Launched in 2013, CoinSpot is the biggest crypto exchange in Australia, with more than 2.5 million customers. First appearing on the market in 2012, Coinbase is a crypto exchange in the United States. Investors can be familiar with these exchanges, but which is the best? In our comparison, CoinSpot is more suited to Australian investors and those favouring a crypto exchange with staking service, in-platform NFT marketplace, 24/7 customer support and many other exclusive features.
CoinSpot vs Coinbase Comparison Table
|Trading Fee||Instant buy: 1%; Market and OTC: 0.1%;||Spread per trade: 0.5%; Debit card fee: 3.99%|
|Customer Support||24/7 Live Chat, Request-a-call feature, Help Desk||Email support, Enquiry form (ticket)|
|Deposits Fee||Bank transfer, PayID, POLi, OSKO: Free; Cash: 2.5%; BPAY: 0.9%||Included in trading fee|
|Withdraw Fee||Free||No withdrawals in Australia|
|Payment Options||Bank transfer, POLi, PayID, OSKO, BPAY, Cash deposit||Debit card|
|Daily Deposit Limit||No limit after full verification||$375/week|
|Security||2FA, Offline cold storage, Biometric security, Blockchain Australia certified, AUSTRAC registered, ISO 27001 certified||2FA, Biometric security, Offline cold storage|
CoinSpot vs Coinbase: Pros & Cons
Pros & Cons: CoinSpot
Over 360 different coins for trade, more than other Australia-based exchanges.
Highly secure Australia-based exchange that was ISO certified and AUSTRAC-regulated.
24/7 Live Chat Support, Request-a-call feature, responsive support via Help Desk
The NFT marketplace allows users to purchase their favourite NFTs directly from their CoinSpot account.
Staking feature requires no lock-in periods and gives staking rewards to users’ accounts directly.
CoinSpot’s OTC offering allows larger trades for a competitive low fee of 0.1% with no hidden costs.
It currently supports only fiat currency deposits and withdrawals for AUD.
Pros & Cons: Coinbase
A relatively secure exchange with two-factor authentication, FDIC-insured USD balances, cold storage, etc.
Coinbase Pro (formerly known as GDAX) has real-time charting tools for users to view trade history.
The exchange has mobile apps for iOS and Android.
It only supports limited number of coins/tokens (roughly 100+)
Coinbase charges a higher transaction fee (and sometimes a more perplexing fee structure) than other exchanges.
Coinbase’s customer care is rated poorly, even in the face of major account security problems.
Users can neither sell their cryptocurrency in Australia nor withdraw AUD to their bank account.
CoinSpot vs Coinbase Fees
As crypto exchanges earn money via transaction fees, it is vital to understand precisely how much they are charging each time you make a transaction. However, this is not easy given that certain platforms regularly attempt to mask additional fees through bizarre prices. So keep reading this section to learn more about Coinbase and CoinSpot’s costs.
You can easily deposit funds into your CoinSpot account to purchase Bitcoin because CoinSpot charges ZERO fees. Users can make free-of-charge and instant deposits using PayID, POLi, or Direct Deposit (through OSKO). If you choose to deposit via BPAY, there is a small fee of 0.9%.
Coinbase works differently in that you are not required to pre-fund your account with a deposit. When you desire to purchase cryptocurrency, you just pay with your debit card. Coinbase allows payment through debit cards (it no longer takes credit cards) and levies a hefty transaction fee of 3.99%.
CoinSpot charges a 1% trading fee for instant buys and sells, which is a market-leading rate in the sector. CoinSpot’s customers can benefit from a 0.1% fee via the Market section where the spread is low and dictated by the users. They can also get a 0.1% fee via OTC (Over-the-counter) for trades valued at $50,000 or more, which additionally provides highly competitive spreads and rates.
Coinbase imposes a 0.5% fee, besides the 3.99% debit card fee on each transaction. So users have to pay a high total cost of 4.49% for purchasing cryptocurrency. Moreover, Australian residents will be unable to sell cryptocurrencies on Coinbase. You can only acquire cryptocurrency and transfer it to a third-party wallet or another exchange.
CoinSpot does not charge fees when you transfer AUD from your CoinSpot account to your authorised Australian bank account. There are also no minimum or maximum withdrawal requirements.
Coinbase does NOT permit fiat withdrawals in Australia, as you can not withdraw AUD to your bank account. On Coinbase, it is only possible for Australians to purchase crypto and transfer it to another exchange or a personal wallet if they want to sell it. You should keep this major constraint in mind if you choose to use Coinbase.
