Summary: CoinSpot and Crypto.com are two of the most popular cryptocurrency exchanges in Australia. They both offer a wide range of coins and tokens, low trading fees, fiat-to-crypto pairs, cryptocurrency staking, NFT Marketplaces and much more.
With that said, we believe that CoinSpot is the superior option. This is because they are a locally based exchange in Melbourne with better support, faster AUD deposits, lower fees and a more intuitive and easy to use trading platform.
CoinSpot is one of the cheapest cryptocurrency exchanges in Australia with fees ranging from 0.1% - 1% per trade. The 0.1% fee applies for the larger market cap coins that are available on their 'Market Buy' feature such as Bitcoin and Ethereum. Their other cryptos charge a 1% fee, but this is usually the price you pay when buying long-tail altcoins like Metaverse and NFT tokens because they are less liquid.
Crypto.com base fee starts at 0.4% for all trades, including majors like Bitcoin, Ethereum and Avalanche (AVAX). This makes them 4x more expensive than CoinSpot if you are simply looking to invest in the major large cap cryptocurrency tokens. Crypto.com also offers 'VIP tiers' for traders that trade high volumes every month of over $100,000 AUD. Once you eclipse this amount, the fee will drop to 0.1% per transaction.
CoinSpot Key Features
CoinSpot is easily the most feature-rich cryptocurrency exchange in Australia. Some of the key features of the CoinSpot platform includes:
- Low fees starting at 0.1%
- An NFT Marketplace to buy and sell the top NFTs from OpenSea
- Cryptocurrency staking with up to 80% APY that is passive income
- 350+ cryptocurrencies including Metaverse, NFT, GameFi and Layer 1 coins
- SMSF and OTC Support
- Localised Australian support with an Aussie headquarters
- Sleek and easy to use iOS/Android application
Crypto.com Key Features
Crypto.com is also packed with a wide variety of features for Australian investors. The most prominent difference between them and CoinSpot is their Crypto.com Visa Card that allows users to spend their crypto at any vendor that accepts VISA debit cards.
- Margin trading and derivatives trading
- A Crypto.com visa card that lets you spend your crypto
- Cryptocurrency staking options with up to 14.5% APY
- Ability to get a loan of up to 20% of your crypto collateral
- A native cryptocurrency chain like Binance Smart Chain called Cronos (learn how to bridge ETH to Cronos)
- An NFT Marketplace with over 10 different collections
CoinSpot offers the widest variety of deposit methods which includes bank transfers, cash, PayID/Osko, BPAY and POLi.
Crypto.com offer slightly fewer deposit methods than CoinSpot because they are not a local Australian exchange. As at time of writing, Crypto.com accepts PayID, BPAY, Credit Card and Debit Card. Please note that the deposit fees for Crypto.com for Credit Card and Debit Card are very high at 4% - so you should avoid this.
CoinSpot is the better exchange if you are looking to trade altcoins because they offer over 350 compared to Crypto.com who offer 200 cryptocurrencies.
CoinSpot and Crypto.com NFT Marketplace
CoinSpot recently released an NFT Marketplace that lets you buy the top collections that are available on the OpenSea platform including Bored Ape Yacht Club, Cool Cats, World of Women, VeeFriends, DeadFellaz and more. Their NFT Marketplace is unique because they let you buy or sell NFTs with any token listed on their platform. This means you do not have to buy ETH to purchase NFTs and can do it with different coins like Bitcoin or a stablecoin such as USDT or USDC. They charge a 1% fee per transaction to buy or sell NFTs on their platform.
Crypto.com also provides an NFT Marketplace, however there are no NFTs from OpenSea or other popular platforms available on their marketplace. They only allow whitelisted NFTs that they agree to based on pre-arranged deals. As at time of writing, they offer NFTs from the UFC, some soccer clubs, Formula 1 and a few other sports teams they sponsor. Their NFT Marketplace feels more like a business development tool for them, as opposed to a product that is meant to service real NFT lovers like CoinSpot, Rarible or OpenSea.
Regulation and Safety
CoinSpot is widely regarded to be the safest cryptocurrency exchanges with zero hacks or data breaches since their inception in 2013. They are also the only exchange in Australia to be awarded their ISO 27001 certification that highlights their high-standard in customer fund security and data protection. CoinSpot also manages customer funds in secure geo-dispersed vaults that are offline, meaning your coins are secure and there is no way for hackers to get access.
Crypto.com on the other hand is much less secure and recently suffered a hack losing $34m of customer funds due to a 2FA breach. We believe that Crypto.com as a global exchange poses far greater risks than CoinSpot that only focuses on servicing customers in Australia.
CoinSpot is a better exchange for Australian cryptocurrency investors compared to Crypto.com. This is because they are a local platform with better funds security, faster support, lower fees and a wider variety of assets. Their platform also provides more Australian Dollar deposit options, highlighting their highly tailored experience for Aussie users.
It comes as no surprise that CoinSpot is Australia's largest digital asset exchange with over 2 million users. They are also one of the fastest delivering teams in crypto with new features and coins listed every other week. For more information, read our CoinSpot Review.