CoinSpot vs CoinJar – Which Is Best?
If you are in search of an unbiased CoinSpot vs CoinJar comparison you have arrived at the right destination. You will get a complete idea about both the exchanges from this article.
CoinJar and Coinspot are the best-known crypto trading platforms in Australia working efficiently and working towards creating a better user experience and aiming to deploy a customizable cryptocurrency experience even to the end-user.
With all the security features both CoinJar and Coinspot exchange are registered to AUSTRAC and are regulated by the Australian Taxation Office.
Both the exchanges are simple to access, reliable and trustworthy because of their past records and positive customer reviews.
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CoinSpot vs CoinJar Reviewed
With not so much trading fee, Coinspot and CoinJar exchange is working on further enhancements to make their platform more reliable and one of the best trading platforms in Australia since the cryptocurrency revolution.
By the end of this article, you will have a clear and informed idea of which one of the two platforms should be your preference for trading.
In this CoinSpot vs CoinJar Review, we will dive deeper into the technical details of both of these platforms and will give an honest opinion on each of those aspects.
CoinSpot vs CoinJar Comparison
| CoinSpot | CoinJar | |
| Coins Supported | 300+ | 40+ |
| Currencies Accepted | AUD | AUD |
| Trading Fees | 0.1 – 1% | 0.2 – 2% |
| Deposit Fee | 0.9%, Cash: 2.5% | 1.5%, Visa/Mastercard: 2% |
| Daily Deposit Limit | $20,000 | $5000 |
| Year Founded | 2013 | 2013 |
| Beginner Friendly | Yes | Yes |
| Deposit Method | Bank Transfer, PayID/Osko, Cash and BPAY | Bank Transfer, Credit Card or BPAY |
| Built-in Crypto Wallet | Yes | Yes |
| Supported Devices | Web, iOS, and Android | Web, iOS, and Android |
| Security | 2-Factor | 2-Factor |
| Verification Speed | Fast | Slow |
CoinSpot Exchange
Coinspot Exchange is Australia’s one of the best-known crypto trading platforms and is available for the global user base with the same features.
Established in 2014 Coinspot crypto exchange is serving people to deliver liability and prosperity. A single platform where you can buy, sell and exchange cryptocurrencies at your own pace.
Coinspot comes with its mobile application in the market that allows you to navigate, and monitor your trades from any remote location.
Coinspot crypto trading platform is a trustworthy, secure, and legitimate platform with hundreds of tokens and tens of services mentioned in detail on its official website.
Coinspot Pros and Cons
Coinspot exchange is always willing to provide the best of it and works effortlessly towards making Coinspot a great trading platform for its users. Pros are always more than cons in good businesses.
Pros
- Coinspot provides over 350 coins
- Coinspot comes with additional two-factor authentication and layered protection
- User-friendly and easy-to-use interface
- You can buy NFTs and list your NFTs for sale
- accepts many different payment methods
Cons
- Only accepts AUD fiat currency.
- Coinspot is ideal for Australians only.
Can CoinSpot Be Hacked?
The increasing rate of scams and hacking in the crypto world pulls back the new bees as well as the pro trades to invest, and propels them to ask the question, is the platform safe’?
The fear of losing their assets makes them worry and we understand such concerns.
Coinspot crypto exchange was established in 2014 and has never been hacked, not even a single time in the past.
And it is certified by ISO 27001 which ensures the users about the organization’s credibility. ISO 27001 is an international system that manages the security features and functions of any organization.
This certification demonstrates that the organization is interested in keeping the customer’s data, such as financial information and personal details, safe.
Does Coinspot Report To ATO?
Coinspot is regulated by ATO (Australian Taxation Office) policies, rules, and regulations that monitor the financial intelligence and imply the Taxation policies in the country.
Yes, Coinspot exchange reports to the ATO. The Australian Taxation Office regulates the Austrack (Australian Transaction Reports and Analysis Center). AUSTRAC takes care of the User’s data, security, and protection along the Coinspot.
The Australian taxation office uses the AUSTRAC data for financial management, tax implication, and crimes related to taxation.
AUSTRAC is also responsible for monitoring the increasing crime Rates due to security reasons. Crimes such as Money laundering, and promoting terrorism by financing terrorism groups are identified by AUSTRAC and then it reports to the Australian Taxation Office (ATO).
CoinJar Exchange
CoinJar Australia’s well-known crypto trading platform allows you to store and spend cryptocurrencies.
It was established in 2013 to welcome the world to understand cryptocurrency. An easy-to-use, and user-friendly interface makes it a better place for buying and selling digital assets. Around 500k global users performed trades of about $1.5B on the CoinJar exchange.
CoinJar comes with its debit card known as the CoinJar card and a mobile application for both Android and iOS users.
