eToro vs. CoinSpot 2023
CoinSpot is among the top crypto exchanges in Australia. eToro Australia is a well-established broker that offers cryptocurrency as an investment options. Which is the best option to an Aussie who is looking to begin investing in cryptocurrency?
I have looked into the various features of both platforms to figure out which is my preference. I highly recommend CoinSpot as Australia’s most reliable and secure exchange since it has more than 360+ coins, less charges and live Chat assistance.
Table of Contents
eToro vs. CoinSpot Comparison Table
|Trading Fees||1%||Instant buy: 1%, Market: 0.1%|
|Deposit Fee||Currency conversion fee||POLi, Bank transfer, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5%|
|Withdraw Fee||$5 + currency conversion fee||Free|
|Payment Methods||PayPal, Direct deposit, POLi, Credit/Debit card||Bank transfer, OSKO, Cash Deposit, BPAY, POLi, PayID|
eToro Pros and Cons
- Provides access over 30 cryptocurrency.
- Minimum amount to open an account and start investing.
- Social investment ability to track the movements of traders who are popular.
- Established platform
- Regulated in a variety of jurisdictions
- Stock, ETF and cryptocurrency trading is only accessible only in the only 44 U.S. states
- Margin trading isn’t accessible for U.S. users
CoinSpot Pros and Cons
- An established track record as an honest company
- A wide range of cryptocurrency options to make instant purchases and sales
- Beginner-friendly design
- Rapid withdrawals and deposits
- NFT market available
- Cold storage is used to keep the company’s and user’s funds inaccessible
- AUD withdrawals and deposits only
- There is no option for credit or debit card deposits
- Costs for purchase in a flash
CoinSpot does an outstanding job making a simple and user-friendly cryptocurrency exchange that can attract newcomers to cryptocurrency. It has a simple buy and sell function, a live chat that is responsive as well as email support should you encounter any problems. There aren’t any complex markets available on CoinSpot this means that it’s really simple to navigate the site.
eToro Australia has a ton of options, which include other markets that are not cryptocurrency-related, like forex, stocks and CFDs. The platform is designed around social trading. As such, you can access a news feed that allows you to stay current on the latest developments, and also comment or ask questions or write articles. There is even CopyTrading which copies automatically the trading strategies that successful traders have made, which means you don’t have to come up with your own strategies for trading.
Demo mode is available that lets you use $100,000 play money in order to test your trading and determine what strategies work best in addition, you earn passive revenue from various coins by placing bets.
eToro Australia has so many features that can be used by new and experienced traders and offers the option to trade other assets like forex and stocks.
Winner: eToro Australia
CoinSpot has a huge selection of coins – it’s the biggest of any Australian cryptocurrency exchange with more than 360 coins.
eToro Australia only offers 75 different cryptocurrency.
CoinSpot is the clear winner in this category with a variety of coins on offer.
CoinSpot has several deposit options that are free of cost: POLi, PayID, OSKO. If you deposit with BPAY costs 0.9 percent as well as 2.5 percent if you make a cash deposit. The withdrawals of AUD are absolutely free. Instantly purchase and sell crypto cost one cent, while buying and selling on market cost 0.1 percent. But only 14 coins can be traded with on the open market.
eToro Australia does not charge fees for depositing USD, however there is a conversion fee. If you deposit via banks transfer method, then the fee is 50 pips. That is approximately 0.7 percent, however when you choose alternative methods of depositing that is 100 pips, which is 1.38 percent. If you withdraw fiat currency from eToro and you pay $5 in addition to the 50 pip (0.7 percent) cost for conversion. If you make a trade on eToro There is a 1% charge that is charged for each transaction.
CoinSpot offers the highest economical alternative, as eToro charges an exchange fee for currency withdrawals and deposits, as well as the $5 fee for withdrawing fiat.
If you encounter any issues you have, CoinSpot’s Live Chat support is available all hours of the day to assist you. I’ve tried their Live Chat support a few times, and I’m always in contact with a individual (no bots) in less than a minute. It has always been a pleasure to work with the support staff to be professional, friendly and able to resolve my concerns quickly.
The customer support team at eToro is multilingual and available 24 hours a day. However, it’s not as easy as you think as you have to sign into your account to create a support ticket in case you would like to contact customer service.
CoinSpot is the clear winner due to its expert customer service that is available 24/7. This assists CoinSpot build trust with many customers.
CoinSpot provides a range of deposit options, including Direct Deposit, PayID, POLi, BPAY as well as cash deposit and cryptocurrency.
eToro offers bank transfers credit cards, debit cards POLi as well as PayPal for Australian customers.
CoinSpot as well as eToro both accept a variety of deposits methods. Which one you prefer is based on you prefer to deposit. CoinSpot provides BPAY, PayID, crypto as well as cash deposits, which are not available at eToro. eToro offers credit and debit card options and PayPal.
