Coinspot vs Coinbase | The Significant Benefits Of Coinbase
Jack Moreau
Feb 2024
10 min read
Fact checked
Coinspot vs Coinbase: We’ve analyzed both exchanges on a range of factors, such as KYC requirements, supported countries, product offerings, trading fees, and deposit methods. This comparison will help you determine which one best suits your needs best!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Coinspot was founded in 2013 by Russell Wilson and is registered and headquartered in Melbourne, Australia.
Coinspot is an Australia-based exchange that mainly targets beginners who simply want to invest in cryptocurrencies and NFTs.
The exchange offers an easy-to-use platform for Australians (only) to buy, sell, and trade over 300 cryptocurrencies.
Coinspot exchange
Coinspot has over 2 million Australian customers and its services are also available on mobile for Android and IOS where it has received over 100,000 downloads. The same services that are available on the exchange via browser can also be founded on the app.
It is one of the biggest exchanges in the world and is well known for it's user-friendly interface, security, and regulatory compliance.
Coinbase exchange
The platform supports over 200 cryptocurrencies, including Bitcoin, Ethereum, along with multiple fiat currencies.
Coinbase offers a range of services, such as spot trading, recurring buys, staking, learn and earn opportunities for beginners and institutional products sophisticated investors.
Coinbase is of course available on both Android and IOS where it has 10 million downloads and 4.1 star rating with over 750,000 reviews.
Coinbase app
Coinspot vs Coinbase Signup & KYC
When it comes to KYC, both Coinspot and Coinbase are two exchanges that require KYC verification for their users.
Signing up for Coinspot is a quick process that only requires an email and password. Once the email verification code is entered, the account is created.
To use the services offered by Coinspot, users must complete the KYC process by providing personal information such as their full name, address, and an Australian phone number.
Coinspot typically verifies users within 1-2 business days after the documents have been uploaded.
Coinspot KYC
Coinbase also requires KYC verification for its users. The signup process on Coinbase takes about 1 minute to complete and users just need to enter their full name, email and password.
Once the account has been created, users who want to begin trading must first pass KYC which means providing additional information such as country of residence, a valid government ID etc.
Coinbase signup
The verification process takes a few minutes to submit the required documents and can be verified in a few minutes to a few hours. As such, KYC is required by both Coinspot and Coinbase and no trading services can be used until a user account has been verified.
Coinspot vs Coinbase Products & Services
Coinspot is a beginner-friendly exchange that offers basic spot trading and a simple swap service for buying and selling 300 cryptocurrencies.
Coinspot spot trading
The liquidity on Coinspot is not great with daily spot trading volumes in the range of $20 to $40 million.
This is much smaller than the over $1 billion trading volumes that are frequently achieved by Coinbase. Besides spot trading, Coinspot also offers it's own NFT marketplace where users can buy, sell and trade their digital collectibles.
Coinspot NFTs
The user experience on Coinspot is good, with a well-designed website that is easy to navigate. However, the exchange does not offer a wide range of products and services which severely limits it's appeal to a wider audience.
Compared to Coinspot, Coinbase is a major player in the global cryptocurrency exchange market with a range of products that mainly cater to beginners and institutions.
Coinbase Products
Their offerings are shaped by the need to comply with the strict regulations in the United States. This compliance has led Coinbase to avoid launching high-leverage, high-risk products like those offering 100X leverage, which are common on many offshore exchanges.
As a result, while some professional traders might find fewer reasons to use Coinbase, this approach has made the platform particularly friendly for beginners.
Coinbase Interface
The platform provides two user interfaces. The standard Coinbase interface which is tailored for beginners and the Advanced interface designed for more experienced traders.
Coinbase Buy & Sell
Coinbase enables trading in over 240 different cryptocurrencies and users can either use the user-friendly buy-and-sell feature, or engage in spot trading in the Advanced section.
Coinbase Spot Trading
For those looking to invest consistently over time, Coinbase offers a recurring buy feature for those who prefer the Dollar Cost Averaging strategy.
Recently, Coinbase has expanded its offerings to include futures and perpetual contracts for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Solana (SOL), Ripple (XRP), and Avalanche (AVAX), with leverage up to 5X.
Coinbase Futures
For users interested in earning interest, Coinbase offers a compelling 5% interest rate on USDC, a stablecoin pegged to the US dollar.
Coinbase Earn
Additionally, users can earn staking rewards by staking various cryptocurrencies such as ETH, SOL, ATOM, AVAX, and others.
Coinbase Staking
Coinbase also focuses on educational initiatives through its learn-and-earn program where newbies can educate themselves about different blockchain projects and earn tokens as rewards.
Coinbase Learn
Coinbase has also developed its own NFT platform that enables users to mint, explore, buy, and sell NFTs on various blockchains, including Ethereum, Base, and Polygon.
