CoinSpot and Digital Surge are two of the best crypto exchanges Australians are familiar with. Founded in 2013 by cyber-security expert Russell Wilson, CoinSpot is currently Australia’s largest crypto exchange, boasting a massive selection of major tokens and altcoins. Digital Surge, on the other hand, was founded in 2017 and is well-known for its beginner-friendly platform as well as competitive trading fees.
Although these 2 exchanges share some similarities, CoinSpot is still a much better trading platform for its diverse range of services offered, robust security system, as well as excellent customer support.
|Coins||350+ cryptocurrencies||300+ cryptocurrencies|
|Deposit Fee||Bank transfer, PayId, OSKO, POLi: FreeBPAY: 0.9%, Cash: 2.5%||PayID, Crypto, OSKO: FreePOLi: fee ranges from $2 up to a maximum of $3.30|
|Trading Fee||Market: 0.1%, Instant Buy: 1%||0.5%|
|Payment Methods||Bank transfer, BPAY, Cash Deposit, PayID, OSKO, POLi||PayID, POLi|
|Notable Features||Quick sign-up process Beginner friendly 24/7 customer supportStrongest security system in AustraliaIn-platformNFT Marketplace 1st Australian exchange to offer coin staking||Beginner friendlyGood customer supportAllow their users to use Bitcoin to pay for Australian bills or credit cards|
|Supported Devices||Web, IOS and Android||Web, IOS and Android|
|Customer Support||24/7 quick Live Chat customer support||24/7 customer support|
|Built in Crypto Wallet||Yes||Yes|
CoinSpot vs Digital Surge: Overview
Ever since its inception in 2013, CoinSpot has always been regarded as the best crypto exchange for Australian investors. It is trusted by over 2 million users and has gained recognition from leading institutions for its top-notch security system.
CoinSpot was founded with a goal to become a safe and secure place for Australians to trade crypto under the protection of Australia’s regulatory framework.
During the past 9 years, CoinSpot has been working non-stop to bring the best trading experiences to its customers. It is ISO 27001 certified, meaning that CoinSpot is compliant with international standards for information security management, confidentiality, and integrity. CoinSpot users, therefore, won’t ever have to worry about their data being stolen or their accounts getting hacked.
Moreover, CoinSpot is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) – a financial intelligence organisation that aims to prevent money laundering, organised crime or terrorism financing. It is also a certified exchange with Blockchain Australia, which means CoinSpot is following the best practice standards.
CoinSpot has been around for nearly a decade, and it has always been a top choice for Aussies.
Digital Surge Overview
Digital Surge was founded in 2017 by Dan Rutter and Josh Lehman. Though they are often known for aesthetic and intuitive interface, customers often complain about its lack of functionality, especially with the mobile phone version: wallet registers as blank, limited charting features, etc.
Digital Surge is registered with ASIC & AUSTRAC, meaning that it is compliant with Australian financial laws. The security measures they employ are very standard: 2FA authentication, cold storage option for wallets. However, the fact that Digital Surge hasn’t registered with Blockchain Australian has raised concerns about the quality of its services. In fact, customers have left reviews reporting they lost thousands of dollars when they try to deposit money into their accounts on Digital Surge.
Digital Surge’s fee structure is relatively straightforward as they charge a flat fee of 0.5% fee on instant buy & sell orders. Most deposit options are free, but if you choose to deposit via POli they will ask for a fee ranging from $2 to $3.30.
While CoinSpot has over 350 listed cryptocurrencies, Digital Surge currently only has around 300 coin offerings.
Pros & Cons: CoinSpot
Over 350 cryptocurrencies offered, including BTC, ETH, LTC, ADA
Australia’s most trusted and secure exchange
OTC services for high volume traders
An NFT marketplace
Excellent 24/7 customer service
Only supporting fiat currency deposits and withdrawals for AUD
Credit and debit card payments are not supported
Pros & Cons: Digital Surge
Beginner friendly interface
Relatively low fees
Allow users to pay bills in Bitcoin
Limited payment methods
Lacks advanced order types
No ISO 27001 certification
Bad customer service
CoinSpot vs Digital Surge: A detailed comparison
CoinSpot vs Digital Surge: Fee Structure
With trading fees starting at 0.1% for market orders and OTC, CoinSpot is currently one of the cheapest Australian crypto exchange.
They charge customers a flat fee of 1% for Instant Buy, Sell, Swap orders and recurring orders. Take Profit, Stop, and Limit Orders also attract a 1% fee. The post about the CoinSpot fee scheme may pique your interest if you want to know how CoinSpot fees work and trade on this platform.
For experienced traders who wish to make large-volume transactions, they can take advantage of CoinSpot’s OTC feature. The minimum amount required is $50,000 AUD, and investors will have access to their first-rate service, including the option to have a CoinSpot Account Manager call you and execute the trade on your behalf 7 days a week, as well as an extremely competitive fee of 0.1%.
