CoinSpot vs Coinbase

Dominic Harper // November 25 // 0 Comments

CoinSpot and Coinbase are two big (and confusingly similar) names in the crypto world. CoinSpot is one of the best Australian exchanges, and Coinbase is the largest in the USA. Which one should you use?

The short answer is CoinSpot, with much lower fees, Live Chat support, and the ability to sell crypto and withdraw AUD to your bank.

Coinbase is not made specifically for the Australian market, and because of that, they fall behind, and don't even offer the basic feature of selling cryptocurrency and withdrawing Australian Dollars.

Keep reading to find out how we compared the two platforms and see if you agree with our decision. Your personal needs may differ from others, so you may find Coinbase more suited to you.

Comparison Table

Header

Coins

330+

70+

Trading Fee

Market: 0.1%, Instant buy: 1% 

4.49%

Deposit Fee

Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5%

Included in trading fee

Withdraw Fee

Free

Cannot withdraw

Payment Methods

Bank transfer, OSKO, BPAY, POLi, PayID, Cash Deposit

Debit card

Features

- Live Chat support

- Most secure and trusted exchange in Australia

- Insurance cover in case exchange is hacked

- Earn free coins by watching short educational videos

Cell
Header

Coins

330+

70+

Trading Fee

Market: 0.1%, Instant buy: 1% 

4.49%

Deposit Fee

Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5%

Included in trading fee

Withdraw Fee

Free

Cannot withdraw

Payment Methods

Bank transfer, OSKO, BPAY, POLi, PayID, Cash Deposit

Debit card

Features

- Live Chat support

- Most secure and trusted exchange in Australia

- Insurance cover in case exchange is hacked

- Earn free coins by watching short educational videos

Cell

Pros & Cons: CoinSpot

  • P R O S
  • Most secure and audited exchange in Australia
  • Over 330+ different coins supported
  • Mobile app and desktop site
  • Lower fees than Coinbase
  • Live Chat customer support
  • C O N S
  • Only available in Australia

Pros & Cons: Coinbase

  • P R O S
  • Largest crypto exchange in the USA
  • Crime insurance cover against hacks
  • Mobile app for convenience
  • C O N S
  • Cannot withdraw AUD from exchange
  • Cannot sell cryptocurrency in Australia
  • Much higher fees than CoinSpot

Fees

CoinSpot has no fees for withdrawals, and has free deposits using Bank transfer, POLi, PayID and OSKO. Depositing with BPAY will cost 0.9% and using Cash is 2.5%. The fee for instant buy and sell is 1%. If you buy on the market, the fee is only 0.1% but there is a limited number of coins you can access on the market.

Coinbase charges 4.49% to purchase crypto using a debit card, which is the only method supported in Australia. There is no way to sell crypto or withdraw AUD from Coinbase in Australia.

Fees Winner: CoinSpot

Much lower fees make CoinSpot the obvious winner in terms of fees.

Number of Coins

CoinSpot offers over 330+ different cryptocurrencies, and they are continually adding new coins to their platform. 

Coinbase offers 70+ different coins, which is a lot fewer than CoinSpot.

Number of Coins Winner: CoinSpot

CoinSpot offers more than 4x the number of coins as Coinbase, and has the largest range of any Australian cryptocurrency exchange.

Features

CoinSpot is a user-friendly platform built for the everyday Australian. It has an easy-to-use instant buy and instant sell feature, as well as a market to trade coins with other users for only 0.1%. There is a Live Chat support team that is readily available to assist when you have any issues, and this is such a valuable feature for newcomers to cryptocurrency. If you want to swap between coins, that is simple to do, and you can access CoinSpot easily on both your desktop or mobile device, with the intuitive app.

Coinbase is also easy to use, but lacks some basic functionality in Australia, as it was built for the US market. With Coinbase, you cannot sell your cryptocurrency, nor can you withdraw any fiat currency from the exchange, which is a major downfall for them. It does have a unique feature called Coinbase Earn where you can earn free cryptocurrency by watching short 3 minute videos that teach you about crypto.

Features Winner: CoinSpot

CoinSpot is very easy to use, and allows the sale of crypto and withdrawal of fiat, which is not supported by Coinbase. Live Chat is also a coveted feature that is available on CoinSpot.

Security

CoinSpot is the most secure and audited cryptocurrency exchange in Australia, with ISO 27001 certification, and membership with Blockchain Australia. CoinSpot has multi-layered security including 2FA (Two-Factor Authentication), custom withdrawal restrictions, anti-phishing phrases, geo-lock logins, session timeout settings as well as secure cold storage of the majority of their crypto assets.

Coinbase is also a very secure exchange, with 2FA, biometric logins, and 98% of their cryptocurrency stored offline in cold storage. Coinbase even has crime insurance, which covers any losses from theft, including cybersecurity breaches.

Security Winner: CoinSpot

CoinSpot and Coinbase are both very secure, but CoinSpot wins as it is the most secure and audited Australian crypto exchange, and the only one awarded ISO 27001 certification.

Overall Winner

CoinSpot wins hands down in this comparison, as it breezed through as the winner for each section. Coinbase is simply not suited for the Australian crypto market, with the lack of fiat withdrawals and crypto sales. If you want to have a look at some other options, see the comparison table below which show the best crypto exchanges in Australia.

Digital Surge
Swyftx
CoinSpot
eToro
Binance
Crypto Exchange
Crypto Exchange
Digital Surge
Swyftx
CoinSpot
eToro
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD, NZD
AUD
AUD, USD, GBP, EUR & 11 more
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BNB, ADA, XRP & 280+ more
BTC, BTG, BCH, ADA, ETH, ETC & 280+ more
BTC, ETH, LTC, XRP, BCH, ADA & 330+ more
BTC, ETH, BCH, XRP, LTC, ADA & 24 more
BTC, ETH, LTC, BNB, ADA, XRP & 300+ more
Deposit Methods
Deposit Methods
PayID, POLi, OSKO, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
Market order: starts from 0.5%, Instant buy: 0.5%
0.6%
Market order: 0.1%, Instant buy: 1%
Included in spread
0.1%
About the Author: Dominic Harper

Dominic has a background in finance and is passionate about cryptocurrency, blockchain technology and NFTs. He has been investing in crypto since 2017, and is excited about the potential for innovation and creative uses for NFTs in the near future.

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