Ever since its introduction in 2013, CoinSpot has always been at the forefront of blockchain technology. Today, it is the biggest, most well-established cryptocurrency exchange for Australian investors. With more than 350+ different currencies, a superior security system as well as an extremely user friendly interface, Coinspot is no doubt one of the top trading platforms in the world.
A lesser known exchange is CoinJar, which was established in 2013 with headquarter in Melbourne. Investors on CoinJar only have access to more than 40 cryptocurrencies, and their pricing is based on a current spread so it can be subject to fluctuations.
Want to know which exchange is more suited for Aussie investors? CoinSpot is our chosen winner due to its massive coin selection, 24/7 live chat support and an internationally recognized security system.
Comparison Table
Coins 330+ cryptocurrencies 40+ cryptocurrencies Deposits Fee Bank transfer, PayId, OSKO, POLi: Free BPAY: 0.9%, Cash: 2.5% BPAY: Free, NPP: Free Blueshyft: 1.5%, Mastercard/Visa: 2% Trading Fee Market: 0.1%, Instant Buy: 1% 1% Withdraw Fee Free Free Payment Methods Bank transfer, BPAY, Cash Deposit, PayID, OSKO, POLi BPAY, Blueshyft, NPP, Mastercard/Visa Notable Features Fast verification speedStrongest security systemNFT Marketplace Easy to use interfaceCoinJar Mastercard Supported Devices Web, IOS and Android Web, IOS and Android Verification Speed Fast Slow Customer Support 24/7 quick Live Chat customer support No live chat supportEmails take a few days to receive response Year Founded 2013 2013 Beginner Friendly Yes Yes Built in Crypto Wallet Yes Yes
| | | |
| Coins | 330+ cryptocurrencies | 40+ cryptocurrencies |
| Deposits Fee | Bank transfer, PayId, OSKO, POLi: Free BPAY: 0.9%, Cash: 2.5% | BPAY: Free, NPP: Free Blueshyft: 1.5%, Mastercard/Visa: 2% |
| Trading Fee | Market: 0.1%, Instant Buy: 1% | 1% |
| Withdraw Fee | Free | Free |
| Payment Methods | Bank transfer, BPAY, Cash Deposit, PayID, OSKO, POLi | BPAY, Blueshyft, NPP, Mastercard/Visa |
| Notable Features | Fast verification speedStrongest security systemNFT Marketplace | Easy to use interfaceCoinJar Mastercard |
| Supported Devices | Web, IOS and Android | Web, IOS and Android |
| Verification Speed | Fast | Slow |
| Customer Support | 24/7 quick Live Chat customer support | No live chat supportEmails take a few days to receive response |
| Year Founded | 2013 | 2013 |
| Beginner Friendly | Yes | Yes |
| Built in Crypto Wallet | Yes | Yes |
Pros and Cons: CoinSpot
🔥 PROS ❌ CONS
👍 The first and only crypto platform in Australia to hold SO 27001 certification, the highest industry standard for information security OTC services for high volume traders
👍 Multicoin wallet
👍 Over 330 cryptocurrencies offered, including BTC, ETH, LTC, ADA
👍 NFT marketplace that can streamline transaction process
👍 Cryptocurrency staking for Proof-of-Stake coins like Solana, Cardano, Fantom, etc
👍 Live Chat support 24/7
👍 Network of over 2 million users
❌ CoinSpot fees are 1%, but its premium services are worth your money!