CoinJar Pros and Cons
In this section of CoinSpot vs Coinjar comparison let’s dive into the details about CoinJar’s good and bad specifications. CoinJar is a sturdy base providing maximum pros and lesser cons.
Well, examining good and bad is solely in the user’s hands. In this review, we will deal with the strengths of CoinJar accepted by the users and also the complaints delivered by them.
Pros
- Simple, handy, and user-friendly CoinJar interface
- CoinJar card allows paying crypto at any merchant shop
- Stores the cryptocurrencies in geographically redundant areas
Cons
- Offer a high fee commission which is inconvenient to newbies and most users.
- Many Users do not join CoinJar or leave it because of the fewer numbers of coins.
Is CoinJar Free To Use?
For many users, CoinJar exchange is Unaffordable so they take steps back. But, yes CoinJar charges no deposit fee on most AUDs and Cryptocurrencies. CoinJar offers 1.5% on a deposit via Blushyft.
It will incur 2% on instant buy via visa and MasterCard. CoinJar exchange charges a conversion fee of a flat 1% between currency accounts and between digital currency and cash accounts.
Users pay 35 AUD if they want CoinJar to check for an error or if they dispute the deposit transactions.
A fee is charged for transferring currencies to an external address. The nature of the currency will decide the transferring fee.
Is CoinJar Good For Beginners?
CoinJar welcomes beginners with beginner-friendly features. Its simple, user-friendly and easily understandable interface attracts beginners.
The Interface is designed to make the beginners good to go. Deposition via debit and credit cards makes it a less disputing platform.
With the CoinJar Card, users can pay with digital currencies at their nearby merchant shops which makes it more reliable.
You can instantly sign up and access your digital assets anywhere you go using the CoinJar mobile application.
Is CoinJar Regulated In Australia?
As we have discussed above in this CoinSpot vs CoinJar comparison, AUSTRAC (Australian Transaction Reports and Analysis Center) is a national unit that takes care of finance and related crimes and provides data to the Australian Taxation Office ATO monitors crimes such as money laundering and if an organization seems to promote terrorism by providing them funds, etc.
Coinspot Features
Features make it different from the rest of the competitive exchange platforms. We can say its prosperity of supported coins is a great feature. More than 350 cryptocurrencies are available on a single platform which you can buy, sell, store and spend any time.
- Coinspot Bundles
The easiest way to diversify your portfolio. You can buy and return the crypto Bundles at any time. It is easy to get back your payment after returning your Bundles to Coinspot.
Coinspot Bundle is a group of cryptocurrencies bought together at once. There are many bundles that you can buy depending on your preferences. Coinspot has curated several bundles that range in price.
Such as The Dominant Duo, Top 3 Market cap, Top 10 Market Bundle, Bitcoin Bundle, etc. You can directly buy bundles using any AUD payment method.
CoinJar Features
CoinJar is also known for its incredible and unique features that make it completely hustle-free and user-friendly.
Some of the notable features of the CoinJar exchange are that it accepts multi-currency deposits. Its Mobile applications for android and ios users are better performing in crypto exchanging, sending, and storing.
- CoinJar card
CoinJar card is like a debit or credit card that you can use in grocery stores, at merchant shops, and in an ATM. CoinJar card allows you to keep your digital assets in your pocket as the traditional currency. No monthly/ yearly charges you are asked to pay, but a 1% transaction fee on every time you spend will sweep out from your account. It will be managed from the CoinJar application to check the current balance and history records of transactions.
- CoinJar Bundles
CoinJar Bundle brings with it a smooth way for the diversification of your portfolio. CoinJar Bundle is the set of some cryptocurrencies that you can buy in a go. It is one of the easy ways to grow with a single purchase in the crypto industry
CoinSpot vs CoinJar Features – Winner
Coinspot and CoinJar both are working seamlessly and effectively on their own. Based on the services if we notice it becomes hard to differentiate one and declare a winner. But, CoinJar’s CoinJar Card stands out.
Coinspot Fees
Coinspot exchange is said to be the cheapest coin exchange in Australia with no compromise with the services and products.
Coinspot incurs charges separately on different services. Coinspot fees range from 0.1% to 1% only. A 2.5% charge is deducted from your account on AUD withdrawals and deposits.
Most of CoinSpot’s services are provided for free. It is to remember that when sending your assets to your wallet you will be charged a mining fee, that varies for each coin and on how busy the system is.
You, be always aware of the charges for your currency before sending it to your wallet.
CoinJar Fee
As we have also dealt with CoinJar’s charges above in the article. For setting a comparison, it is better to have a clearer image of both.
CoinJar charges Flat 1% fee between crypto-to-crypto exchange and fiat-to-crypto or vice versa. Moreover, it deducts 1.5% on deposits using blueshyft and 2% on instant buy via Visa or MasterCard.
