The cryptocurrency world is a highly competitive space, and it can be challenging to choose where to buy and sell your coins; moreso in a country with plenty of exchanges to choose from. This article will compare two of the most popular exchanges in Australia - CoinSpot and Kraken.

With their competitive rates, excellent features, and user-friendly platforms, both CoinSpot and Kraken are excellent choices for Australian traders looking to get into the world of cryptocurrency. But which one is better? Let's take a look at the key features of each exchange to find out.

CoinSpot vs Kraken: Comparison Table

Header

Coins

360+

19+

Trading Fee

0.1% for market trades

1% for instant trades

0.16%/ 0.26% (maker/taker) for market trades

1.5% for instant trades

Deposit Fee

Free on OSKO, POLi and PayID

0.9% on BPAY

2.5% for cash deposits

Free for Bank transfer/OSKO

3.75% + $0.25 for Google Pay/Apple Pay

3.75% +  €0.25 for Credit/debit card

Withdraw Fee

Free

Free

Payment Options

BPAY, OSKO, Cash deposits, POLi and PayID

Apple Pay, Debit card, Credit card, Google Pay, and OSKO.

Pros

- User-friendly platform

- You can use any digital currency to buy NFTs

- Wide range of cryptocurrencies (360+)

- Supports OTC trades

- Excellent customer support

- Offers staking on 22 coins

- Offers advanced markets such as futures and margin trading

- Offers a staking option for investors

- Supports multiple fiat currencies including AUD, USD EUR, GBP, CAD, JPY, and CHF

- Supports credit/debit cards and Google/Apple Pay

 

Cons

- Doesn’t support credit card or debit card deposits

- Only available in Australia

- Offers only 19 cryptocurrencies

- Higher trading fees 

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Header

Coins

360+

19+

Trading Fee

0.1% for market trades

1% for instant trades

0.16%/ 0.26% (maker/taker) for market trades

1.5% for instant trades

Deposit Fee

Free on OSKO, POLi and PayID

0.9% on BPAY

2.5% for cash deposits

Free for Bank transfer/OSKO

3.75% + $0.25 for Google Pay/Apple Pay

3.75% +  €0.25 for Credit/debit card

Withdraw Fee

Free

Free

Payment Options

BPAY, OSKO, Cash deposits, POLi and PayID

Apple Pay, Debit card, Credit card, Google Pay, and OSKO.

Pros

- User-friendly platform

- You can use any digital currency to buy NFTs

- Wide range of cryptocurrencies (360+)

- Supports OTC trades

- Excellent customer support

- Offers staking on 22 coins

- Offers advanced markets such as futures and margin trading

- Offers a staking option for investors

- Supports multiple fiat currencies including AUD, USD EUR, GBP, CAD, JPY, and CHF

- Supports credit/debit cards and Google/Apple Pay

Cons

- Doesn’t support credit card or debit card deposits

- Only available in Australia

- Offers only 19 cryptocurrencies

- Higher trading fees 

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CoinSpot Pros & Cons

Pros

  • User-friendly platform
  • You can use any digital currency to buy NFTs
  • Wide range of cryptocurrencies (360+)
  • Supports OTC trades
  • Excellent customer support
  • Offers staking on 22 coins

Cons

  • Doesn’t support credit card or debit card deposits
  • Only available in Australia

Kraken Pros & Cons

Pros

  • Offers advanced markets such as futures and margin trading
  • Offers a staking option for investors
  • Supports multiple fiat currencies including AUD, USD EUR, GBP, CAD, JPY, and CHF
  • Supports credit/debit cards and Google/Apple Pay

Cons

  • Offers 19+ cryptocurrencies only
  • Higher trading fees

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CoinSpot vs Kraken Features

If you're looking for a comprehensive platform that offers a wide range of cryptocurrencies, CoinSpot is definitely worth considering. With over 360 different coins available, you'll have plenty of options. And if you need any help, you can take advantage of the excellent customer service, with live chat support and 24/7 help desk access.