| 🔥 PROS | ❌ CONS |
| 👍 The first and only crypto platform in Australia to hold SO 27001 certification, the highest industry standard for information security OTC services for high volume traders 👍 Multicoin wallet 👍 Over 330 cryptocurrencies offered, including BTC, ETH, LTC, ADA 👍 NFT marketplace that can streamline transaction process 👍 Cryptocurrency staking for Proof-of-Stake coins like Solana, Cardano, Fantom, etc 👍 Live Chat support 24/7 👍 Network of over 2 million users | ❌ CoinSpot fees are 1%, but its premium services are worth your money! |
Pros and Cons: CoinJar
🔥 PROS ❌ CONS
👍 Beginner friendly with simple to use interface
👍 Users can trade coins on their mobile phones
❌ Limited offering of coins
❌ Digital currency holdings controlled by CoinJar, not users
❌ Low rating of 3.6/5 on Google Play
❌ Slow verification process, first payment could take a few hours
❌ Not regulated by the Financial Conduct Authority (FCA), transactions based on trust rather than laws
❌ No live chat support
| 🔥 PROS | ❌ CONS |
| 👍 Beginner friendly with simple to use interface 👍 Users can trade coins on their mobile phones | ❌ Limited offering of coins ❌ Digital currency holdings controlled by CoinJar, not users ❌ Low rating of 3.6/5 on Google Play ❌ Slow verification process, first payment could take a few hours ❌ Not regulated by the Financial Conduct Authority (FCA), transactions based on trust rather than laws ❌ No live chat support |
CoinSpot vs CoinJar: A detailed comparison
Fees
CoinSpot offers free deposits if users choose to pay with POLi, PayID, OSKO or transfer through their banks. If investors decide to use BPAY, there will be a 0.9% deposit fee and for cash deposit, it will be 2.5%. Investors may withdraw their AUD from CoinSpot at no additional cost. A 1% fee will be applied to instant buy and sell.
Especially for customers who perform high-volume transactions, CoinSpot provides them with an OTC (Over-The-Counter) Trading Desk that promises seamless, convenient trading experiences. The minimum value required is $50,000 AUD, and CoinSpot users benefit from their top-notch service, including a premium support team in case users need assistance, and an extremely competitive fee of 0.1%.
CoinSpot also offers investors with a user-to-user trading option with merely 0.1% per transaction, and they can trade up to 14 different coins.
CoinJar offers free deposits if users pay with NPP and BPAY. For those using Blueshyft, a 1.5% fee will be applied and for Mastercard/Visa it can go up to 2%, which is definitely at the higher end of the market.
Like CoinSpot, CoinJar also lets investors withdraw their AUD with no charge.
Trading fee comparison
Winner: Tie
There is not much difference between CoinSpot and CoinJar in terms of fees. They both charge 1% on buy/sell transactions, and they both offer some fee-free deposit methods.
Deposit Methods
Deposit methods available. Source: CoinSpot
CoinSpot is extremely flexible in its deposit methods. Users may put their deposit into CoinSpot from 3 major payment institutions in Australia: POLi, BPAY and PayID. POLi payments are fee-free and can be deposited instantly, while BPAY is an e-wallet system that can process transactions quickly within 24 hours. Similarly, PayID is also an instant bank transfer deposit method that offers free deposits. All of these 3 options are guaranteed to be the best and most secure payment methods in Australia.
CoinSpot also accepts deposits at major retail outlets in Australia’s major cities as well as cash deposits via Blueshyft. As a premier crypto platform, CoinSpot truly has a great array of payment methods that can make the transaction process much smoother for its investors.
On the contrary, CoinJar offers fewer options for its investors. It accepts direct bank and wire transfers as well as Blueshyft and cryptocurrency deposits. Blueshyft currently owns more than 1,200 branches in Australia at various news outlets. Users may deposit hard cash into their accounts directly.
Winner: CoinSpot
CoinSpot offers more deposit methods for its users, and they have partnerships with top notch payment firms in Australia to make sure the process is easy for everybody.
Features
CoinSpot is indeed the go-to crypto platform for both beginners and experienced investors. Its users greatly benefit from the 2.5 million customers network, no matter when or how much they want to trade, they will always find a match. And the trading fee is surprisingly low, merely 0.1%.
CoinSpot also offers a multi-coin wallet with a wider variety than most current wallets in the market. This virtual wallet allows users to store Bitcoin, Dogecoin, Ethereum and many more. Moreover, investors making transactions on CoinSpot are guaranteed one of the best security systems in the world. They can easily keep track of their balances, swap coins or view their recent activities on the exchange.
CoinSpot’s Bundles. Source: CoinSpot
For people who are new to the crypto world, you may want to look into CoinSpot’s bundles. On their website, CoinSpot lists a total of 12 bundles, such as DeFi bundle, NFT bundle, Green bundle, Social Bundle, AI Bundle and the Top Ten Market Cap Bundle. Investors may choose this option if they want to easily diversify their portfolio.
