Since its establishment in 2013, CoinSpot has become one of the best cryptocurrency exchanges in Australia. On the other hand, founded in 2007, eToro Australia has also quickly expanded to become a broker that provides cryptocurrency trading as one of its numerous firm branches. But the question remains. Which is better, CoinSpot vs Etoro?
After comparing CoinSpot vs Etoro across many categories, CoinSpot is indeed better than eToro due to its large cryptocurrency selection, low fees, 24/7 live chat support, staking service and in-platform NFT marketplace.
CoinSpot vs eToro Australia Comparison Table
|Trading Fee||Market: 0.1%; Instant buy: 1%||Included in spread|
|Deposits Fee||BPAY: 0.9%; Cash: 2.5%; Bank transfer, POLi, PayID, OSKO: Free||Free, with a USD to AUD currency conversion fee|
|Withdraw Fee||Free||$5 + currency conversion fee|
|Payment Options||Bank transfer, OSKO, BPAY, POLi, PayID, Cash deposit||Direct Deposit, Bank Transfer, POLi, PayPal, Credit/Debit Cards|
|Daily Deposit Limit||No limit for fully verified accounts||$10k|
|Security||360+ cryptocurrencies In-platform NFT marketplace 24/7 Live Chat support User-friendly staking services||Demo account with $100,000 virtual money Margin trade cryptocurrencies with x2 leverage|
|Customer support||Biometric security, 2FA, Offline cold storage, ISO 27001 certified, AUSTRAC registered, Blockchain Australia certified||2FA, Offline cold storage|
CoinSpot vs eToro Australia: Pros & Cons
Pros & Cons: CoinSpot
Over 370 different coins to trade, more than other Australia-based exchanges.
A highly secure exchange as it was AUSTRAC-regulated and ISO certified.
Staking services require no lock-in periods
Instant buy and sell charges a small fee of 1%, while OTC has a 0.1% fee.
24/7 live chat support, new request-a-call feature, Help Des7
Only supporting fiat currency deposits and withdrawals for AUD.
Pros & Cons: eToro Australia
Allowing crypto investment via direct purchases or using a CFD
CFDs for users to bet on the price of crypto to fall
Crypto staking available for Cardano (ADA) and Tron (TRX)
Margin trade cryptocurrencies with x2 leverage
Demo account with $100,000 virtual money available
Only supporting 30 cryptocurrencies, much fewer than CoinSpot
Currency conversion fees imposed on depositing and withdrawing
Overnight fees and buy/sell spread fees are charged on CFDs.
Can only trade US shares, not Australian securities.
Spread fees are charged on cryptocurrency trading.
Funds withdrawal fee of US $5.
CoinSpot vs eToro Australia Fees
As most crypto exchanges or trading platforms earn money via transaction fees, it is critical to understand precisely how much they charge for each transaction. This, however, seems to be difficult as some platforms seek to conceal additional charges via bizarre fees. Therefore, continue reading this section to understand more about the fees associated with eToro Australia and CoinSpot.
You can quickly fund your CoinSpot account via PayID, POLi, or Direct Deposit (through OSKO), which are all free and rapid deposit methods. If you prefer to deposit using BPAY, a minor fee of 0.9% is charged. A 2.5% deposit charge applies to cash deposits made at the newsagent.
While eToro Australia does not charge its users for deposits, you should be aware that converting USD to AUD may incur a currency conversion fee. The fee for converting AUD to USD is 50 pips (~0.7%) for bank transfers and 100 pips ~1.38%) for credit/debit cards, PayPal, and POLi.
CoinSpot charges a 1% trading fee for instant buy/sell orders and coin swapping features, which is a highly competitive rate in Australia. CoinSpot’s customers can benefit from a 0.1% fee on market trades and the same 0.1% fee for OTC trading where you can trade for 50K or more with competitive spreads.
When it comes to trading costs, eToro incorporates them into the spread, which varies according to the currency being traded. This spread might be as little as 0.75% for BTC (Bitcoin) trading or as high as 5% for XTZ trading (Tezos).
You can withdraw any digital currency listed on the CoinSpot platform with great use by using the Multicoin Wallet. CoinSpot does not charge any fees for transferring your AUD to an Australian bank account of your choice. Additionally, there is no minimum or maximum withdrawal amount.
eToro charges a flat fee of $5 for each withdrawal (with a minimum of $30). You may also be charged a 50 pips (~0.7%) currency conversion fee. Thus, if you want to trade on eToro, you had better keep your withdrawal frequency to a minimum in order to maximise your profits.
