If you're trying to decide between Coinspot or Crypto.com, we've got you covered. Our comprehensive comparison takes into account various factors like KYC requirements, supported countries, product offerings, fees, beginner friendliness and more!
Coinspot is a beginner-friendly exchange based in Australia, while Crypto.com is a global exchange that offers a wide range of services. Coinspot was founded in 2013 and is registered and headquartered in Melbourne, Australia. The exchange has over 20 employees and is only available to Australian residents.
Coinspot exchange
The exchange aims to provide an easy-to-use platform for Australians to buy, sell, and trade over 300 cryptocurrencies and NFTs. 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.
Coinspot app
Crypto.com, on the other hand, was founded in 2016 by Kris Marszalek and Bobby Bao and is based in Singapore. The exchange has over 4000 employees and is available in 180 countries.
Crypto.com exchange
Crypto.com offers a comprehensive platform providing a range of services, including spot and margin trading for over 250 cryptocurrencies, staking, lending, wallet services, and much more.
The exchange boasts an impressive 80 million users worldwide with a footprint spanning North America, Europe, and Asia. Crypto.com is also available on Android and IOS with over 10 million downloads and a stellar 4.6 rating based on over 400,000 reviews.
Crypto.com app
Coinspot vs Crypto.com Signup & KYC
Coinspot and Crypto.com are both cryptocurrency exchanges that require Know Your Customer (KYC) verification in order to use their services.
To use the services offered by Coinspot, users will need to go through the KYC process and provide 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 of Coinspot.
Once the account has been created on Coinspot, users will be prompted to complete KYC. In terms of verification time, once the documents have been uploaded, and assuming no errors, Coinspot will typically verify users within 1-2 business days.
Creating an account on Crypto.com is a quick and easy process as users just need to provide an email and password to get started. However, to complete the KYC verification process, users must provide their full legal name, country of residence and upload a picture of a valid government-issued ID.
Generally, an account can be KYC verified on Crypto.com within a few hours but can take up to 1-2 business days to process in some cases.
Coinspot vs Crypto.com Products & Services
So which of these two exchanges offer the wider product range? Let's find out.
Coinspot is a beginner-friendly exchange that does not offer a wide range of products and services. Users can buy and sell Bitcoin and more than 300 other cryptocurrencies via spot trading or via the swap service which convert one cryptocurrency for another.
Coinspot has also developed its own NFT marketplace where users can easily list, buy, sell, and trade their favorite NFTs. Finally, the platform also offers an OTC desk where higher net individuals can easily purchase cryptocurrencies for larger amounts.
The user experience on Coinspot is good, and the website has been well-designed to make it simple for users to navigate and conduct basic cryptocurrency trading. This is, however, not an exchange for experienced traders and investors who are likely looking for a wider range of products and services.
Crypto.com, on the other hand, offers trading services like buy and selling of over 250 cryptocurrencies and trading for over 100 futures, perps, and warrants. They also offer trading bots to help out with basic functionality such as dollar-cost averaging and grid trading.
In terms of trading volumes, Crypto.com is in the top 20 categories with daily spot trading volumes in the range of $100-$300 million. The max futures leverage available on Crypto.com is 20X for for those that want to trade margin, they can take leverage up to 3X.
Crypto.com also offers products and services more tailored to beginners such as futures and perps. The exchange also offers more beginner-friendly features such as lending and borrowing of digital assets, Crypto.com cards with cashback, and NFTs.
For institutional clients, they also offer an OTC desk. The user experience on Crypto.com is pretty ok overall, with a good variety of products and services. The exchange satisfies the needs of both professional traders and more average beginners with spot and futures products.
When it comes to trading fees, both Coinspot and Crypto.com offer competitive rates.
Coinspot charges a 0.1% spot trading fee for maker, takers, and OTC desk transactions. However, for instant buy, swap, or recurring buy, the fees are much higher at 1%. Unfortunately, Coinspot does not offer any rebates for high volume traders, so everyone pays the same fees for each transaction.
Crypto.com charges a slightly lower spot maker and taker fee of 0.075%, which is very competitive. Additionally, their futures maker and taker fees are also quite low, at 0.017% and 0.034%, respectively.
Plus, Crypto.com offers the potential for even lower trading fees if monthly trade volumes exceed $250,000 or if users hold at least 1000 CRO tokens.
Overall, while both Coinspot and Crypto.com offer competitive trading fees, Crypto.com has the edge with lower fees with the potential for discounts for high volume traders.
Moving on to fiat currencices and deposit methods, while Coinspot only allows fiat deposits in AUD, Crypto.com supports only USD for fiat deposits.
Coinspot users can deposit AUD via free methods such as Poli, PayID, and Direct Deposits. There are additional deposit methods as well such as BPAY which has a 0.9% fee while cash deposits come with a higher 2.5% fee. For those that wish to deposit with their credit/debit card, that option exists with a 2.58% fee.
As for Crypto.com, they only offer free USD deposits via wire transfer or bank transfer. However, the exchange only supports USD for fiat deposits, limiting the options for users who prefer other fiat currencies.
As for withdrawals, Coinspot allows users to withdraw their AUD for free, while the withdrawal fees for cryptocurrencies vary depending on the blockchain being used.
For example, Bitcoin comes with a withdrawal fee of 0.0002 BTC, Ethereum has a 0.0018 ETH fee, and Solana has 0.02 SOL withdrawal fee. ERC-20 Tether, on the other hand, has a withdrawal fee of 7 USDT.
Crypto.com once again only offers USD bank withdrawals for fiat currencies. However, these withdrawals are free of charge. The fees for cryptocurrency withdrawals on Crypto.com vary depending on the blockchain as well.
Bitcoin withdrawals, for instance, have a fee of 0.0001 BTC, Ethereum has a 0.04 ETH fee, Solana charges 0.03 SOL for withdrawals, and 10 USDT for ERC-20 Tether.
In conclusion, Coinspot is a beginner-friendly exchange based in Australia that offers over 300 cryptocurrencies, while Crypto.com is a global exchange that offers a wide range of services and supports over 250 cryptocurrencies.
When it comes to KYC verification, both Coinspot and Crypto.com require users to complete their respective KYC process in order to trade. In terms of products and services, Coinspot is a beginner-friendly exchange that only offers spot trading, OTC and an NFT marketplace.
Crypto.com provides a more versatile offering that includes spot and margin trading, staking, lending, wallet services, and much more. And as for trading fees, both Coinspot and Crypto.com offer some competitive rates with Crypto.com having the edge with lower spot fees and discounts for high volume traders.
So while Coinspot is a beginner friendly option for Australians looking to buy crypto and NFTs, Crypto.com is the more well rounded and international platform that accommodates the needs of a larger audience.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
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.
