eToro vs. Coinspot 2023

CoinSpot is among the top crypto exchanges in Australia. eToro Australia is a well-established broker that provides cryptocurrency as an investment options. Which one is better in the case of an Aussie who is looking to begin investing in cryptocurrency?

I looked into various aspects of both platforms to decide which is my preference. I highly recommend CoinSpot, the most trusted and secure exchange since it has more than 360coins, with lower costs and live Chat assistance.

Start Trading with CoinSpot

eToro vs. CoinSpot Comparison Table

eToro Pros and Cons

Pros

• Low minimum to fund an account and begin investing
• Copy trading to match moves of popular traders
• eToro provides simple and easy-to-use web and mobile platforms
• You can trade fractional shares unlike some brokers
• Test your trading strategies with a $100,000 virtual portfolio

Cons

• Very small range of crypto assets

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

Features

CoinSpot is a great choice for making a simple and user-friendly cryptocurrency exchange that can attract newcomers to cryptocurrency. It has a simple buy and sell feature, live chat with a responsive interface and email support in case you encounter any problems. There aren’t any complex marketplaces on CoinSpot this means that it’s really simple to navigate the site.

eToro Australia has a ton of options, which include non-cryptocurrency-related markets, including CFDs, forex, and stocks. The platform is designed around social trading, which means that there’s a feed of news which allows you to stay up-to-date with the latest news and you can also leave comments or ask questions or write articles. It is also possible to use CopyTrading which copies automatically the trading strategies that successful traders have made, meaning you don’t have to come up with your own strategies for trading.

Demo mode is available in which you can play with $100,000 play money in order to test your trading and test what strategies work best as well as earn passive earnings from many coins by staking.

eToro Australia has so many features that can be used by new and experienced traders and also offers options to trade other assets like forex and stocks.

Winner: eToro Australia

Supported Cryptocurrencies

CoinSpot offers a wide range of coins – it’s the biggest of any Australian cryptocurrency exchange, offering more than 360 different coins.

eToro Australia only offers 75 different cryptocurrencies.

CoinSpot easily takes the top spot in this section and offers a wide range of coins on offer.

Winner: CoinSpot

Fees

CoinSpot offers a variety of deposit options that are free of cost: POLi, PayID, OSKO. If you deposit with BPAY costs 0.9 percent as well as 2.5 percent when you make a cash deposit. Refunds of AUD are absolutely free. To purchase and sell crypto cost one cent, while buying and selling on market cost 0.1 percent. But only 14 coins can be traded in the marketplace.

eToro Australia does not charge fees for depositing the currency AUD, however, there is a conversion fee. If you deposit via money transfer or bank account, the fee for conversion is 50 pips. That is approximately 0.7 percent. However, when you deposit using other deposit methods the amount is 100 pips, which is 1.38 percent. When you withdraw currency that is fiat from eToro it will cost you $5 in addition to the 50 pip (0.7 percent) the fee for currency conversion. If you trade cryptocurrency on eToro there is a fee of 1% per transaction.

CoinSpot offers the highest economical choice, considering that eToro charges an exchange fee for currency withdrawals and deposits, in addition to the $5 fee for withdrawing fiat.

Winner: CoinSpot

Customer Support

If you encounter any issues with CoinSpot, their Live Chat support is available all hours of the day to assist you. I’ve tried their Live Chat support a few times and have always been connected to a live human (no bots) in less than a minute. The support staff to be professional, friendly and capable of solving my concerns quickly. In addition, you can reach CoinSpot’s support team via its Help Desk or use the new request-a-call feature to schedule an appointment with the CoinSpot Support member.

The customer support team at eToro is multilingual and available 24/7. But, it’s not as easy as you think since you must log into your account to create a support ticket in case you wish to speak with the customer service.

CoinSpot is the clear winner due to its expert customer service that is available 24/7. This assists CoinSpot build trust with numerous customers.

Winner: CoinSpot

Deposit Methods

CoinSpot provides a range of deposit options, including directly depositing, PayID, POLi, BPAY as well as cash deposit and cryptocurrency.

eToro provides bank transfers credit cards, debit card, POLi along with PayPal for Australian customers.

