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.

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Coins

360+

160+

Trading Fee

Market buy: 0.1%; Instant buy: 1%

4.49%

Deposit Fee

Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5%

Included in trading fee

Withdraw Fee

Free

Withdrawals unavailable in Australia

Deposit Methods

Bank transfer, POLi, PayID, OSKO, BPAY, Cash deposit

Debit card

Features

- Most secure and trusted exchange in Australia

- Live Chat support 

- Easy for beginners to use

- Insurance in case the exchange is hacked

- Receive free cryptocurrency for watching short videos

Disadvantages

- No staking available

- Cannot sell crypto in Australia

- Cannot withdraw AUD

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Header

Coins

360+

160+

Trading Fee

Market buy: 0.1%; Instant buy: 1%

4.49%

Deposit Fee

Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5%

Included in trading fee

Withdraw Fee

Free

Withdrawals unavailable in Australia

Deposit Methods

Bank transfer, POLi, PayID, OSKO, BPAY, Cash deposit

Debit card

Features

- Most secure and trusted exchange in Australia

- Live Chat support 

- Easy for beginners to use

- Insurance in case the exchange is hacked

- Receive free cryptocurrency for watching short videos

Cons

- No staking available

- Cannot sell crypto in Australia

- Cannot withdraw AUD

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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 360+ 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.

Features: CoinSpot beats Coinbase in this area, and the biggest factor is that users can sell crypto and withdraw AUD on CoinSpot, which isn't available for Australian Coinbase users.

Number of Coins

CoinSpot offers their users over 360+ cryptocurrencies and this number is continually growing as they add new coins.

Coinbase has only 160+ cryptocurrencies on offer. While it is not a small number, it is nothing compared to CoinSpot.

Coins: CoinSpot has 360+ cryptocurrencies, the widest range in Australia, and more than 4x the number supported on Coinbase.

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.

Fees: CoinSpot has much lower crypto purchasing fees, as well as free deposit methods and free withdrawals. Coinbase charges too much for a crypto purchase (4.49%), and there is also no option to withdraw AUD to your bank account.

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.

Deposit Methods: CoinSpot has various options available for users to deposit, whereas Coinbase only accepts payment using debit cards.

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.

Security: CoinSpot wins this section as it is the most secure, audited and trusted crypto exchange for Australians.

CoinSpot Pros & Cons

Pros
  • Australia's largest crypto exchange
  • Very easy to use, great for newcomers
  • Over 360+ coins supported
  • Instantly buy/sell crypto or trade on the market
  • Excellent customer support by Live Chat and email
Cons
  • Debit card payment not accepted
  • No staking available

Coinbase Pros & Cons

Pros
  • USA's largest crypto exchange
  • Simple interface, built for newcomers
  • Over 160+ coins available
  • Crime insurance cover to cover any crypto hacks
Cons
  • Cannot sell crypto in Australia
  • Cannot withdraw AUD to bank account
  • Expensive to purchase crypto (4.49%)

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 360+ 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.

About the author 

Luke Campbell

Luke is an early adopter of cryptocurrency, and was buying and using Bitcoin back in 2011. He has seen the landscape of cryptocurrency change over the years, and firmly believes we are still in the early stages of mainstream crypto adoption. Luke is fascinated about the potential of the metaverse, and invests in virtual real estate.

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