Coinspot vs BTC Markets 2023
One of the main and most important decisions that new traders have to make is choosing a crypto trading platform that is able to support them and their needs and preferences. With an ever-growing crypto market, it’s becoming exceedingly difficult to narrow the choice to just a couple of crypto trading platforms. Still, by comparing important parameters and features such as coin selection, transaction fees, supported payment methods, safety, reliability and customer support, the traders of tomorrow can get pretty close to a jack of all trades without having to sacrifice anything in the process.
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The most popular exchanges are a solid choice most of the time; however, there is also a slew of competitive native Australian crypto exchanges that are gunning for the top spot on the domestic crypto market. CoinSpot and BTC Markets are two of the most in-demand and sought-after platforms that have a lot of things going for them. Let’s take a closer look at what makes these trading platforms special and how they compare when set against each other.
Top Australian Cryptocurrency Exchanges – CoinSpot and BTC Markets
Neither CoinSpot nor BTC Markets can be considered new kids on the block because, believe it or not, both exchanges have been present on the crypto scenes since 2013.
CoinSpot stands as one of the most sought after crypto exchange platforms across the whole of Australia because of its robust construction and generous coin offering. The trading platform was not an overnight success, but it has proven itself as one of the most secure and professional crypto trading exchanges in the industry.
BTC markets, on the other hand, provides more of a niche offering because it has its sights set firmly on Bitcoin, but manages to tick all the boxes when it comes to reliability, security and support. Even though the platform doesn’t feature anywhere near the selection of currencies that Coinspot offers, it does stand out with its outrageously competitive trading fees. Traders looking to trade Bitcoin and don’t need a lot of trading pairs to execute their trading strategy will have a field day with BTC Market’s offering.
Bitcoin and Other Supported Cryptocurrencies
When it comes to currency selection, there is no competition to be had. CoinSpot provides support for over 340 digital currencies, including the most sought after, popular and in-demand coins on the market, such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Polygon (MATIC), Chainlink (LINK), Tron (TRX), Fantom (FTM), Stellar Lumens (XLM), Ripple (XRP), Tether (USDT), Litecoin (LTC), Terra (LUNA), Cardano (ADA), Polkadot (DOT), Avalanche (AVAX), Dogecoin (DOGE), Binance Coin (BNB), etc.
The best part about CoinSpot’s crypto selection is that traders are able to acquire any of the listed currencies by employing fiat currencies or swapping them up for some AUD on the spot.
Even though BTC Markets started off as a Bitcoin-exclusive platform, it has since grown to house 19 different crypto assets such as BTC, ETH, XRP, XLM, Litecoin (LTC), Algorand (ALGO), Chainlink, Bitcoin Cash (BCH), Bitcoin Satoshis Vision (BSV), Golem (GNT), OmiseGO (OMG), Enjin Coin (ENJ), Powerledger (POWR), Tether (USDT), Uniswap (UNI), Basic Attention Token (BAT), Compound (COMP), and Ethereum Classic (ETC).
Payment Methods
CoinSpot employs a plethora of payment methods that users can choose from. The platform has support for everything ranging from instant payment providers such as POLi, PayID, OSKO and BPAY to old school bank transfers. Even though bank transfers are usually the more affordable option, they are also a lot slower when it comes to processing funds, so traders can expect to wait for a couple of business days before their balances reflect their actions.
The platform also supports direct cash deposits through wire transfers, but this option comes at quite a hefty 2.5% fee. On top of that, CoinSpot provides users with the option to transfer digital assets from a third-party cryptocurrency wallet.
When it comes to BTC Markets’ supported deposit methods, traders are able to take full advantage of instant deposit providers such as OSKO and BPAY or engage in bank transfers. Once their purchase is validated and processed, the funds should appear on the account’s balance sheet.
Trading Fees
When traders make use of the instant buy feature at CoinSpot, they get a fixed 1% fee on their purchases. However, the standard market order fees incur a super low 0.1% fee. The platform comes with an OTC (over the counter) brokerage desk where the fee structure remains fixed at 0.1% fee on a per-trade basis.
The deposit fees at CoinSpot vary based on the deposit method. For instance, bank transfer, wire transfer, PayID as well as POLi deposits come at no additional charge whatsoever. Nonetheless, if traders want to employ the services of BPAY, they will be hit with a 0.9% fee on deposits and a 2.5% fee on cash purchases. Traders are able to withdraw fiat and Australian dollars directly from their bank accounts at no additional charges.
BTC Markets doesn’t have any fee in place when it comes to fiat currency deposits. Traders have the option to withdraw their earnings directly to their Australian bank accounts for free. However, non-Australian bank withdrawals do incur different fees, depending on bank location. At BTC Markets, users also have the option to withdraw their assets directly to their crypto wallets. There is no set fee structure for this feature because the fees vary based on the withdrawn cryptocurrency.
