CoinSpot is the biggest cryptocurrency exchange in Australia, by far the most popular with over 2 million users as of 2021. Coinbase is an extremely popular crypto exchange in the US, but not so much in Australia. How do these two compare for Aussies, and which is better for you? If you want the answer now, CoinSpot is the much better choice. The biggest point that sets it apart from Coinbase is that you can sell your crypto and withdraw AUD on CoinSpot, which isn't possible for Aussie residents using Coinbase. Not only that, the fees on CoinSpot are cheaper, and you can access more than 4x as many cryptocurrencies. If you want to have an in-depth look at how they compare, keep reading this article to see if Coinbase does better in any aspects. If you are interested in reading about the top crypto exchanges for Aussies, you can read my article here.

CoinSpot vs Coinbase Features

CoinSpot is a beginner-friendly cryptocurrency exchange that has attracted over 2 million users since 2013. It is tailor-made for those that have never owned crypto before, with their instant buy/sell feature that is extremely easy to use. If you want to trade your crypto on the market instead, that is also available for about 15 of their coins, and you access lower fees of just 0.1% instead of 1%. CoinSpot offers more than [CS]+ cryptocurrencies to their users, which covers everything from the most popular coins, like BTC, ETH, ADA and DOT, to new coins that have recently been added. If you encounter any problems while using CoinSpot you can easily access customer support through the Live Chat feature, which is really helpful.

Coinbase was also built to be user-friendly for newcomers to crypto, and that is what has drawn so many users to their platform in the US. A feature that a lot of newbies love, is Coinbase Earn, where you can learn about new cryptocurrencies by watching a short video and even be rewarded for it with free crypto! It's a no-brainer for those who are keen to find out more about blockchain technology. The problem with Coinbase for Aussies, is that there is no functionality for selling crypto, and you also can't withdraw fiat currency from the exchange. This is because Coinbase is not fully optimised for the Australian market, making it a poor choice for Aussie users.

Number of Coins

CoinSpot offers their users over [CS]+ cryptocurrencies and this number is continually growing as they add new coins.

Coinbase has only [CB]+ cryptocurrencies on offer. While it is not a small number, it is nothing compared to CoinSpot.

CoinSpot vs Coinbase Fees

CoinSpot charges for BPAY deposits (0.9%) and cash deposits (2.5%) but all their other deposit methods are free. Bank transfer, POLi, PayID and OSKO are all fee-free deposit options. 

Instant Buying and Selling of cryptocurrency will cost you 1% of the transaction amount. If you want to trade crypto on the market, the fee is only 0.1%, but you can only access around 15 cryptocurrencies on the market. For the remainder of the cryptocurrencies, you will have to instantly buy and sell directly from the exchange.

Withdrawals of AUD to your Australian bank account is free of charge.

Coinbase does not accept deposits of fiat currency into the exchange, but instead it takes payment immediately at the point of sale, when you want to purchase crypto. This will cost you 4.49% per purchase, which is inclusive of the debit card fee.

You cannot sell cryptocurrency on Coinbase if you are an Australian user, and there is no way to withdraw AUD from your account. This is something important to keep in mind, if you are considering using Coinbase in Australia.

Deposit Methods

CoinSpot accepts a range of deposit methods, which include Bank transfer, POLi, PayID, OSKO, BPAY and cash deposit.

Coinbase does not actually take deposits of fiat currency into the exchange, but instead you make payment at the time you want to purchase cryptocurrency. The only payment method accepted for Australians is Debit card.

CoinSpot vs Coinbase Security

CoinSpot takes the title of being the most secure, audited and trusted cryptocurrency exchange in Australia. CoinSpot is one of the few certified members of Blockchain Australia, and the only Australian crypto platform awarded the ISO 27001 certification. They use various security protocol, comprising 2FA, session timeouts, custom withdrawal restrictions, anti-phishing phrases and geo-lock logins. The majority of CoinSpot's digital assets are held securely offline in cold storage to eliminate the treat of hacks. CoinSpot has never been the subject of a hack since they have been established in 2013.

Coinbase takes security very seriously, storing 98% of their cryptocurrency offline in cold storage. Their multi-layered security includes data encryption, 2FA, biometric logins and storage of USB drives and paper backups around the globe, in various safes. Coinbase even carries crime insurance cover in the event of a hack, so that their users won't suffer any losses. Their insurance cover information can be found here.

CoinSpot Pros & Cons

Coinbase Pros & Cons

Conclusion

CoinSpot beat Coinbase in every aspect that we compared in this article. Coinbase is simply not built for the Australian market, and therefore it struggles to compete not just with CoinSpot but any Australian crypto exchange. The biggest downfall of Coinbase is that you cannot sell crypto, nor can you withdraw your money from the platform. CoinSpot has this basic functionality, as well as over [CS]+ coins, Live Chat support, and lower fees. If you want more options, you can continue doing your research by reading about the best crypto exchanges for Australians.