CoinSpot is the standard to be used for security on the Australian cryptocurrency market. CoinSpot is among the top reliable authentic, secure and audited cryptocurrency exchange in Australia and the only one to have ISO 27001 certification, and is a member certified by Blockchain Australia. Secure measures comprise 2FA logins geo-locking, anti-phishing codes, geo-locking and cold storage for large amounts of crypto offline.
eToro Australia provides a safe trading platform that was founded at the end of 2007. eToro is compliant with ASIC, FCA and CySEC regulations, which means that they have steps to protect their users. The funds of clients are stored safe in top banks and their personal information is securely stored using SSL encryption.
The two CoinSpot along with eToro Australia are secure platforms However, CoinSpot is the winner because they are the more reliable and verified platform in Australia.
CoinSpot is the better choice when compared with eToro, which is no surprise, since CoinSpot is a long-established cryptocurrency-exclusive platform. CoinSpot is user-friendly and has a simple interface, more than 360 coins, 21 coins, with lower charges as well as Live Chat support.
eToro is a great exchange platform to trade other kinds of investments like commodities, stocks, and forex however when looking at the cryptocurrency market, it’s difficult to match exchanges specifically designed for cryptocurrency. The fee for currency conversion on withdrawals and deposits and the insufficient variety of coins make it tough to compete with the top Aussie cryptocurrency exchanges.
A highly secure exchange that has low fees, a wide selection of more than 360 currencies as well as Live Chat support mean CoinSpot is the clear winner in this head-to-head.
Frequently Asked Questions
Which countries are covered by eToro?
eToro is a global platform that operates in more than 140 countries across the globe. Some of the countries that are able to use eToro’s service include Australia and a number of USA nations, UK, Argentina, Bahrain, France, Colombia, Cyprus, Greece, Lichtenstein, Dominican Republic, UAE etc.
Does eToro provide mobile trading?
It is a great platform for trading. eToro platform is easy to access and easy to use on both mobile and web-based devices that have integrated Android and iOS operating systems. The mobile trading application makes use of the smartphone’s intuitive features such as push alerts, sync watchlists and touchscreen interactions. For the portfolio you have, as an instance you could swipe of the screen on your smartphone to check the stats or start an order. Through blending trading tools along with social trading features and the news feed generated on the site, it provides an ideal tool for traders who are on the move.
Does eToro Have a Cryptocurrency Wallet?
Yes the trading platform can offer an in-built cryptocurrency wallet that can be used to store and deposit cryptocurrency assets. Simplex lets users deposit crypto money directly into their wallets, in the form of credit card transactions. The catch is that once the funds are placed stored in the account, they are unable to transfer back onto the eToro trading service.
Who pays the tax on the profits generated by eToro?
Users on the eToro exchange are required to establish the taxable profits earned through trading on the platform by examining the statement of their account. This means that they have to be liable for their fair share of the gain from trading, in line to the legal requirements for financial transactions and the regulations of their home state.
Is eToro the biggest fraud in cryptocurrency exchanges?
It isn’t likely. Because this exchange has been licensed by a variety of financial authorities of the state in the countries where the eToro offices are The chances of being victimized by a licensed exchange fraud are almost zero.
Is CoinSpot Regulated In Australia?
Crypto-currency exchanges are considered legal entities in Australia and are required to comply in accordance with Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF 2006). CoinSpot is a seasoned player in the industry, CoinSpot operates in full conformity with Australian laws.
What kinds of NFTs are offered on CoinSpot?
CoinSpot isn’t very closely linked with CoinSpot isn’t closely linked to DeFi part of the cryptocurrency world , but it does have a selection of the hugely popular art tokens known as NFTs. You can locate about twenty NFT collection on sale on CoinSpot which includes Decentraland (MANA), ApeCoin (APE) along with Sandbox (SAND)
Are CoinSpot the best exchange to purchase Bitcoin?
It depends. CoinSpot is always the preferred option for Bitcoin transactions (and trading generally) for those who require the assurance of the services they utilize. Its attractive design and a highly efficient customer service which make CoinSpot among the most reliable Australian exchanges. If you’re an Bitcoin trading day-to-day, you might want to look for a less expensive and more diverse option.
How do I withdraw my money through CoinSpot?
To withdraw funds from CoinSpot it is necessary to trade them to fiat. It’s as easy as buying. All you need to do is click the Sell tab, type in the amount of cryptocurrency you wish to withdraw, then enter the bank details required. The exchange will calculate immediately the exchange rate at the moment and deposit the cash into your bank account once you’ve confirmed the transaction.
What are the acceptable payment methods on CoinSpot?
In a nutshell, nearly every thing you can think of as a legitimate payment method across Australia other than credit and debit card, ApplePay and PayPal. Its CoinSpot list of payment options that are accepted includes cash deposits, bank transfer (Blueshyft), BPAY, Osko, POLi, PayID and, of course cryptocurrency.
