When it comes to choosing a crypto exchange, Australian investors have many options to choose from. But when it comes to comparing the two most popular exchanges in the country, FTX and CoinSpot, there can only be one winner. Here's a quick look at the key differences between these two exchanges to help you make the best decision for your investment needs.

FTX is a newer exchange that has quickly become one of the most popular in Australia due to its wider range of features and lower fees. CoinSpot, on the other hand, is one of the oldest exchanges in Australia and doesn't offer nearly as many features as FTX. However, what it lacks in features, it makes up for in security. CoinSpot has been around for years and has built a reputation as a reliable and secure platform. So, if security is your main concern, then CoinSpot is the better option.

So, which exchange is right for you?  Let's take a look at their offerings.

Header

Coins

275+

360+

Trading Fee

0.02/0.07% (maker/taker)

1%

Deposit Fee

Free

Direct Deposits, PayID and PoLi: Free; Cash Deposits: 2.5%; BPAY: 0.9%

Withdraw Fee

Free

Free

Deposit Methods

PayID, credit card

Direct Deposit , POLi, BPAY, PayID, Cash Deposits

Features

- 275+ cryptocurrencies supported

- Low trading fees

- Advanced marketplace

- Mobile app for on-the-go trading 

- Wide range of 360 cryptocurrencies

- Beginner-friendly platform

- Excellent customer support

- Numerous payment methods

Disadvantages

- Platform is not beginner-friendly

- No live chat customer support

- Doesn’t offer advanced trading markets

- Higher trading fees than FTX

Cell
Header

Coins

275+

360+

Trading Fee

0.02/0.07% (maker/taker)

1%

Deposit Fee

Free

Direct Deposits, PayID and PoLi: Free; Cash Deposits: 2.5%; BPAY: 0.9%

Withdraw Fee

Free

Free

Deposit Methods

PayID and credit card

Direct Deposit , POLi, BPAY, PayID, Cash Deposits

Features

- 275+ cryptocurrencies supported

- Low trading fees

- Advanced marketplace

- Mobile app for on-the-go trading 

- Wide range of 360 cryptocurrencies

- Beginner-friendly platform

- Excellent customer support

- Numerous payment methods

Cons

- The platform is not beginner-friendly

- No live chat customer support

- Doesn’t offer advanced trading markets

- Higher trading fees than FTX

Cell

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FTX vs CoinSpot Features

FTX is a popular cryptocurrency exchange created in 2019 by Sam Bankman-Fried. The company is headquartered in the Bahamas and operates in over 200 countries, with the exception of a few major markets such as the United States and Japan. However, its services are available to residents of Australia.

Known for its innovative approach to customer service and its commitment to offering a comprehensive trading platform, FTX is a cryptocurrency spot and derivatives exchange, offering a wide range of markets to trade. On the spot exchange, users can trade over 275 coins with leverage up to 5x.

The derivatives markets include leveraged tokens, futures, volatility, forex, stocks and predictions. In the predictions market, users can trade on the outcomes of events with up to 20x leverage.

On FTX, traders can also earn interest on their digital assets by staking them. Staking is available on a few coins such as RAY, SRM, and SOL. FTX also has an NFT marketplace where users can buy, sell, or trade their NFTs. The Quick Coin Swap feature allows you to swap your fiat currency or crypto to a different cryptocurrency without having to go through the order book. The FTX native token (FTT) comes with a host of benefits like reduced trading fees and cashback rewards. Overall, FTX is a great platform for both spot and derivatives trading.

CoinSpot is a leading cryptocurrency exchange that offers 360+ different cryptocurrencies for trading. In addition to a wide range of choices, CoinSpot also offers staking on 21 cryptocurrencies. This allows users to earn rewards for simply holding onto their coins, adding an additional passive income stream.

For those looking to invest in non-fungible tokens (NFTs), CoinSpot makes it easy to browse and buy NFTs using any cryptocurrency. The CoinSpot Bundles is another great feature that allows users to buy different cryptocurrencies in one transaction, making it easy and convenient to diversify your portfolio.

CoinSpot also has excellent customer service, with live chat support and a 24/7 help desk, so you can always get the assistance you need. The user-friendly and easy-to-navigate interface rounds off the excellent offering from CoinSpot. And for those on the go, there's even an app available for iOS and Android devices. Whether you're a seasoned investor or just getting started, CoinSpot is definitely worth considering.

Features: CoinSpot definitely has some advantages over FTX, particularly regarding the sheer number of coins supported and those available for staking. However, FTX takes the lead for its advanced features and marketplaces.

Number of Coins

FTX supports over 275 cryptocurrencies.

CoinSpot supports over 360 coins.

Coins: Both exchange platforms offer a wide range of cryptocurrencies. However, CoinSpot offers a larger number, making it  a more attractive option for investors who want to have more options.

FTX vs CoinSpot Fees

CoinSpot offers free deposits on Direct Deposit, PayID, and PoLi. BPAY deposits attract a 0.9% fee, while cash deposits are also subject to a fee of 2.5%. When it comes to withdrawals, CoinSpot doesn't charge any fees. However, there is a 1% trading fee for all transactions. Overall, CoinSpot's fees are very reasonable compared to other exchanges. The ability to deposit and withdraw funds without fees is a significant advantage, and the 1% trading fee is also very competitive.