Digital Surge, on the other hand, employs a tiered fee model based on rolling 30-day trade volume. The trading fee for buy and sell trades is 0.5% for amounts less than $100,000 per month. For more than $1 million in trading volume in a month, the lowest fee available is 0.1%.
When you take into account all the premium services that CoinSpot offers, you will realize their transaction fees are indeed extremely competitive. Especially for investors who want to make larger trades, the minimum amount required on CoinSpot is only $50,000, and you can trade with a fee as low as 0.1%. If you choose Digital Surge, the number goes up to $1 million, significantly higher.
CoinSpot vs Digital Surge: Deposit and Withdrawals Methods
Deposit methods available. Source: CoinSpot
Digital Surge accepts deposits from POLi and PayID, which is a slightly smaller range of deposit options compared to many other exchanges. You can make instant deposits using PayID or direct deposits (via OSKO) for free. Users who deposit using POli, on the other hand, will be charged between $2 and $3.30 per transaction. Digital Surge does not charge AUD withdrawal fees.
Users on CoinSpot, conversely, benefit from their wide range of deposit options. CoinSpot accepts deposits from three major Australian payment institutions: 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. Like Digital Surge, AUD withdrawals from CoinSpot wallet are free.
The payment options on Digital Surge are quite limited when compared to CoinSpot. Users on CoinSpot have greater flexibility when depositing their money into their accounts.
CoinSpot vs Digital Surge: Notable Features
Digital Surge Features
A key feature of Digital Surge is the low trading fees, which begin at 0.5% and reduce with higher trading volume. In addition, their spreads are among the most competitive in the local market.
Moreover, Digital Surge has a personal wallet feature that simplifies the process of purchasing cryptocurrency for new buyers. You can deposit AUD into your Digital Surge wallet and withdraw it whenever you want. Your wallet will store your cryptocurrencies, making short-term transactions faster and easier.
For Aussie investors, you might also want to look into Digital Surge’s ‘Pay your bills’ feature, which allows Australians to pay their bills in Bitcoin, as long as the bill is from an Australian vendor and comes with a BPAY code.
A top priority that CoinSpot has always been committed to is ensuring that their customers have a seamless, convenient trading experience. Their app CoinSpot – Buy & Sell Bitcoin is available on both Google Play and App Store, so users can easily download and install directly on their phones. Their interface is simple to use, you can stay up-to-date on all market moves and manage your wallet in a single convenient display.
For those who are new to the world of crypto, CoinSpot’s Bundles might be a great place to start. CoinSpot has a total of 12 bundles on their website, including 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.
Coin Staking on CoinSpot
One thing we really like about CoinSpot is their staking services. In fact, CoinSpot is the first Australian-based exchange to offer this feature. You can use your CoinSpot wallet to store and grow your Proof of Stake (PoS) coins. CoinSpot is currently supporting staking on 22 different cryptocurrencies, and they are planning to add more in the future. This service is completely free; there are no minimum or maximum stake amounts, and no lock-up period required.
CoinSpot is also the first crypto exchange in Australia to launch an in-platform NFT Marketplace, allowing users to make direct purchases from their accounts. Why is it a notable feature? With this NFT Marketplace, CoinSpot aims to streamline the process of trading NFT collections. You won’t have to go through a third party like Opensea and feel overwhelmed by massive their NFT collection. CoinSpot offers a hand-picked selection of popular NFT projects that you can buy straight from your CoinSpot account.
While both exchanges offer great features for their users, we choose CoinSpot as the winner of this round because of their dedication to making crypto trading accessible to everyone. The addition of a NFT marketplace and coin staking are huge bonus points showing CoinSpot’s relentless effort to bring the best experiences for its customers.
Number of Cryptocurrencies
CoinSpot supports more than 350 different cryptocurrencies (Source: CoinCulture)
CoinSpot is currently supporting over 350+ coins on their platform, a lot more than any other Australian-based exchanges. Users can easily diversify their portfolio as CoinSpot offers all major coins like BTC, ETH and XRP as well as small altcoins. For fiat currencies, the Australian-based platform currently supports only AUD.
Digital Surge also has a relatively large selection, with over 300+ coins listed on their exchange. However, if you want to trade major coins like Bitcoin or Ethereum, you might want to look for other exchanges like CoinSpot, as the spreads on Digital Surge can be quite large.
CoinSpot easily wins this round with its large selection of cryptocurrencies.
CoinSpot vs Digital Surge: Security
CoinSpot is extremely cautious when it comes to protecting their users’ personal data. The exchange employs a wide variety of security measures such as two-factor authentication, biometric security features ( face and fingerprint ID), an anti-phishing phrase, geo-lock logins, session timeout, as well as disabling unauthorised withdrawals.