Another great feature of CoinSpot is the Bundles package, which allows you to buy different cryptocurrencies in one transaction. The platform is also user-friendly and easy to navigate, making it ideal for crypto beginners. Plus, you can earn interest by staking on 22 different cryptocurrencies. If you're interested in non-fungible tokens (NFTs), CoinSpot has an extensive collection that you can browse and buy using your preferred cryptocurrency.

There's also a handy app available for iOS and Android devices to access your account on the go. Overall, CoinSpot is an excellent choice for those looking for a comprehensive and user-friendly crypto platform.

Kraken is a leading cryptocurrency exchange with various features to appeal to traders of all experience levels. With over 19 different cryptocurrencies available, Kraken has one of the largest selections on the market. The exchange also offers mobile apps for iOS and Android, making it convenient to trade on the go. For those looking to buy cryptocurrency with fiat currency, Kraken offers a direct purchase option. Alternatively, traders can buy and sell crypto instantly on the market. 

Advanced charts and tools are provided to help users make informed trades, and for traders looking to take their trading to the next level, margin trading and futures trading are also available. 

Like CoinSpot, you can also stake cryptocurrencies to earn interest, but unlike most, Kraken also allows traders to stake on fiat currencies. Kraken also has an OTC desk for large trades with personalized service.

FeaturesIt's a tie!

These two platforms offer a range of features that are not too different from one another. Both CoinSpot and Kraken provide excellent customer service, allow investors to stake their coins, have mobile apps for iOS or Android devices so you can trade anytime, anywhere, and more perks like OTCs for investors looking for advanced trading options

CoinSpot vs Kraken Fees

CoinSpot offers users a fast, easy and affordable way to buy and sell digital currencies. Deposits are free on OSKO, POLi, and PayID, while BPAY and cash deposits attract a 0.9% and 2.5% fee, respectively. Trading fees start at just 0.1% for market trades or 1% for instant trades. And best of all, CoinSpot withdrawals are free! 

Kraken's fees are low and reasonable, making it a cost-effective option for trading. AUD deposit fees are dependent on the deposit method you use (see below), but cryptocurrency deposits are free. 

  • Bank transfer/OSKO: free

  • Google Pay and Apple Pay: 3.75% + $0.25

  • Credit and debit card: 3.75% + €0.25

  • Please note: all credit and debit card purchases on Kraken are made in EUR, even for Australian users. The deposit amount in AUD will be converted to EUR before your card is charged. Be sure that your bank will allow currency conversions from AUD to EUR.

Trading on Kraken’s market will cost you 0.16% for makers and 0.26% for takers, while instant trades are charged at 1.5%. Withdrawing AUD to your bank account is free.

Fees: CoinSpot wins as it offers free deposits on popular payment options in Australia like OSKO, POLi, and PayID and has lower trading fees of 0.1% on the market and 1% instant trade. 

CoinSpot vs Kraken Number of Cryptocurrencies

CoinSpot is the place to be if you're looking for more than just a few coins. This platform offers 360+ cryptocurrencies, which include everything from Bitcoin and Ethereum to the less known altcoins.

Kraken offers a more limited selection with only 19 coins available.

Number of cryptocurrencies: When it comes to the number of cryptocurrencies, there is no doubt that CoinSpot is the clear winner. With over 360 different cryptocurrencies available on CoinSpot, users can choose from a broad selection of digital assets. On the other hand, Kraken lags behind with only 19 coins on offer. So, if you're looking to buy something a little more obscure, Kraken is probably not the right exchange for you.

Deposit Methods

CoinSpot offers a wide range of deposit methods. You can choose from BPAY, OSKO, Cash deposits, POLi and PayID.

Kraken also has a wide range of deposit methods, including Apple Pay, Debit card, Credit card, Google Pay, and OSKO.

