Coinspot vs. Coinbase 2023: Features Compared
CoinSpot vs. Coinbase: Verdict
Our pick is CoinSpot as it offers more cryptocurrency options and features specific to Australian users.
CoinSpot vs. Coinbase: Unique Features
Unique Features of CoinSpot
The CoinSpot app enables users to easily buy and sell crypto directly from their mobile devices. The app has a user-friendly interface and makes it easy for users to track the market. Users select the preferred coin and view the charts for each coin. They can also set a customizable price alert for their preferred coin.
Users also have direct access to their CoinSpot wallet within the CoinSpot app. They can also view the order history for the wallet from the app.
The CoinSpot market enables users to buy and sell crypto at the best available price with other CoinSpot traders. Users can set the exact price target they wish to buy or sell crypto. Once the market reaches the set rate, CoinSpot will automatically execute the trade for the user.
Asides from access to better rates, the CoinSpot market also gives traders a low trading fee of 0.1%.
Unique Features of Coinbase
Advanced Trade is Coinbase’s Advanced trading platform for experienced traders. This feature was released in 2022 as a replacement for Coinbase Pro which will soon be shut down.
With Advanced Trade, users have access to advanced features like interactive charts, advanced order types, price charts, order books, and trade history. They also have access to advanced transaction types like margin orders, stop orders, and limit orders, as well as, other Coinbase features like Borrow, DApp wallet, and Coinbase debit card.
Just like Coinbase Pro, Advance Trade offers low trading fees and uses a maker-taker approach. It also supports all 350 plus market pairs supported by Coinbase Pro.
Advanced Trade Users can earn up to 7% APY on eligible crypto balances. They can also activate security features like Address whitelisting, YubiKey, Coinbase Vault, and 2FA.
All Coinbase users can store their crypto assets in the regular balance or the Coinbase Vault. The Vault is designed to receive assets like the normal account balance but it is more secure.
Coinbase vaults have security features in place that prevent stored assets from being immediately withdrawn.
All withdrawals from the Vault are delayed for about 48 hours. For security reasons, Coinbase Support can not bypass the waiting period for Vault withdrawals. For a withdrawal to be approved, it must go through a withdrawal approval process. All unapproved Vault withdrawals are canceled in 24 hours.
Users can invite their friends or family to cosign withdrawals.
All cryptocurrencies supported on Coinbase can be stored in the Vault. Funds can be sent to the Vault by transferring crypto from the Coinbase balance to the Vault or by receiving crypto through the unique Vault address.
If you wish to send funds to your Vault from your Coinbase balance, you will need to do the transfer on the website as this option is not supported on the mobile app.
Once a Vault is created, vital details like notification settings, withdrawal addresses, owner, and security settings cannot be changed. The best option for users who wish to make any changes is to create a new Vault. Coinbase supports one Vault for each supported cryptocurrency. Users can earn rewards on eligible crypto assets stored on the Vault.
CoinSpot vs. Coinbase: Cryptocurrencies Available
Cryptocurrencies Available on CoinSpot
CoinSpot supports over 370 cryptocurrencies. This includes Bitcoin, Ethereum, Litecoin, Solana, Dogecoin, etc.
Cryptocurrencies Available on Coinbase
Coinbase supports over 160 cryptocurrencies including Ethereum, Bitcoin, Ethereum 2, USD Coin, Polygon, XRP, Cardano, Dogecoin, etc.
CoinSpot vs. Coinbase: Can You Buy and Sell NFTs?
Can You Buy and Sell NFTs on CoinSpot?
Yes, you can buy and sell NFTs on CoinSpot via the CoinSpot NFT marketplace. However, CoinSpot does not support the minting of NFTs before listing. So if you intend to sell NFTs on CoinSpot you’ll need to mint your NFTs elsewhere before listing them on the platform. CoinSpot also has a flat 0.90% fee on all NFT transactions.
Can you Buy and Sell NFTs on Coinbase?
The Coinbase NFT marketplace allows users to buy and sell NFTs. It also supports NFT minting. To use the platform users must connect an Ethereum wallet, and then purchase crypto which would be used to facilitate transactions. The NFT platform charges a 1% fee on all transactions.
CoinSpot vs. Coinbase: Fees
CoinSpot has a clear fee structure as detailed below:
- Market Order: 0.10%
- OTC: 0.10%
- Instant Buy, Sell, and Swap: 1%
- Recurring Buy: 1%
- CoinSpot NFT: 0.90%
- Take Profit, Limit Orders, and Stop Loss: 1%
Fees for deposit methods on CoinSpot:
- PayID: Free
- POLi: Free
- Direct Deposits: Free
- BPAY: 0.9% Fee
- Cash Deposit: 2.5% Fee
- Card Deposit: 2.58% Fee
AUD withdrawals are at zero costs.
Coinbase uses a trade volume fee structure based on the taker and maker model. This means that its fees change depending on the trade volume tier the user belongs to.