In 2018, CoinSpot became a Registered Digital Currency Exchange (the first exchange in Australia to achieve this). Its compliance with all Australian regulations shows that CoinSpot is truly a legit and secure trading platform for Aussies. Their excellence has also been internationally recognised, being the first and only Australian exchange to achieve the highly coveted ISO 27001 certification.
On the other hand, Digital Surge implements industry-standard security measures such as 2FA, a combination of hot and cold wallet storage and conducts regular security audits. The ‘external crypto send’ feature then adds an extra layer of security to control withdrawals. This option can be disabled, which prevents crypto from being sent to another digital wallet.
Digital Surge has a decent security system, but CoinSpot is truly a standout for security. It is a certified member of Blockchain Australia, which means it always complies with the Australian Digital Currency Industry Code of Conduct. It is also the only Australian exchange that has received ISO 27001 certification after undergoing a stringent auditing process.
CoinSpot vs Digital Surge: Customer Support
CoinSpot’s Live Chat feature allows customers to get assistance immediately, 24/7. Their support team is highly competent and responsive, and you can get their response within minutes. In fact, we tested out this feature and their team answers our queries within 1 minute. Truly impressive! For newcomers, this is an extremely important function. You may find yourselves overwhelmed with information about crypto, trading charts etc. But don’t worry, CoinSpot team is sure to have your back.
CoinSpot provides further support through their Help Desk and a newly added request-a-call back feature where users can schedule calls with a staff member.
They even have a 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.
Digital Surge also offers live chat support where customers can talk to a real human agent. However their response time is much slower than that of CoinSpot. We have also received complaints from customers reporting losing funds in their accounts but didn’t get any assistance or replies from Digital Surge.
Unlike CoinSpot team who is very active on various social media platforms like Reddit and Trustpilot to promptly answer any questions from their clients, Digital Surge lacks presence on these channels and hence, many concerns remain unaddressed.
CoinSpot has 24/7 support that can get back to customers in minutes. Source: CoinCulture
CoinSpot’s customer service is unrivalled, with responsive 24/7 Live Chat agents always ready to assist you. This is especially useful if you are new to cryptocurrency and are likely to have a lot of questions.
Overall winner – CoinSpot
CoinSpot is without a doubt the greatest cryptocurrency exchange for Australian investors searching for a user-friendly platform. The simple and intuitive design of CoinSpot allows even the most inexperienced user to navigate their app with ease. The Live Chat feature lets CoinSpot users to speak with a real human instead of being stuck in an endless loop with a useless help-bot. To this day, it is Australia’s most reputable and secure cryptocurrency exchange, going through most audits and is the only Australian crypto exchange with ISO 27001 certification. CoinSpot is also registered with AUSTRAC, which actively prevents financial crimes, scams, and other shady practices from taking place on the platform.
Is CoinSpot or Digital Surge better?
CoinSpot is better than Digital Surge, especially when it comes to innovative features and security system. A distinguishing feature of CoinSpot is the ability to earn passive rewards by staking Proof-of-Stake tokens, which is not currently available on Digital Surge.
Why is there a price difference between CoinSpot and Digital Surge?
The fees on CoinSpot are slightly higher than Digital Surge. However, it’s worth noting that CoinSpot also has more coins than Digital Surge, more features and more secure system. When we take these factors into consideration, the fees that CoinSpot offers are actually reasonable.
Is CoinSpot the same as Digital Surge?
No. CoinSpot was founded in Melbourne in 2013 and currently has the most diverse selection of digital assets in Australia, with over 350+ cryptocurrencies available for trading on the platform. With over 2 million users, CoinSpot is also Australia’s most trusted and secure cryptocurrency exchange. Digital Surge, founded in 2017, is a newcomer to the industry. It has an user-friendly platform and is curently home to over 300 digital currencies.
|Fiat Currencies||AUD, USD, NZD, SGD||AUD||AUD||AUD, USD, GBP, EUR & 11 more||AUD, NZD|
|Cryptocurrencies||BTC, ETH, LTC, XRP, BCH, ADA & 20 more||BTC, ETH, LTC, XRP, BCH, ADA & 350+ more||BTC, ETH, BNB, ADA, XRP & 300+ more||BTC, ETH, BCH, XRP, LTC, ADA & 24 more||BTC, BTG, BCH, ADA, ETH, ETC & 310+ more|
|Deposit Methods||Bank Transfer or PayID/Osko||Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency||PayID, POLi, OSKO, Cryptocurrency||Bank Transfer, Credit card, Debit card, PayPal, POLi||POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency|
|Trading Fees||0.5%||Market order: 0.1%, Instant buy: 1%||Market order: starts from 0.5%, Instant buy: 0.5%||Included in spreads||0.6%|
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.