Are you looking for the best cryptocurrency exchange in Australia? Look no further than our comparison of BTC Markets and Coinspot. We've analyzed everything from fees to deposit methods to help you make an informed decision. Discover which exchange aligns with your needs and start trading with confidence.
BTC Markets and Coinspot are both popular cryptocurrency exchanges based in Australia. While they share similarities in terms of their target market, there are also key differences that set them apart.
BTC Markets, founded in 2013 by Caroline Bowler is the first Australian owned and operated exchange. The exchange has over 320,000 traders and offers a beginner-friendly environment where users can safely buy and sell cryptocurrencies.
BTC Markets prides itself on creating a simple-to-use platform that makes it easy for new crypto investors to get started. The exchange offers a small range of 30+ well-known cryptocurrencies such as Bitcoin, Ethereum, Tether, Litecoin, Algorand, Cardano, and Chainlink.
BTC Markets is only available for Australian citizens and not available in any other countries. The BTC markets app is also available on Android and IOS where it has a small number of roughly 5,000 downloads.
Similar to BTC Markets, Coinspot is also an Australian cryptocurrency exchange that was founded in 2013 by Russell Wilson. Coinspot aims to provide an easy-to-use platform for Australians to buy, sell, and trade over 300 cryptocurrencies and NFTs.
The exchange has over 2 million Australian customers and it only available for Australian residents. Coinspot's services are also available on mobile for Android and IOS where it has received over 100,000 downloads.
BTC Markets vs Coinspot Signup & KYC
When it comes to signing up for BTC Markets, users should be aware that the process is a bit lengthier than other exchanges. This is because both the signup and KYC procedures have to be completed in one go in order to access the platform.
Additionally, it's important to note that BTC Markets is only available to Australian residents. Citizens from outside jurisdictions will not be able to sign up to the exchange.
On the other hand, Coinspot's signup process is quick and straightforward. Users only need to provide an email and password, and then enter the email verification code to create their account. However, in order to use the services offered by Coinspot, users will need to go through the KYC process.
This means providing personal information such as full name, address, and an Australian phone number. If you are not a citizen of Australia, you won't be able to complete the KYC process.
Once the documents have been uploaded, and assuming no errors, Coinspot will typically verify users within 1-2 business days. Regardless of the differences in signup processes, it's important to note that KYC is mandatory on both BTC Markets and Coinspot.
BTC Markets vs Coinspot Products & Services
BTC Markets and Coinspot are both Australian cryptocurrency exchanges that offer spot trading with a varied number of cryptocurrencies.
On BTC Markets, users can only trade only 30 cryptocurrencies via spot trading and use their OTC desk for executing trades above AU$100,000.
In contrast, Coinspot offers a wider range of over 300 cryptocurrencies including similar roducts such as spot trading and a simple swap service to convert one cryptocurrency for another.
Coinspot also has its own NFT marketplace and an OTC desk for larger trades. When it comes to user experience, both exchanges have user-friendly interfaces that make it easy for beginners to buy and sell cryptocurrencies.
However, Coinspot's website has been designed to make it simpler for users to navigate and conduct basic cryptocurrency trading, while BTC Markets has a more modern look to its interface.
Liquidity on both exchanges is not as great as larger exchanges that target a wider global audience. BTC Markets has daily trading volumes in the $1,000,000 range, while Coinspot has less volume and liquidity compared to bigger exchanges. This can lead to larger spreads and more expensive trading for users.
Overall, both BTC Markets and Coinspot are suitable for beginners who want to start trading in a limited range of cryptocurrencies. However, users looking for a wider range of products and services will have to look to bigger exchanges like OKX, Binance and Bybit.
When it comes to trading fees, BTC Markets and Coinspot have very different approaches. BTC Markets charges different fees depending on whether the trading pair is BTC or AUD, with maker fees starting at -0.05% for BTC pairs and taker fees starting at 0.2%.
For AUD pairs, the fees start at 0.85% and can be lowered based on monthly trading volumes. On the other hand, Coinspot charges a 0.1% spot trading fee for all pairs, including maker, taker, and OTC desk trades.
However, the fees for instant buy, swap, or recurring buy are a whopping 1%.While both exchanges have their pros and cons, Coinspot's high fees for certain types of trades may turn some traders off.
BTC Markets, on the other hand, offers lower fees for high volume traders and a negative maker fee for BTC pairs. It's important to do your research and consider your own trading habits and preferences when choosing an exchange.
When it comes to depositing fiat currencies, both BTC Markets and Coinspot have their own unique methods. BTC Markets supports AUD deposits through BPay and OSKO payments, both of which are free of charge.
Meanwhile, Coinspot only allows for AUD deposits and offers deposit methods such as Poli, PayID, and Direct Deposits, all of which are also free.However, where BTC Markets shines is in its support for over 30 cryptocurrencies.
Depositing cryptocurrencies onto the platform is completely free, giving users a wide range of options to choose from. On the other hand, Coinspot only supports a handful of cryptocurrencies.Both exchanges have their pros and cons when it comes to deposit methods.
BTC Markets is great for those looking to deposit cryptocurrencies, while Coinspot is ideal for Australian users looking to deposit AUD. Ultimately, the choice between the two will depend on the user's individual needs and preferences.
When it comes to withdrawing funds from BTC Markets, the process is simple and straightforward. AUD withdrawals are free via BPay and OSKO, while withdrawing well-known cryptocurrencies such as Bitcoin, Ethereum, Solana, and ERC-20 USDT comes with a small fee.
The fees for Bitcoin withdrawals are 0.0003 BTC, 0.005 ETH for Ethereum, 0.01 SOL for Solana, and 7 USDT for ERC-20 USDT.On the other hand, Coinspot only allows for AUD withdrawals, which are free of charge. Withdrawing cryptocurrencies from Coinspot comes with varying fees depending on the blockchain being used.
The withdrawal fee for Bitcoin is 0.0002 BTC, 0.0018 ETH for Ethereum, 0.02 SOL for Solana, and 7 USDT for ERC-20 Tether.
Both exchanges offer a simple and straightforward withdrawal process, with BTC Markets offering free AUD withdrawals via BPay and OSKO, and Coinspot offering free AUD withdrawals.
In conclusion, BTC Markets and CoinSpot are both Australian-based cryptocurrency exchanges designed primarily for Australian residents. They both aim to provide easy-to-use platforms for buying, selling, and trading cryptocurrencies.
In terms of the range of cryptocurrencies offered, CoinSpot comes out on top, supporting over 300 cryptocurrencies compared to BTC Market's 30+. This wider selection can be a significant advantage for users looking to invest in a broader array of crypto assets.
However, when it comes to trading fees, BTC Markets could be the better choice for certain types of trades, particularly those involving BTC pairs, where it offers negative maker fees and lower taker fees than CoinSpot. For AUD market pairs, CoinSpot's flat fee of 0.1% is more competitive than BTC Markets, which starts at 0.85%.
When it comes to deposit and withdrawal methods and fees, both platforms are relatively similar. They both support free AUD deposits and withdrawals through certain methods, while charging varying fees for crypto deposits and withdrawals.
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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.