Coinspot vs. Coinjar 2023: Deposit, Fees and Security
In this CoinSpot versus Coinjar review, we compare both cryptocurrency exchanges by looking at their fees, payment methods, security, customer service, and more. To reach our conclusions we researched each crypto exchange extensively and got a first-hand experience of each exchange.
CoinSpot vs. Coinjar: Verdict
Our pick is CoinSpot. CoinSpot crypto exchange is easy-to-use and caters to both beginners and advanced users.
CoinSpot vs. Coinjar: Unique Features
Unique Features of CoinSpot
A CoinSpot bundle is a package that contains a selection of multiple cryptocurrencies with certain attributes that can be bought in one single transaction. With bundles, CoinSpot users can easily diversify their portfolios. Rather than buying each coin individually, CoinSpot users can buy a bundle containing different cryptocurrencies.
Asides from making crypto buying processes easier, CoinSpot Bundles also cut down on fees. Bundles available on CoinSpot include Bitcoin Bundle, AI bundle, Green bundle, Metaverse bundle, Social bundle, Gold/Silver Ratio bundle, NFT bundle, DeFi bundle, and Supply Chain bundle.
Bundles can be purchased the same way instant buys are completed. To buy a bundle do the following:
- Go to the top menu bar on your page and locate the Bundles Page.
- Open the Bundles page and click “Buy”
- Input the AUD amount you wish to buy
- Check the breakdown of the allocation of each coin in the bundle
- Click “Buy”
- Review the transaction details and click “Confirm Buy”
Once you buy the bundle, each coin in the wallet is separated and stored in its designated wallet in the user’s CoinSpot account. A bundle’s percentage breakdown is evenly split but in some cases, the percentage of the bundle breakdown can change as the market moves. If the price of a coin significantly increases in value, the percentage of that coin in a bundle increased
Users who wish to sell one or more cryptocurrencies in the bundle can do so. CoinSpot users can sell coins in a bundle individually
The CoinSpot Mastercard is a prepaid debit card that allows users to spend cryptocurrencies on the go. The card is accepted wherever Mastercard is accepted worldwide in-store or online. Since it is a prepaid card, the CoinSpot Mastercard needs to be preloaded with crypto before being used. Cardholders can top up their CoinSpot card with any of CoinSpot’s supported cryptocurrencies. They can also change their choice of crypto whenever they wish to.
The CoinSpot app allows CoinSpot users to manage all their crypto transactions from their mobile phones. It has a simple and clean user interface that makes the buying and selling of crypto assets easy. Users can access all over 360+ crypto assets supported by CoinSpot. They can also view charts with daily, weekly, monthly, and yearly timescales for each cryptocurrency. They can also monitor market movements and get price alerts for any listed coin.
The CoinSpot wallet can be accessed from the CoinSpot app. Users can view order history and recent send and receive transactions all from the app. The CoinSpot app is available for download on the Google Play store and Apple store. It has a 4.3 stars rating on the Google Play store and a 4.8 stars rating on Apple Store.
Unique Features of Coinjar
This is a prepaid Mastercard that enables users to spend cryptocurrency like cash both online and in-store. The card does not need to be preloaded with crypto, as it directly uses the funds in the user’s nominated Coinjar Everyday account.
The CoinJar card is compatible with both Google Pay and Apple Pay and can be used anywhere Mastercard is accepted worldwide. The card can be used for overseas purchases and Contactless payments. The card is free to set up and has no monthly fees. Cardholders earn 1 reward point for each dollar spent on an eligible transaction with the card.
The Coinjar card can be quickly accessed in the Coinjar app. From the app, the cardholder can view their spending history and card details. They can also change the card PIN, check the current balance, change the spending account, and put the card on hold. Users can also order a free physical card which can be used to make withdrawals at ATMs.
CoinJar Over-The-Counter (OTC) / Trading Desk
CoinJar OTC is a service designed for individuals and organizations that wish to make off-exchange, over-the-counter larger trades on the CoinJar crypto exchange. CoinJar OTC is for traders who wish to trade AUD 50,000 and above. It offers one-on-one services to traders as well as flexible settlement times and competitive rates.
Individuals and organizations who wish to get started with OTC crypto trades on CoinJar must have a fully verified CoinJar account and pre-fund the account with the assets they wish to trade. Any bank transfers from an account must match CoinJar’s “beneficial owner” name.