Another special feature of CoinSpot is CoinSwap. Investors are allowed to trade directly from any of the 350+ currencies on the platform into any coin of their interest. CoinSpot currently offers 15 trading pairs. Using its locked-in prices, transactions on CoinSpot are processed just within seconds. This is definitely one of the winning points for CoinSpot.
For investors interested in starting their own self-managed super funds (SMSF) as a way of saving for their retirement, CoinSpot also has plenty of resources to help them out. Not only does it offer cryptocurrency SMSF trading accounts, but it also has a dedicated SMSF team to guide the investors through the process.
Recently, CoinSpot has added 2 new important features on its exchange. One is cryptocurrency staking, allowing users to stake Proof-of-Stake coins such as Solana or Cardano in their digital wallets and earn passive rewards on a weekly basis. The other is an in-platform NFT Marketplace, which includes notable NFT projects like Bored Ape Yacht Club, or Australian Creator BossLogic’s Gauntlet series. This means Australians can now easily buy and sell digital art directly from their CoinSpot account, without having to go through complicated processes via external exchanges.
With this project, CoinSpot has once again proved its position as the best crypto exchange in Australia.
Meanwhile, CoinJar offers its own CoinJar Mastercard that users can load with their cryptocurrency and use it to pay for goods and services. If they use this CoinJar card to spend crypto, they will also earn rewards. CoinJar also provides Bundles for users to save some time and money.
Winner: CoinSpot
CoinSpot has put a lot of effort into building the most inclusive, supportive system for its investors. No matter if you are a newbie or a seasoned pro, whether you are just experiencing the crypto world or are planning for your long-term plans, CoinSpot is sure to have your back.
Number of Cryptocurrencies
CoinSpot supports more than 330 different cryptocurrencies (Source: CoinCulture)
With more than 350 different cryptocurrencies, CoinSpot promises to bring its users the best trading experiences. It has all the big assets like BTC, LTC, ETH or XRP along with the small altcoins. Investors have the freedom to choose whichever coins they want to invest in, as long as they fit into their budget.
CoinJar, on the other hand, is not as diverse. It only offers 40+ different cryptocurrencies, among which, only 7 are top coins while the rest are ERC-20 tokens. If you are looking to diversify your investment portfolio, CoinJar might not be your best option.
Winner: CoinSpot
CoinSpot is one of the largest trading platforms in the world, and it is currently offering more than 350+ coins on its exchange, making it extremely easy for its investors to diversify their portfolio.
Number of Cryptocurrencies
CoinSpot supports more than 330 different cryptocurrencies (Source: CoinCulture)
With more than 350 different cryptocurrencies, CoinSpot promises to bring its users the best trading experiences. It has all the big assets like BTC, LTC, ETH or XRP along with the small altcoins. Investors have the freedom to choose whichever coins they want to invest in, as long as they fit into their budget.
CoinJar, on the other hand, is not as diverse. It only offers 40+ different cryptocurrencies, among which, only 7 are top coins while the rest are ERC-20 tokens. If you are looking to diversify your investment portfolio, CoinJar might not be your best option.
Winner: CoinSpot
CoinSpot is one of the largest trading platforms in the world, and it is currently offering more than 350+ coins on its exchange, making it extremely easy for its CoinSpot is one of the largest trading platforms in the world, and it is currently offering more than 350+ coins on its exchange, making it extremely easy for its investors to diversify their portfolio.
Security
Source: CoinSpot
Any transaction involving digital assets will require the highest level of security. In this regard, users of CoinSpot can have peace of mind knowing that CoinSpot always treats their customers’ safety as their number 1 priority. To this day, CoinSpot is the first and only exchange in Australia to own SO 27001 certification, the highest industry standard for an information security management system. The standard was originally developed by the International Organisation for Standardisation and the International Electrotechnical Commission.
