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Metamask vs CoinSpot

Metamask vs CoinSpot

Dylan Matthews
Fact Checked
September 18, 2022

Summary: CoinSpot is the superior option to Metamask to store your digital assets because they are the most secure Australian exchange.

Not only is CoinSpot the safer option but it is also the most affordable option with trading fees starting from a low 0.1%.

Table of Contents

Platform Highlights

  • Australia's Largest Exchange with over 2 million users.
  • 370+ Cryptocurrencies to trade starting at 0.1% fees.
  • NFT Marketplace, Crypto Staking, Crypto ETFs and more.

CoinSpot vs Metamask

CoinSpot and Metamask are two of Australia's most popular wallet providers. Just to clarify, CoinSpot is a cryptocurrency exchange that has it's own inbuilt wallet and is not just a wallet. Metamask is an on-chain wallet that allows its users to swap tokens on the browser extension but is not a cryptocurrency exchange.

Why CoinSpot is better than Metamask

CoinSpot is the better option to store and trade your cryptocurrencies. This is due to them being a high security exchange, having significantly lower fees and being off-chain means their users are not subjected to high gas fees.

Additional to this, CoinSpot offers far more features on their platform in comparison to Metamask. They offer cryptocurrency staking, the option to invest in bundles (similar to ETFs) and recently launched their very own NFT marketplace where you can purchase popular NFT projects such as BAYC, Cool Cats and World of Women.

CoinSpot Home Page

CoinSpot vs Metamask: Comparison Table

Refer to the table below for a side-by-side comparison of the two cryptocurrency platforms.

CoinSpot vs Metamask Metamask vs CoinSpot
Trading Fees 0.1% - 1% 0.875% + gas fees (typically 1% - 10%)
Transaction (Gas) Fees None $20+ USD (depending what chain)
Year Founded 2013 2016
Easy for Beginners Image Image
Features Trading, Staking, Bundles (ETFs), NFT Marketplace, OTC Desk Trading
Deposit Methods POLi, PayID, BPAY, Cash, Direct Deposit, Crypto Deposit Crypto Deposit
Overall Rating CoinSpot overall rating Metamask overall rating
Website Visit CoinSpot Visit Metamask

CoinSpot vs Metamask: Fees

CoinSpot is by far the more affordable option for trading cryptocurrencies. Their fees start at 0.1% when you use their Market Buy feature and 1% when using their Instant Buy feature. This is among some of the lowest fees in Australia, most exchanges typically charge between 0.5% - 1%.

Because Metamask is on-chain, when trading cryptocurrencies you will need to consider the transaction (gas fees). To buy/sell and trade cryptocurrencies on Metamask you will need to pay their flat 0.875% fee plus any gas fees that are involved in the transaction. Your gas fees will differ depending which network (blockchain) you use.

CoinSpot Fees

CoinSpot vs Metamask: Security

CoinSpot is the most secure exchange in all of Australia and is the only cryptocurrency investing platform to be awarded the ISO 27001 standard security certification. The ISO 27001 standard entails that their information security management systems are highly secure, eliminating unauthorised access, modification or use for malicious intent.

Metamask is not considered a secure wallet provider and if you have accidentally sent your funds to the wrong wallet address it's unlikely you will be able to retrieve them. Additional to this, Metamask is an application that is used to connect to many DEXs and unverified DeFi programs so there is a risk your wallet can be hacked when connecting to these projects.

CoinSpot vs Metamask: Customer Support

CoinSpot has an extremely reputable customer support team and offer a Live Support option on their website that are available 7 days a week. Outside of working hours you can refer to their Help Desk or visit their FAQs.

Metamask also offers Live Support but only 5 days a week. They also have an FAQ page where you can refer to for useful articles.

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Dylan Matthews

I am the Founder & CEO of Buy Bitcoin Bank and was previously an engineer for a Prop trading firm in Crypto.

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