Since its inception in 2013, CoinSpot has grown to become one of the best cryptocurrency exchanges in Australia. Bitfinex, on the other hand, is currently ranked ninth in terms of volume among the world’s largest cryptocurrency exchanges. If you are an investor in Australia, you might be wondering which of these two cryptocurrency exchanges is the superior one? Our article will thoroughly examine both of these excellent cryptocurrency exchanges, analysing key offerings and features from each platform to determine who comes out on top.
|Coins||350+ cryptocurrencies||250+ cryptocurrencies|
|Deposit Fee||Bank transfer, PayId, OSKO, POLi: FreeBPAY: 0.9%, Cash: 2.5%||Fiat deposits via bank wire: 0.1%, minimum fee $60Cryptocurrency: Free|
|Trading Fee||Market: 0.1%, Instant Buy: 1%||Varies|
|Withdraw Fee||Free||Fiat withdrawals: 0.1%, minimum $60Express bank wire withdrawals: 1%, minimum $100Crypto withdrawals: Varies|
|Payment Methods||Bank transfer, BPAY, Cash Deposit, PayID, OSKO, POLi||Visa, MasterCard, UnionPay, Crypto, Bank or wire transfer|
|Notable Features||CoinSpot's Bundles to diversify portfolioRobust security systemNFT MarketplaceCoin staking services OTC Trading Desk||Margin trading/Margin fundingCorporate accountsAdvanced chart features|
|Supported Devices||Web, IOS and Android||Web, IOS and Android|
|Customer Support||24/7 quick Live Chat customer supportHelp DeskRequest-a-callback feature||Slow response timeNo live chat support|
|Built in Crypto Wallet||Yes||Yes|
CoinSpot vs Swyftx: Overview
CoinSpot, founded in 2013, is one of Australia’s oldest and most reputable cryptocurrency exchanges. It is the most secure platform (based on external audits and security certification), and is now having a network of over 2 million users all around Australia.
CoinSpot was established with a mission to create a safe, secure and easy way for Australians to trade crypto while being protected by Australian regulations.
After going through a stringent verification process, CoinSpot became the one and only Australian-based exchange to achieve the ISO 27001 certification, proving that its security management has met international standards.
Lastly, CoinSpot is a certified exchange with Blockchain Australia (not just a basic member), meaning they have demonstrated compliance with best practise standards. CoinSpot, undoubtedly, has become a reliable and trustworthy place for Australian investors.
Bitfinex was founded in 2012 by iFinex Inc. It started as a P2P margin lending platform, used for Bitcoin only. The fact that some management and founders of iFinex Inc. are also associated with Tether (U.S. based Stablecoin) have raised concerns about the transparency of this exchange.
In terms of fee structure, Bitfinex employs a taker-maker fee model. Fees for takers begin at 0.2% and can drop as low as 0% for large maker orders. Large orders placed through the OTC desk incur no trading fees. However, it’s worth noting that Bitfinex has suffered from major hacks before, which caused their customers to lose thousands of dollars.
While CoinSpot has over 350 listed cryptocurrencies, Bitfinex currently only has around 250 coin offerings.
Pros & Cons: CoinSpot
Over 350 cryptocurrencies offered
The first and only crypto platform in Australia to be SO 27001 certified
OTC services for high volume traders
A NFT marketplace
Cryptocurrency staking for Proof-of-Stake coins like Solana, Cardano, Fantom, etc
Live Chat support 24/7
2 million+ users network
Only supporting fiat currency deposits and withdrawals for AUD
Credit and debit card payments are not supported
Pros and Cons: Bitfinex
Trading and withdrawal fees are relatively low
A wide range of cryptocurrencies and services
Government fines for deceptive practises in the past
Bitfinex and Tether were involved in some questionable transactions.