To meet the extremely strict standards of the SO 27001 certification, CoinSpot submitted an external audit, probing all of their processes about customer data, data storage, supply chain, information management, storage, intellectual property and employees. The fact that CoinSpot not only received the certification but also succeeded in maintaining it throughout these years proves that this crypto platform is committed to ensuring its investors are protected in the best way possible. It has also gained recognition from Blockchain Australia as an official provider of digital currency.
Moreover, CoinSpot allows users to customise the security features to any level they desire once they create their account on its exchange. Investors, in other words, are in complete control of their assets.
CoinJar, however, seems to be less rigorous when it comes to security features. It stores customer funds offline and utilises a machine learning algorithm to spot suspicious activities. Nonetheless, many users have reported losing money or having trouble transferring funds on CoinJar.
Winner: CoinSpot
When it comes to security, no other exchange in Australia can beat CoinSpot. They are committed to bringing their customers the safest, most secure trading experiences.
Verification Speed
According to the Australia Transaction Reports and Analysis Centre (AUSTRAC), every crypto exchange in Australia is required to collect and verify “know your customer” (KYC) information. At CoinSpot, users only have to go through a simple 3-step verification process and they are allowed to deposit up to $2000. For higher trading volumes, additional information will be required but this process is still extremely fast.
The KYC verification process on CoinJar, on the other hand, is notorious for being quite cumbersome. Even if you just want to deposit a small amount of money, it could take days to process.
Winner: CoinSpot
CoinSpot has a superb information system that enables them to process data of their customers within minutes. Their easier KYC verification allows their customers to quickly gain access to cryptocurrencies on the platform. This is one of the advantages that make them the best exchange in Australia.
Customer Support
24/7 Customer support is an excellent feature that sets CoinSpot apart. Its live chat customer service is always available to answer any concerns from the investors.
However, compared to CoinSpot, CoinJar’s tech support is quite subpar. Many users have complained that their concerns are not properly and promptly addressed. It may take up to 1 month to resolve any problems related to their accounts. Other complaints include difficulties when withdrawing funds, cumbersome verification process or laggy app.
CoinSpot has 24/7 support that can get back to customers in minutes. Source: CoinCulture
Winner: CoinSpot
Investors using CoinSpot will have access to 24/7 live chat support where they are connected to a real agent. CoinJar, on the other hand, needs to find ways to improve its customer services.
Overall winner – CoinSpot
CoinSpot is definitely the #1 recommendation for investors in Australia. This trading platform is superior in every aspect. First of all, it has built an extremely user-friendly interface, making it accessible to even a complete beginner. If its customers need assistance while making transactions, they always have support from its live chat feature, where customers are connected to a real agent. Secondly, it offers a wide range of coins, making it very flexible for investors to diversify their portfolios. Most importantly, CoinSpot is the most trusted and secure crypto exchange in Australia that has gained recognition from reputable organisations. It has also registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to prevent terrorism financing and money laundering.
FAQS:
Is CoinSpot or CoinJar better?
CoinSpot is superior to CoinJar. Compared to CoinJar, Coinspot has more diverse coin offerings, a more advanced and more secure system as well as much better customer services. We highly recommend CoinSpot to anyone interested in tapping into the crypto market.
Why is there a price difference between CoinSpot and coinJar?
High quality comes at a high price. While CoinSpot has a higher fee, it is the only exchange in Australia to own the coveted SO 27001 certification, making it one of the most impenetrable exchanges in Australia. The quality of their information system is top notch and greatly benefits their users. Unlike CoinJar, investors won’t have to worry about the risks of losing funds when they use CoinSpot.
Moreover, if you use the CoinSpot Markets, you are free to trade with 2 other million customers for an extremely competitive rate of 0.1%.
Is CoinSpot the same as coinJar?
Although both CoinSpot and CoinJar were founded in Melbourne in 2013, CoinSpot has seen tremendous growth ever since and now has a customer base of more than 2 million users, boasting more than 330 cryptocurrencies. Meanwhile, CoinJar only has over 70,000 customers with a list of merely 40 coins. CoinSpot also put more effort into advancing its security system, ensuring every client will have the best experience when trading on its exchange. CoinSpot’s effort has been widely recognised by leading organisations in the industry, like AUSTRAC. Emphasis on customer services is also another thing that sets CoinSpot apart from CoinJar.