FTX is known for its low fees, and it also offers a variety of features that appeal to both experienced traders and newcomers to the cryptocurrency market. One of the most appealing aspects of FTX is that there are no deposit or withdrawal fees. This means that you can transfer funds into and out of your account without incurring any additional costs. When it comes to trading fees, FTX is exceptionally competitive. Makers only pay 0.02% per trade, while takers pay 0.07%. This makes FTX an ideal choice for those looking to trade frequently or execute large trades. Overall, FTX is an excellent option for those who want to trade cryptocurrencies without incurring high fees.

Fees: FTX is the clear winner in this category. FTX offers free withdrawals and deposits on all their supported payment platforms and has lower trading fees. Plus, high-volume traders and those who choose to hold on to their crypto and stake it enjoy much lower trading fees.

Deposit Methods

FTX only supports PayID and credit card deposits. This can be limiting for users who prefer to use other methods, such as bank transfer or cash deposits.

Coinspot, on the other hand, supports all of the major deposit methods, including direct deposit, POLi, BPAY, PayID, and cash deposits. This gives users greater flexibility when it comes to funding their accounts. 

Deposit Methods: CoinSpot definitely comes out on top as the better exchange platform for the variety of supported payment methods, and users will appreciate the flexibility this offers.  

FTX vs CoinSpot Security

As one of the most reputable and security-conscious cryptocurrency exchanges in Australia, CoinSpot takes a number of measures to ensure the safety of its users' assets.

For starters, all logins are geo-locked, meaning that users can only access their accounts from specific IP addresses. In addition, CoinSpot employs Two-Factor Authentication (2FA) for all login attempts, adding an extra layer of security.

To protect against phishing attempts, CoinSpot also uses custom anti-phishing phrases that are not used by any other exchange. Lastly, withdrawals are subject to custom restrictions designed to further protect user funds. The vast majority ofCoinSpot's digital assets are also stored offline in cold storage, making them inaccessible to hackers.

CoinSpot understands that when it comes to digital assets, customers need to be able to trust that their funds are safe. As a result, CoinSpot is compliant with AML/KYC obligations and the Australian Digital Currency Industry Code of Conduct. This means that it adheres to strict anti-money laundering and Know Your Customer regulations.

To comply with these regulations, CoinSpot requires users to undergo identity verification before they can trade on the platform. This not only protects users from fraudsters but also helps to ensure that all transactions on the platform are legitimate.

In addition to being the most secure Australian crypto exchange, CoinSpot is also registered with AUSTRAC and is a certified member of Blockchain Australia. These associations help to ensure that the platform is operating in a compliant and responsible way.

FTX takes pride in its high-security standards, which are designed to protect users' assets and information. To that end, the exchange has implemented a number of measures to ensure the safety of its users' funds. 

For instance, 2FA is required for both logins and withdrawals. This helps to ensure that only authorized users can access account funds and also helps to prevent fraud and unauthorized withdrawals. Another important feature is FTX's tracking and notification system for suspicious activity. By monitoring user accounts for unusual activity, FTX is able to quickly identify and investigate any potential incidents of fraud or theft. 

Additionally, FTX has implemented a whitelisting system for IP addresses. This ensures that only approved devices are able to access account information, further protecting user funds.

FTX has also partnered with Chainalysis to monitor cryptocurrency transaction alerts for KYC and AML compliance. This partnership gives FTX access to industry-leading compliance tools, helping to protect users and maintain a safe and compliant platform. Overall, FTX's security measures are comprehensive and provide a high level of protection for users' funds and personal information.

Security: Both CoinSpot and FTX have proven to be reliable and secure platforms for buying, selling, and storing cryptocurrency. Both platforms are compliant with the relevant regulations in Australia and use industry-leading security measures to protect user funds and personal information. However, CoinSpot has an edge over FXT when it comes to security. The former uses cold storage for 95% of its cryptocurrency holdings, meaning that user funds are stored offline and are not accessible by hackers.

FTX Pros & Cons

Pros
  • 275+ cryptocurrencies supported
  • Low trading fees
  • Advanced marketplace
  • Mobile app for on-the-go trading
Cons
  • The platform is not beginner-friendly
  • No live chat customer support

CoinSpot Pros & Cons

Pros
  • Wide range of 360+ cryptocurrencies
  • Beginner-friendly platform
  • Excellent customer support
  • Numerous payment methods
Cons
  • Doesn’t offer advanced trading markets
  • Higher trading fees than FTX

Conclusion

When choosing a cryptocurrency exchange, there are a few things to consider. One is security: how safe is the platform and how secure is your money? Another is fees: how much will you be charged for each transaction? And finally, there's the matter of convenience: how easy is it to use the platform, and what range of coins does it offer?

Looking at these factors, it's clear that CoinSpot (read review)is the better option for most people. It uses cold storage for most of its cryptocurrency holdings, making it more secure than many other exchanges. It also has a wider range of coins available, supports more payment processors and has a user-friendly interface.

However, FTX does have some advantages. It offers a wider range of products and services, including futures, stocks, leveraged tokens, volatility, forex, and predictions and is cheaper. Advanced and high volume traders also benefit from reduced trading rates.

So, when it comes to FTX vs CoinSpot, the answer depends on what you're looking for. If you want a simple platform with a wide range of coins available, then CoinSpot is the better option. However, if you're an experienced trader who wants access to a wider range of products and services, then FTX may be the better choice.

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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