When it comes to fees, CoinSpot is the predominating winner. CoinSpot’s transaction fees of 1% are much lower than those charged by Coinbase (4.49%). Unlike Coinbase, which doesn’t permit the selling of cryptocurrencies in Australia, CoinSpot’s users can withdraw AUD to their bank account without any fees.
CoinSpot vs Coinbase Deposit Methods
CoinSpot features a wide range of free-of-charge deposit options, including Direct Deposit, PayID, POLi, and cryptocurrency. You can also fund your account via BPAY (0.9% fee) or cash deposits at a newsagent (2.5% fee – this fee is charged by the service provider, not CoinSpot).
Coinbase’s users don’t have to deposit money beforehand to fund their accounts. Therefore, you can use your debit card for payment when you make a purchase that incurs a 3.99% fee. Coinbase only supports Debit cards as payment for Aussie investors.
CoinSpot outperforms its peer because it supports a wider variety of deposit methods, while Coinbase only accepts debit cards for Australian customers, incurring a 3.99% fee.
CoinSpot vs Coinbase Standout Features
Coinbase vs. CoinSpot are great cryptocurrency exchanges with various useful features. Instead of going in-depth about every service they offer, this section will focus on the features that set them apart.
CoinSpot Standout Features
CoinSpot’s user interface is straightforward, making it simple for inexperienced traders to join the trading process. For instance, the CoinSpot Bundles can aid users to diversify their crypto portfolios. It also allows users to acquire several coins in a single transaction, which spreads their risk, lowers costs, and affixes an average cost over several cryptos.
In addition, CoinSpot prides itself on being one of the first Australian cryptocurrency exchanges to provide staking service. The platform presently accepts staking on 22 different currencies and constantly expands its offerings. Noticeably, the staking service of CoinSpot requires no lock-in periods for staked coins and gives staking rewards directly to users’ accounts.
CoinSpot’s platform now includes an NFT Marketplace, a highly-rated feature for Australians. Everyone has heard of NFTs, but obtaining one has never been easier. There is no need to register with OpenSea, establish a wallet, or purchase solely with ETH. You can purchase it directly from your CoinSpot account using any cryptocurrencies actively traded on the platform. You can also sell your NFTs directly through CoinSpot.
CoinSpot’s NFT marketplace. Source: CoinSpot.com.au
Coinbase Standout Features
Coinbase customers can trade on two platforms: the regular Coinbase, which enables users to acquire Bitcoin using US dollars, and Coinbase Pro. Coinbase Pro, formerly known as GDAX, enables expert cryptocurrency traders to buy and sell from other users and includes advanced features such as stop losses and limit orders. Additionally, Coinbase Pro has cheaper costs than Coinbase.
Coinbase’s platform has a unique feature called Coinbase Earn. You may earn free crypto while viewing a video about crypto! These are merely brief videos that provide a reward upon completion. As an example of current incentives, you may earn $9 in COMP cryptocurrency simply by viewing three short videos (3 minutes each).
“Earn while you learn” on Coinbase. Source: Coinbase.com
Coinbase’s Wallet app is available on iOS and Android smartphones. It has more than 1 million downloads and a 4.3-star rating from 24K reviews on the Google Play store. The Wallet enables customers to store cryptocurrency while participating in airdrops and accessing various decentralised features.
CoinSpot is apparently the most suitable for Aussie investors and traders who favour a user-friendly exchange with the NFT marketplace included and other premium features.
CoinSpot vs Coinbase: Supported Cryptocurrencies
Coinbase and CoinSpot are the leading crypto exchanges that allow their users to purchase and sell various cryptocurrencies.
CoinSpot – Supported Cryptocurrencies
CoinSpot accepts a broader assortment of cryptocurrencies than any other Australian-based exchanges. It allows users to buy, sell or swap several kinds of cryptocurrencies (currently more than 360+). The platform adds new coins to its exchange regularly, making it easy for users to find the cryptocurrencies to invest in. For fiat currencies, the Australian-based platform currently supports only AUD.
Coinbase – Supported Cryptocurrencies
Coinbase supports fewer cryptocurrencies than CoinSpot and many other cryptocurrency exchanges. There are only about 100 different coins supported, many of which are stablecoins, though the platform sometimes adds new coins to the list. With the limited number of coin lists, this of course makes the number of trading pairs limited.
CoinSpot undoubtedly wins because it supports a greater number of cryptocurrencies than Coinbase. With a wide range of coins listed on CoinSpot, investors can focus on both major coins with potential growth and also less popular ones to diversify their portfolios.
CoinSpot vs Coinbase Security
Security is among the great concerns for every crypto investor, and both CoinSpot and Coinbase are leaders in this aspect.
