One of the difficulties for investors nowadays is choosing a trustworthy trading platform. There are so many exchanges and they all look so similar. This post compares the two popular exchanges in Australia, CoinSpot and BTC Markets, to see which one is more suited for Aussie investors.
Founded in 2013, CoinSpot has maintained its position as a leader of the crypto industry with its superb services. There are more than 370 coins supported on CoinSpot, an extremely impressive number. They also take pride in having the best security system in Australia with an ISO 27001 certification and a clean record of never being hacked.
BTC Markets was also founded in 2013 and is now supporting more than 20 cryptocurrencies on its platform. It is an ideal option for new investors with simple interface and basic features.
Want to know the winner? We believe that CoinSpot outperforms BTC Markets in all key areas.
|Coins||370+ cryptocurrencies||20+ cryptocurrencies|
|Customer Support||24/7 quick Live Chat customer support||No live chat support|
|Trading Fee||Market: 0.1%, Instant Buy: 1%||0.85% Limit Order0.85% Market Order|
|Withdraw Fee||Free||AUD withdrawals: Free Crypto withdrawals: Fees vary|
|Deposit Fee||Bank transfer, PayId, OSKO, POLi: Free BPAY: 0.9%, Cash: 2.5%||BPAY, OSKO: Free|
|Payment Methods||Bank transfer, BPAY, Cash Deposit, PayID, OSKO, POLi||BPAY, Cryptocurrency, Electronic Funds Transfer, Osko, PayID|
|Verification Speed||Fast||Slow, especially if you use VPN to access the website|
|Security||#1 in Australia, the only exchange to get ISO 27001 certification||Standard safety measures|
|Notable Features||Fast, simple verification speed Best security system in Australia NFT Marketplace Coin staking services OTC Trading Desk for large trades||Trade on the market Recurring purchases Coin staking services|
|Supported Devices||Web, IOS and Android||Web, IOS and Android|
|Built in Crypto Wallet||Yes||Yes|
CoinSpot vs BTC Markets: Overview
Launched in 2013, CoinSpot’s key goal is to become a safe and secure place for Australian investors to trade crypto under the protection of Australia’s regulatory framework. CoinSpot is currently supporting over 370+ cryptocurrencies and they are trusted by over 2 million users.
According to many CoinSpot reviews, security is indeed a forte for CoinSpot. This crypto exchange received the prestigious ISO 27001 certification because it has undergone a rigorous examination process and met all the international standards for information security management, confidentiality and integrity.
CoinSpot considers their customers’ safety their number 1 priority, and they protect customers’ data with the best technology available.
Moreover, CoinSpot is also registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to combat money laundering, financial crimes and terrorism financing.
During their 9 years of operation, CoinSpot has always been the leading figure in the crypto industry.
BTC Markets Overview
Founded in 2013 by software engineer Martin Bajalan, BTC Markets is one of Australia’s longest-running crypto exchanges. While this trading platform features some advanced trading tools, the amount of coins it offers is very limited (20+ cryptocurrencies listed). Customers will have to look for larger exchanges with more extensive selection of coins.
BTC Markets’ fee structure is quite complicated, especially for new investors. BTC Markets employs a tiered-fee structure that ranges between 0.10% and 0.85% depending on the volume traded. The larger the trades, the lower the fees. However, if you are just a regular investor, these fees are actually very expensive, especially when you compare them to CoinSpo,t which charges only 0.1% for their market orders.
While CoinSpot has over 350 listed cryptocurrencies, BTC Markets currently only has around 20coin offerings.
Pros and Cons: CoinSpot
Strongest security system in Australia
Over 350 cryptocurrencies offered, including BTC, ETH, LTC, ADA
OTC services for high volume traders at a low 0.1% fee with no hidden costs
Live Chat support 24/7, request-a-call feature, Help Desk
NFT marketplace to buy digital assets
Cryptocurrency staking for Proof-of-Stake coins like Solana, Cardano and Fantom.
Only supporting fiat currency deposits and withdrawals for AUD
Credit and debit card payments are not supported
Pros and Cons: BTC Markets
Simple to use BTC Markets mobile web browser
Advanced trading tools, charting options, and order types
Limited cryptocurrency pairs supported
Poor customer service
Trading fees vary for different cryptocurrencies
Only accept fiat currencies for AUD
CoinSpot vs BTC Markets: A detailed comparison
CoinSpot vs BTC Markets: Fee Structure
BTC Markets’ fees are based on trading volume and follow a tiered model. It ranges between 0.10% and 0.85% for fiat to crypto and vice versa. For crypto-to-crypto trading, BTC Markets uses a maker and taker fee structure. The maker and taker trading fees for BTC market pairs are -0.05% and 0.2%, respectively.
