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CoinSpot vs Coinbase (Comparison)

Blockchain Technology


CoinSpot is Australia's largest crypto exchange, with over 2 million users, and Coinbase is the largest in the USA. Everyone has heard of these two crypto exchanges, so which is better to use in Australia? Long story short, CoinSpot is the winner, as it is built for Aussies, and therefore suits the market well. Coinbase is very popular in the US, but it is missing some important functionality in Australia. The biggest problem is that you cannot sell cryptocurrency on Coinbase in Australia, and therefore you cannot withdraw any AUD from the exchange. This is a basic feature that is not supported for Australian Coinbase users, and therefore we cannot recommend it.

Continue reading through our head-to-head comparison article to see how CoinSpot and Coinbase stack up in the various areas, and you can make up your mind about which to choose. If you also want to read our article on the best crypto exchanges in Australia, you can do so by clicking here.

CoinSpot Pros & Cons

Pros

1. Most secure and audited exchange in Australia

2. Over 330+ coins available

3. Easy-to-use platform that is perfect for beginners

4. Lower trading fees than Coinbase

5. Can withdraw AUD which is not possible on Coinbase

Cons

1. Only available in Australia

2. No cryptocurrency staking

Coinbase Pros & Cons

Pros

1. Largest cryptocurrency exchange in the USA

2. Over 70+ coins available

3. Simple interface that is great for newcomers to crypto

4. Very secure exchange, using cold storage of 98% of crypto assets

5. Crime insurance covers additional user protection

Cons

1. Cannot sell your cryptocurrency in Australia

2. Not possible to withdraw AUD to your bank account

3. Fees to purchase crypto are too high (4.49%) compared to CoinSpot

CoinSpot vs Coinbase Features

CoinSpot is a longstanding crypto exchange in Australia, having been around since 2013. Since then, they have attracted over 2 million users to their platform, mainly due to the simplicity of the exchange. There is an instant buy and sell functionality, which means that even a complete beginner to crypto can get their hands on crypto, with no experience. For those that prefer to trade, you can access a small range of coins on the market, with lower fees of just 0.1%. There is also excellent customer support through Live Chat, which is so helpful when you are new to the cryptocurrency game. Over 330+ cryptocurrencies are offered, making it the widest selection in Australia, and they are continually adding more coins. You are sure to find the coin you want on CoinSpot.

Coinbase is also a user-friendly crypto exchange, that is immensely popular in the USA. Coinbase has a cool feature known as Coinbase Earn, where you can receive free crypto just for watching a short video about cryptocurrency. You are getting paid to educate yourself, a win-win situation! Unfortunately, Coinbase lacks one of the most basic features of a crypto exchange for its Australian users. There is no ability to sell cryptocurrency, and therefore you cannot withdraw AUD from the exchange. If you have bought crypto, you cannot sell it on Coinbase. If you want to convert it to AUD, you will need to transfer the crypto to a different exchange and then sell it there.

CoinSpot vs Coinbase Fees

CoinSpot has some fee-free deposit methods: Bank transfer, POLi, PayID, and OSKO. If you choose to deposit with BPAY the fee is 0.9%, and the cash deposit fee is 2.5%. 

When buying or selling crypto instantly, the fee is 1%. Trading on the market is only 0.1%, but you can only trade about 15 different coins in this manner.

Withdrawing AUD from CoinSpot is free of charge.

Coinbase only accepts payment of crypto directly using a debit card, with a total fee of 4.49%.

There is no way to sell your crypto on Coinbase, and you also cannot withdraw AUD from the account.

Number of Cryptocurrencies

CoinSpot has a huge selection of over 330+ different cryptocurrencies.

Coinbase only has 70+ different coins.

Payment Methods

CoinSpot offers Bank transfers, POLi, PayID, OSKO, BPAY, and Cash deposits.

Coinbase only accepts Debit cards.

CoinSpot vs Coinbase Security

CoinSpot is known as the most secure and trusted crypto exchange in Australia, and it can claim this due to its ISO 27001 certification. It is also a certified member of Blockchain Australia. CoinSpot uses industry-leading security measures such as 2FA, custom withdrawal restrictions, geo-lock logins, anti-phishing phrases, and session timeout settings. They also store most of their cryptocurrency in secure offline cold storage, to prevent theft and hacking.

Coinbase is also extremely secure, holding 98% of its digital assets in cold storage offline. Coinbase's security measures consist of 2FA, data encryption, biometric logins, and storage of USB drives and paper backups distributed in safes around the world. Coinbase also has crime insurance to cover its users in any unfortunate event such as a hack.

CoinSpot vs Coinbase Summary

CoinSpot easily won this comparison, as it excelled in every area. Coinbase isn't a bad crypto exchange, it's just not suited to the Australian market at all. If you are still undecided on a crypto exchange, you can also have a look at our list of the best crypto exchanges for Australians where you can find our top picks.

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