CoinSpot vs eToro Australia: Which crypto exchange is better?

Since it was created back in 2013, CoinSpot has become one of the very best cryptocurrency exchanges in the market in Australia. On the other hand, eToro Australia has also overseen a rapid expansion into a well-established broker that offers cryptocurrency trading as one of its many company branches.

But the question remains. Which of these two cryptocurrency exchanges is better?

This article will study both of these excellent cryptocurrency exchanges in great detail, analysing key offerings and features from each platform to see who comes out on top. While some articles might simply discuss the number of coins on offer, we will do a much deeper dive into this comparison, looking at features, deposit and trading fees, and even security.

Read on to discover how eToro Australia and CoinSpot compare across each category and use the information you learn to help choose the best cryptocurrency exchange for your trading requirements.

CoinSpot vs eToro Australia:
Comparison Table

CoinSpot Pros & Cons

eToro Australia Pros & Cons

CoinSpot vs eToro Features

When it comes to platform features, CoinSpot is specifically designed to exchange cryptocurrencies, while eToro offers cryptocurrency trading alongside other trading instruments.

One of the features that have made CoinSpot so popular with Australians is its massive range of more than 410+ cryptocurrencies. This number is constantly growing and makes it an excellent choice for anyone seeking to trade less well-known coins.

Another amazing feature of CoinSpot is its customer service. It offers live chat support throughout most of the day, where you speak to real customer service employees rather than asking an automated bot. Plus, if you require assistance outside of the Live Chat hours, CoinSpot offers a 24/7 help desk to respond to any queries within 24 hours. It also offers users a comprehensive FAQ section and tutorials for new investors.

Staking is available on 21 coins, so you can earn interest while you hold your crypto for the long run. Doesn't matter whether it is a crypto winter or not, you are accumulating more coins so when the next bull run comes, your holdings will be worth even more.

CoinSpot also offers an NFT marketplace where you can buy a wide range of popular collections, including Bored Ape Yacht Club. It is integrated into your CoinSpot account, and you can purchase using any crypto you like - there is no need to mess around swapping one crypto to another first.

CoinSpot also contains an excellent feature called CoinSpot Bundles. With CoinSpot Bundles, you can invest in various coins with one quick transaction. This feature allows you to diversify your portfolio, which lowers your risk and saves you time and money. One of the most popular bundles is the "Top Ten Market Cap, " a bundle of the top ten biggest cryptocurrencies.

eToro provides its customers with a Demo account option, allowing users to practise trading before investing their hard-earned cash. This tool is fantastic for new investors who are keen to learn the ropes without risking any money.

eToro also provides cryptocurrency CFDs, a feature that is not often available on a cryptocurrency exchange. A CFD or "contract for difference" lets users bet on the price of a chosen coin falling. If you buy a cryptocurrency CFD and the price of that coin goes down, eToro will pay the difference. When buying a CFD, you never own the cryptocurrency, but you have a contract with eToro to pay the value difference from when you bought it to when you sold it.

The main difference between eToro and other cryptocurrency exchanges is that it focuses on social trading. A News Feed within the platform lets users connect, which is excellent for finding advice and learning from other traders.

eToro also offers plenty of other trading assets, such as forex, commodities, stocks and indices. If you are a well-rounded investor that wants to diversify, then eToro is an excellent one-stop shop where you can manage all your assets in one place.

CoinSpot vs eToro Australia Fees

While eToro Australia does not charge its customers a fee for deposits, you should be aware that you will be required to pay a currency conversion fee to convert USD to AUD. This fee occurs as eToro is not a company founded in Australia.

If you are depositing via bank transfer, the fee will be 50 pips. If you are depositing by POLi, PayPal, Debit, or Credit card, the fee will be 100 pips.

When it comes to trading fees, eToro charges 1% on each transaction.

Finally, eToro charges their customers a flat withdrawal fee of $5 for each withdrawal plus a 50 pips currency conversion fee. If you choose to use eToro, it is worth remembering this and ensuring you limit your withdrawal frequency to maximise your profits.

CoinSpot, on the other hand, does not charge any currency conversion fees. There are no fees on AUD deposits made via POLi, PayID, or Direct Deposit. If you choose to deposit via BPAY, expect to pay a 0.9% fee and if you prefer to deposit via Cash, that fee increases to 2.5%.

CoinSpot charges a flat rate of 1% for each coin that you instantly buy or sell. If you prefer to trade on the market, there is a limited range of about 15 coins that you can access, and the fee is only 0.1%.

Finally, CoinSpot does not charge any withdrawal fees for AUD withdrawals to Australian bank accounts.

Number of Cryptocurrencies

CoinSpot has more than 410+ cryptocurrencies.

eToro Australia has just 75 cryptocurrencies.

Deposit Methods

You can use Direct Deposit, BPAY, Cash, POLi, or PayID on Coinspot.

eToro Australia accepts Direct Deposit, POLi, PayPal, Credit Card, or Debit Card.

CoinSpot vs eToro Australia Security

CoinSpot was one of the first cryptocurrency exchange companies to hit the Australian market, and this long-standing reputation has helped it grow into the most trusted and secure cryptocurrency exchange in Australia today.

CoinSpot implements multilayered security measures to keep customers' assets safe. These measures include keeping most of their digital assets stored offline in cold wallets to help prevent damaging cyber-attacks.

CoinSpot is also registered with AUSTRAC and meets the requirements of AML/KYC to be fully verified.

As such a large cryptocurrency exchange, CoinSpot has been audited the most times for any Australian cryptocurrency exchange, and it is the only one to be awarded the ISO 27001 certification.

eToro is also a very safe cryptocurrency exchange. It only works with tier 1 banks, and all of its customers' personal information is protected by SSL encryption. Almost all of eToro's cryptocurrency assets are stored in cold storage offline to negate cyber attacks.

CoinSpot vs eToro Australia Summary

To summarise, CoinSpot and eToro are excellent cryptocurrency exchanges in their own right. Each provides users with a unique experience on an exchange that is extremely trustworthy and secure.

CoinSpot (read full review) offers many more coins to invest in than eToro (see review), and although eToro offers some great features, such as Demo mode, stock trading, and social interactions, the high currency conversion and withdrawal fees leave it slightly behind CoinSpot in terms of ranking.

While having the ability to interact with other users is handy, ultimately, you should choose a cryptocurrency exchange that does all of the basics extremely well. CoinSpot is the standout choice in this comparison, and if you ever run into any issues, you can always contact their exemplary customer support 24/7. If you still want to research other crypto exchanges, read our article on the best crypto platforms in Australia.