Pricing Tier: $0 – $10K
- Taker Fee: 0.60%
- Maker Fee: 0.40%
Pricing Tier: $10K – $50K
- Taker Fee: 0.40%
- Maker Fee: 0.25%
Pricing Tier: $50K – $100K
- Taker Fee: 0.25%
- Maker Fee: 0.15%
Pricing Tier: $100K – $1M
- Taker Fee: 0.20%
- Maker Fee: 0.10%
Pricing Tier: $1M – $15M
- Taker Fee: 0.18%
- Maker Fee: 0.08%
Pricing Tier: $15M – $75M
- Taker Fee: 0.16%
- Maker Fee: 0.06%
Pricing Tier: $75M – $250M
- Taker Fee: 0.12%
- Maker Fee: 0.03%
Pricing Tier: $250M – $400M
- Taker Fee: 0.08%
- Maker Fee: 0.00%
Pricing Tier: $400M+
- Taker Fee: 0.05%
- Maker Fee: 0.00%
- Taker Fee: 0.001%
- Maker Fee: 0.00
Credit Card Fee
To purchase digital currencies on Coinbase Australia you need to use your credit or debit card. For this Coinbase crypto exchange charges a 3.99% fee and a 0.50% transaction fee.
CoinSpot vs. Coinbase: Payment Methods
CoinSpot Payment Methods
The CoinSpot exchange supports 6 deposit methods for Australian users:
- Bank transfer via PayID
- Bank transfer via POLi
- Direct deposits
- Bank transfer via BPAY
- Cash Deposit
- CoinSpot debit card deposit
The following options support instant deposits; PayID, POLi, and Direct deposits.
Coinbase Payment Methods
The Coinbase exchange offers 2 payment methods for Australian users which include a Bank transfer via PayID and a credit/debit card.
CoinSpot vs. Coinbase: Security
CoinSpot is registered with ASIC and regulated by AUSTRAC. It is also a registered member of Blockchain Australia and the Australian Digital Commerce Association.
CoinSpot is an audited exchange as it has undergone an external audit conducted by an accredited JAS-ANZ certification body known as SCI Qual International. It is also subject to ongoing audits of Information Security Management practices and processes.
The bulk of all CoinSpot’s crypto assets is stored in cold storage offline. All accounts also have customizable account security settings that users can activate to protect their funds.
Coinbase is registered with the Australian Transaction Reports and Analysis Center (AUSTRAC). All Coinbase accounts are protected with 2-step verification. Users’ passwords are not stored in plain text, rather they are irreversibly hashed using the BCrypt algorithm.
Users can lock their accounts and disable transactions on the account if they suspect any suspicious activity. They can also store their assets in the Coinbase Vault. The Coinbase Vault has more security features than the regular account balance.
CoinSpot vs. Coinbase: Earn/Staking Rewards
CoinSpot Earn/Staking Rewards
Users can stake their crypto assets via the CoinSpot Earn platform. The staking platform supports more than 20 crypto assets for staking including SOL, ALGO, and AVAX. It offers up to 70% APY on staked assets.
Coinbase Earn/Staking Rewards
Coinbase allows users to participate in a staking and DeFi yield program to earn rewards in their held crypto. The staking platform offers up to 6.85% APY on its supported staking assets.
CoinSpot vs. Coinbase: Usability
CoinSpot exchange is easy to use for complete crypto newbies. Users can access the trading interface via its mobile app for Android and iOS devices or their web browser. It supports simple buy and sells orders via bank transfer and debit card and a couple of advanced features like OTC trading. However, it is best for beginner and intermediate crypto investors.
Coinbase stands out in the crypto space as one of the easiest exchanges to use. It supports instant buys with your debit card and bank transfer and provides users with a seamless navigation experience. It also caters to advanced users via the Advanced Trade platform. Users can interact with the trading interface via its mobile app for Android and iOS, browser app, and desktop wallet app.
CoinSpot vs. Coinbase: Customer Service
CoinSpot Customer Service
CoinSpot offers 24-hour care to customers via the help desk and live chat support every day of the week. The average response time from the live chat support team is 30 seconds.
There is also a help center where users can find answers to CoinSpot-related questions.
Coinbase Customer Service
The Coinbase customer service team can be contacted via phone and the live chat support icon on the website. Users can also troubleshoot with Coinbase virtual assistant.
Coinbase also has a FAQ page that is equipped with relevant answers to frequently asked questions about different aspects of the exchange.
Conclusion: Final Verdict
Both CoinSpot and Coinbase offer easy-to-use platforms. However, CoinSpot wins in general as it supports more cryptocurrencies than Coinbase and caters better to Australian users by offering location-specific features in payment methods (multiple bank transfer options, cash deposit, etc). It also has never been hacked.
CoinSpot wins with a score of 3.7/5.
Most frequent questions and answers
Yes, Coinbase is licensed under the Australian Transaction Reports and Analysis Centre (AUSTRAC) to offer digital currency exchange services to Australians.
Though CoinSpot has not experienced an exchange-wide hack and is a heavily audited exchange, it is safer to store your cryptocurrency in a hardware wallet like Trezor or Ledger as these are offline and not prone to online hacks.
CoinSpot is owned by Casey Block Services Pty Ltd. The current CEO is Russell Wilson.
Coinbase recently revised its operations in Australia and users can now make AUD withdrawals.
The safest crypto wallet in Australia is cold wallets like Ledger and Trezor.
CoinSpot offers one of the lowest fees in Australia.
Yes, you can deposit AUD to Coinbase.
It is safer to keep crypto in cold storage.
Yes, CoinSpot likely reports to the ATO.