Coinspot vs Coinjar 2023

CoinSpot and Coinbase are two huge name brands that are a part of the world of cryptocurrency. CoinSpot is among the most popular Australian exchanges, while Coinbase is the largest one in the USA. Which one should you go with? 

The most concise answer is CoinSpot that has much lower costs as well as 24/7 Live Chat assistance, the ability to stake 21 coins, and the capability to sell crypto and transfer funds from your bank.

Coinbase isn’t designed especially for Australian market. Because of that, they’re far behind and don’t provide the fundamental feature of selling cryptocurrency and withdrawal of Australian dollars.

Read on to discover what we have to say about the two platforms, and then see whether you are in agreement with our conclusion. Your individual needs might differ from those of others, and you might prefer Coinbase better suited to your needs.

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CoinSpot vs. Coinbase Comparison Table

CoinSpot Pros and Cons

Pros

• Large selection of cryptocurrencies for instant purchases and sales
• Proven track record as a trustworthy company
• Quick deposit and withdrawals
• Beginner-friendly design
• Cold storage for keeping users’ and company funds offline
• NFT market available

Cons

• High fees for instant purchases
• No option for credit and debit card deposit

Coinbase Pros and Cons

Pros

• Over 160+ cryptocurrencies available
• Coinbase privately guarantees their platform, so your money is secure in the event of an attack
• User-friendly and simple interface
• It only takes a few seconds to sign up and begin trading
• Extremely safe and trusted platform

Cons

• Complex fee structure, which is more expensive than its competitors

Features

CoinSpot is a simple platform designed for daily Australian. It offers a simple-to-use buy and sell feature and an exchange market where you can trade currency with users at a cost of 0.1 percent.

If you are looking to exchange between currencies, it’s easy to do and you are able to access CoinSpot quickly on both your mobile or desktop device by using the app’s intuitive interface.

Coinbase is also simple to use, but it is lacking the basic functions in Australia because it was developed specifically for specifically for the US market. Coinbase is a bit limited in its functionality. Coinbase it is impossible to trade your cryptocurrency, or take any fiat currency out of the exchange that is a significant disadvantage for the exchange. Coinbase does however have a distinctive feature known as Coinbase Earn where you are able to earn cryptocurrency for free by watching three-minute videos that will teach you about cryptocurrency.

CoinSpot is extremely simple to use and permits the selling of crypto as well as withdrawal of fiat currencies, which isn’t supported by Coinbase. Live Chat is also a sought-after feature available on CoinSpot.

Winner: CoinSpot

Supported cryptocurrencies

CoinSpot offers more than 360 various cryptocurrencies. They continue to add fresh coins and coins onto their marketplace.

Coinbase has more than 160 different coins which is considerably less than CoinSpot.

CoinSpot provides more than 4x the amount of coins offered by Coinbase and also has the biggest selection that all Australian crypto exchange.

Winner: CoinSpot

Fees

CoinSpot does not charge fees for withdrawals and offers no cost deposits via Bank transfers, POLi, PayID and OSKO. Making deposits using BPAY costs 0.9 percent and the cash rate will cost 2.5 percent. The cost for instant purchase and sale is one percent. If you purchase from the market it is 0.1 percent. However, there is only a small number of coins that you can purchase in the market.

Coinbase charges 4.49 percent for buying cryptocurrency using debit cards, which is the only payment method that is accepted in Australia. There’s no way to trade crypto or withdraw money in AUD from Coinbase to withdraw it from Australia.

The lower costs lower fees make CoinSpot the clear winner when it comes to charges.

Winner: CoinSpot

Customer Support

CoinSpot’s customer support is top-notch with support available 24 hours a day through Live Chat. I’ve used their Live Chat a few times and have been talking to a individual (no automated chatbots) within a matter of minutes. My experience has been that I’ve always encountered the support staff to be helpful and professional. They are also adept in resolving my problems.