Not available in the United States, Crimea, Syria, Iran, North Korea, Cuba
No live chat support
CoinSpot vs Bitfinex: A detailed comparison
CoinSpot vs Bitfinex: Fee Structure
Bitfinex Fee Structure
Bitfinex’s fees are reasonable, but not the lowest in the industry. While most traders will pay between 0.1% and 0.2% per transaction. Users who trade more than $7.5 million per month are eligible to place maker trades for free. Discounts are also available for those who hold USDT LEO in their accounts.
With the equivalent of $1 in LEO in your account, you’ll save 15% on crypto-to-crypto and crypto-to-stablecoin deals. With a minimum of $5,000 in LEO, you’ll save 25% on crypto and stablecoin trades and 10% on fiat trades. Additionally, if you have $10,000 or more in LEO, you may qualify for a higher percentage discount, depending on your balance.
Trading fees on Bitfinex
CoinSpot Fee Structure
With fees starting at 0.1% for market orders and OTC, CoinSpot fees are very competitive compared to most crypto exchanges in Australia Instant Buy, Sell, and Swap orders as well as recurring orders, all have a 1% fee, while Take Profit, Stop, and Limit Orders attract a 1% fee.
For those wishing to place large orders (> $50,000), CoinSpot has an OTC (over-the-counter) desk that could help them make trades off the market, minimise slippage, and access low fees of only 0.1%.
CoinSpot also provides investors with a user-to-user trading option for as little as 0.1% per transaction, with the ability to trade up to 14 different coins.
Trading fees on CoinSpot
With fees starting at only 0.1% for trading crypto, CoinSpot has a lower fee structure. In contrast, if you want to trade on Bitfinex, the taker fee starts higher at 0.2%. You only can enjoy a marker fee lower than 0.1% when trading at least $500,000 AUD/month which is not applicable to beginners.
CoinSpot vs Bitfinex: Deposit & Withdrawal Methods
Deposit methods available. Source: CoinSpot
Both CoinSpot and Bitfinex offers a mix of free and charged payment options.
CoinSpot accepts the following fee-free deposit methods: POli, PayID, and Direct Deposit (OSKO). To use BPAY, you will pay a 0.9% fee, while cash deposits will cost you 2.5%. One thing to keep in mind, though. While POli deposit is instant, PayID and Direct Deposits are only instant after you make the first deposit.
For Bitfinex, they accept GBP, EUR, JPY, and USD as fiat deposits, and they can only be processed via wire transfer. Deposits with crypto and stablecoin deposits are completely free, whereas bank wire transfers charge 0.1% of the amount with a minimum of $60.
Withdrawals are always subject to a fee imposed by Bitfinex. A bank transfer/wire in euros or US dollars costs 0.1% of the amount transferred, while an express bank transfer (within 24 hours) costs 1%. The fee for withdrawing cryptocurrency varies depending on the currency.
Additional verification may be required for expedited cryptocurrency and Tether deposits. Notably, fiat deposits can take up to two weeks to complete, including account reviews and processing.
Deposit methods available. Source: Bitfinex
CoinSpot offers more deposit options to its users, and it has partnerships with top-tier payment companies in Australia to make the process as simple as possible for everyone. Moreover, Bitfinex doesn’t accept AUD as fiat deposits, which is a major concern if you are an investor in Australia. Bitfinex also takes a much longer period of time to verify an account which may be required for crypto and tether deposits.
CoinSpot vs Bitfinex: Notable Features
CoinSpot Notable Features
One of CoinSpot’s strong suits is their user-friendly interface. Their website is elegantly designed, making it easy for customers to find any information they need before making a transaction. CoinSpot also provide customers with a mobile app version so they could easily manage their portfolio and stay updated on the market moves.
For people who aren’t very familiar with the crypto world, you might want to check out CoinSpot’s bundles. CoinSpot has a total of 12 bundles on their website which group coins based on various criteria. These bundles include the DeFi bundle, the NFT bundle, the Green bundle, the Social Bundle, the AI Bundle, and the Top Ten Market Cap Bundle, to name a few.
