Exchange Review

CoinSpot vs BTC Markets

Quick-Take: CoinSpot is the superior exchange when comparing both platforms. It wins out on user experience, fees, cryptocurrency asset diversity and overall data security.

Verified Author

CoinSpot and BTC Markets are two of the longest running cryptocurrency exchanges, both being founded in 2013 in Australia. It is clear that in their 9 year operating period, one has made significant strides as a cryptocurrency exchange, while the other has significantly lagged.

This point is highlighted clearly by the disparity in users on both platforms. As at time of writing, CoinSpot boasts over 2 million Australian users, while BTC Markets has a little over 300,000.

This comparison will outline the reasons why I believe that CoinSpot is the superior platform for a majority of crypto investors.

Exchanges
CoinSpot vs Crypto.comCrypto.com and CoinSpot
Cryptos Available
350+
20+
Trading Fees
0.1% - 1%
0.85%
Crypto Staking
NFT Marketplace
24/7 Local Support
Overall Best

Table of Contents

CoinSpot vs BTC Markets: Cryptocurrencies

One of the best features about CoinSpot is that it offers over 350 different digital assets including all of the most popular NFT, Metaverse and Layer 1 Smart Contract platform tokens. Further, they are very quick to update their list of tokens and add new coins pretty much every week.

CoinSpot coins vs btc markets coins
Instant Buy user interface on CoinSpot.

BTC Markets on the other hand only offers over 20 different cryptocurrencies, most of which are legacy tokens that are virtually dead from a development standpoint like Ethereum Classic, XRP and OmiseGo.

CoinSpot vs BTC Markets: Fees

The fees to trade on CoinSpot will vary depending on the trading type you select. Their Instant Trading platform takes a 1% fee for a buy or sell, whereas their Market Order trading type only charges a 0.1% fee. Their 0.1% trading fee is the lowest in Australia and is a stark contrast to BTC Markets starting trading fee of 0.85%.

BTC Markets Fees vs CoinSpot
BTC Markets fees per their Fee Schedule.

BTC Markets offers trading fee discounts, but this favours whales and large inverstors because it is weighted relative to volume. This means you would need to trade over $500,000 in 30 days just to match the fee that CoinSpot offers.

CoinSpot vs BTC Markets: Security

CoinSpot is arguably the most secure cryptocurrency exchange in Australia, having not suffered any hacks or data breaches. Further, they are the only cryptocurrency exchange that have earned an ISO 27001 Certificate that verifies they are best-in-class at security.

On the other hand, BTC Markets has been hacked and suffered a pretty serious data breach in 2020 that was reported widely amongst popular crypto news outlets. Since then, a lot of users have migrated away from their platform to other Aussie exchanges like CoinSpot or Independent Reserve.

Comparison Summary

This comparison is a no-brainer. CoinSpot are the superior platform when it comes to fees, cryptocurrency selection, security and overall user experience. The only advantage BTC Markets may have is their OTC Desk offers tighter spreads, however this a service only used for large institutional investors.

For everyone else, CoinSpot will provide you the best value as a new cryptocurrency investor.

Author Bio

Timothy Wilson was a former Prop Trader for a notable crypto trading fund based in Hong-Kong. He built BCA after deciding he wanted to focus his career on educating new users about Crypto and DeFi.

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