Choosing an exchange to invest in is no easy task. Whether you’re new to cryptos or a seasoned pro, you must carefully choose where to trade and invest. CoinSpot is a cryptocurrency exchange based in Australia that was founded in 2013 by Russell Wilson, who has had extensive experience in developing online security software. The exchange now has more than 2 million users with more than 350+ coins on its platform. Bittrex, on the other hand, is an American platform that was established in 2014 by former security engineers. Investors on Bittrex have access to more than 360 cryptocurrencies.
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| Coins | 350+ cryptocurrencies | 360+ cryptocurrencies |
| Deposit Fee | Bank transfer, PayId, OSKO, POLi: FreeBPAY: 0.9%, Cash: 2.5% | VISA: 3%Wire transfer, SEPA transfers: depend on your bankCryptocurrency: Free |
| Trading Fee | Market: 0.1%, Instant Buy: 1% | Varies depending on the trade |
| Withdrawal Fee | Free | For those using crypto to deposit, withdrawal fees differ depending on the coin withdrawn. |
| Payment Methods | Bank transfer, BPAY, Cash Deposit, PayID, OSKO, POLi | Visa, Wire transfer, SEPA transfers, Crypto |
| Notable Features | Fast verification speedStrongest security systemNFT MarketplaceCoin StakingOTC Trading Desk24/7 Live Chat support | Smart trading on mobileCredit/debit card deposit option is quick, though the fee is quite high (3%) |
| Supported Devices | Web, IOS and Android | Web, IOS and Android |
| Verification Speed | Fast | Slow |
| Customer Support | 24/7 quick Live Chat customer support | Slow response timeNo live chat support |
| Year Founded | 2013 | 2014 |
| Beginner Friendly | Yes | Yes |
| Built in Crypto Wallet | Yes | Yes |
CoinSpot vs Bittrex: Overview
CoinSpot Overview
CoinSpot made their first debut to the crypto community in 2013 and has quickly risen to become the most trusted crypto exchange in Australia. Their security has been internationally recognised, being the first and only Australian-based exchange to receive the ISO 27001 certification. They are compliant with international standards for information security management, confidentiality and integrity.
Moreover, CoinSpot is also registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to fight against money laundering and financial crimes.
Being a certified exchange with Blockchain Australia, CoinSpot adheres to best practice standards and ensures their customers’ data are protected with the highest level of security.
Bittrex Overview
Bittrex is a US based exchange founded in 2013 and headquartered in Seattle Washington. While Bittrex can be considered a large exchange in America, its services are not available in New York and several other states, as the state’s Department of Financial Services decided that the platform had deficiencies in combating money laundering, among other issues.
Bittrex’s fee structure is straightforward, with fees varying depending on the trade volume. For regular traders who usually make transactions less than $25,000, Bittrex will charge a 0.35% fee on both makers and takers. This is significantly higher than CoinSpot, which only charges a 0.1% fee for market orders.
While CoinSpot has over 350 listed cryptocurrencies, Bittrex currently has around 360 coin offerings.
Pros and Cons: CoinSpot
Pros
Over 350 cryptocurrencies offered, including BTC, ETH, LTC, ADA
The first and only crypto platform in Australia to be SO 27001 certified, the highest industry standard for information security
Multicoin wallet
OTC services for high volume traders
A NFT marketplace that can speed up transactions
Cryptocurrency staking for Proof-of-Stake coins like Solana, Cardano, Fantom, etc. No lock-in period required.
Live Chat support 24/7, Help Desk and Request-a-call feature
2 million+ users network
Cons
Only supporting fiat currency deposits and withdrawals for AUD
Credit and debit card payments are not supported
Pros and Cons: Bittrex
Pros
Easy-to-use interface
Large selection of cryptocurrency
Users can exchange coins using their mobile phones
Cons
Poor user feedback
No margin trading
Low rating of 1.4/5 across over 430 Trustpilot reviews
Lacks advanced order types
No live chat support
CoinSpot vs Bittrex: A detailed comparison
CoinSpot vs Bittrex: Fee Structure
Bittrex charges trading fees based on your 30-day trading volume. Fees decrease as your trading volume grows. The exchange also employs a maker/taker fee structure. If your trade order is immediately filled by an existing order on the order book, you will be charged the taker fee. If it is not immediately filled by an existing order, you are charged the maker fee. Bittrex fees are in fact much higher than the industry average.