CoinSpot trading fee is 1% for all transactions (buying, selling, or swapping cryptocurrencies). Similarly, the fee for placing a take profit or stop-loss order or recurring buys (in the case of dollar-cost averaging) is 1%. If you wish to make large volume transactions, you can use their Over-the-Counter (OTC) desk with a 0.1% trading fee.
Unlike other cryptocurrency exchanges, CoinSpot does not differentiate users based on the maker-taker model; instead, all users pay a flat fee of 0.1%. This is much lower than the fees on other exchanges, which are often around 0.25%.
CoinSpot easily outperforms BTC Markets in terms of customer service, offering a variety of support options for consumers, which explains why CoinSpot has acquired the confidence of a sizable user base.
CoinSpot vs BTC Markets: Deposit and Withdrawal Methods
Deposit methods available on CoinSpot
You may deposit funds into your account on BTC Markets using Electronic Funds Transfer, BPay, OSKO, cryptocurrency or wire transfer. BTC Markets, like most exchanges, does not charge deposit fees for bank transactions involving Australian banks and financial institutions. When users withdraw AUD from their wallet into their bank account, there are no withdrawal fees. For cryptocurrency withdrawals, however, standard transaction fees apply.
Likewise, CoinSpot also accepts deposits from POli, BPAY, OSKO and PayID. POli or PAYID payments or instant AUD deposits will not be charged any fees. There is a flat 0.90% fee for BPAY payments and a 2.5% fee for any cash deposit.
POLi Pay is a bank transfer method owned by Australia Post, allowing users to deposit funds instantly without incurring any fees. BPAY is more akin to an e-wallet system in that daily payments are processed instantly within a day. Blueshyft, on the other hand, allows users to deposit cash directly into their CoinSpot account through their newsagents.
While CoinSpot and BTC Markets both offer plenty of payment options for their customers, CoinSpot wins this round because they don’t have deposit or withdrawal limits for customers. BTC Markets, on the other hand, only raise the limits when customers make a request to their customer service team.
CoinSpot vs BTC Markets: Notable Features
CoinSpot Notable Features
One of our favourite features of CoinSpot is their mobile app. Available on both Google Play and Apple Store, CoinSpot app allows users to trade, transfer supported cryptocurrencies, view price charts and graphs as well as manage their cryptocurrency portfolio, all from a single platform. The app’s user interface is extremely simple to use; even a complete crypto newbie would have no trouble using it. This will be very useful for investors who are always on the go and want to stay updated about the crypto world.
CoinSpot’s bundles is also another great feature for investors who want to reduce transaction costs and spread the risk. Currently, CoinSpot offers 12 bundles, such as DeFi bundle, NFT bundle, Green bundle, Social Bundle, AI Bundle and the Top Ten Market Cap Bundle.
Deposit methods available on CoinSpot
CoinSpot is one of the few crypto exchanges in Australia that offers coin staking. Unlike other exchanges, you won’t be required to lock up your crypto for a certain period of time. Moreover, they also have some of the highest yields (returns) out of any platform in Australia.
Last but not least, what truly makes CoinSpot stand out from other exchanges is their NFT Marketplace. You can easily buy digital assets using any of the 370+ tokens listed on their platform. CoinSpot is now featuring popular NFT projects such as Bored Ape Yacht Club and Australian creator BossLogic’s Gauntlet series.
BTC Markets Notable Features
BTC Markets also offers coin staking on their platform. However, the range of options is not as diverse as CoinSpot. ALGO is the only token available for staking at the moment.
Trading over-the-counter (OTC) is a service that BTC Markets provides to the big investors. You can make high-value transactions with little price slippage. Large orders routed through the trading desk have less of an impact on the market price of the currency or token, limiting the risk of being exposed to market swings. BTC Markets offers personalised support for purchases of AU$100,000 or more. However, we advise you check out CoinSpot’s OTC as their rate is extremely competitive and the minimum investment is only AUD$50,000.
Users on BTC Markets may also invest in Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies with a tiered fee structure through their SMSF.
CoinSpot’s NFT Marketplace. Source: CoinSpot
CoinSpot is undoubtedly one of the most premier exchanges in Australia. The range of services they are offering their customers is truly impressive. No matter if you are a newbie or an experienced investor, you will always find something worth investing in here.
