Coinbase VS Coinspot 2023

When it comes to investing in digital currencies, choosing a suitable and safe trading platform is the most decisive factor. Good platforms guarantee realistic rates, promptly finalised transactions, and safety.

It certainly might be harder for you to know what makes one exchange better than another if you’re new to the market, as there are a lot of trading platforms with various trading offers. To help you make the right choice, this time, we’re comparing Coinbase vs CoinSpot.

VS

The former is one of the largest and most well-known cryptocurrency exchanges in the world, situated in the United States of America, while the latter is a local Australian favourite among the long line of great Australian crypto exchanges, such as Swyftx, Digital Surge, Independent Reserve, CoinJar, to name a few.

Both platforms enjoy a high level of trust among crypto investors, but which one is the ideal route for Australians to get into the crypto markets? For your convenience, we have carefully compared and contrasted the two trading platforms down below.

Comparison Table: Coinspot vs Coinbase

Features	Coinbase	CoinSpot
Supported Coins	160+	330+
Trading Fee	0.5% + 3.99% debit card fee per trade	0.1% – 1% for instant buy
Market Spread	2%	3% – 4%
Deposit Fee	Depending on the payment method	BPAY – 0.9%, Cash deposits – 2.5%, free AUD deposits
Withdrawal Fee	Depending on the payment method	Free
Payment Methods	Direct deposit, wire transfer, PayPal, Google Pay, Apple Pay, instant cash out to bank accounts	Bank transfers, Blueshyft, PayID, BPAY, OSKO, POLi
Regulatory Status	Fully regulated	Fully regulated
Customer Support	By sending an email ticket, via chatbot, or using an automated phone system	24/7 Help Desk, live chat

Coinbase

Coinbase is a popular cryptocurrency exchange in the United States. Since Coinbase is a high-liquidity exchange, crypto investors are safeguarded from experiencing significant price fluctuations.

There are actually two trading platforms available on this global exchange. The first one is the basic Coinbase platform, designed for less-experienced traders seeking fast, safe, and straightforward cryptocurrency trading.

This platform offers intuitive and simple tools for quick and effective coin exchanges, and it is especially well-suited for those who are new to cryptocurrency trading.

Coinbase Pro is the exchange’s second platform that strives to meet the needs of professional traders.

Seasoned cryptocurrency investors can trade using more complex features, such as detailed market fluctuation charting, margin trading, or placing limit and stop orders for even lower costs than what newbies pay on the basic Coinbase platform.

Last but not least, Coinbase offers a dynamic learning program that awards traders with cryptocurrencies for viewing educational videos and completing a short quiz on their favourite crypto assets through the Coinbase Earn feature.

In addition, we present a quick overview of Coinbase’s positive and negative aspects:

Pros

• Very user-friendly platform;
• Provides margin trading;
• Listed on Nasdaq;
• High liquidity;
• Recurring buys;
• Suitable for both novices and advanced traders;
• Rewarding programs;
• Fully regulated.

Cons

• Somewhat high trading fees;
• Doesn’t support credit card deposits for Australian clients;
• Average customer service;
• High credit card/debit card payment fees.

CoinSpot

In operation since 2013, this well-established cryptocurrency exchange based in Melbourne, Australia, offers convenient crypto exchange widgets that facilitate instant Bitcoin and altcoin purchases in the local fiat currency, the Australian dollar (AUD).

CoinSpot operates just like any other crypto trading platform – by connecting market participants and collecting trading fees for its services.

When you initially open an account with CoinSpot, you’ll be required to make a deposit unless you’re using a pre-load debit card. This exchange allows you to start trading immediately after your account has been funded.

Even though it is marketed as a beginner-friendly platform, CoinSpot also provides over-the-counter (OTC) trading for institutional crypto investors who like to trade in massive volumes.

Pros

• Beginner-friendly platform;
• AUSTRAC-regulated exchange;
• Has never been hacked;
• Uses biometric logins and cold storage for user funds.;
• Provides OTC trading;
• Free AUD deposits;
• Fast registration process;
• 24/7 Help Desk and live chat support;

Cons

• Credit card deposits are not available;
• Supports only AUD as fiat currency;
• Available only to residents of Australia.

