If you're looking for a reliable and trustworthy cryptocurrency exchange, you may have come across Coinjar and Coinspot. But which one is better? We've done the research for you, comparing KYC requirements, country availability, product offerings, trading fees and much more. Keep reading to discover which of these exchanges is the best fit for you!
CoinJar and Coinspot are both Australia-based cryptocurrency exchanges that have been around since 2013. While they share similarities in terms of being targeted towards the Australian market and offering a range of cryptocurrencies, there are also some key differences between them.
CoinJar is considered one of the world’s longest-running cryptocurrency exchanges and has helped onboard over 600,000 users in Australia and the UK. It aims to make it as simple and secure as possible for people to invest in the cryptocurrency future.
The exchange is licensed by AUSTRAC and has a small workforce of over 30 employees based in Melbourne. CoinJar exchange is also available on Android and IOS where it has over 100,000 downloads with a somewhat weak 3.6 star rating.
Similar to CoinJar, Coinspot is a cryptocurrency exchange based only in Australia that aims to provide an easy-to-use platform for Australians to buy, sell, and trade over 300 cryptocurrencies. Their target audience are mainly beginners who simply want to invest in cryptocurrencies and NFTs.
Coinspot has a larger userbase of over 2 million Australian customers and a smaller workforce of over 20 employees. In terms of the range of cryptocurrencies supported, Coinspot wins since it offers support for over 300 cryptocurrencies. CoinJar, on the other hand, offers a smaller range of 50 cryptocurrencies.
Both exchanges offer mobile apps for Android and IOS with over 100,000 downloads, but CoinJar has a weaker 3.6 star rating compared to CoinSpot's 4-star rating.
Coinjar vs Coinspot Signup & KYC
When it comes to signing up for an account on Coinjar, users must provide their full name, email, password and country of residence. Note that Coinjar is only available to UK and Australian residents, so those outside of these two countries will not be able to pass the KYC process.
Speaking of KYC, it is mandatory for all Coinjar users and no buying or selling can occur without having a verified account. The verification process involves submitting personal information, a valid government ID and being a citizen of either Australia or the UK. In order to complete the KYC process on CoinJar, users will first have to download the app to pass identity verification.
On the other hand, Coinspot offers a quicker signup process as users only need to provide an email and password. Once the email verification code is entered, the account is created.
However, in order to use the services offered by Coinspot, users will need to go through KYC, which involves 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. So while both exchanges have different approaches to their signup and KYC processes, at the end of the day, both require KYC for trading and both exchanges are mainly limited to Australian users.
Coinjar vs Coinspot Products & Services
CoinJar provides a straightforward buying and selling platform for over 50 cryptocurrencies including Bitcoin, Ethereum, Ripple, Cardano, Solana, Polygon, and Avalanche. Their service extends to a classic orderbook for spot trading and the ability to invest in bundles, akin to index funds but with cryptocurrencies.
For institutions or individuals interested in larger transactions, CoinJar offers Over-The-Counter (OTC) solutions. Despite its limited offerings, CoinJar is well-regarded for its simplicity and user-friendly design, making it an ideal starting point for cryptocurrency novices.
Additionally, CoinJar has introduced a card that allows users to spend their cryptocurrencies like traditional money, with rewards for each purchase. However, as users become more experienced and aware of the exchange's limitations, they may seek more comprehensive platforms.
Coinspot is similarly beginner-friendly, offering spot trading for Bitcoin and over 300 other cryptocurrencies and a swap service for converting one type of cryptocurrency to another. Notably, Coinspot has developed an NFT marketplace for users to list, buy, sell, and trade NFTs.
For larger transactions, Coinspot also offers an OTC desk. Despite its straightforward interface and well-designed website, Coinspot may not cater to the needs of experienced traders looking for a broader range of services. Moreover, as a smaller exchange, Coinspot may have larger spreads due to lower liquidity and volume, potentially leading to more costly trading.