Here, market makers are rewarded for adding liquidity to the trading platform and incentivised to keep on doing the same with low trading fees. BTC Markets administers an outrageously low 0.05% fee on makers and a competitive 0.2% trading fee on takers.
The crypto-to-fiat and fiat-to-crypto purchase fees are calculated based on the user’s monthly trading volumes. The lowest tier starts off at a considerably high 0.85% on trading volumes that swim below the 500 AUD threshold. However, they can drop to 0.1% on trading volumes that exceed 5 million AUD.
Security Features
CoinSpot is widely recognised as a crypto trading platform that employs state-of-the-art security through and through. The crypto exchange is AUSTRAC regulated and runs through KYC tests on all of its new users. Yes, this does mean that users have to verify their identity by providing personal information; however, it also makes for a much safer environment and a scam-free trading experience.
Traders are also advised to activate the 2FA (two-factor authentication) feature so that they can be notified of all of their account changes and withdrawals. CoinSpot’s security infrastructure also comes with anti-phishing phrases, as well as geo-lock settings that are in place to shut down unknown IP addresses. The platform only allows for Australian IP addresses to enter into premises.
BTC Markets features a robust and stable security infrastructure that places over 98% of the platform’s digital assets in cold storage – offline. The rest of the digital goods are kept online in order to provide users with the required liquidity on their trades and crypto-swaps.
The trading platform employs end to end SSL encryption and has a 2FA security layer in place for everyone that doesn’t mind another protective layer on their accounts. BTC Markets is a fully regulated crypto trading platform and complies with the Australian government regulations and legislations.
Customer Support
CoinSpot is a platform that features some of the best support operators in the crypto industry. Users are able to reach out and get in touch with them using the platform’s live chat feature, which is online during business hours, or visiting the CoinSpot Help Desk around the clock. CoinSpot has excellent reply times, so users should expect to have their quarry solved and taken care of in less than 24 hours.
Traders are able to reach out to the BTC Markets’ customer support team via email or file for a support ticket. The trading platform’s support teams are very attentive and responsive; however, BTC Markets does lack a live support feature.
Mobile App Support
CoinSpot provides its clientele with one of the best mobile app offerings on the market. Their app is available on both iOS as well as Android devices. It comes with a sleek and smooth user interface that is a joy to navigate. Traders are able to get up and go in a few taps. The platform’s order book is always on display, along with multiple graphs and charts that enable the users to make informed decisions on their actions.
Although it might come as a surprise, BTC Markets is one of the few crypto trading platforms that does not come equipped with its own mobile app offering. Even though the platform’s UI is mobile-friendly, there is still no substitute for the real thing. Traders who wish to browse the platform through their mobile devices have to go through the browser and then copy the platform’s page as a shortcut on their device. All the features are still in place, so traders can expect to be able to execute market orders and buy and sell crypto, be it at condensed spaces and a bit rougher conditions.
FAQ
Is the crypto exchange BTC Markets safe?
Because BTC Markets is a regulated crypto exchange platform, traders should have no worries in regards to its legitimacy and stability. This allows BTC Markets users to connect their Australian bank accounts without having to go through tedious administrative processes and checks.
How do I deposit AUD into BTC Markets?
The most convenient way to transfer AUD to BTC Markets is to transfer the funds via Osko. The process itself is very easy to navigate. All that traders have to do is sign into their BTC Markets account, find the ‘Deposit’ feature and select the ‘Osko’ option from the menu. Once this is set in, users will receive a unique Pay ID number that serves as their Osko deposit reference number. That’s it; from there, they can make deposits and have their AUD processed by Osko.
What are the best deposit options for CoinSpot?
The best deposit options for Coinspot traders are POLi, PayID and Direct Deposits because they are completely free of charge. If the low threshold of 1$ isn’t a problem, traders can make deposits as frequently as they want at no additional charges whatsoever.
A Few Words Before You Go...
Even though the two Australian exchanges have their differences, they also have a lot in common, and there is no clear cut winner between the two. They both allow for direct deposits, altcoin trading, AUD deposits, debit card and credit card purchases, and charge low fees.
Having said that, CoinSpot is a bit more popular, has a greater coin selection and does come with better-equipped customer care. Still, BTC Markets does employ an extremely favourable and competitive fee structure. It all comes down to preference, as both trading platforms are very capable of providing their clientele with an enjoyable and stable service throughout.
If you liked these two platforms, you might want to check CoinJar – another popular Australian exchange – or Coinbase – an international crypto powerhouse, available in the land down under.
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About The Author
Gareth Johnson
Gareth is incredibly passionate about sharing his knowledge in the crypto industry. It's important to make informed decisions in crypto and it's Crypto Wisdom's goal to make this information widely accessible.
This page was last updated on July 14, 2023