While eToro boasts lower fees for instant buys and sells, CoinSpot offers access to 14 prominent currencies with a low 0.1% trading fee, making it the best pick. It’s worth noting that eToro imposes a currency conversion fee on deposits and withdrawals, thereby wiping out any savings you make in the trading fees.
CoinSpot vs eToro Australia Deposit Methods
Once you are verified, you can fund your trading account directly. CoinSpot features a wide range of free-of-charge deposit options, including Direct Deposit, PayID, POLi, and cryptocurrency. You can also elect to deposit via BPAY (0.9% fee) or cash deposits at the newsagent (2.5% fee).
eToro accepts bank transfers, debit cards, credit cards, POLi and PayPal for Australian users. Toro’s minimum deposit is $50 for traders in the United Kingdom and the United States. In countries such as Australia, the minimum deposit is $10, and it can be up to $1000 for traders in other countries
Both CoinSpot and eToro allow a variety of deposit methods, so it all comes down to your personal preferences to select CoinSpot or Etoro. CoinSpot accepts BPAY, PayID, cryptocurrency, and cash deposits, while eToro accepts debit/credit cards in addition to PayPal.
CoinSpot vs eToro Australia Standout Features
eToro and CoinSpot provide various excellent services for crypto investors. Rather than detail each feature, this section will concentrate on their distinctive characteristics.
CoinSpot Standout Features
The exchange’s user interface is simple to navigate, making trading accessible to even beginner traders. CoinSpot Bundles feature is also of great help to customers who aspire to diversify their investment portfolios. It also enables users to buy many currencies in a single transaction, which spreads their risk, reduces costs, and affixes an average cost over several cryptos.
Besides, CoinSpot takes pride in being one of the first cryptocurrency exchanges in Australia to provide staking services. Currently, the exchange platform provides staking services in 22 different currencies and is continually expanding its offerings. Notably, there are lock-in periods or associated fees when you stake your holdings on CoinSpot. You will receive rewards based on how long you stake your coins.
CoinSpot now offers an NFT Marketplace, a fantastic feature for Australians and traders worldwide. While everyone is familiar with NFTs, acquiring one has never been simpler. Typically, you need to register OpenSea and link an external wallet and fund this wallet to purchase NFTS. However, with CoinSpot’s NFT marketplace, you can buy NFTs with any crypto straight from your CoinSpot account.
CoinSpot’s NFT marketplace. Source: CoinSpot.com.au
eToro Australia Standout Features
eToro’s platform allows traders to purchase crypto-assets directly or trade crypto asset price movements through Contracts For Difference (CFD). When you trade a crypto asset using a CFD, you basically do not own the asset itself. For instance, if you purchase $1,000 worth of Bitcoin CFDs, you will profit if the BTC price increases, but you WILL NOT REALLY OWN any BTC tokens.
The exchange also allows users to make copy trades by providing a list of “Popular Investors” whose portfolios may be followed by other users. These “investors” get compensated differently by eToro depending on their own investment, time on the platform, and the number of portfolios copied. To limit risk, investors are given a risk score accessible to all users; if their risk score surpasses a particular threshold, they can no longer be copied by other users.
Besides, eToro is unique in its portfolio offerings as you can invest in cryptocurrency portfolios. The minimum requirement to join is that you invest at least $2,000-$5,000 with eToro (based on the portfolio of your choice). Because crypto experts recommend only investing 5% or less of your overall portfolio, these steep minimums can let down many users, especially beginners.
CoinSpot is a great option for individuals new to the crypto sphere and those who want a straightforward buying and selling experience. It is much better than eToro for Aussie investors and individuals looking for an exchange integrated with the NFT marketplace and other exclusive features.
CoinSpot vs eToro Australia: Supported Cryptocurrencies
eToro Australia and CoinSpot both allow their users to purchase and sell various cryptocurrencies.
