Summary: These platforms cater to the cryptocurrency needs of different communities. CoinSpot focuses on the Australian marketand provides a user-friendly design and simple AUD deposits to make it easy for Australians to buy, sell, and trade various digital assets. MetaMask is a global crypto wallet browser extension that enables interactions with decentralised applications (dApps) directly from the web browser.
While it doesn't deal with fiat currencies like AUD, MetaMask serves as an essential tool for anyone participating in the wider blockchain ecosystem like UniSwap or OpenSea. Both platforms have unique strengths and offerings designed to enrich the user's cryptocurrency experience. However, CoinSpot is the best overall option for Australian investors.
- 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 MetaMask Overview
CoinSpot, founded in 2013, has risen to prominence as Australia's best cryptocurrency exchange, boasting a user base of over 2.5 million. It offers a simple experience across both desktop and mobile platforms, aiming to make cryptocurrency transactions straightforward for the average Australian. It offers an array of AUD payment options and maintains a strong commitment to security.
MetaMask, on the other hand, came into existence in 2016 and serves as a global gateway to dApps. Unlike CoinSpot, it's not an exchange but a browser extension that allows users to manage their Ethereum-based assets. With a global user community, MetaMask offers features like a built-in decentralised exchange for token swaps and a secure wallet for Ethereum and other ERC-20 tokens.
Products and Services
CoinSpot is a one-stop shop for cryptocurrency enthusiasts, offering an impressive lineup of over 420 digital currencies. Designed with the Australian market in mind, it features tools like a dedicated NFT marketplace, staking options, an OTC desk, Bundles, and a mobile app. The platform even hosts popular projects like Azukis and Invisible Friends within its NFT marketplace.
MetaMask, while not an exchange, is a versatile tool for interacting with the Ethereum blockchain. It supports a multitude of ERC-20 tokens and provides direct access to dApps. Through its browser extension, users can easily swap tokens and manage their EVM-based assets. It also acts as a secure wallet, making it an essential tool for those diving into the world of DeFi.
Winner: Although MetaMask offers specialised functionalities for interacting with dApps and Ethereum-based assets, CoinSpot comes out ahead for the Australian audience. Its wide range of features, including an NFT marketplace and diverse payment options, makes it exceptionally attractive to everyday users in Australia.
CoinSpot caters primarily to the Australian market, restricting its services to residents of Australia. This allows the platform to specialise in features and payment options that resonate well with the local audience, while also aligning with Australia's specific regulatory guidelines.
MetaMask, on the other hand, is a global utility, enabling users from all around the world to interact with the Ethereum blockchain. It doesn't face the same geographical limitations, as it is a decentralised browser extension rather than an exchange, and complies with the open-source nature of blockchain technology.
Winner: In terms of global accessibility, MetaMask has a distinct advantage, as it is open to users from multiple countries without the geographical restrictions that CoinSpot adheres to.
AUD Payment Methods
CoinSpot goes the extra mile to accommodate its Australian user base by offering a diverse range of payment methods specifically tailored for AUD transactions. Among these are credit and debit cards, BPAY, PayID, POLi Payments, and even traditional bank transfers. Unique to CoinSpot is its acceptance of cash payments through its partnership with BlueShyft, which is accessible at various news agencies throughout Australia.
MetaMask, by its nature as a decentralised wallet primarily geared for Ethereum-based transactions, doesn't have an in-built AUD payment gateway. However, it offers the flexibility to integrate with various decentralised exchanges where Australians can trade ETH or ERC-20 tokens, which they can purchase using AUD through other platforms.
Winner: In terms of AUD payment flexibility, CoinSpot clearly takes the lead. Its wide range of payment options, including the ability to pay in cash via BlueShyft, makes it the best for Aussies.
CoinSpot vs MetaMask Fees
CoinSpot keeps its fee structure straightforward, levying a standard 1% trading fee on most transactions. For users who prefer the "Markets" interface, fees can drop to as little as 0.1%. Deposits are mostly free, but some payment methods may incur charges that range from 0.9% to 2.58%.
MetaMask doesn't charge fees for its basic services. However, when using its "Swap" function for exchanging tokens, users are subject to network gas fees and a service fee, which varies based on network congestion and token types. It's worth noting that gas fees go directly to the Ethereum network, not to MetaMask.
Winner: If you're looking for a transparent and simple fee structure, CoinSpot has the advantage.
Security and Regulation
CoinSpot is committed to providing a safe trading experience, strictly adhering to Australia's stringent regulatory guidelines. The platform is fully registered with AUSTRAC and implements user-friendly yet robust security features. Two-factor authentication (2FA) comes standard, and extra layers of protection like biometric identification and email verification for significant account actions are available.
MetaMask, while not an exchange, is also keen on security but operates in the realm of decentralised wallets. It provides users the keys to their own crypto, meaning the security is as strong as the user's own precautions. While MetaMask doesn't have to comply with centralised regulatory bodies, it recommends strong passwords and seed phrase backups as essential security steps.
Winner: For those looking for a platform that combines strong regulatory compliance with multiple layers of security features, CoinSpot is the preferable choice.
To recap, both platforms serve distinct needs and audiences. CoinSpot is tailored for Australians, offering a range of AUD payment options, a wide variety of digital assets, and strong security aligned with local regulations. MetaMask is a global tool focused on enabling interactions with decentralised applications but doesn't support fiat currencies like AUD.
For Australian crypto investors, CoinSpot is the top choice due to its localised offerings and comprehensive services. MetaMask excels for users needing to interact with Ethereum-based assets globally but lacks the services that CoinSpot provides.