Coinbase NFTs
For those wanting to use their crypto for everyday purchases, Coinbase has introduced a Visa Card where users can they can spend their cash (USD) or crypto (USDC) and earn rewards.
Coinbase Visa Card
Coinbase also offers a Web 3 Coinbase Wallet for users who prefer a non-custodial way to manage their crypto with support for thousands of coins and tokens across several blockchains including Bitcoin, Ethereum, Solana, Doge and others.
Recently, Coinbase launched the Coinbase One Membership which allows for zero-fee trades, enhanced staking rewards, and priority support for only $29.99 per month.
Coinbase One Membership
As a public company in the U.S., Coinbase adheres to stringent regulations and accountability standards, making it one of the safest exchanges for trading and custody.
This security and compliance have made Coinbase the go-to platform for major institutions like BlackRock and Grayscale, looking to trade or hold a wide range of crypto assets.
Coinbase Institutions
Lastly, with Coinbase Prime, high-net-worth individuals and institutions have access to advanced trading, financing solutions, cold storage, staking services, and more.
When it comes to trading fees, Coinspot and Coinbase offer different fee structures. Coinspot charges a 0.1% spot trading fee for makers, takers, and those who buy and sell via their OTC desk.
However, for instant buy, swap, or recurring buy, the fees are 10 times higher, with a cost of 1%.
Coinspot trading fees
Unfortunately, Coinspot does not offer any rebates for high volume traders, meaning everyone pays the same fees for each transaction.
Moving on to Coinbase's trading fees, it charges a higher spot maker fee of 0.40% and a spot taker fee of 0.60%. However, Coinbase does provide an opportunity for users to lower their trading fees if their monthly trade volumes exceed $10,000.
Coinbase spot fees
Overall, Coinspot is the lower cost option compared to to Coinbase assuming users trade using the order book instead of buying and selling with the instant buy and sell swap.
Another key difference between Coinspot and Coinbase is the deposit methods they offer for fiat currencies.
Coinspot only supports deposits of AUD, while Coinbase allows deposits in USD, EUR, and GBP. Coinspot users can deposit AUD via Poli, PayID, and direct deposits, all of which are free. There is also the option to deposit via BPAY (0.9% fee), cash (2.5% fee), or credit/debit card (2.58% fee).
Coinspot fiat deposits
On the other hand, Coinbase offers ACH (free), wire ($10 USD), SEPA (0.15 EUR), and Swift (free) deposit methods for USD, EUR, and GBP. This means that Coinbase users have more options for depositing fiat currencies, some entirely free and others with low overall cost.
As such, Coinspot is more limited than Coinbase by only offering AUD deposits while Coinbase is ideal for those who need to deposit USD, EUR, or GBP.
In terms of withdrawal methods, Coinspot as expected only supports AUD as a fiat currency for withdrawals. Users can also withdraw cryptocurrencies with varying fees depending on the blockchain being used. Bitcoin withdrawals come with a fee of 0.0002 BTC, Ethereum has a fee of 0.0018 ETH, Solana has a fee of 0.02 SOL, and ERC-20 Tether has a fee of 7 USDT.
On the other hand, Coinbase offers multiple fiat withdrawal methods, including ACH, Wire, SEPA, and Swift. ACH withdrawal is free, while Wire withdrawal costs $25 USD, SEPA withdrawal costs 0.15 EUR, and Swift withdrawal costs 1 GBP.
Additionally, users can also withdraw cryptocurrencies such as BTC and ETH with varying fees of 0.0002 BTC and 0.000768 ETH, respectively. Both exchanges offer different withdrawal options, and users must consider the fees and available currencies before choosing which exchange to use.
Coinspot and Coinbase are two cryptocurrency exchanges that cater to different markets.
Coinspot mainly targets beginners who want to invest in cryptocurrencies and NFTs and that are based in Australia. Both exchanges require KYC verification for their users, with Coinspot limited to Australian residents only, while Coinbase is available in several countries worldwide.
When it comes to trading fees, Coinspot charges a 0.1% spot trading fee for makers, takers, and those who buy and sell via their OTC desk. However, for instant buy, swap, or recurring buy, the fees are 10 times higher, with a cost of 1%.
Compared to Coinspot's swap fees, Coinbase's spot trading fees are lower at 0.4% for makers and 0.6% for takers with the options for further discounts based on trading volume.
Coinspot only supports deposits of AUD, while Coinbase allows deposits in USD, EUR, and GBP. Coinspot users can deposit AUD via Poli, PayID, and direct deposits, all of which are free. Coinbase offers ACH (free), wire ($10 USD), SEPA (0.15 EUR), and Swift (free) deposit methods for USD, EUR, and GBP.
Overall, while Coinspot may be suitable for beginners, Coinbase offers a more comprehensive and advanced trading experience for those who want to access a wider range of products and services.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
