CoinSpot vs Coinjar Review (2021)

Summary: After a thorough comparison, we concluded that CoinSpot is the superior cryptocurrency exchange for Australians due to their wide selection of cryptos, low fees and better user experience.

By
James Glennon
on
September 14, 2021
CoinSpot vs Coinjar

CoinSpot vs CoinJar Review

If you are looking for a comparison of CoinSpot vs Coinjar exchanges, you have come to the right place. It is known that the two exchanges are among the leading exchanges in Australia. Even so, it is necessary to study them more closely to ascertain which is the best to use.

This is what this article is about. We will highlight the key features of both exchanges and then compare them to give you a clearer picture of what to expect from each one.

As we go into the CoinSpot vs Coinjar comparison, keep in mind that no one exchange has it all. This article will only highlight the strengths and weaknesses of each, but the final decision is up to you. So let’s get started.

CoinSpot vs CoinJar Comparison

The following table highlights all of the major features of CoinSpot and Coinjar to simplify the comparison.

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CoinSpot
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Coinjar
Trading Fees 0.1 - 1% 0.2 - 2%
Supported Cryptos 300+ Cryptocurrencies 30+ Cryptocurrencies
Deposit Methods Bank Transfer, PayID/Osko, Cash and BPAY Bank Transfer, Credit Card or BPAY
Year Founded 2013 2013
Beginner Friendly Image Image
Built in Crypto Wallet Image Image
Supported Devices Web, iOS and Android Web, iOS and Android
Verification Speed Fast Slow
Verdict Winner 🏆 Loser

Fees Compared

Exchanges charge fees on buying, selling or even Australian Dollar deposits onto the platform. For most exchanges, the fees vary with the deposit methods and trade volume.

Coinspot charges a flat instant transaction fee of 1%. This is the maximum fee it charges of all kinds of transactions, except for cash deposit for which it charges 2.5%. It also charges 0.9% for BPAY deposits.

Coinjar charges 2% for instant buy with credit or debit cards while it charges 1% exchange fees whether between cryptocurrencies or between fiat and crypto. Another deposit method, Blueshfyt, charges 1.5%. There are also fees for sending most cryptocurrencies which change with the network.

Winner: CoinSpot 🏆

CoinSpot has significantly fewer and lower fees than Coinjar.

Security Compared

Australian regulators have made it mandatory for cryptocurrency exchanges to be registered and fully regulated. While all the exchanges have complied with this directive, there are differences in the levels of security their regulation guarantees

Coinjar is one of such regulated exchanges and stores the majority of customers’ funds offline as well as uses Amazon Web Services to protect users’ sensitive data. It also uses multi-factor verification to access internal services and even runs a bug bounty to ensure the platform is secured.
CoinSpot, having about everything Coinjar has, has gone even further to obtain the ISO 27001 certification. This gives it a higher rating for data security than any other exchange in Australia.

Winner: CoinSpot 🏆

CoinSpot is the only exchange in Australia to receive their ISO 27001 data security certification, making them one of the safest exchanges in the country.

Supported Cryptocurrencies

CoinSpot has over 300 available cryptocurrencies for its users to trade with. This means there are many more trading pairs, offering users a lot more choice. It is therefore ideal for altcoin traders as it supports many more altcoins and altcoin pairs.

Coinjar only supports 30 cryptocurrencies, 7 of which are top coins and the remaining 23 are ERC-20 tokens. This restricts the users to the use of the few coins and trading them against the ERC-20 tokens which not many users would want.

Winner: CoinSpot 🏆

CoinSpot has 10x more cryptocurrencies, making it the best destination for altcoin flippers and traders.

Verification Speed

Cryptocurrency exchanges in Australia are generally required to carry out customer KYC verifications. However, some exchanges make this process easier for customers than others.

CoinSpot has a simple, 3-step verification process that allows users to be able to deposit upto $2,000. They will only need to provide further information if they wish to trade higher volumes and even then, the confirmation only takes 24 hours maximum.

Coinjar on the other hnd has a strict and cumbersome KYC verification process that takes time to complete and confirmation may take even longer. Unlike CoinSpot, the whole process is completed for any amount of deposit to be made.

Winner: CoinSpot 🏆

CoinSpot's easier KYC verification allows customers to quickly gain access to cryptocurrencies on the platform.

Final Verdict

Considering all the criteria for the comparison of CoinSpot vs Coinjar, it is quite clear that CoinSpot is better.

It provides more options in terms of digital assets, it is more secure  with less fees than Coinjar and it is even easier to sign up and verify with. These factors are likely to attract more users to the exchange naturally as they seek a cheaper and more convenient way to buy, sell and trade cryptocurrencies.

visit coinspot
James Glennon

I spent 5 years as a Commercial Lawyer in Australia before stumbling across the innovations behind Bitcoin and the cryptocurrency space. Ever since, I have been committed to learning more and educating the broader Australian community about Bitcoin, hard money, investing and decentralized finance.

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