Supported Cryptocurrencies

Coinbase offers about 160 cryptocurrencies, mainly the most prominent ones. Some of these coins include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Cardano (ADA), and the US Dollar-pegged stablecoin, Tether (USDT), to name a few.

The availability of less popular cryptocurrencies on this exchange is limited, as Coinbase likes to keep its liquidity afloat, which is why it only lists the most prominent coins on the market.

On the other hand, with around 330 cryptocurrencies supported on CoinSpot, the exchange has one of the most versatile coin collections, including coins like BTC, ETH, XRP, and LTC.

There is also a wide range of less popular altcoins available on CoinSpot for those looking to get started in the crypto industry with smaller investment capital.

Supported Cryptocurrencies Winner: Coinspot

CoinSpot is the true winner in this field since it generally supports more altcoins and cryptocurrencies than Coinbase.

CoinSpot’s broad assortment of coins provides more investment alternatives, particularly for traders looking to join the crypto market without investing a lot of money. More importantly, by listing a range of altcoins, CoinSpot provides deeper liquidity.

Fees

Coinbase uses transaction fees expressed as a percentage of the trade size, which vary in line with the value of the deal itself. With this approach, the trading costs on this platform fluctuate from $0.99 to $2.99 per trade (which is typically 0.5%), depending on the traded amount.

Moreover, Coinbase levies withdrawal and deposit fees, which depend on the payment option you choose. Credit card or debit card payments are the most costly method for funding your Coinbase account. This option will impose a comparatively high fee, estimated as 3.99% of the deal.

On the other hand, even though CoinSpot’s 1% flat fee per instant purchase appears exorbitantly high when you first learn about it, the exchange also provides a range of trading options with various pricing schemes, some of which are very affordable.

For instance, many of the less popular coins can even have a 0.1% fee.

Fees Winner: Coinspot

With a 1% flat fee and free withdrawals, CoinSpot outperforms Coinbase, which generally charges higher withdrawal fees and a whopping 3.99% trading fee when you put the transaction cost and the debit card fee together.

Market Spread

When you use Coinbase’s Easy Trade feature to buy or sell cryptocurrencies or when you exchange cryptos, you should be aware of the spread included in the total cost.

The spread, which can reach up to 2%, allows Coinbase to temporarily lock in the price of a digital asset until you execute the trade.

It’s good to know that there is no spread while utilising the Advanced Trade tool on this exchange because you are directly communicating with the order book.

CoinSpot, on the other hand, offers a higher spread that runs between 3% and 4%. The higher spread on this Australian exchange is partially expected, as more liquid exchanges like Coinbase often have lower spreads between cryptocurrency buy/sell prices.

Spread Winner: Coinbase

When it comes to spreads, Coinbase unquestionably outperforms CoinSpot. However, since CoinSpot supports direct payments in AUD and AUD deposits through local payment providers, perhaps paying a little extra is worth the convenience.

Mobile App

Coinbase’s mobile applications for iOS and Android allow you to trade and convert cryptocurrencies and safely receive and send cryptos to external wallets. You can also earn interest on Ethereum (ETH), Algorand (ALGO), Cosmos (ATOM), and Tezos (XTZ), and track the status of your portfolio, your money transfers, and the market changes in real-time.

The sleek and easy to use CoinSpot app user interface makes cryptocurrencies even more accessible on CoinSpot by enabling you to trade on the go.

Choose your quantity in Australian dollars or cryptocurrency from the entire list of currencies, and your funds will be sent instantaneously to your CoinSpot wallet, ready to be used however you see fit.

You can also send and receive coins straight from the app using your CoinSpot wallet, allowing you to quickly manage your holdings in a convenient location, immediately access your wallet, examine your recent purchase history, and view your latest transactions, among other features.

Mobile App Winner

Given that both exchanges provide convenient alternatives for trading via your digital device, choosing a superior app in this category would be a matter of individual taste.