Top Crypto Exchanges Compared
|Exchange||Deposit Methods||Fiat Currencies||Cryptocurrencies||Trading Fees||Deposit Fees||Withdrawal Fees||Sign Up|
|Bank Transfer, Crypto, Credit and Debit Card, Osko, PayID||New Zealand Dollars and Australian Dollars||Over 320||0.6%||Australian Dollars Deposits: 0% Crypto: 0%||Australian Dollars Withdrawals: 0% Crypto: 0%||Visit Swyftx|
|Crypto, Credit and Debit Cards, Osko, PayID||10 Fiat Including USD and AUD||Over 600||0% to 0.1%||0%||Vary||Visit Binance|
|Bank Transfer, Fiat, Crypto, POLi, and PayID||Australian Dollars||Over 370||Instant Buy/Sell: 1% OTC: 0.1% Market Order: 0.1%*||Direct Deposit: $0 Cash: 2.5% PayID, POLi, and direct deposits: $0 BPAY: 0.9% Direct Bank Transfer: $0||Australian Dollars Withdrawals: $0||Visit CoinSpot|
|Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, credit card, and debit card||50+||160+||0.1% spot trading 0.01% – 0.06% market makers/market takers fee||$0||Does not support direct fiat withdrawals Crypto withdrawal fees: Network fees||Visit Bybit|
|PayPal, Cryptocurrency, SWIFT, Fedwire, Wise, Debit Card, Credit Card, SEPA, BPAY, Bank Transfer (ACH)||USD, AUD, SGD, and 15+ more||250+||0.04% to 0.4%||$0||FREE via bank transfer. $25 for USDC withdrawal via SWIFT Network||Visit Crypto.com|
|Bank Transfer, Crypto, POLi, Osko, PayID||Australian Dollars||Over 300||0.1% to 0.5%||Deposit Fees Bank Transfer: $0 POLi: $2 (capped at $3.30)||$0 for AU Bank Accounts Cryptocurrency: Depends On the Network||Visit Digital Surge|
|Fiat, Bank Transfer, Crypto, Credit or Debit Card, Apple Pay, Google Play||Pound Sterling and Australian Dollars||Over 50||Maker: 0.04 to 0.1% Taker: 0.04 to 0.1%||Fiat: 1.5% CoinJar Users: $0 NPP: $0||$0||Visit CoinJar|
|Crypto, Osko, PayID, Electronic Fund Transfer, SWIFT||Australian Dollars, US Dollars, New Zealand Dollars||Over 25||0.05% to 0.5%||For SWIFT Deposit: $15 for deposits under Australian $5,000 equivalent $0 for deposits over Australian $5,000 equivalent For Electronic Fund Transfer: Australian $0.99 for deposits under $100 $0 for deposits more than Australian $100||Crypto: Fees vary Bank Transfer: $0 for AUD $20 for non-AUD||Visit Independent Reserve|
|Bank Transfer, Debit Cards, Neteller, PayPal, Online Banking, and Skrill||15 Fiat Currencies Including USD and AUD||Over 70||Vary||Vary||$5 but minimum withdrawal of USD50||Visit eToro|
|Debit Card||More than 20 Fiat Currencies Including USD and EUR||Over 200||Vary||Credit Card and Debit Card: 3.99%||2.49%||Visit Coinbase|
|Bank transfer (ACH)||Euro and US Dollars||Over 320||0.25%||$0||Vary||Visit Bittrex|
|Bank Wire Transfer, Crypto, Credit Card||US Dollars, Japanese Yen, Euro, Pound Sterling||Over 200||Taker: 0.055% to 0.2% Maker: 0% to 0.1%||Crypto: $0 Wire: 0.1% (min 60 Euro/USD)||Crypto: $0 Wire: 0.1% Express Bank Wire (within 1 day on business days): 1% (min 60 Euro/USD)||Visit Bitfinex|
|Bank Card, SWIFT, Google Pay, SEPA, and Fedwire||6 Fiat Currencies Including USD and AUD||Over 10||2.93% to 3.9%||0% to 5%||N/A – assets are directly sent to the user’s crypto wallet||Visit Coinmama|
|Bank Transfer, Crypto, Wire Transfer, osko, SEPA, Apple Pay and Google Pay||7 Fiat Currencies Including USD and AUD||Over 140||Maker: 0% to 0.16% Taker: 0.10% to 0.26%||Vary||Vary||Visit Kraken|
|Crypto, PayPal, Wire Transfer, Credit or Debit Card, SEPA||9 Fiat Currencies Including USD and AUD||over 645||0.1%||$0||Vary||Visit KuCoin|
|Bank transfer, P2P, POLi, OSKO||AUD||100+||0.5% – 1.6%||$0||Fiat Withdrawal fees: $0 Crypto withdrawal fees: Network fees||Visit Easy Crypto|
|Crypto, PayID, Bank Transfer||AUD||410+||0.85%||$0||Crypto withdrawal fees: Network fees Fiat Withdrawal fees: $0||Visit Coinstash|
About The Author
This page was last updated on July 14, 2023