Deposit methods: This is a tie as both exchanges offer several payment options. It comes down to which you prefer. 

CoinSpot vs Kraken Security

CoinSpot is widely regarded as the most secure Australian crypto exchange. It is registered with AUSTRAC and is a certified member of Blockchain Australia. These organizations help to set standards for anti-money laundering (AML) and countering-the-financing-of-terrorism (CFT), which CoinSpot complies with. The exchange is also compliant with AML/KYC obligations and the Australian Digital Currency Industry Code of Conduct.

As such, it has implemented a number of security measures to protect its users' assets. These include geo-lock logins, two-factor authentication (2FA), anti-phishing phrases, custom withdrawal restrictions, and offline cold storage of the vast majority of its digital assets. As a result, CoinSpot provides its users with peace of mind that their assets are safe and secure.

Kraken is a leading cryptocurrency exchange that is renowned for its world-class security measures. With a team of security experts at the helm, Kraken uses state-of-the-art technology to protect client funds and data. In particular, 95% of deposits are kept in offline cold storage, ensuring that funds are well protected against hacking or other cyber threats. Furthermore, all sensitive account information is encrypted with advanced security protocols, making it virtually impossible for unauthorized users to access customer data.

In addition to these technical safeguards, Kraken also implements several practical measures to enhance security. For example, 2FA authentication is required to log into an account and access sensitive information, while SSL encryption ensures that all interactions on the website are fully secure. Moreover, Kraken undergoes regular penetration testing to identify and address any potential vulnerabilities in its system before they can be exploited by hackers. Overall, these rigorous security measures have made Kraken one of the most trusted cryptocurrency exchanges in the world today.

As a regulated financial institution, Kraken is subject to strict anti-money laundering and know your customer (KYC) requirements in all jurisdictions where they operate, making it one of the most secure platforms around. It is regulated by AUSTRAC in Australia, FSA in Japan, FINTRAC in Canada, FinCEN in the USA, and the FCA in the UK. So if you want peace of mind when it comes to security, Kraken is the place for you.

Security: Both CoinSpot and Kraken take security seriously, with a number of robust measures in place to protect user funds. However, CoinSpot is an Australian-owned and operated company. It is a licensed digital currency exchange with AUD deposits and withdrawals, and means that CoinSpot is subject to local financial regulations, which can offer some protection for users in the event that something goes wrong.

CoinSpot vs Kraken Summary

When it comes to selecting the best cryptocurrency trading platform, there is no question that CoinSpot and Kraken are two of the top contenders. Both platforms offer users a wide range of different cryptocurrencies to choose from, with CoinSpot offering over 360 different options and Kraken offering more than 19. However, when it comes to factors like reputation, fees, and trading features, CoinSpot and Kraken differ considerably.

As far as reputation is concerned, CoinSpot has received overwhelmingly positive reviews from customers, while some users have reported difficulties in dealing with Kraken's customer support team. Additionally, while both platforms charge relatively low fees compared to their competitors, Kraken's fees tend to be slightly higher on average.

Finally, while both platforms offer a variety of trading options to help you navigate the volatile world of cryptocurrency trading, CoinSpot offers a more streamlined experience overall.

Ultimately, the best choice for you will depend on your personal needs and preferences when it comes to crypto trading. Regardless of which platform you choose, however, rest assured that both CoinSpot and Kraken are reputable and trustworthy sources for online investing in today's fast-paced and ever-changing world of cryptocurrency.

If you want to do some more research before deciding on a crypto exchange, you can have a read of our article on the best crypto exchanges for Australians.

It really comes down to your personal preferences as an investor. Consider what's most important to you and make your decision based on that.

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About the Author Andy Carter

Andy Carter is the CEO of Freedom Dividend, where he teaches you about dividend income that can change your life for the better. As a financial expert, Andy explores securities investing (stocks & shares) with an aim to provide a steady flow of income, enough to sustain you in your life.

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