the recommended choice for its unmatched range, versatility, and stringent security protocols.
I fell into crypto during the 2017 mania and have been around ever-since. I now write, research and publish my own reports on the digital asset ecosystem.
