CoinSpot was launched in 2013 and has grown to host a user base of over 2.5 million registered customers, at the time of writing. The platform has an intuitive interface, a big range of coins on offer and has never been hacked, making it a popular choice for crypto novices.
Coinbase has been around for even longer, founded in 2012 by American Brian Armstrong before expanding its operations to support Australian customers in 2016. Coinbase has consistently been ranked as one of the highest-volume cryptocurrency exchanges in the world and has a broad range of features suited for beginners and experts alike.
We've compared these exchanges' features to help you choose the best crypto platform for your specific needs.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
CoinSpot is headquartered in Melbourne, Australia, whereas Coinbase doesn't actually have a registered head office – instead, it is a "remote-first" business.
CoinSpot is registered with Australian regulatory body AUSTRAC, so complies with anti-money laundering (AML), know your customer (KYC) and counter-terrorism financing (CTF) protocols. Coinbase, on the other hand, is not registered with the Australian regulator, which restricts the fiat deposit and withdrawal methods available on the platform.
Both exchanges support earning features, giving investors the potential to earn passive income on their assets, as well as the option to place a recurring order. Coinbase's global platform has a number of features that aren't available in Australia, including a credit card with in-built rewards. CoinSpot also allows its user base to purchase crypto "bundles" instead of singular coins, much like a traditional ETF.
Each platform has a multi-token wallet that can be used to store or transact a wide range of cryptocurrencies. The key difference is that Coinbase's wallet is a separate application to its exchange and can be used independently.
CoinSpot has a much larger range of coins than Coinbase, nearly doubling the available assets.
Although the vast majority of coins are listed on Coinbase, quite a lot of them cannot be purchased with an Australian account. Prominent absentees include TERRA (LUNA), Tether (USDT) and The Sandbox (SAND).
Additionally, CoinSpot offers various NFT collections on its platform.
CoinSpot's fees are competitive, particularly for an Australian exchange (which tend to have higher fees). Market orders incur a 0.1% fee on certain cryptocurrencies, with a 1% fee for instant buys. There are no withdrawal or deposit fees for Australian dollars, which is a nice selling point to help save on transaction fees.
Conversely, Coinbase's fees for Australians are comparatively high. Every order on Coinbase has a flat fee of 3.99%, which is one of the poorest rates available for Aussie residents.
With that said, it's worth considering CoinSpot's spreads are much higher than Coinbase's. Spreads are essentially the difference between a crypto's market price and the price it's eventually sold for. Though these rates are constantly fluctuating, CoinSpot's spreads are usually around 3%, compared to Coinbase's 0.5%.
Round 5: Deposit methods
Deposit methods
Bank transfer, Credit card, Cryptocurrency, Debit card, PayID
Bank transfer, BPAY, Cash, Credit card, Cryptocurrency, Debit card, PayID
CoinSpot supports a number of Australian deposit methods for fiat currency. There is a range of free, instant online transfer options available – notably POLi and PayID. A unique deposit method on offer is physical cash deposits, where customers can add money to their CoinSpot account via supported newsagents across the country.
Coinbase's deposit and withdrawal methods for Australians are quite limited. Because the exchange isn't registered with Australian regulatory body AUSTRAC, it is unable to accept fiat deposits and withdrawals. Instead, Coinbase supports debit/credit card instant purchases. To use this feature, you must first connect your card to the platform.
Additionally, Australian customers cannot sell their cryptocurrency or withdraw fiat from their Coinbase accounts. If they wish to sell a digital asset, they will need to transfer their funds to another exchange via the Coinbase Wallet.
Winner: CoinSpot
CoinSpot is the clear winner for Australian customers, largely because it is registered with AUSTRAC. This opens up a number of deposit and withdrawal methods that are simply unavailable for Coinbase users. The inability to sell crypto on Coinbase is a major inconvenience, especially for novices who aren't comfortable sending digital currencies between wallets and exchanges.
CoinSpot's fees are also a bit more competitive than Coinbase's, although when you factor in spreads the 2 aren't worlds apart on value.
Coinbase's limitations for Australian customers do not reflect on the overall quality of the platform. Global residents will likely find the exchange to be more than adequate for the majority of their crypto needs.
It's worth remembering that there's no such thing as a "best" exchange – only exchanges that are "best" for you. The platform you end up choosing will reflect your specific circumstances and you may even end up using features from both.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Ben Knight is a contributing cryptocurrency writer for Finder. Having written for Alternative Assets, PianoDreamers and YeahAustralia in the past, his passion for language and creativity with words drives his work. Ben has a master’s degree in writing, editing and publishing, and a bachelor’s degree in creative writing.
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