CoinSpot also has plenty of resources for investors interested in establishing their own self-managed super funds (SMSF) to save for retirement. It not only provides cryptocurrency SMSF trading accounts, but it also has a dedicated SMSF team to walk investors through the process.
Coin Staking on CoinSpot
CoinSpot recently added two new critical features to its exchange. One is cryptocurrency staking, which allows users to stake Proof-of-Stake coins like Solana or Cardano in their digital wallets and earn weekly passive rewards. The exchange currently supports staking on 22 different cryptocurrencies, with new ones added on a regular basis. This staking service provided by CoinSpot is completely free; there are no minimum or maximum stake amounts, and no lock-up period is required.
CoinSpot has also become the 1st Australian-based exchange to have an in-platform NFT Marketplace, which allows users to buy popular NFT projects directly from their CoinSpot account. If you are a digital artist and wish to sell your works, CoinSpot can also help to make the transaction process smoother. CoinSpot members may use any coin actively traded on the platform to purchase an NFT.
Bitfinex Notable Features
One of Bitfinex’s key features is margin trading. Users can trade with up to 3.3x leverage or lend money to other users for a profit. Margin trading is funded through an open marketplace and the funds that a user deposits on the exchange. Users can choose to automatically match with open funding offers or to place funding bids.
An user can accept a financing offer for up to 70% of the purchase price of a cryptocurrency. They are not required to use the financing; they may repay it plus interest at any time without penalty, or replace existing financing with a better offer. Users can also provide margin funding to others without having to engage in any trading themselves.
In addition, the Bitfinex API feature allows users to fully customise the system to their specific needs: modifying the software’s backend code, maximising their return on investment (ROI).
For those interested in opening corporate accounts, they can benefit from expedited verification, a dedicated customer support representative and dedicated corporate accounts team to assist in making the most of the software.
Both CoinSpot and Bitfinex offer outstanding features for their users. However, for Australian investors, CoinSpot’s features are more well-suited. They have services that can cater to both new investors and the seasoned pros. Especially, with the addition of the NFT Marketplace and Coin-staking feature, CoinSpot has once again proven why they remain the best crypto exchange in Australia for the past 9 years.
CoinSpot vs Bitfinex: Supported Cryptocurrencies
CoinSpot supports more than 330 different cryptocurrencies (Source: CoinCulture)
Bitfinex accepts over 250 different cryptocurrencies, significantly less than CoinSpot whose platform is currently supporting over 350 different cryptocurrencies. It has all major coins such as BTC, LTC, ETH, and XRP, as well as small altcoins. Investors have the freedom to invest in whatever coins they want to diversify their portfolio.
CoinSpot is one of the leading exchanges in Australia. It’s hard to beat CoinSpot in terms of their coin offerings.
CoinSpot vs Bitfinex: Security
Bitfinex employs a variety of industry-standard security measures to safeguard user accounts and assets, such as two-factor authentication, advanced APIs for connecting third-party services, withdrawal protection features, and cold storage of customer assets.
However, the company has been hacked several times, resulting in the loss of customer funds and trust.
Meanwhile, CoinSpot’s security system is the best out of any Australian exchange, being the only platform in Australia to receive the ISO 27001 certification. To meet its extremely stringent standards, CoinSpot undergoes a thorough examination of all of their processes relating to customer data, data storage, supply chain management, information management, storage, and intellectual property.
CoinSpot also employs multi layered security measures to protect its customers’ assets. They use two-factor authentication, geo-blocking, and anti-phishing codes, and store the majority of their cryptocurrencies in cold storage to avoid loss in case of a hacking.
Despite its effort, Bittrex has not always done a great job with security. The system has breaches that can expose users’ safety to external threats. On the other hand, CoinSpot has been internationally recognised for its superior security system.
CoinSpot vs Bitfinex: Verification Speed
Bitfinex has received a lot of complaints regarding its cumbersome verification process. To deposit or withdraw fiat currencies such as USD or EUR, your account must be verified, which typically takes 2-3 days for most users. You will also be required to submit documents confirming your identity, name and address, bank information, and a know-your-customer (KYC) form. On the contrary, after completing a simple three-step verification process, users can deposit up to $2000 at CoinSpot. Higher trading volumes will require more information, but the process remains extremely fast.
