CoinSpot vs Coinbase – Which Is The Best?

Today we will be comparing the two best crypto exchanges in Australia, Coinspot vs Coinbase to help our readers get a better understanding of which exchange to choose in 2022

When the methods of investments are changing with every passing day, Cryptocurrencies have undoubtedly emerged to be a new and hot investment strategy.

The ever-popular strategies of conventional investments are being replaced by digital assets and the need for platforms to trade these assets and currencies is increasing with time.

CoinSpot vs Coinbase – Reviewed

Because of these reasons, there has been a sudden rise in the number of trading exchanges in the market.

A huge number of platforms might confuse a lot of new users with choosing the right platform for themselves.

In this Coinspot vs Coinbase comparison, we will discuss two such prominent platforms, namely CoinSpot and Coinbase, to know which one of them could be the best exchange for Australians.

We’ll dive deeper into the technical aspects of these exchanges and bring to you a detailed comparison that will help you make an informed decision, so without further ado, let’s get started. 

CoinSpot Exchange

Starting in 2013, CoinSpot exchange has been in the market for almost a decade and unlike many trading platforms, has seen blockchain technology growing to its peak if you consider the peak to be today.

Owned by Casey Block Services, Pvt. Ltd. CoinSpot became one of the most trustworthy crypto exchanges because of its simplistic design and long presence in the domain.

CoinSpot exchange is also proudly regulated by AUSTRAC, Australian Transaction Reports, and Analysis Center, which adds another layer of trust for its users in terms of proper regulation in their country, making CoinSpot one of the best exchanges for Australia. 

CoinSpot Pros And Cons

There are always two sides to a coin and even the very best of products have their fair share of ups and downs hence, in this segment we will share some pros and cons for using CoinSpot exchange. 

Can CoinSpot Be Hacked?

In 9 years since its establishment, CoinSpot crypto exchange proudly claims to never have been hacked, and this is a major feat when it comes to crypto trading exchanges, as most of the prominent ones have faced a breach or got hacked at least once.

CoinSpot takes all the necessary and industry-standard security protocols with a completely encrypted network at its core.

CoinSpot exchange also promises to keep its cryptocurrencies and all other digital assets in secure cold storage facilities.

2-Factor Authentication from the user’s end also adds a layer to the overall security of CoinSpot. It has also earned an ISO27001 certification for maintaining good security for its users. 

Does CoinSpot Report To ATO?

One thing which needs to be pointed out is that CoinSpot platform does not report to the Australian Taxation Office but it could have its own reasons, one of which could be that CoinSpot exchange is considered a DSP or Digital Signal Processing by ATO as of now.

Once CoinSpot will be taken in as a digital asset trading exchange, CoinSpot will most probably not shy away from reporting to the Taxation Office of Australia.

But for now, as per the question asked, CoinSpot exchange does not report to ATO. 

Coinbase Exchange

Another veteran in this feature, Coinbase exchange, is surely not a new name when it comes to the trading exchanges present in the cryptocurrency and NFT markets.

Starting a decade back in 2012, Coinbase is a US-based trading platform that has its user base spread all over the world and a strong team of more than 3500 employees working for them.

When it comes to overall trading volume, the size of Coinbase platform could be guessed with the fact that it is the biggest trading platform in the United States and that is surely not a small feat to have.

With excellent security protocols, Coinbase crypto exchange makes sure that all of your digital assets are stored safely with them, and even in the case of any misadventure they offer complete coverage of your funds with insurance. 

Coinbase Pros And Cons

As we have discussed some pros and cons for CoinSpot exchange, we can not let go of Coinbase to skip this scrutiny. Hence, here is a list of some of the major pros and cons of Coinbase.

Is Coinbase Free To Use?

Yes, Coinbase cryptocurrency exchange is completely free to use the platform to monitor your trades and other crypto movements.

Coinbase does not charge a fee for using its platform only to monitor the trades or transfer your assets, however, a trading fee is applied as any other trading platform. 

Is Coinbase Good For Beginners?

Coinbase exchange is surely a good platform for beginners. Its clean and simple UI provides a great hassle-free experience and does not make cryptocurrency trade a hefty task for those who are just starting out their journeys in the field of digital assets. 

Why Does Coinbase Need My Bank Login?

Coinbase has a strict KYC policy due to which they need to authenticate their users with different possible methods and Bank Login is one of those apart from Bank Login being able to be used as a payment method for adding funds to your Coinbase wallet. 

CoinSpot Features

CoinSpot comes with an all-round package of powerful features that makes it a great choice for those who do not want to overcomplicate their trading experience without lacking the advantage of having great trading tools at their disposal.