Coinbase however doesn’t offer Live Chat support, which is an area that they could make improvements in.

Winner: CoinSpot

Deposit Methods

CoinSpot provides Bank transfers, POLi, PayID, OSKO as well as BPAY and cash deposits.

Coinbase does not accept Debit cards.

CoinSpot has several deposit options, whereas Coinbase only accepts payment via debit card.

Winner: CoinSpot

Security

CoinSpot is one of the largest, most secured and certified currency exchange available in Australia and has ISO 27001 certification, and affiliation to Blockchain Australia. CoinSpot is a multi-layered security platform that includes 2FA (Two-Factor authentication) as well as individual withdrawal limits, anti-phishing phrases geo-lock logins, timeout settings for sessions and secure cold storage for all of its cryptocurrency assets.

Coinbase can also be a secure exchange with biometric logins and 2FA and 98% of their currency stored in cold storage that is not accessible to the public. Coinbase even offers insurance for crime which protects against damages resulting from theft, such as security attacks.

CoinSpot as well as Coinbase are both extremely safe, but CoinSpot triumphs because it’s the most safe and certified Australian cryptocurrency exchange and the only one that has been awarded ISO 27001 certification.

Winner: CoinSpot

Conclusion

CoinSpot is the winner in this contest, as it was the winner in every section. Coinbase isn’t the right choice to the Australian cryptocurrency market, due to the absence of withdrawals via fiat and sales of crypto.

If you’d like to take the chance to look at alternatives, look at the table below that compares them.

Frequently Asked Questions

Is Coinspot the easiest way to buy Bitcoin in Australia?

CoinSpot is a very user-friendly platform. It enables beginners to buy and sell any cryptocurrency using their local currency, AUD. Australian traders can instantly make crypto trades through the CoinSpot website or mobile app.

Is there a CoinSpot app?

Yes. The CoinSpot app is a convenient on-the-go trading assistant that allows you to trade and monitor your assets wherever you go. You can download it for free from the App Store for iOS-supported devices and Google Play for Android-supported devices.

What countries are supported by CoinSpot?

The financial services of this platform are exclusively available to residents of Australia.

Is CoinSpot Regulated In Australia?

Cryptocurrency exchanges are categorized as legal entities in Australia and are required to comply in accordance with Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF 2006). Being a well-established participant on the market, CoinSpot operates in full conformity with Australian laws.

What types of NFTs are available on CoinSpot?

CoinSpot isn’t in any way connected with CoinSpot isn’t closely linked to DeFi area of the crypto world , but it does have a selection of the hugely popular art tokens referred to as NFTs. There are more than twenty NFT collection that are available for sale directly on CoinSpot which includes Decentraland (MANA), ApeCoin (APE) along with Sandbox (SAND)

Does Coinbase have a mobile app?

Yes. With the Coinbase app for iOS or Android, you can easily keep track of your portfolios, transactions, and market movements and strike the best deal at any time.

What countries are supported by Coinbase?

This American-based exchange offers worldwide online financial services to citizens of over 100 countries in North America, Europe, Asia, Africa, and Oceania. However, not all of the supported countries can use the same services and payment methods.

Does Coinbase provide a cryptocurrency wallet?

Yes. Coinbase offers a secure multi-currency USD wallet that supports over 4,000 cryptocurrencies, NFTs (ERC721 tokens), and decentralised applications (dApps). Users have absolute control over their crypto assets because this is a self-custody crypto wallet.

You can check your wallet balance and trading history with the Coinbase wallet, establish extra security measures, use DeFi liquidity pools to provide or borrow coins, or take part in a DAO and assist in creating a web3 project.

Coinbase wallet users can also easily connect this wallet to their Coinbase account for even greater flexibility in trading. With over 90 countries supporting crypto purchases with credit or debit cards through the Coinbase wallet, you can fund your Coinbase Wallet and launch your NFT catalogue in a few swipes.

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