FTX vs. CoinSpot 2022

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Sinead Burgess
Sinead Burgess
Updated on November 10, 2022

IMPORTANT: FTX is in a major crisis at the time of writing, so we recommend avoiding the exchange.

FTX as well as CoinSpot are regarded as among the top crypto trading platforms in Australia and rightfully so. But how do you determine which one to pick out of both?

My suggestion is CoinSpot because it offers the highest security in Australia and offers staking on 21 coins, live chat support, and a $20 free Bitcoin by signing up using our link. Read our review to decide for yourself whether FTX will be more suitable to your requirements.

Start Trading with CoinSpot

FTX vs. CoinSpot Comparison Table

FeaturesFTXCoinSpot
FTX exchange logocoinspot logo
Cryptocurrencies275+360+
Trading Fees0.02%-0.07%Market: 0.1%, Instant buy: 1%
Deposit FeeFreeBPAY: 0.9%, Cash: 2.5% | Bank transfer, POLi, PayID, OSKO: Free
Withdraw FeeNetwork FeesFree
Payment MethodsPayID, bank transfers, credit/debit cards, and wire transfersPayID, Cash Deposit, Bank transfer, OSKO, BPAY, POLi

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FTX Pros and Cons

ftx homepage

Pros

  • Staking is available on a handful of coins, such as FTT which offers additional advantages
  • Over 275+ different cryptocurrencies & 10 fiat currencies supported
  • Fastly and easily swap out money and fiat currencies.
  • A wide range of markets, ideal for traders in derivatives
  • Mobile app for iOS and Android

Cons

  • The product is not readily available in USA
  • A hefty USD withdrawal fee of $75
  • Live chat is not available.

CoinSpot Pros and Cons

Coinspot homepage

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

FTX was designed specifically for traders, therefore it shouldn’t come as a surprise by the number of trading options to choose from. Apart from spot trading, you’ll discover stocks, futures and volatility, leveraged tokens and even forex. It’s a lot of markets to investigate that you should go through the FTX website to understand the depth that the platform offers. FTX also offers an NFT marketplace in case you’re interested in this too.

In terms of CoinSpot it’s an extremely user-friendly cryptocurrency exchange that has an easy instant buy and instant sell functions. It is also possible to switch between one coin and another and access your account using either a desktop computer or mobile device. Staking is offered on CoinSpot, which is 21 different coins. CoinSpot and there’s also an NFT marketplace allows you to buy hundreds of NFTs with any cryptocurrency you want.

Winner: CoinSpot

Supported Cryptocurrencies

FTX supports more than 275 cryptocurrency accepted.

FTX supported cryptocurrencies

CoinSpot has more than 360 different cryptocurrency options to choose from.

While FTX has a broad range of coinsavailable, CoinSpot offers more options, providing more than 360 distinct cryptos.

Winner: CoinSpot

Fees

It is absolutely free to transfer USD into FTX. Refunds made from FTX are free of charge.

The fees for trading for FTX are very low, averaging 0.02 percent for the makers and 0.07 percent for users. If you’re a large volume trader or own FTX’s currency (FTT) you could reduce fees to a lesser extent.

CoinSpot does not charge any charges for withdrawals. If you want to deposit AUD using CoinSpot There are a variety of choices that are free of charge, such as Bank Transfer, POLi, PayID and OSKO. If you choose to make use of BPAY you will be charged a cost of 0.9 percent, and for cash deposit, the cost is 2.5 per cent. When you purchase or sell crypto immediately there is a transaction fee of one percent. If you trade in the marketplace, then the cost is 0.1 percent. However, you can only trade up to 16 coins on the market.

FTX offers extremely low charges for trading, therefore it’s the winner in this fight.

Winner: FTX

Customer Support

If you have an issue regarding the platform or one or all of the financial instruments it offers you can reach an FTX customer support department by sending an issue ticket. You may also request a support-only link. If you choose this option the exchange will then send an email that permits you to log in to your account to only receive and send support communications.

The support team for customers at CoinSpot is available 24 hours a day with a 5 minutes average time to respond. Additionally, there’s the Live Chat feature connecting you directly to CoinSpot’s team. CoinSpot team.

Exchanges have a broad reach on the social networks and you can reach customer assistance via Facebook, Twitter, Instagram as well as Reddit channels.

Winner: CoinSpot

Deposit Methods

FTXoffers deposit options which comprise Bank transfer, Paypal, Visa and Mastercard debit and credit cards. They also offer PayID, Poli, Silvergate SEN. The daily limit for deposits is not a minimum amount to deposit.

For CoinSpot it can support Bank transfer OSKO, BPAY, POLi, PayID, Cash Deposit.

We believe FTX is the most suitable option since they have a wider range of options for depositing money, making it simpler to transfer money.

Winner: FTX

Security

CoinSpot is regarded as an extremely secure, audit-proof cryptocurrency exchange in Australia It is certified by AUSTRAC as a certified participant in Blockchain Australia, and awarded the ISO 27001 certification. CoinSpot provides a variety of customizable security measures to ensure that their customers’ money is secure.

Coinspot security features

CoinSpot uses 2FA, custom withdrawal limits, anti-phishing phrases geo-lock logins and geo-locks sessions timeout settings, and offline cold storage for all their assets digital.

FTX also takes the security of its customers very seriously. Although both exchanges are secure but it appears that CoinSpot is more secure than FTX.

