Exchange Review

CoinSpot vs Independent Reserve

Quick-Take: CoinSpot is the  best overall cryptocurrency exchange in Australia, unless you are an institutional trader looking to trade high volumes of Bitcoin or Ethereum. In that case, we would recommend Independent Reserve.

Verified Author

CoinSpot and Independent Reserve are the two market leading cryptocurrency exchanges in Australia. CoinSpot is Australia's most popular by virtue of their large user base which is over 2 million Aussies. Their platform provides the easiest and most user friendly user experience enabling investors to buy over 300 different cryptocurrencies with ease.

Independent Reserve on the other hand is more tailored toward high-net worth and institutional investors looking to trade large amounts of Bitcoin, Ethereum or stable coins. Their user interface is a little more difficult to navigate, but they make up for it with their low fees, deep liquidity and tight spreads.

Exchanges
CoinSpot vs SwyftxSwyftX vs CoinSpot
Cryptos Available
370+
30+
Trading Fees
0.1% - 1%
0.5
Deposit Options
Bank Transfer, PayID, Osko, POLi, Cash or BPAY
Bank Transfer, PayID or Osko
Crypto Staking
NFT Marketplace
24/7 Local Support
Overall Best

Table of Contents

CoinSpot vs Independent Reserve: Features

CoinSpot is the most feature rich cryptocurrency trading platform in Australia. With the CoinSpot exchange, you can trade 370+ cryptocurrencies, stake over 30 cryptos to earn passive income, and even trade NFTs with their NFT Marketplace. Their platform is a complete digital-asset product for Australian cryptocurrency enthusiasts.

Independent Reserve offers basic market features to trade over 30 cryptocurrencies with deep liquidity and reasonable fees. Their platform is tailored toward high-net worth and institutional users looking to get access to large amounts of Bitcoin or Ethereum with tight execution.

CoinSpot NFT Marketplace

Winner: CoinSpot offers a far wider suite of crypto features including NFT Marketplaces, Crypto Staking Wallets and more.

Trading Fees

Independent Reserve fees are flat across the board at 0.5%. If you are looking to buy Bitcoin or Ethereum in large size, they are generally the better option compared to CoinSpot. When you take into account spreads, fees and liquidity - you will generally get a better order executed on the Independent Reserve exchange.

CoinSpot fees range from 0.1% - 1% depending on the order type you use. The 0.1% fee is for market orders, which only has a handful of cryptocurrencies available and is a hardly-used feature. Their most popular feature is the instant buy which charges 1% but is extremely convenient because it lets you buy essentially any cryptocurrency, NFT or Metaverse project.

CoinSpot fees vs Independent Reserve

Winner: CoinSpot ofer a more competitive base fee structure starting at 0.1% with their Market Orders.

CoinSpot vs Independent Reserve: Spreads

"Spreads" means the total difference between the price to buy a cryptocurrency like Bitcoin, and the price to sell it. For example, if you can buy Bitcoin on CoinSpot for $66,000 AUD, sell it for $65,000 AUD, that is a $1,000 spread. If you are trading with large size (over $10,000 AUD) you generally want the spreads to be as tight as possible so you don't get affected by slippage and get inefficient execution or your trade.

As at time of writing, the spread on most assets on CoinSpot is 1-2%. The spreads on Independent Reserve are much tighter at 0.1% - 0.5% but this only holds true for their Bitcoin and Ethereum trading pairs.

Winner: Independent Reserve has tighter spreads on their 30 available cryptocurrencies, resulting in better execution for larger orders.

CoinSpot vs Independent Reserve: Security

CoinSpot and Independent Reserve were both founded in 2013 and have not been hacked once since their inception. They are both highly regarded for their security and are trusted by millions of dollars of customer funds.

CoinSpot is the only exchange in Australia to have earned their ISO 27001 certification, which highlights they have top-tier data security.

Verdict: CoinSpot or Independent Reserve?

For over 90% of users, CoinSpot is the best option to start buying, selling and trading cryptocurrencies. Their platform is the easiest to navigate and offers the latest and best digital assets on the market.

If you are an institutional investor, you may lean more toward Independent Reserve's offering, including their market-leading OTC Desk.

Visit CoinSpot

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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