Welcome to our comparison of 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 guide will help you determine which one suits your needs best, so keep reading!
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.
Meanwhile, Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsa and is registered in the District of Columbia. 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 one of the biggest exchanges in the world with over 100 million users mainly based in the US and Europe. 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.
Coinbase signup
This means providing additional information such as country of residence, a valid government ID etc. 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 offers a wider selection of products and services. To begin, Coinbase is as well regulated exchange based in the United States that offers spot trading for over 200 cryptocurrencies.
Coinbase product range
Coinbase also offers lending and borrowing services for those that with to earn interest on their digital assets. For retail users that want to speculate on NFTs, that is also possible with Coinbase's native NFT marketplace.
Coinbase NFTs
Coinbase also has it's own non-custodial Web 3 wallet, a Coinbase Card for spending cryptocurrencies, and a "Learn and Earn" program that rewards users for learning about cryptocurrencies.
Coinbase wallet
The user experience on Coinbase is great with a beginner-friendly and easy-to-navigate website. Liquidity on Coinbase is in the top 5 category, with daily spot trading volumes frequently exceeding $1 billion. Coinbase Pro customers in 23 U.S. states can access up to 3x leverage on USD-quoted books.
Coinbase pro
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.
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.
Coinbase 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 may be a better option for those looking to trade smaller amounts frequently, while Coinbase may be more suitable for those looking to trade larger amounts less frequently.
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.
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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.