Winner: CoinSpot

Conclusion

FTX is a brand new player in the crypto world. It’s the reason why it doesn’t appear to have expanded as quickly as CoinSpot. CoinSpot is made in Australia and has superior protection options than FTX. This makes CoinSpot the winner of this comparison of crypto exchanges.

Frequently Asked Questions

Does FTX have a mobile app?

It is easy to track your crypto transactions, positions, balances with the FTX Pro mobile app. The FTX app enables the tracking of over 10,000 different digital assets to provide traders with the most current and reliable data. Moreover, this application provides statistical information from over 500 various market sources. The FTX mobile app is fully functional on all Android and iOS devices.

What countries are supported by FTX?

Even though FTX is a global crypto exchange, certain jurisdictions cannot use its financial services due to legal constraints and security restrictions. The United States, Cuba, Crimea, Iran, Iraq, and Syria have restricted access to the FTX platform.

Does FTX provide a cryptocurrency wallet?

Yes. Users may use FTX’s custodial wallet to hold and exchange cryptos. If you use a custodial wallet, you should know that the exchange has access to your wallet’s private keys.

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:

Best Crypto Exchanges Compared

ExchangeDeposit MethodsFiat CurrenciesCryptocurrenciesTrading FeesDeposit FeesWithdrawal Fees

Swyftx

PayID, Osko, Debit Card, Credit Card, Cryptocurrency, Bank TransferAUD / NZD320 +0.6%AUD Deposits: $0 Crypto: NoneAUD Withdrawals: $0 Crypto: NoneVisit

CoinSpot
Coinspot exchange logo

PayID, POLi, Cryptocurrency, Cash, BPAY, Bank TransferAUD370+OTC: 0.1% Instant buy/sell: 1% Market order: 0.1%* (applies to BTC, LTC, XRP, ETH, DOGE, POWR, NEO, TRX, GAS, XLM, EOS, RFOX, RChainDirect Bank Transfer: 0% Direct Deposit: 0% Cash: 2.5% BPAY: 0.9% PayID, POLi, and direct deposits: None AUD withdrawals: $0Visit

Binance
binance logo

PayID, Osko, Debit Card, Credit Card, CryptocurrencyUSD, AUD, CNY, EUR, CAD, GBP, UAH, NGN, TRY, RUB600+0% – 0.1%NoneVaryVisit

Bybit
bybit logo

Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, debit card/credit card50+160+0.1% to 0.6%Bank transfer: $0VaryVisit

Crypto.com
crypto.com logo

Bank Transfer (ACH), Crypto, SWIFT, Fedwire, Wise, PayPal, Debit Card, Credit Card, SEPA, BPay19 including USD, AUD, and SGD250+0.04% to 0.4%$0FREE via bank transfer. $25 for USDC withdrawal via SWIFT NetworkVisit

CoinJar
coinjar new logo

Google Pay, Apple Pay, Debit Card, Credit Card, Cryptocurrency, Bank Transfer, CashAUD, GBP50+Taker: 0.04-0.1% Maker: 0.04-0.1%CoinJar users: No fee NPP: No fee Cash: 1.5%0 Withdrawal FeesVisit

Digital Surge
Digital Surge logo

PayID, Osko, POLi, Cryptocurrency, Bank TransferAUD300+0.1% – 0.5%POLi: $2 (capped at $3.30) Deposit Fees Bank Transfer: NoneNone for AU Bank Accounts Cryptocurrency: Network feesVisit

Independent Reserve
Independent Reserve exchange logo

SWIFT, EFT, PayID, Osko, CryptocurrencyUSD, AUD, NZD270.05% – 0.5%For SWIFT: $15 for deposits under AU$5,000 equivalent None for deposits over AU$5,000 equivalent For EFT: AU$0.99 for deposits under $100 None for deposits over AU$100Cryptocurrency: Fees vary Bank Transfer: None for AUD, $20 for non-AUDVisit

eToro
eToro exchange logo

Skrill, Online Banking, PayPal, Neteller, Debit Card, Bank TransferUSD, AUD, EUR, NZD, GBP, HKD, CAD, CHF, NOK, SGD, and 5+ more70+Vary (overnight and weekend fees apply)Vary (conversion fees for non-USD deposits) ($50 minimum deposit)$5 (minimum withdrawal of $50)Visit

Kraken
Kraken exchange logo

SWIFT, Google Pay, Apple Pay, SEPA, Osko, Wire Transfer, Cryptocurrency, Bank TransferAUD, USD, GBP, EUR, CAD, JPY, CHF140+Taker: 0.10% – 0.26% Maker: 0.00% – 0.16%VaryVaryVisit

KuCoin
KuCoin logo

SEPA, Debit Card, Credit Card, Wire Transfer, PayPal, CryptocurrencyAUD, EUR, USD, RUB, GBP, KRW, CNY, VND, TRY645+0.1%NoneVaryVisit

Easy Crypto
easy crypto logo

Bank transfer, POLi, OSKO, P2PAUD100+Taker fees: 0.5% – 1.6% Maker fees: 0.5% – 1.6%Card deposit fees: 0%$0Visit

Coinstash
coinstash logo

Crypto, Bank Transfer, PayIDAUD410+Taker fees: 0.85% Maker fees: 0.85%$0$0Visit