CoinSpot is Australia's biggest crypto exchange boasting over 2.5 million users, and eToro Australia is a popular US based platform for trading many assets including crypto. As an Australian customer, which of the two are more suitable to use? I compared these two platforms across various metrics so you can decide for yourself.
Comparison Table
Header |  |  |
|---|---|---|
Coins | 410+ | 75 |
Trading Fee | Instant buy/sell: 1%, Market trade: 0.1% | 1% |
Deposit Fee | POLi, PayID, OSKO: Free, BPAY: 0.9%, Cash deposit: 2.5% | Currency conversion fee |
Withdraw Fee | Free | $5 + currency conversion fee |
Payment Methods | POLi, PayID, OSKO, BPAY, Cash | Direct deposit, POLi, PayPal, Credit/Debit card |
Features | - Live Chat support - Most trusted and secure exchange - 410+ cryptocurrencies | - Staking available - Demo account with $100,000 virtual money |
Cell |
Header | | |
|---|---|---|
Coins | 410+ | 75 |
Trading Fee | Instant buy/sell: 1%, Market trade: 0.1% | 1% |
Deposit Fee | POLi, PayID, OSKO: Free, BPAY: 0.9%, Cash deposit: 2.5% | Currency conversion fee |
Withdraw Fee | Free | Free |
Payment Methods | POLi, PayID, OSKO, BPAY, Cash | Direct deposit, POLi, PayPal, Credit/Debit card |
Features | - Live Chat support - Most trusted and secure exchange - 410+ cryptocurrencies | - Staking available - Demo account with $100,000 virtual money |
Cell |
Pros & Cons: CoinSpot
Pros & Cons: eToro Australia
Fees
CoinSpot has a few deposit methods that are free of charge: POLi, PayID, OSKO. To deposit using BPAY will cost you 0.9%, and 2.5% if you deposit cash. Withdrawals of AUD are free of charge. To instantly buy and sell crypto will cost you 1%, but trading on the market will only cost 0.1%. However, only 14 coins are available to trade on the market.
eToro Australia does not charge a fee for depositing AUD, but there is a currency conversion fee. If you deposit using bank transfer, the conversion fee is 50 pips, which is about 0.7%, but if you use the other methods of depositing, it is 100 pips, or 1.38%. When you withdraw fiat currency from eToro, you are charged $5 on top of the 50 pips (0.7%) currency conversion fee. When you trade crypto on eToro, there is a 1% fee incurred on each transaction.
Fees Winner: CoinSpot
CoinSpot is the most cost-effective option, since eToro charges a currency conversion fee for deposits and withdrawals, plus the $5 charge for withdrawing fiat.
Number of Coins
CoinSpot has an impressive range of coins - the largest of any Australian crypto exchange, with more than 410+ cryptocurrencies.
eToro Australia only offers 75 different cryptocurrencies.
Number of Coins Winner: CoinSpot
CoinSpot easily wins this section, with many more coins offered.
Features
CoinSpot does an excellent job creating a basic, user-friendly cryptocurrency exchange to entice newcomers to cryptocurrency. They have simple instant buy/sell functionality, responsive live chat, and email support if you run into any issues. There are no complicated markets on CoinSpot, which means it is really easy to find your way around the platform.
eToro Australia has a ton of features, including many non-cryptocurrency markets, such as stocks and forex. Their platform is built around social trading, so there is a news feed where you can keep up to date with the latest news, and you can comment or post your own questions or articles. You can even use CopyTrading where you automatically copy the trades of successful traders, so you don't need to come up with your own trading strategies. There is a demo mode where you can use $100,000 play money to practise trading and see which strategies work best, and you can earn passive income on several coins by staking.
Features Winner: eToro Australia
eToro Australia has so many features that will suit both beginners and experienced traders, and even gives options to trade other assets, such as stocks and forex.
Security
CoinSpot is simply the benchmark for security in the Australian cryptocurrency market. CoinSpot is the most trusted, secure and audited crypto exchange in Australia, the only one with ISO 27001 certification, and is a certified member of Blockchain Australia. Security measures include 2FA logins, geo-locking, anti-phishing codes, and cold storage of the majority of cryptocurrency offline.
eToro Australia is a secure trading platform that was established in 2007. eToro is compliant with ASIC, FCA and CySEC regulations, so there are measures to protect their users. Clients' funds are held safely in top-tier banks and all of their private data is safely stored under SSL encryption.
Security Winner: CoinSpot
Both CoinSpot and eToro Australia are secure platforms, but CoinSpot is the winner as it is the most trusted and audited exchange in Australia.
Overall Winner - CoinSpot
CoinSpot and eToro Australia are both great crypto trading platforms for Aussies. For the majority of users, CoinSpot (see full review) is the better choice. It is designed for anyone to use, with an intuitive interface and live chat support and over 410+ coins. If you are interested in trading other assets besides crypto, then you should try out eToro (see review). Although there are fewer cryptocurrencies to trade, there are many more markets, such as forex and stocks. The social trading aspect and CopyTrading features also make it a great platform to use.
If you want to keep researching before making up your mind, I suggest you have a look at our article on the best crypto exchanges in Australia, where you can compare the top options. The table below also has key information on some of the best exchanges.
