Coinbase vs CoinSpot

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.

Round 1: Vital statistics

Finder Score	3.8 ★★★★★	4.0 ★★★★★
Trading Fee	Maker fee: 0.00 – 0.40% Taker fee: 0.05 – 0.60%	1%
Deposit method	Bank transfer,Credit card,Cryptocurrency,Debit card,PayID	Bank transfer,Credit card,Cryptocurrency,Debit card,PayID
Withdrawal Fees	AUD: None Cryptocurrency: Fees vary	AUD: None Cryptocurrency: Fees vary
24/7 support?		Yes
App available?	Yes	Yes
	Go to site More Info	Go to site More Info

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.

Round 2: Supported coins

Number of tradeable crypto assets	257	499
	Go to site More Info	Go to site More Info

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.

Round 3: Supported fiat currencies

Number of supported fiat currencies	4	1
	Go to site More Info	Go to site More Info

CoinSpot is a local exchange, so supports deposits and withdrawals exclusively in AUD.

Coinbase has a global audience and supports a wide range of fiat currencies, such as AUD, USD, GBP and euros.

Round 4: Costs

Minimum deposits	$2	$1
Deposit Fees	AUD: None using bank transfer or PayID Cryptocurrency: None	Bank transfer and PayID: None Cash: 2.5% Card: 1.88%
Trading Fee	Maker fee: 0.00 – 0.40% Taker fee: 0.05 – 0.60%	1%
Withdrawal Fees	AUD: None Cryptocurrency: Fees vary	AUD: None Cryptocurrency: Fees vary
	Go to site More Info	Go to site More Info

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, Credit card, Cryptocurrency, Debit card, PayID
	Go to site More Info	Go to site More Info

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.

Frequently Asked Questions

• Is Coinbase good in Australia?

  Yes, Coinbase is a popular and reputable exchange in Australia, offering a wide range of cryptocurrencies and a user-friendly platform. However, some users may find that fees are higher compared to other local exchanges like CoinSpot.

• Which is the best crypto exchange in Australia?

  The best crypto exchange in Australia can vary based on individual needs, but CoinSpot is often recommended for its ease of use, low fees and extensive range of supported cryptocurrencies.

• Which is better than Coinbase?

  In Australia, exchanges like CoinSpot or Binance may be preferred over Coinbase due to lower fees and broader support for local payment methods. Each exchange has its own strengths depending on user preferences.

• Can I open an account with Coinbase in Australia?

  Yes, Australians can open an account with Coinbase. It's fairly straightforward to create an account, but you'll need to verify your identity before you can start trading.

• Is Coinbase Wallet legal in Australia?

  Yes, Coinbase Wallet is legal to use in Australia. You can use Coinbase Wallet to store Bitcoin, Ethereum, ERC-20 tokens and EVM networks like Solana and Avalanche.

• Can Australians withdraw money from Coinbase?

  Yes, you can withdraw money from Coinbase straight to your Australian bank account. There are no additional fees when withdrawing money to your bank account from Coinbase.

To make sure you get accurate and helpful information, this guide has been edited by Jason Loewenthal as part of our fact-checking process.

Written by

Ben Knight

Writer

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. See full bio