CoinSpot along with eToro both accept a variety of ways to deposit money. Which one you prefer depends on you prefer to deposit. CoinSpot has BPAY, PayID, crypto and cash deposits that are not available at eToro. eToro has credit or debit cards, along with PayPal.

Winner: Tie

Security

CoinSpot is essentially the benchmark of security within the Australian cryptocurrency market. CoinSpot is among the top reputable authentic, secure and audited cryptocurrency exchange in Australia and the only one that has ISO 27001 certification, and is a member of Blockchain Australia. The security measures offered include 2FA logins geo-locking, anti-phishing codes, geo-locking and cold storage for large amounts of crypto offline.

eToro Australia provides a safe trading platform which was launched around 2007. eToro is compliant with ASIC, FCA and CySEC regulations, and therefore has steps to protect their users. Funds of customers are kept safe in top banks and all their private information is stored securely under SSL encryption.

Each of CoinSpot as well as eToro Australia are secure platforms however, CoinSpot is the clear winner since it’s the best reliable and certified trading platform available in Australia.

Winner: CoinSpot

Conclusion

CoinSpot is the better choice when compared with eToro, which is no surprise, since CoinSpot is a long-established cryptocurrency-exclusive platform. CoinSpot is user-friendly and has a simple interface, more than 360 coins, with 21 coins, with lower costs as well as Live Chat support.

eToro is a great trade platform that can be used for trading other types of assets, such as commodities, stocks, forex and stocks. However, when looking at the cryptocurrency market, it’s difficult to match exchanges specifically designed for cryptocurrency. The cost of currency conversion for withdrawals and deposits, as well as the limited selection of coins makes it difficult to compete with the top Aussie cryptocurrency exchanges.

A highly secure exchange that has reduced fees, an extensive selection of more than 360 currencies along with Live Chat support mean CoinSpot is the clear winner in this head-to-head.

Frequently Asked Questions

What’s the difference between social trading and copy trading?

When you think of copy trading, you think of trading platforms that let you auto-copy the technical indicators of other investors’ trades and build a portfolio of other brokers as a future reference for your trading strategies. With just a click, you can connect your account to another trader’s account – the only action you need to take is to click the ‘Copy’ button, and that’s it. From here on, your trades are automatically managed by following the copied portfolio’s trading strategies.

On the other hand, social trading is a broader phrase that includes copy trading. Social trading is a methodology used to cut down on the risks in a market like crypto trading, which is volatile and prone to fluctuations and instability. When beginners follow the strategies of more experienced traders, they can learn a lot about how to trade, compare different approaches, and eventually form their own investment objectives.

Does eToro have a beginner-friendly mobile app?

The eToro brokerage has several upgrades of its mobile app for Android and iOS that you can use on your phone. You can get the app from the App Store or Play Store, where you need to look for the “eToro – Social Trading”.

Does eToro Have a Cryptocurrency Wallet?

Yes the trading platform can provide a cryptocurrency wallet that is native to the platform to store and deposit cryptocurrency assets. Simplex lets users transfer crypto funds directly into their wallets, in the form of credit card transactions. However, once the funds are placed inside the wallets, they can’t return to eToro trading system.

Is eToro an International Platform?

A majority of the world’s countries have access to eToro but the site has the following listing of nations that cannot be because of laws and rules. The list includes The United States, Canada, Cuba, Japan, Turkey, Serbia, Albania, North Korea, Iran, Syria, and Sudan.

The platform is not available for the United States because the SEC (Securities and Exchange Commission) prohibits trading CFDs. Because that the United States is a big market The platform has been working hard to create a distinct product that doesn’t contain CFDs and is available in all 30 states.

How to Make Money on eToro

To earn money on eToro You must stay up-to-date on upcoming economic events as well as the latest news to be aware of each asset before trading and spread your money across different types of assets and asset classes. Another option is to look for the most profitable trading platforms and emulate the strategies they have used to succeed.

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)

Related:

• CoinSpot Review
• eToro Review
• Coinspot vs BTC Markets
• Coinspot vs Coinbase
• Swyftx vs Coinspot
• Swyftx vs eToro
• CoinSpot vs. Crypto.com