CoinSpot’s simplified KYC verification allows customers to gain faster access to cryptocurrencies on the platform. This is one of the features that sets them apart as the best exchange in Australia.
CoinSpot vs Bitfinex: Customer Support
One thing we don’t like about Bitfinex is that they don’t provide live chat support. While it offers 24/7 support via email ticket, it can take up to 12 hours to receive an email reply. Customers have shared unpleasant experiences with Bitfinex’s customer service, however. Evidently, Bitfinex is notorious for losing customers’ deposits, messing up payments, etc. When customers reach out to their support team for assistance, they still get no response from Bitfinex.
CoinSpot, conversely, has long been known for its excellent customer service. The live chat feature ensures that investors will always be able to seek assistance whenever they need. In addition to this, CoinSpot also provide a Help Desk and have recently launched their request-a-callback service. Users can request a call with a staff member if they have any problems when trading with CoinSpot. The specialist team at CoinSpot is one of the best in the industry, extremely competent and professional when handling your queries.
CoinSpot has 24/7 support that can get back to customers in minutes. Source: CoinCulture
CoinSpot’s customer service is indeed one if its many outstanding features. Its live chat support allows you to interact with real customer service representatives rather than an automated bot. Furthermore, if you require assistance outside of the Live Chat hours, CoinSpot provides a 24/7 help desk that will respond to any queries within 24 hours.
Overall winner – CoinSpot
CoinSpot is clearly the winner in our comparison, and if you ever have any troubles, you can always contact their outstanding customer support team, which is available 24/7. It has built an exceptionally user-friendly interface that even the most inexperienced user can navigate. If clients require assistance during a transaction, they can always use the live chat function to speak with a real representative. Moreover, it offers a varied selection of coins, making it an excellent choice for those wishing to diversify their holdings. Most significantly, CoinSpot is Australia’s most reliable and safe cryptocurrency exchange, having been recognised by a variety of renowned organisations. Additionally, it has registered with AUSTRAC to combat terrorism financing and money laundering.
Is CoinSpot or Bitfinex better?
CoinSpot is better than Bitfinex, especially for Australian investors. CoinSpot has features catered to both novice and experienced investors. It also has a top-notch information system as well as excellent customer support. We highly recommend CoinSpot to investors in Australia.
Why is there a price difference between CoinSpot and Bitfinex?
There is not much difference between the trading fees on Bitfinex and CoinSpot. However, with CoinSpot, you benefit from a wide network of 2 millions of users and the strongest security system in Australia.
Is CoinSpot the same as Bitfinex?
No. CoinSpot was founded in Melbourne in 2013 and has seen tremendous growth ever since. It now has a customer base of more than 2 million users, boasting more than 350 cryptocurrencies. Meanwhile, Bitfinex was Founded in 2012 and registered in the British Virgin Island. Bitfinex, however, has had some legal issues in the past. The New York Attorney General concluded that Bitfinex and Tether deceived clients and markets by overstating Tether reserves and concealing losses. Bitfinex has also been fined in the past for running an unlicensed exchange and facilitating illegal off-exchange transactions. This raises serious concerns about the integrity of this cryptocurrency exchange.
The following review is for informational purposes only and should not be construed as financial or investment advice. It is important to note that cryptocurrency is a highly volatile and speculative market, and there is no guarantee of profit or loss. This review is based on the author’s personal experience and research, and individual results may vary. The author is not affiliated with any of the exchanges mentioned in this review and does not receive compensation for their mention. It is recommended that readers conduct their own due diligence and consult with a financial advisor before making any investment decisions.
The information regarding performance may be different from the time of publication. Past performance does not guarantee future results. While we believe that all content was accurate at the time of posting, it is possible that some offers included in the content may no longer be valid.