Benefits of CoinJar OTC include fast, secure, and personalized access to over 50 cryptocurrencies, low trading fees, zero spillage, Bid/Ask spread on quoted prizes, and no extra fees.
CoinJar has a dedicated OTC trading desk that will guide the traders and ensure that the trades go through quickly and securely and at the best possible price. Liquidity for the OTC trading desk is sourced globally.
CoinSpot vs. Coinbase: Cryptocurrencies Available
Cryptocurrencies Available on CoinSpot
CoinSpot users can buy, sell and swap over 370 cryptocurrencies. This includes Bitcoin, Ethereum, Solana, Litecoin, Uniswap, Bitcoin Cash, Polkadot, Chainlink, BNB, Dogecoin, TRON, Avalanche, Wrapped Bitcoin, etc.
Cryptocurrencies Available on CoinJar
CoinJar crypto exchange supports 58 cryptocurrencies. This includes Bitcoin, Ethereum, Chainlink, Tezos, Cardano, Dogecoin, Algorand, Polkadot, Ripple, Lumens, Dai, etc.
CoinSpot vs. Coinjar: Can You Buy and Sell NFTs?
Can You Buy and Sell NFTs on CoinSpot?
CoinSpot vs. Coinjar: Fees
The CoinSpot cryptocurrency exchange charges the following fees for the various services offered:
- 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%
Deposits on CoinSpot:
- PayID: Free
- POLi: Free
- Direct Deposits: Free
- BPAY – 0.9% Fee
- Cash Deposit – 2.5% Fee
- Card Deposit – 2.58% Fee
There are no fees for AUD withdrawals on CoinSpot.
The Coinjar exchange offers a more complex fee structure than CoinSpot as it uses a trading volume tiered taker and maker model. This means it charges different trading fees depending on the trade volume to the crypto trader. That said, here are its various fees:
Deposits and Withdrawals
- PayID /Osko/ NPP deposits: No fee
- Withdrawal to bank account: No fee
- Cash deposits via Blueshyft: 1.5%
- Sending crypto to Coinjar members: No fee
- Sending crypto to external wallet addresses: Network fees
Conversions on Coinjar
- Fiat to crypto conversions: 1%
- Crypto to fiat conversions: 1%
- Crypto to crypto conversions: 1%
- Credit card purchases (Instant Buy): 2%
- Apple Pay or Google Pay transactions (Instant Buy): 2%
- Digital and physical Card issuance: No fee
- In-store and online purchases: 1% (returned in Rewards points)
- Foreign transactions: 2.99%+
- ATM withdrawal for physical cards: 1%
- Transaction dispute: $27.50 for each transaction
Trading on CoinJar Exchange
As already mentioned, trades on Coinjar incur trading fees based on the taker and maker system as listed below:
Pricing Tier: $0 – $100,000
- 0.01% (taker)
- 0.01% (maker)
Pricing Tier: $100,000 – $1m
- 0.01% (taker)
- 0.08% (maker)
Pricing Tier: $1m – $10m
- 0.08% (taker)
- 0.04% (maker)
Pricing Tier: $10m+
- 0.06% (taker)
- 0.04% (maker)
CoinSpot vs. Coinjar: Payment Methods
CoinSpot Payment Methods
CoinSpot supports the following deposit methods: Direct deposits, PayID, POLi, BPAY, Cash Deposit, and CoinSpot prepaid debit cards. POLi, direct deposit, and PayID deposit methods offer instant payments.
Coinjar Payment Methods
Coinjar supports 6 payment methods which include Bank Transfer, Blueshyft, Google Pay, Apple Pay, Credit/debit card, and PayID
CoinSpot vs. Coinjar: Security
CoinSpot is the only Australian crypto exchange to hold an ISO27001 Certification for Information Security Management. It is a member of the Australian Digital Commerce Association and also holds a Blockchain Australia Certification. CoinSpot stores the bulk of its crypto assets in cold storage offline and offers customizable account-level security.
CoinSpot users can protect their accounts with customizable security settings like two-factor authentication, session timeout limit settings, and custom withdrawal restrictions.
Coinjar is registered and compliant with AUSTRAC. All Coinjar assets are secured by BitGo and Fireblocks. The majority of its crypto assets are stored in private multi-signature wallets and cold storage. Coinjar maintains fiat currency reserves with enough assets to cover over 100% of customer balances.
