CoinSpot vs Independent Reserve: Which crypto exchange is better?

CoinSpot is one of the first cryptocurrency exchanges to appear in the Australian market. However, just because it is one of the first cryptocurrency exchanges to rise to prominence does not guarantee it will continue to be a market leader. 

Fortunately, CoinSpot has gone to great lengths to ensure that it is one of the very best cryptocurrency exchanges in the country, with excellent features, great customer service, and unrivalled security measures.

Independent Reserve is another excellent cryptocurrency exchange available in Australia and has many benefits to boast about.

But the question remains, which cryptocurrency exchange is the right option for you?

This article will go into great detail researching each exchange to see which one offers the best features, fees, and security measures for your exchange needs.

Read the analysis below to understand how CoinSpot and Independent Reserve compare in each category and use the information to select the best exchange for you.

CoinSpot vs Independent Reserve:
Comparison Table

CoinSpot Pros & Cons

Independent Reserve Pros & Cons

CoinSpot vs Independent Reserve Features

One of the main focuses, when CoinSpot was created, was to ensure that customers felt they had plenty of support while using the exchange and that their funds and personal information were well protected.

That is why it always has focused on ensuring that it does the basics extremely well. What CoinSpot lacks in advanced trading features, it certainly makes up for in its fantastic customer service. It offers an excellent Live Chat feature that allows customers to talk to real CoinSpot employees directly from their browser. If you need support outside of the Live Chat hours, there is also a 24/7 help desk to answer your queries and provide support.

If you are still struggling, there is also a comprehensive FAQ section for customers, with easy-to-follow tutorials for new investors.

Another excellent feature CoinSpot offers users are the 410+ cryptocurrencies you can trade with. That number is growing each week, making it a fantastic exchange for users keen to diversify their portfolios. You can even stake 21 coins to earn interest on them.

Finally, CoinSpot offers an NFT marketplace. Easily browse, buy and sell NFTs straight from your CoinSpot account.

Independent Reserve also has many excellent features for high-volume traders. For starters, it is the first cryptocurrency exchange in Australia to offer additional insurance. If you sign up for one of their Premium Accounts, you receive insurance cover on your crypto assets, as well as premium customer support via phone.

They also have an excellent OTC service which is tailored for institutional traders and high net worth individuals. They facilitate large trades off the market to avoid slippage, and there are discounts for big traders based on the previous 30-day trading volume. 

Independent Reserve has a handy mobile app so you can keep an eye on your portfolio and execute trades whenever you like, and they support four fiat currencies: AUD, NZD, USD and SGD. 

CoinSpot vs Independent Reserve Fees

Regarding trading fees, CoinSpot charges its customers a 1% set fee for each instant buy/sell they make. The trading fee is lower - only 0.1% when you trade cryptocurrency on the market, but you can only access around 15 different coins in this manner. For most of the 410+ coins, you will need to pay 1% fee for the transaction.

As for deposit fees, CoinSpot doesn't charge a fee on AUD deposits made using PayID, Direct Deposit, or POLi. However, if you want to make a deposit using BPAY, there is a 0.9% deposit fee. If you want to make a deposit using cash, there is a 2.5% deposit fee.

Independent Reserve charges fees if you deposit lower amounts. For example, there is a $2.50 fee for any PayID or OSKO deposit less than $1000, a $15 fee for international deposits under $5000, and a $0.99 fee for electronic funds transfers under $100.

However, it does charge less for the trading fee, at just 0.5%, and this can be reduced if you are a high volume trader.

Independent Reserve doesn't charge a fee for AUD withdrawals to Australian bank accounts, but they charge a $1.50 fee for anyone who uses NPP to withdraw. International or non-AUD withdrawals come with a $20 fee.

Number of Cryptocurrencies

CoinSpot has more than 410+ cryptocurrencies.

Independent Reserve only offers 27 cryptocurrencies.

Deposit Methods

CoinSpot rose to popularity for many reasons, but one of the main ones was the variety of different deposit methods that it offers customers. The best part? Almost all of them do not incur fees. You can deposit funds into the exchange via Cash, BPAY, Direct Deposit, PayID, POLi or cryptocurrency. Customers that opt for BPAY will be required to pay a 0.9% deposit fee, and cash depositors will pay a 2.5% fee.

Independent Reserve offers a few of the same deposit methods: direct deposit, PayID, POLi, and cryptocurrency.

Don't forget, there is a $15 fee for international deposits under $5000, a $2.50 fee for any deposit less than $1000, and a $0.99 fee for electronic funds transfers under $100.

CoinSpot vs Independent Reserve Security

With regards to security, you will struggle to find a more impressive offering than the one at CoinSpot. Back in 2013, it was one of the initial cryptocurrency exchange brands to hit the Australian market, and since its inception, it has proven to be incredibly safe and trustworthy. The security and safety that CoinSpot offers its users are one of the main reasons that CoinSpot has become such a popular choice in Australia.

One of the reasons CoinSpot is such a secure exchange is because almost all of its customer's assets are stored offline, located in cold wallets. This tactic is ideal for ensuring that even if hackers break through the security walls, they will not have access to much of the customer's funds. Not that CoinSpot has ever had to deal with such an occurrence. Over almost a decade of being in business, CoinSpot has never gotten hacked, had a data breach, or suffered any kind of successful cyber attack, which is highly impressive.

It abides by the KYC/AML regulations and is registered and licensed by AUSTRAC.

In regards to other cryptocurrency exchanges, no company has dealt with more audits in Australia, and as a result of its excellent performance, it has received the ISO 27001 certification.

Independent Reserve also incorporates multiple layers of security, keeping assets offline and implementing SSL encryption on customer information.

It is also registered with AUSTRAC and adheres to AML/KYC regulations. It even offers customers additional insurance for further cover if they choose.

CoinSpot vs Independent Reserve Summary

To recap, CoinSpot is one of the very best cryptocurrency exchanges you can use in Australia, while Independent Reserve also offers users many useful features.

CoinSpot offers a friendly interface, it's easy-to-use, and there is fantastic Live Chat support. CoinSpot also boasts 410+ cryptocurrencies to trade and unique features such as staking on 21 coins and NFT marketplace.

Unfortunately, the trading fee is a little higher than ideal, at 1%. However, it is definitely not too high to deem this exchange as a bad option.

Independent Reserve, on the other hand, offers 0.5% trading fees, half the amount that CoinSpot requires you to pay. However, it only offers you 27 cryptocurrencies to invest in, and the security and customer support are not as good as CoinSpot.

You should also be aware of the deposit and withdrawal fees that occur for smaller funds.

Therefore, CoinSpot is the best choice for new or intermediate investors. You might want to choose Independent Reserve if you are trading large funds, but CoinSpot is the clear winner for most investors.

If you are still undecided, you can have a look at some of the other options. Read our article on the best crypto exchanges in Australia to help you make up your mind.