CoinSpot vs CoinJar Fee – Winner
Services are almost the same but they both differ in fees. CoinJar though is a good services provider, and also shares a CoinJar card with the traders but still lacks in amassing people because of the high charges deduction.
It is hard to claim that charging high is its policy or it is charging meaningfully, but newbies are afraid of losing their assets.
CoinSpot Spreads
What you are willing to pay and what the seller is asking you to pay, always make a difference, this difference is called Spread.
This difference varies on every platform in all tradings. Buyers and sellers want this difference to be the least. At Coinspot exchange it can fluctuate between 2 to 3%.
CoinJar Spreads
CoinJar spreads have shown improvements in recent days. Tokens and AUD have improved by 75% (2.16% to 0.53%). The improvements can also be seen in AUD and Bitcoin by 13% from (0.22% to 0.19%)
CoinSpot Security
Coinspot sports a lot of security features making sure that its users what they pay for. Maintaining industry-standard security protocols and AUSTRAC certifications are some of the key features which provide a safe environment for CoinSpot crypto exchange users.
Coinspot’s priority is to keep the user’s data protected for which it deploys two factors Authentication and layered security.
Layered security protects random withdrawals and customizes your account by time-out session limit.
Coinjar Security
Coinjar crypto trading platform makes sure that all the digital assets of their users remain safe and deploys the right tools to make sure.
CoinJar provides two-factor authentication, data encryption, transport layer security, along with third-party security audits that enable a diverse viewpoint to their security protocols.
All the employers at CoinJar exchange go through Multi-Factor Authentication before accessing the Network.
Coinjar vs CoinSpot Security – Winner
Both the exchanges are up to the mark when it comes to the overall security of their users but by small bits, the CoinSpot exchange takes a lead.
CoinSpot’s layered security and other such features last a significant impact.
Coinjar vs CoinSpot Supported Coins
Prosperous with a variety of crypto, Coinspot crypto trading platform supports more than 350 digital assets out of which you can buy, sell and swap your assets with ease.
However, the CoinJar exchange provides its users with 40+ digital currencies. CoinJar allows its users to buy crypto using Visa and Master cards instantly. You can withdraw cash in your account using Osko, Payid, or Blueshyft.
Coinjar vs CoinSpot Deposit Methods
At CoinJar exchange the very first step is to open an account like other companion platforms. After that create your account and let the verification happen and now deposit your funds which you can do via credit and debit cards.
And after doing this you can open your CoinJar account easily.
Most of its services are free to CoinJar users. Users can earn rewards every time they spend using the CoinJar card.
It is easy to use and access. On the CoinJar App, navigate for the CoinJar card, when you find it click on the ‘CoinJar Card’, in a while it will be ready to use.
Before paying in any store physically or digitally, select the currency that you have to pay with/
On the other hand, CoinSpot platform provides an easy user interface that amasses the crypto traders. Besides this Coinspot crypto exchange accepts various currencies to get started with.
There you can find its mobile application on the play store and App store with which you can use different deposit options available.
The same work can be done by their website allowing its users to use different payment options such as PayID, Direct Deposit & POLi.
CoinSpot vs Coinjar Mobile app
Both the trading exchanges have dedicated mobile applications for both iOS and Android that allows their users to interact with trading exchanges in a seamless manner.
CoinSpot and CoinJar exchange stand together when it comes to the mobile application front hence this segment remains an equalizer for both of these trading exchanges in Australia.
CoinSpot Customer Support
CoinSpot supports a variety of customer support for its users. From raising a ticket for phone support to helping its users with email responses CoinSpot makes sure that all of its users are completely satisfied with its services.
One of the key highlights is their live support feature from which you can get customized help just when you need it.
Coinjar Customer Support
CoinJar provides a detailed and dedicated FAQs page that makes it easy for its users to solve such problems that do not need expert support.
However, if your problem needs an expert’s support you can use their 24×7 phone support by submitting a support request. You can also mail them about your problems and they are likely to respond with a solution.
Coinjar vs CoinSpot Customer Support Winner
CoinSpot platform secures a better place for us in the customer support segment of this comparative review of CoinSpot and CoinJar.
The main reason is a live chat feature in the bucket of CoinSpot that makes it extremely accessible for their users. Hence, if customer support matters a lot to you, CoinSpot is the way to go.
CoinSpot vs CoinJar – Verdict
While comparing two industry leaders CoinSpot vs CoinJar, things are never that easy and hence looking deep into the technical aspects becomes extremely crucial.
After analyzing things from our point of view, we reached a decision of giving the verdict in the favor of CoinSpot because it emerges to be the better choice in most of the aspects of comparison.
We hope that this comparison will provide you with all the relevant information and help you to decide on your next trading exchange.