On the contrary, CoinSpot fees are so reasonable, making it one of the cheapest Australian crypto exchanges with premium trading services and fees as low as 0.1%.
For market trades, users can trade up to 15 different coins at an extremely competitive fee of 0.1%. Those who want to make large volume transactions can utilise their OTC Trading Desk, which charges a miniscule 0.1% fee. A few benefits of this feature are instant liquidity and assistance from CoinSpot Account Manager.
Instant Buy, Sell, Swap orders as well as recurring orders all have a 1% fee. Take Profit, Stop, and Limit Orders also attract a 1% fee.
Winner: CoinSpot
There are 2 things we consider when choosing the winner for this round. First, CoinSpot is an Australian-based exchange, hence users won’t have to worry about the extra costs of converting from one currency to another. Secondly, their fees are very competitive, especially when you consider the premium services that they provide their users.
CoinSpot vs Bittrex: Deposit Methods
Available Deposit methods. Source: CoinSpot
CoinSpot supports a variety of methods for converting your AUD to cryptocurrency: POLi, BPAY, and PayID. POli payments are fee-free and can be deposited immediately, whereas BPAY is an e-wallet system that can process transactions in as little as 24 hours. PayID is an instant bank transfer deposit method that offers free deposits.
Users who pay with POLi, PayID, OSKO, or bank transfers won’t be charged any fee when they deposit funds into their accounts on CoinSpot. If investors use BPAY, they will be charged a 0.9% deposit fee, and a 2.5% deposit fee if they deposit cash. Investors can withdraw their AUD for free from CoinSpot. A 1% fee will be charged for instant buy and sell. All three of these payment methods are guaranteed to be the best and most secure in Australia.
On the contrary, since Bittrex is an American trading platform, it doesn’t have partnerships with payment institutions in Australia, which can be troublesome if investors have difficulties placing funds in their wallets. Bittrex allows users to pay with credit and debit cards, wire transfer or SEPA transfer as well as cryptocurrencies. VISA deposits are subject to a 3% fee, while wire transfers are subject to your bank’s fees. SEPA transfers, on average, are less expensive and faster than traditional wire transfers. For Australian investors, these might not be ideal options because the transaction fees can be quite costly.
While withdrawals on CoinSpot are free, crypto withdrawals on Bittrex will incur some fees, depending on the coins you choose.
Bittrex has long been criticised for not providing fiat currency support. Customers may use credit cards to deposit their money into Bittrex.
Winner: CoinSpot
CoinSpot provides more deposit methods for its users, and they have partnerships with top-tier payment firms in Australia to make the process as simple as possible for everyone.
CoinSpot vs Bittrex: Notable Features
CoinSpot Notable Features
Besides a multicoin wallet that has a greater range of coins than the majority of current wallets on the market, CoinSpot also has other notable features such as CoinSpot’s Bundles. 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. This feature will be helpful if you want to lower costs of transaction and diversify your portfolio.
For investors interested in establishing their own self-managed super funds (SMSF) to save for retirement, CoinSpot got your back. It provides cryptocurrency SMSF trading accounts and a dedicated SMSF team to help investors navigate 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. In fact, CoinSpot is one of the first Australian cryptocurrency exchanges to offer staking services. You may use a CoinSpot wallet to store and grow your Proof of Stake (PoS) coins. The exchange is currently supporting staking on 22 different cryptocurrencies, and they are planning to add more in the near future. CoinSpot’s staking service is completely free; there are no minimum or maximum stake amounts, and no lock-up period is required.
Another special feature that CoinSpot offers is an in-platform NFT Marketplace. The introduction of this NFT Marketplace means users will now be able to directly purchase their favorite NFT projects from their CoinSpot accounts. If you are looking to sell your NFT artworks on CoinSpot, you can also do it on CoinSpot. .
Bittrex Notable Feature
Bittrex provides their users with access to trading view charts to help them make informed decision. Users also have the ability to switch between dark and light modes. Corporate account holders may have multiple accounts.
For safe and secure trading, Bittrex allows users to generate an API key. This protects the confidentiality of your trading funds information. Bittrex also provides investors with an API key as well as a secret key. The secret key will only be shown once, so remember to write it down.