CoinSpot vs BTC Markets: Supported Cryptocurrencies
CoinSpot supports more than 370 different cryptocurrencies (Source: CoinCulture)
CoinSpot takes great pride in their extensive selection of cryptocurrencies. They are hosting over 370+ unique coins on their platform, including all major cryptos and smaller altcoins that you may not be able to find on smaller exchanges. Whether you want to purchase major coins such as BTC, ETH, ADA, XRP and BNB or unique ones, CoinSpot is your best bet.
BTC Markets only lists more than 20+ coins on their exchange, a much more modest number when compared to CoinSpot. This can be a deal breaker if you are looking to diversify your portfolio or want to experience trading with new altcoins.
CoinSpot has a resounding win. A bonus point is that they are also adding more coins regularly, which means you won’t have to worry about missing out on any emerging coins.
CoinSpot vs BTC Markets: Security
In terms of security, CoinSpot is indeed the best in the industry. Since its inception in 2013, it has never been hacked and put users’ personal information at risk. CoinSpot is also Australia’s first exchange to hold ISO 27001 certification, the industry’s highest standard for an information security management system.
Their customers’ digital assets are stored offline in cold wallets, ensuring that cyber-attacks will cause as little damage as possible. It has also been recognised as an official provider of digital currency by Blockchain Australia.
When users create an account on CoinSpot, they can also customise the security features to any level they want. In other words, investors have complete control over their assets. Other safety measures that CoinSpot uses to protect customers include 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.
BTC Markets Security
As for BTC Markets, some of the safety measures they employ are encrypted cold storage of over 98% of the trader’s crypto funds, two-factor authentication, and SSL encryption to protect users’ personal information.
However, you should beware that previous users of BTC Markets have complained about their accounts being hacked and BTC Markets didn’t offer any help to resolve the issues. There are dozens of reviews on Trustpilot saying this is a scam exchange, causing their customers to lose thousands of dollars due to their weak security system.
Safety and security are the most critical concerns for all crypto users, whether they are new or experienced. Crypto scams pop up every day, and many worry that the exchange they are using won’t be strong enough to safeguard their accounts. With CoinSpot, however, this will not be a problem as they possess the safest and strongest security system in Australia.
CoinSpot vs BTC Markets: Customer Support
You can reach out to BTC Markets either by submitting a request form or sending an email. The time taken to respond to the queries and issues depends on the user’s location and concern. Many users have filed complaints about the slow response time, however.
CoinSpot offers their investors a 24/7 live chat support feature. You will be connected to a real human agent, instead of a chatbot like many other exchanges, and get assistance from one of the best specialist teams in Australia. I tested out the feature myself and was impressed by how fast and responsive they were. I got a reply within a minute, significantly better than BTC Markets where you have to wait for days before they can get back to you.
They also have a Help Desk and a newly available request-a-call back feature where customers may request a call with a team member if they run into any problems when trading with CoinSpot. Their team is very knowledgeable and professional.
Moreover, CoinSpot has built knowledge centre with informative and comprehensive tutorials and a frequently asked questions section to aid new investors in understanding and obtaining bitcoin and other digital currencies.
CoinSpot has 24/7 support that can get back to customers in minutes. Source: CoinCulture
For us, one of the winning points of CoinSpot is their stellar customer service. Their team is extremely competent and supportive, always available to address any concerns you have.
Overall winner – CoinSpot
Our final verdict is that CoinSpot is the best exchange for investors in Australia. The team at CoinSpot 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 agent. It also 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. Especially, it has registered with AUSTRAC to combat terrorism financing and money laundering.
Is CoinSpot or BTC Markets better?
CoinSpot is better than BTC Markets, especially when it comes to security, coin offerings, innovative features, fees and customer service.
Why is there a price difference between CoinSpot and BTC Markets?
Transaction fees on CoinSpot are much lower than fees on BTC Markets. And what’s even better is you have access to more coins, more services at an extremly competitive fee. Besides, CoinSpot has a top-notch information system and their investors don’t ever have to wonder if one day their accounts will be hacked.
Is CoinSpot the same as BTC Markets?
No. While both are Australian-based exchanges, CoinSpot is one of the best trading platforms in Australia today. Ever since it was founded in 2013, CoinSpot has seen a tremendous growth with a customer base of more than 2 million users, boasting more than 370 cryptocurrencies. Recently, it has also become the first exchange in Australia to introduce an NFT marketplace. Meanwhile, the number of coins and the range of services offered on BTC Markets are quite modest. Their security system is not as strong as CoinSpot and their customer service still needs to be improved to better satisfy their customers.
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.