Is CoinSpot better than Coinbase?
While Coinbase is the larger global brand, the best cryptocurrency exchange for Australians is CoinSpot. As a local exchange, they offer faster and cheaper Australian Dollar deposits when compared to Coinbase Australia.
As of time of writing, the deposit fees on Coinbase for Australians can be as high as 3.99% per AUD deposit. CoinSpot on the other hand offer free AUD deposits with deposit methods such as bank transfers and PayID/Osko.
On top of this high deposit fee, Coinbase charges another 1% per trade on the platform, which means you can pay up to 5% just to complete a trade on their platform.
CoinSpot and Coinbase Compared
The table below provides a high level overview of Coinbase vs CoinSpot.
CoinSpot vs Coinbase: Fees
The fees to trade on the CoinSpot cryptocurrency exchange are 1% for an "instant buy" or "instant swap". This feature allows you to instantly buy or sell 300 different cryptocurrencies with Australian Dollars. CoinSpot also has another feature that lets you set an order to buy, which will only charge 0.1% in fees.
Coinbase are one of the most expensive exchanges in the world, charging up to 3.99% for users to buy with a Debit Card or Credit Card.
CoinSpot vs Coinbase: Cryptocurrencies Available
CoinSpot have the widest selection of cryptocurrencies and altcoins in Australia with over 300 different assets to trade. Coinbase on the other hand only offer 89 different crypto assets on their trading platform.
CoinSpot vs Coinbase: Deposit Methods
CoinSpot offers free Australian Dollar deposits via a wide variety of payment methods which include Bank Transfers, POLi, PayID/Osko, Cash Deposits, BPAY and more. Coinbase on the other hand only allow users to buy with a Debit Card or Credit Card.
CoinSpot vs Coinbase: Verdict
Generally speaking, when comparing international exchanges like Coinbase or Binance against a local option like CoinSpot, the local option always wins. Australian exchanges are cheaper, have faster verification and faster customer support.
That said, CoinSpot also win when compared head-to-head against Coinbase on other metrics that include fees, deposit methods and total cryptocurrencies available. This is what makes CoinSpot the best and most used exchange in Australia.