Coinspot vs Coinbase: Fees, Cryptos, KYC compared 2023

Many people have heard of the popular cryptocurrency exchanges Coinspot and Coinbase. They have a lot in common and a lot of differences. In this post, we'll compare the two on the most important criteria and find out which is best for you.

Advantages and disadvantages of Coinspot

Advantages and disadvantages of Coinbase

About Coinspot Exchange

CoinSpot is a cryptocurrency exchange with an integrated multi-currency cryptocurrency wallet and exchange service. Bitcoin, Ethereum, Ripple, Cardano, Litecoin, Chainlink and many other cryptocurrencies and tokens are traded there. There is no trading and exchange with fiat money, nor is there a minimum deposit. Commission fee: for market orders - 0.1%, for stop orders, limit orders and take profit - 1%. There are no demo accounts or specialized solutions for beginners on the site. The exchange offers no investment programs, it is focused on active crypto trading. A one-tier referral program with bonuses and long-term payouts as a percentage of the referral's commission is introduced.

About Coinbase exchange

Coinbase was founded in 2012 and currently has an office in San Francisco. They offer their customers a secure place to store their cryptocurrency and provide a platform for trading. One of the most popular exchanges in the world offers two major products to its users: buying and trading virtual assets or having a cryptocurrency wallet. As of September 2022, it had about 89 million users from more than 100 countries.

Comparative analysis of Coinspot and Coinbase exchanges

Available features

Both crypto-exchanges focus on cryptocurrency trading. 

Coinspot offers: 

Coinbase offers:

Available countries

Coinspot and Coinbase exchanges are available in more than 100 countries. These exchanges do not provide trading services in sanctioned countries. 

Payment methods

You can fund your Coinspot and Coinbase account with a bank card, PayPal or cryptocurrency.

Card Support

All types of bank cards from supported countries are available on Coinspot and Coinbase.

Available Cryptos and Tokens

Coinspot currently supports 370 trading pairs. 

Coinbase supports 533 trading pairs and 219 coins.

Regulation

There is no information about the Coinspot regulation and the corresponding license.

Coinbase is regulated in the United States and also seeks licenses in other states where this is possible. Coinbase is currently licensed to conduct money transfers in most U.S. jurisdictions.

Most of Coinbase's remittance licenses cover U.S. dollar wallets and transfers. In some states, money transfer licenses also cover cryptocurrency wallets and transfers within the platform. Other states do not require a digital money transfer license.

Coinbase is also registered as a money services business with FinCEN.

Interface

The interface of the exchanges is quite convenient and clear. Any user can immediately understand all the functions. Do not worry, if you do not understand something, you can always see the training and tips.

Verification (KYC)

It is recommended to pass KYC on Coinspot exchange (Passport, passport or driver's license. Photo with document (selfies). Proof of address (bank statement, utility bill, etc.)

Creating a user account on Coinbase only allows you to use an online cryptocurrency wallet. In order to make conversions and trade, earning on price differences of exchange assets, it is necessary to verify an account in the system. In other words, it is required to enter contact information with its documentary proof. This option is not available for all countries.

Account deposit

Exchanges offer the following options for funding the account:

Comparison of Trading Fees

Coinspot:

Coinbase:

Account security

CoinSpot is actually the first Australian exchange that has ever received the ISO 27001 certification for information security. This was announced to its users in an email sent on 27 March 2020.

On Coinbase, your password, confirmation by text message, and two-factor authentication settings will help you manage protection. You can also get protection settings that work at a certain level.

Passive earn on exchanges

At the moment, exchange Coinspot has no passive income.

Coinbase has Ethereum 2.0, Tezos, Cosmos, Solana, Algorand, Cardano cryptocurrency stacking feature with yields up to 6% p.a. (varies).

Which to choose - Coinspot or Coinbase

You'll have to decide for yourself which exchange (Coinspot or Coinbase) suits you best. However, on most parameters, Coinbase seemed to be the better choice. But Coinspot gave it a good fight - and their commissions are also very low.

Disclaimer:

Crypto trading entails a high level of risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

FAQs

Is Coinbase the safest crypto exchange?

Coinbase takes security seriously. They operates their business in a compliance-first manner and areridges the gapf between the traditional financial system and the crypto economy. For example, they are one of only a handful of companies that have obtained a Bitlicense from the New York State Department of Financial Services (NYDFS), which regulates virtual currency businesses. In addition, Coinbase maintains comprehensive insurance coverage for all digital assets held in our custody.

Is CoinSpot trustworthy?

CoinSpot is a cryptocurrency trading platform that was founded in 2013. They are known for their high-quality customer service, and they have a large selection of coins.

CoinSpot is regulated by the Australian Securities and Investments Commission (ASIC) and complies with all the necessary regulations. They also have an insurance policy that covers your digital assets for up to $20 million AUD.

Are my coins safe on CoinSpot?

There are many reasons why you might be thinking about storing your cryptocurrencies on CoinSpot. The first and most obvious is that it’s one of the safest exchanges out there. CoinSpot is based in Australia, which means they are regulated by the Australian Securities and Investments Commission.

CoinSpot has a good reputation for security, so you can rest easy knowing that your coins are safe when stored with them.

Can I use Coinbase from Australia?

Coinbase is a US-based cryptocurrency exchange that allows users to buy and sell digital currencies. Coinbase only operates in 100+ countries, and Australia is one of them.

Australia is one of the countries that Coinbase operates in.

Conclusion

When choosing a cryptocurrency exchange, it's important to consider the reliability of the exchange as well as which parameters matter most to you. Just one attribute may be decisive in your choice. Both exchanges, which we have reviewed today, have a long history and are therefore trusted. Both Coinpost and Coinbase are developing with the whole cryptocurrency sector, which is necessary for any company to stay afloat.