CoinSpot security features
CoinSpot’s multi-layered security incorporates Two-Factor Authentication (2FA), anti-phishing phrases, custom withdrawal limitations, session timeout settings, and geo-lock logins. These industry best practices ensure that CoinSpot users can safeguard their finances and assets to the highest level.
CoinSpot is AUSTRAC-registered and strictly adheres to anti-money laundering and know-your-customer (AML/KYC) obligations. The platform is also a certified member of Blockchain Australia and fully compliant with the Australian Digital Currency Industry Code of Conduct. It also boasts that it’s Australia’s most secure and audited cryptocurrency exchange and is the only Australia-based platform with the ISO 27001 certification.
Coinbase security features
Coinbase’s security measures include two-factor authentication (2FA), biometric logins (fingerprint and face ID), data encryption, USB drives and paper backups in safes worldwide. The platform keeps 97% of its digital assets via encrypted, geographically separated, offline storage. If Coinbase is hacked and your Bitcoin is stolen, it is committed to covering you for the losses.
However, it’s worth noting that despite these security features, at least 6,000 users had their funds removed from their Coinbase accounts due to phishing attacks between March and May 20, 2021. According to Business Insider, Coinbase dealt with this incident by promising to reimburse the affected customers the full value of what they lost. However, the number of those who received the compensation was not disclosed.
Unlike Coinbase, CoinSpot is a highly secure exchange committed to ensuring the utmost security for customers. CoinSpot’s customers have never experienced security issues since the exchange was founded.
CoinSpot vs Coinbase Customer Support
CoinSpot customer support
If you are faced with any difficulties, Live Chat assistance (which is not available on Coinbase) is 24/7 to assist you. I’ve tried the Live Chat a few times and am always connected within just 1 minute to a genuine person (no bots). I’ve always found the Support Service to be kind, professional, and competent in quickly resolving my concerns. In addition, it is also possible to reach out to CoinSpot’s specialist support team through the Help Desk or use the new request-a-call feature if you want to arrange a call with CoinSpot’s support member.
CoinSpot’s support is 24/7. Source: Coinculture
Coinbase customer support
Coinbase receives a high volume of online complaints and has a bad reputation for being unresponsive to customers. Coinbase’s customer support is mainly by email. Many consumers complained that it was very hard to contact Coinbase’s representatives and that the support team was incompetent in resolving user issues.
CoinSpot outperforms Coinbase regarding its professional customer support, which helps CoinSpot earn the trust of many customers.
Overall winner – CoinSpot
CoinSpot is the top-leading Australian crypto exchanges, whereas Coinbase is less popular U.S.-based crypto platform. Considering all the factors discussed above, it’s clear that CoinSpot is by far the winner.
CoinSpot supports more than 360+ cryptocurrencies with minimal transaction costs of 0.1%. The NFT marketplace is included right on the CoinSpot platform for users to exchange their coins, and its staking service requires no lock-in periods for staked coins. In addition, 24/7 support and Live Chat assistance are other selling points of CoinSpot.
Meanwhile, Coinbase supports more than 100+ cryptocurrencies and has Coinbase Pro for experienced traders, but it only accepts debit card purchases and charges a high 3.99% fee. Adding this fee to the 0.5% transaction fee, you are losing 4.49% on each transaction – nearly 4.5x the fee on CoinSpot. In addition, Coinbase has a bad reputation for being unresponsive to customers encountering issues.
All in all, CoinSpot is a good venue for those making every first foray into the crypto space or users who want to purchase and store their digital assets for the long haul. Coinbase, on the other hand, is also a good crypto exchange, but it’s just not best suitable for the Australian market at all.
Is CoinSpot or Coinbase better?
For us, CoinSpot is undoubtedly the winner. In fact, we ranked them as the best exchange accessible to Australians. The rationale is straightforward: they provide a massive selection of altcoins that you can purchase directly with Australian dollars, eliminating the need to buy Bitcoin first and then transmit it to another exchange to get your altcoins. Their customer support is also very professional and capable of resolving customers’ issues quickly.
Why does the price differ between CoinSpot vs. Coinbase?
Across exchanges, there are differences in the crypto rates/prices due to varying levels of supply and demand, the trading volume and other factors. In addition, the trading, deposit or withdrawal fees may differ across different exchanges. This applies to all crypto exchanges, and CoinSpot and Coinbase are no exception.
Is CoinSpot the same as Coinbase?
CoinSpot is one of the top-leading cryptocurrency exchanges in Australia, whereas Coinbase is a U.S-based platform. There are discrepancies in the transaction fees, deposit methods, supported cryptocurrencies, and many more. Generally, both are good exchanges, but CoinSpot is more suited to Australian crypto investors and new traders favouring an exchange with a user-friendly in-platform NFT marketplace and many other useful features.