Customer Support

To get in touch with customer service, you can use an email ticket or a chatbot to submit a request. You can also use an automated customer service system to reach the Coinbase customer service staff via phone.

Also, Coinbase has an extensive knowledge library with how-to articles, the flow of products and services, and basic instructions on how to utilise the platform’s functionalities.

CoinSpot offers some of the most outstanding customer services in the market, thanks to a Help Desk that is open 24/7 and a customer support team that will respond to your question within 24 hours.

Rather than relying on a bot, this exchange also has a dedicated staff of experts to help you via live chat. If you discuss your problem with a real human rather than a computer, you will almost surely be able to resolve it faster.

Support Winner: Coinspot

CoinSpot’s live chat option is something we appreciate. As most exchanges fail in the customer service area and cannot meet the demands of many incoming user requests, CoinSpot demonstrates that when there is a will, there’s also a great way to communicate and assist crypto traders on their platform efficiently.

Deposit Methods

Australian users can buy cryptocurrencies on Coinbase with a debit card using their bank account. Your debit card purchases will reflect in your account immediately.

The fact that Coinbase does not accept bank accounts as payment options for Australian clients can be somewhat unnerving. You could be subject to extra costs from your bank if you already have a credit card connected to your Coinbase account.

As a result, Coinbase recommends that anyone who this executives’ decision has impacted use a debit card instead.

In addition, you can use direct deposit, wire transfer, PayPal, Google Pay, Apple Pay, and instant cash out to bank accounts as deposit options on Coinbase.

To continue, you can fund your CoinSpot account by transferring money from your bank account or by employing third-party payment providers like Blueshyft, OSKO, BPAY, or PayID.

Here we should mention that depositing to your CoinSpot account via Blueshyft is the most costly of all of the payment choices available on this exchange. More specifically, the Blueshyft payment service will levy a 2.5% fee to complete your transaction.

Withdrawals, on the other hand, are completely free on this platform.

Deposit Winner

Coinbase offers a wider variety of payment methods while Coinspot uses tried and true local payment methods provided on the Australian market. That said, the winner of this category would entirely depend on your location. Hence, it’s only fair we give it a tie.

Security

Coinbase implements many security measures to keep your funds secure. To ensure the safety of users’ funds, the exchange keeps 98% of the client’s digital assets in cold storage. It’s worth noting that the FDIC ensures clients’ Coinbase holdings of up to $250,000 per individual.

Coinbase uses the two-factor authentication (2FA) protocol as an additional layer of protection for trading accounts. This protocol requires users to enter a code sent to them via SMS to reinforce the account security provided by the standard login ID and password.

With FinCEN‘s authorisation, Coinbase is registered as a Money Services Business (MSB) and adheres to many financial regulations. Despite being tightly regulated and secured, Coinbase was a cyberattack target of a hack that fully depleted the digital wallets of about 6000 users.

The Australian Digital Commerce Association and Blockchain Australia recognise CoinSpot as their official member, which is why CoinSpot strictly adheres to the KYC (Know-Your-Customer) user authentication and AML (Anti-Money Laundering) protocols.

As CoinSpot is also the first ISO 27001-certified exchange in Australia for information security management, SCI Qual International conducts regular external audits to verify the exchange’s cybersecurity and integrity in providing financial services.

Regarding the platform’s architecture, CoinSpot is built upon a number of industry-best security protocols, such as the two-factor authentication protocol (2FA), configurable withdrawal limitations, and session timeout constraints to protect user accounts from any unauthorised access and misuse.

Security Winner

Since CoinSpot is a highly regulated platform overseen by Australia’s top financial regulators, it’s safe to say that this exchange is one of the most secure trading platforms for Australians.

The Final Verdict

When comparing these two exchanges, CoinSpot is clearly the superior platform due to its cheaper trading costs, history of operating without hacking incidents, and greater range of supported coins.

CoinSpot is also headquartered and run in Australia, facilitating more convenient AUD deposits and withdrawals through the local financial institutions and payment providers.

Visit Coinspot

 

Visit Coinbase