When it comes to trading fees, CoinJar and Coinspot offer vastly different experiences.
CoinJar charges a flat 0.06% fee for takers on crypto-to-crypto and crypto-to-stablecoin trades, while the maker and taker fees for AUD and GBP trading pairs start at 0.1% and can be reduced for high volume traders.
The threshold to receive lower trading fees begins at $100,000 and goes up to $10,000,000, making it a great option for those with significant trading volumes.
On the other hand, 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 significantly higher at 1%.
Unfortunately, Coinspot does not offer any rebates for high volume traders, so everyone pays the same fees for each transaction.
Now let's take a closer look at what these two exchanges have to offer when it comes to deposit methods.
Coinjar offers three AUD deposit methods for their Australian users. PayID has no deposit fee and typically arrives within a minute, while bank transfers are also free and typically arrive in 1-3 business days.
For users who wish to deposit with Blueshyft, that comes with a 1.5% process fee and arrives instantly. For their UK users, CoinJar allows for GBP deposits via Faster Payments (FSP) which are free and arrive within 1-2 hours.
Users can also deposit EUR via SEPA free of charge with a 1-2 business day arrival time. However, if users prefer to use Instant Buy with a credit/debit card, they will have to pay a 2% commission fee.
On the other hand, Coinspot only supports deposits of AUD and no other fiat currency. Deposit methods include Poli, PayID, and Direct Deposits which are all free of charge to use. Coinspot users can further deposit AUD via BPAY (0.9% fee), Cash (2.5% fee), and via credit/debit card which comes with a 2.58% fee.
So, while both exchanges offer free deposit methods for AUD, Coinjar offers more options for users in the UK and a higher fee for credit/debit card deposits.
When it comes to withdrawing funds from cryptocurrency exchanges, Coinjar and Coinspot both offer fiat withdrawals via bank transfers.
Coinjar allows users to withdraw fiat currencies in AUD via bank transfers processed as NPP payments, which are almost instantaneous. However, for banks that do not support PayID, the withdrawal may take up to 3 business days to arrive.
On the other hand, Coinspot only allows withdrawals in AUD and there are no fees associated with withdrawing this currency. When it comes to cryptocurrency withdrawals, both exchanges charge varying fees depending on the blockchain used.
For Bitcoin withdrawals, Coinspot charges a fee of 0.0002 BTC and for Ethereum withdrawals, the fees are 0.0018 ETH. Solana withdrawals on Coinspot come with a fee of 0.02 SOL while ERC-20 USDT withdrawals have a 5-10 USDT fee.
In conclusion, both CoinJar and Coinspot are Australian-based cryptocurrency exchanges with their own distinct strengths and weaknesses.
CoinJar has a clear emphasis on simplicity and security and offers an easy-to-use platform for beginners. CoinJar supports over 50 cryptocurrencies and provides a few unique features, like a CoinJar Card that allows users to spend their cryptocurrencies like cash.
However, CoinJar's offerings are quite limited for seasoned traders. Also, its availability is restricted to the UK and Australia, which may deter a global user base.
Coinspot boasts support for a significantly larger number of cryptocurrencies (over 300) and has developed its own NFT marketplace. While Coinspot's user experience is also beginner-friendly, it suffers from low volume and liquidity, which could lead to more expensive trading. Moreover, its services are only available to Australian residents, further narrowing its potential audience.
In terms of fees, CoinJar offers a lower trading fee of 0.06%-0.1% compared to Coinspot's flat rate of 0.1% while both platforms offer OTC solutions for larger transactions.
In conclusion, CoinJar may be a better choice for beginners in the UK and Australia looking to start with a smaller range of cryptocurrencies and an easy-to-use platform.
On the other hand, Coinspot, with its broader range of cryptocurrencies and an NFT marketplace, is a more suitable choice for Australian residents who are interested in exploring beyond the most popular cryptocurrencies and engaging with NFTs.
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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.