Coinjar hosts its digital infrastructure with Amazon Web Services and all its internal networks are fully encrypted, firewall-protected, and isolated from the internet. All application and database servers are run inside private networks. It also implements various security measures like periodic security audits, transport layer security, and data encryption.
CoinSpot vs. Coinjar: Earn/Staking Rewards
CoinSpot Earn/Staking Rewards
Through CoinSpot Earn, the exchange allows users to stake over 20 cryptocurrencies including Solana, Avalanche, etc. It offers up to 70% APY.
Coinjar Earn/Staking Rewards
With Coinjar Earn users can gain rewards in held digital assets. That said, unlike what is available on most crypto exchanges, Coinjar Earn isn’t like the traditional staking service, the program gives crypto investors direct access to particular DeFi protocols that enable users to earn the equivalent interest on their coins.
Below is a list of the various programs that Coinjar offers via the Coinjar Earn platform:
- Type: DeFi
- Interest: Up to 1.70% p.a.
- Type: DeFi
- Interest: Up to 1.20% p.a.
- Type: DeFi
- Interest: Up to 1.10% p.a.
- Type: DeFi
- Interest: Up to 0.01% p.a
- Type: DeFi
- Interest: Up to 0.10% p.a.
Winner in Earn/Staking Rewards
CoinSpot vs. Coinjar: Usability
CoinSpot provides crypto investors and enthusiasts with a user-friendly interface that beginners will find seamless to use for depositing, withdrawing, and trading. That said, while the platform is quite basic/straightforward, CoinSpot also includes features that expert crypto traders will look for such as staking and an NFT marketplace.
This platform is one of the oldest crypto exchanges in the Australian crypto market and is best suited for complete beginners who want to make simple buy and sell orders. Coinjar’s trading app is on both mobile (Android and iOS) and the web. Signing up and verification is very quick as most users state that this process takes just 10 minutes.
CoinSpot vs. Coinjar: Customer Service
CoinSpot Customer Service
The CoinSpot support team offers 24/7 real human customer service via live chat support and the help desk. The average response time to customer complaints via its live chat support is 30 seconds.
It also has various articles that can guide users on how to use the platform.
Coinjar Customer Service
The Coinjar support team offers online support to customers between 9 am to 2 am from Mondays to Fridays and 9 am to 5:30 pm on weekends.
Coinjar also has an easy-to-use knowledge base that has an extensive selection of articles guiding users on how to use the platform seamlessly.
Conclusion: Final Verdict
CoinSpot takes the win in general. The cryptocurrency exchange hosts a large selection of crypto assets, has an NFT marketplace with over 400,000 NFTs, and much more. Coinjar, while a great platform on its own, when compared to CoinSpot it offers fewer cryptocurrencies (just over 50), doesn’t have an NFT marketplace, and is best suited for simple buy and sell orders alone.
CoinSpot wins with a 3.7/5 rating.
Most frequent questions and answers
Coinjar Australia Pty Ltd is regulated as a digital currency exchange provider with AUSTRAC.
Both CoinSpot and Coinbase are good but CoinSpot offers more cryptocurrencies than Coinbase. So if you’re looking for a large selection of digital assets in Australia, CoinSpot is better.
Yes, CoinSpot likely reports to the ATO but it does not provide a tax report for users to the ATO. However, you can use the CoinSpot trading history feature in your account to calculate your cryptocurrency taxes via a crypto tax app.
The best crypto platform in Australia is dependent on the particular service you need a cryptocurrency exchange for. For example, if you want a large selection of crypto assets or high-staking APYs, Binance Australia and CoinSpot are great options. If you want an easy-to-use platform, Coinjar is best.
Yes, you can withdraw Australian dollars as well as cryptocurrency from the CoinSpot exchange. All AUD withdrawals are free and there is no maximum or minimum withdrawal amount.
Coinjar is a secure exchange but it’s recommended that you store your digital assets offline in a cold wallet.
Coinjar is a regulated exchange so it likely reports to the ATO but it does not report your cryptocurrency taxes to the ATO. But it does provide a transaction history that you can use to calculate your crypto taxes via the Coinjar tax report API.
Withdrawals on Coinjar are processed as NPP payments so they are nearly instant and should be in your account within minutes.