CoinSpot – Supported Cryptocurrencies
CoinSpot offers a wider variety of cryptocurrencies than any other exchange operating in Australia. It enables users to buy, sell or swap numerous cryptocurrencies (currently 358). It regularly adds new coins to its exchange, thus allowing users to have more choices and find suitable coins to invest in. The Australian-based exchange presently supports only AUD as a fiat currency.
eToro Australia – Supported Cryptocurrencies
eToro offers fewer cryptocurrencies than popular crypto trading platforms like Coinbase and Gemini, but it does have many of the most popular cryptos. In total, you can currently buy and sell over 20 coins on eToro, including major coins such as Bitcoin (BTC), Ethereum (ETH), Uniswap (UNI), Cardano (ADA), etc.
Undoubtedly, CoinSpot outdoes eToro as it supports more than 10x the number of cryptocurrencies offered by eToro.
CoinSpot vs eToro Australia Security
Security is among the top concerns for every crypto investor, and both CoinSpot and eToro Australia are fantastic in this aspect.
CoinSpot security features
CoinSpot’s multi-layered security architecture includes Two-Factor Authentication (2FA), anti-phishing phrases, customisable withdrawal limits, session timeout settings, and geo-locked logins. These industry standards help CoinSpot customers secure their cash and valuables to the highest level possible.
CoinSpot is an AUSTRAC-registered exchange that strictly complies with anti-money laundering and know-your-customer (AML/KYC) regulations. It is also a recognised member of Blockchain Australia and adheres to the Australian Digital Currency Industry Code of Conduct. Most remarkably, it is Australia’s most secure and audited cryptocurrency exchange certified to ISO 27001 standards.
eToro Australia security features
eToro is regulated in Australia by the Australian Securities and Investments Commission (ASIC). Encryption and firewalls are security measures that protect the company’s users’ data. Users can also enable two-factor authentication (2FA) to add extra security to their accounts.
In addition, the platform maintains your funds in cold storage to minimise the risk of fund loss due to a hack or operational error. The exchange has partnered with premier cybersecurity company GK8 to build a cold storage Custody as a Service (CaaS) solution.
While eToro and CoinSpot’s security is excellent, CoinSpot being the only company to be awarded the ISO 27001 certification helps it win this round.
CoinSpot vs eToro Australia Customer Support
CoinSpot customer support
If you face any issues, CoinSpot’s Live Chat support is available 24/7 to help you. I’ve used the Live Chat support a few times and am always connected to a real person (no bots) within less than a minute. I’ve always found the support team to be kind, professional, and capable of addressing my problems swiftly. Besides, you can contact CoinSpot’s specialised support staff through the Help Desk or use the new request-a-call option to schedule a call with a CoinSpot support member.
CoinSpot’s support is 24/7. Source: Coinculture
eToro Australia customer support
eToro’s customer service team is multilingual and accessible 24/5. However, it is not as simple as it might be because you need to log in to your account and submit a support ticket if you want to talk with customer support. On Trustpilot, many users voiced their disappointment with this platform, saying that they could not contact the support team or it took a lot of time to wait for their response.
CoinSpot is the winner here, thanks to its professional customer support 24/7, which helps CoinSpot earn the trust of various users.
Overall winner – CoinSpot
To summarise, CoinSpot is the clear winner in our comparison. CoinSpot and eToro have many fascinating features, but CoinSpot is a more secure exchange with highly competitive transaction fees, better customer support, and convenient in-platform NFT marketplace. By contrast, Etoro has some distinctive features such as Demo mode, “Popular Investors” portfolios, Copy trading, etc.
Is CoinSpot or eToro Australia better?
CoinSpot is the better option when compared with eToro, which is no surprise because CoinSpot is a long-established cryptocurrency-exclusive platform. CoinSpot has an easy-to-use interface, over 370+ coins, lower fees, 24/7 Live Chat support, staking service and an in-platform NFT marketplace.
Why do CoinSpot and eToro Australia have different prices?
Across cryptocurrency exchanges, there are certain differences in the 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 trading platforms, and CoinSpot and eToro Australia are no exception.
Is CoinSpot the same as eToro Australia?
Generally, CoinSpot and eToro are good exchanges, but they differ in some aspects such as the transaction fees, the number of cryptocurrencies supported, the customer services, and many more. In our comparison, CoinSpot is a better choice for Australian crypto investors and new traders looking for an exchange with a user-friendly and highly-secure exchange platform with an NFT marketplace and professional customer support.
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.