CoinSpot vs Coinbase
CoinSpot vs Coinbase: Which is a better exchange? The answer to this question depends on who is asking. CoinSpot is a cryptocurrency exchange based in Australia and one of the top ones in the country. Coinbase on the other hand is the largest U.S exchange and one of the biggest in the industry.
While CoinSpot’s services are more tailored to serve mainly Australian users, Coinbase has a more global focus. Therefore in answering the question of CoinSpot vs Coinbase, one needs to consider the location of the users in question.
This article compares the two exchanges using critical metrics that determine their suitability for users both locally and internationally. Below is a table showing some of the key aspects of the exchanges to give you a quick idea of what they have to offer.
The table below provides a high-level overview of CoinSpot vs Coinbase.
CoinSpot vs Coinbase: Fees
Fees are a critical factor in choosing an exchange, assuming all other things are equal. In this regard, CoinSpot is much better than Coinbase.
The maximum fees charged by CoinSpot is 1% flat rate for instant buys, except for cash deposit for which it takes 2.5% and 0.9% for BPAY.
Coinbase charges as high as 3.99% for Debit/Credit Card instant deposits and withdrawals, 1.49% for Bank Account, $10 and $25 for Wire Transfer deposits and withdrawals respectively and 2% crypto conversion fee. These fees are just for U.S users, the fees vary with regions as well, which could be even higher.
Winner: CoinSpot 🏆
The CoinSpot Fees are much more affordable than Coinbase at 0.1 - 1% compared to 3.99% of Coinbase.
CoinSpot vs Coinbase: Security
Both CoinSpot and Coinbase are both fully registered and regulated exchanges in Australia and the U.S respectively. But how secure are they?
CoinSpot has secured an ISO 27001 certification which makes it a high security exchange. This is in addition to its full regulation by Australian regulators, so it is a highly trusted exchange in the country.
Coinbase is also a highly secured exchange. It is ranked third among the most trusted exchanges in the world. According to the exchange, it stores a large percentage of its customers’ funds offline while the remaining percentage online is fully insured. Coinbase also recently went public, thus adding more credibility to the top exchange.
Winner: Coinbase 🏆
The exchange has a much higher credibility than CoinSpot because of its global standing.
CoinSpot vs Coinbase: Supported Cryptos
The number of cryptocurrencies available for users on an exchange is critical to its suitability for traders.
CoinSpot meets this need with over 300 cryptocurrencies available on the exchange. This includes top coins such as BTC, ETH, LTC and many others. The large number of cryptocurrencies translates into more trading pairs, particularly for altcoin traders.
Coinbase has only 78 cryptocurrencies supported, many of which are stablecoins. This of course makes the number of trading pairs limited.
Winner: CoinSpot 🏆
Coinspot has a lot more cryptocurrencies to trade with cash or other cryptocurrencies than Coinbase.
CoinSpot vs Coinbase: Deposit Methods
The Australian Dollar (AUD) deposit limits on Coinbase limited to Debit Card and Credit Card purchases only, which is extremely expensive at 3.99% in fees per transaction.
On the other hand, CoinSpot provides free Australian Dollar (AUD) deposits through various deposit methods which include Australian Bank Transfers, PayID/Osko, Cash, BPAY, POLi and more.
Winner: CoinSpot 🏆
As a local Australian exchange, CoinSpot has the best AUD deposit and withdrawal methods.
ConSpot and Coinbase are both reputable cryptocurrency exchanges in their local environments. They both clearly have their strengths and weaknesses which different users may consider differently. It is therefore difficult to draw a clear line between the two.
As far as international users are concerned, Coinbase is a better option because they can make deposits with their local currencies and trade, unlike CoinSpot which only allows international users to deposit and trade cryptocurrencies.
Outside of this single issue, CoinSpot is a better exchange than Coinbase. It has more affordable fees, more cryptocurrencies to trade and is also a highly secure exchange.