In terms of order types, Bittrex offers limit, market, ceiling, post-only, Good-till cancelled, Fill or kill, Immediate or Cancel, ladder limit, and one cancels the ot
Winner: CoinSpot
CoinSpot caters to both inexperienced and experienced investors. It has a wide range of features that can make trading experiences more convenient for its users. The NFT Marketplace feature is one of the most notable features on CoinSpot.
CoinSpot vs Bittrex: Supported Cryptocurrencies
CoinSpot supports more than 350 different cryptocurrencies (Source: CoinCulture)
Bittrex accepts over 360+ different cryptocurrencies. This diverse range of assets makes it an appealing platform for those looking to trade both popular coins and lesser-known options.
Likewise, CoinSpot promises to provide its users with the best trading experiences possible by supporting over 350+ different cryptocurrencies. It supports 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, as long as they fit within their budget.
Winner: Tie
Users of both trading exchanges greatly benefit from their offerings of over 300 coins.
CoinSpot vs Bittrex: Security
Source: CoinSpot
CoinSpot is a reliable and trustworthy exchange that has never been hacked since its inception in 2013. CoinSpot is also Australia’s first cryptocurrency platform to receive the internationally recognised ISO 27001 information security certification.
Their security system strictly adheres to the newly enacted AML laws enacted by the AUSTRAC. AUSTRAC is an Australian Government agency responsible for detecting and deterring criminal activity or abuse in the financial system. The security measures employed by CoinSpot in their cryptocurrency exchanges and tradings are comparable to those employed by a bank. Some features used by Coinspot are two-factor authentication, biometric security features such as face and fingerprint ID, an anti-phishing phrase, geo-lock logins, session timeout, and disabling unauthorised withdrawals.
Founded by former security engineers, Bittrex has a robust security system. It has an elastic, multistage wallet strategy that ensures 80%-90% of funds are safely offline. On the customer side, two-factor authentication is required for all withdrawals and API calls; if it is not enabled, a withdrawal limit is imposed for customers who do not have 2FA enabled.
Winner: Coinspot
Bittrex has a strong security system, but CoinSpot has been internationally recognised for its superior service.
CoinSpot vs Bittrex: Customer Support
One thing that makes CoinSpot an excellent choice for new traders is the high quality of their customer service. They have 24/7 live chat feature that allows you to connect with a real human agent immediately. If you run into any problems, their support team is highly competent, responsive, and educated in resolving client concerns.
CoinSpot also offers support via their Help Desk and a newly available request-a-call-back feature, which allows calls to be scheduled with a team member. Besides, they have a robust knowledge centre with informative and comprehensive tutorials as well as a frequently asked questions section to assist new investors in understanding and obtaining bitcoin and other digital currencies.
Meanwhile, Bittrex offers limited options for support. You could either submit a ticket through the Bittrex website or chat with its chatbot, Trexie. This can be very frustrating if you need immediate assistance and there’s no one available to ask. In fact, Bittrex receives a lot of complaints from users regarding difficulties when withdrawing funds and frozen accounts. Users have reported that there has been minimal response from the Bittrex team when they try to express their concerns.
CoinSpot has 24/7 support that can get back to customers in minutes. Source: CoinCulture
Winner: Coinspot
24/7 live chat support is what sets CoinSpot apart from other exchanges. Any query from the users is guaranteed to be addressed immediately. On the other hand, users on Bittrex are extremely dissatisfied with its poor customer service.
Overall winner – CoinSpot
CoinSpot entered the Australian cryptocurrency market in 2013, and they have grown to have the most users (2.5 million+ by 2023) and the highest number of transactions in the last nine years. They are even the most externally audited cryptocurrency exchange in Australia, as well as the only one to receive ISO 27001 certification, bolstering their claim of being the most trusted and secure exchange. Morever, they have a massive coin selection for you to choose. If you know something about a cryptocurrency that is on the rise but few people are aware of, you’ll be able to capitalise on that knowledge on CoinSpot.
FAQS:
Is CoinSpot or Bittrex better?
CoinSpot is much better than Bittrex, 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 Bittrex?
CoinSpot offers a lower fee compared to Bittrex. Besides, it has partnered with major payment institutions in Australia to assist investors during the transaction process. Bittrex is an American exchange, hence, if any problems arise, it will be more difficult for investors to resolve.
Is CoinSpot the same as Bittrex?
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, Bittrex is an American exchange with over 500,000 users. CoinSpot’s effort has been widely recognised by leading organisations in the industry, like AUSTRAC. Bittrex, however, is not regulated in the US.
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.