Some of the key features of the CoinSpot platform are mentioned below:

1. Open market for buying NFTs and other digital artwork and assets
2. One click switch from USD to AUD
3. Regulated and certified by various international organizations
4. Tools available to automate the trading and reduce human intervention
5. Tailor made for users based in Australia

Coinbase Features

Coinbase exchange comes with a lot of features for its users, from teaching their users while learning about crypto to offering a debit card for crypto-specific operations.

There are many other features that we can add to this segment. We are proving a list of a few topmost features of Coinbase:

1. Wide crypto coin support, especially being a US based exchange. 
2. Interactive mobile app available
3. Debit card for its users
4. One click transfer to Coinbase users using only their usernames. 
5. Advanced features to automate trading

CoinSpot Fees

CoinSpot charges a variable trading fee from 0.1% to 1 for some specific trades and coins but does not charge a withdrawal fee, unlike most of the crypto trading platforms in the market, which makes it stand out amongst its competition. 

Coinbase Fee

Coinbase also maintains a variable fees structure for its various services that include, wallet services, Coinbase cards, and Coinbase staking services.

For credit transactions, Coinbase exchange can charge up to 2% of total transactions, which is undoubtedly too much. 

CoinSpot Spreads

Even though CoinSpot facilitates its user with various different tools and features, one place it is not so great is its wider spread range which makes it a costlier option in this regard.

The spread is not a fixed amount and varies as per the change in currency and crypto exchange.

However, they are surely costlier than most of the trading exchanges in the market. 

Coinbase Spreads

Coinbase clearly mentions their average spread rates on their website. With an average spread rate of 0.5%, Coinbase exchange has a much better gap in their buying and selling price when compared to other crypto exchanges in the market. 

CoinSpot Security

CoinSpot exchange makes sure that your digital assets stay where they should stay, within your wallet.

CoinSpot claims to keep most of its cryptos in offline and secure cold storage. CoinSpot cryptocurrency exchange goes a step ahead to attain an ISO 27001 certification to ensure its users of strict security protocols followed by them.

A long enough verification process and AUSTRAC regulations make CoinSpot exchange a reliable choice for those who do not want to go deeper into understanding other detailed security protocols by CoinSpot.

Core level encryption, 2-Factor Authentication, and other security measures are responsible for making CoinSpot a reliable option. 

Coinbase Security 

Like any other industry-leading crypto platform, the Coinbase crypto trading platform takes all the necessary steps to keep its servers safe from any cyber mishappening.

Coinbase also provides 100% insurance for all of your digital assets stored with them if needed. However, Coinbase had faced major security 

Coinbase vs CoinSpot Coin Support

CoinSpot is ahead of Coinbase here as well, with supporting over 350 crypto coins in comparison to the 100+ number of Coinbase. 

Coinbase vs CoinSpot Deposit Methods

CoinSpot exchange supports only PayID, Direct Deposits, POLi, Bank Transfers, BPAY, etc.

While Coinbase exchange supports different payment methods for its US-based customers e.g. Bank Payments, Wire Transfer, Apple Pay, Google Pay, etc. 

CoinSpot vs Coinbase Mobile app

Both of the trading platforms have an Android and iOS application, which allows its users to trade, monitor, and share their digital currency.

However, Coinbase’s Apple application leaps ahead of its competitor, with a huge margin being rated 4.7 in the Apple app store. 

CoinSpot Customer Support

CoinSpot crypto exchange offers responsive and detailed technical support to its users, who might need it while using their platform.

They provide a quick, effective, and empathetic customer care team that is available 24*7 for having a conversation over the live chat with those users who need technical or non-technical assistance with a response time lower than 5 mins. 

Coinbase Customer Support

Coinbase customer support provides a detailed and responsive support page that comes with a lot of directly connecting options for Coinbase users.

Its users can use their customer services through email, phone calls, live chat, and social media.

Coinbase customer service emerges to be a delight for those who need it the most. 

CoinSpot vs Coinbase – Final verdict

After comparing almost all the aspects of two cut-throat competitors in the crypto trading market, it is not easy to take a single decision as in a few aspects, CoinSpot exchange does really well but in some fields, Coinbase exchange steals the show.

However, when it comes to being the best crypto trading platform for Australians, CoinSpot seems to be a more reliable, trustworthy, cheaper, and more relatable choice, making it the overall winner of this detailed review.

We hope this CoinSpot vs Coinbase comparison will help you make a wise and informed decision.