Are you wondering which cryptocurrency exchange to choose between Coinspot and eToro? Luckily, we've done the hard work for you, comparing key factors like KYC requirements, country availability, product offerings, trading fees and deposit methods. Keep reading to find out which exchange suits your needs best.
Coinspot and eToro are two popular cryptocurrency exchanges with different target audiences and features. Coinspot is an Australian exchange that mainly caters to beginners who want to invest in cryptocurrencies and NFTs.
On the other hand, eToro is a global social trading and multi-asset investment platform that enables users to trade various financial instruments, including stocks, commodities, indices, currencies, and cryptocurrencies.
Coinspot was founded in 2013 by Russell Wilson and is registered and headquartered in Melbourne, Australia. The exchange aims to provide an easy-to-use platform for Australians to buy, sell, and trade over 300 cryptocurrencies.
Coinspot targets mainly beginners with simple products like buying and selling of cryptocurrencies and NFTs. Coinspot has over 2 million customers and is also available on Android and IOS with over 100,000 downloads.
eToro was founded much earlier than Coinspot. More specifically, it was founded in 2007 by Yoni & Ronen Assia and is registered in Seychelles. The company has over 2000+ employees and is available in 140 countries.
eToro is a global social trading and multi-asset investment platform that enables users to trade various financial instruments, including cryptocurrencies.
The platform also allows users to follow and copy the trades of experienced investors, creating a community-driven trading experience. eToro has over 30 million users, and the eToro Android app has been downloaded over 10 million times and has a 4-star rating based on over 100,000 reviews.
Coinspot vs eToro Signup & KYC
Coinspot and eToro are two exchanges with different signup processes and KYC requirements.
To create an account on Coinspot, users only need to provide an email and a password. However, 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.
On the other hand, creating an account on eToro takes only 1 minute. Users just need to enter a username, email, and confirm the email verification. However, to get verified on eToro, users must submit personal information about country of residence, address, etc., together with a valid government ID.
Once the information has been provided, it can take eToro up to 1-2 business days to process the information and verify the account.
Coinspot vs eToro Products & Services
Moving on to product offerings, Coinspot is a beginner-friendly exchange that offers basic spot trading for a variety of cryptocurrencies. They also have a simple swap service to convert one cryptocurrency for another. For larger purchases, they offer an OTC desk.
Additionally, Coinspot has developed their own NFT marketplace where users can list, buy, sell, and trade their favorite NFTs.
When it comes to user experience, Coinspot has a well-designed and easy-to-navigate website that makes basic cryptocurrency trading simple for beginners. However, it's not an exchange for experienced traders and investors who are likely looking for a wider range of products and services.
In terms of liquidity, spot trading volumes on Coinspot ranges between $20 to $40 million on a daily basis. This is not much and to be expected from a smaller country-specific exchange
On the other hand, eToro is a versatile platform that allows users to buy and sell a wide range of financial assets. These include 80 cryptocurrencies like Bitcoin and Ethereum, 3,000 different stocks from around the world, various indices, and 30 commodities such as gold, silver, and aluminum.
Users can also invest in more than 300 Exchange Traded Funds (ETFs) and trade over 50 traditional (fiat) currencies. To help beginners practice trading without risk, eToro offers a demo account, where users can trade with virtual money and copy trading, where they can copy successful investors.
However, the design of the interface feels a bit outdated and while eToro does not offer too many products, the user experience feels a bit confusing. Having said that, in our opinion, Coinspot and eToro are both easy for users to get started with and use.
When it comes to trading fees, Coinspot and eToro offer vastly different options for users. Coinspot charges a 0.1% spot trading fee for makers, takers, and OTC desk transactions, with fees jumping to 1% for instant buy, swap, or recurring buy options.
Unfortunately, Coinspot does not offer any rebates for high volume traders, so everyone pays the same fees. Needless to say, for those that wish to use Coinspot, it's much more beneficial to buy and sell using spot trading as the fees are 10X lower than instant buy or swap.
On the other hand, eToro charges a flat 1% fee for buying and selling cryptocurrencies irrespective of volumes. So, whether you're a beginner or a seasoned trader, you'll pay the same fee on eToro. eToro does however not charge the same fees for all of their financial products and trading stocks for example can be done with a 0%. commission.
When it comes to deposit methods, Coinspot and eToro have different offerings to their users. Coinspot as an Australian exchange only supports fiat deposits in AUD.
Users can deposit funds via Poli, PayID, and Direct Deposits, all of which are free of charge. However, if users want to deposit via BPAY or credit/debit cards, they will incur a fee ranging from 0.9% to 2.58%.
On the other hand, eToro supports four fiat currencies, namely USD, EUR, GBP, and AUD. Users can deposit funds via Bank Transfer, PayPal, Skrill, Neteller, and Credit/Debit Card, all of which are free of charge. This means that eToro users have more fiat currencies and deposit options available to them compared to Coinspot.
When it comes to withdrawing funds, Coinspot allows users to withdraw their AUD free of charge while cryptocurrency withdrawals come with varying fees depending on the blockchain. Withdrawing Bitcoin incurs a 0.0002 BTC fee, Ethereum has a 0.0018 ETH fee, Solana has a 0.02 SOL fee, and ERC-20 Tether has a 7 USDT fee.
On the other hand, eToro offers fiat withdrawals via bank account or debit card, but charges a $5 withdrawal fee for USD withdrawals and conversion fees for other fiat currencies.
Cryptocurrency withdrawals are only possible from the eToro platform to the eToro Money crypto wallet, with a 2% fee and minimum cost of $1 and maximum cap of $100. Supported cryptocurrencies include BTC, ETH, ADA, XRP, LTC, and others. This makes eToro more costly than Coinspot in terms of fees associated with withdrawals.
Coinspot and eToro are two popular cryptocurrency exchanges that cater to different audiences and offer different features.
While Coinspot is an Australian exchange that mainly targets beginners who want to invest in cryptocurrencies and NFTs, eToro is a global social trading and multi-asset investment platform that enables users to trade various financial instruments, including cryptocurrencies.
When it comes to signup and KYC requirements, Coinspot has a more limited user base due to its KYC requirements, which are only mandatory for Australian citizens and require an Australian phone number. Similar to Coinspot, all users must go through the KYC process on eToro but it's available to people in over 140 countries.
In terms of trading fees, Coinspot charges a 0.1% spot trading fee for makers, takers, and OTC desk transactions, with fees jumping to 1% for instant buy, swap, or recurring buy options. eToro charges a flat 1% fee for buying and selling cryptocurrencies and 0% commission for those who buy and sell stocks.
Regarding deposit methods, Coinspot only supports fiat deposits in AUD, while eToro supports four fiat currencies, namely USD, EUR, GBP, and AUD. Users can deposit funds via Bank Transfer, PayPal, Skrill, Neteller, and Credit/Debit Card, all of which are free of charge.
While Coinspot has created a beginner friendly exchange, the big downsides are that it's limited to Australians only and does not offer the wide range of financial products available on eToro. While Coinspot offers it's users more cryptocurrencies than eToro, eToro offers many more financial products as a whole.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
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.