Exchanges

CoinSpot vs eToro

Summary: In this comparison review of the Australia's two largest cryptocurrency exchanges, CoinSpot & eToro we determine which is better for Aussie investors. We compare fees, security, assets, customer support, features and more.

By 
Timothy Wilson
 on  
June 26, 2022
Verified Author

CoinSpot is the largest cryptocurrency exchange in Australia in terms of user base and total trading volume. The exchange provides services to over 2 million Australians, which is 10% of Australia's entire population. It is the most trusted and secure Australian cryptocurrency investing platform and is the only one to be awarded the ISO 27001 standard security certificate.

eToro is the largest cryptocurrency exchange in terms of available asset classes and has been operating since 2007. It is also considered a fairly secure platform but is yet to acquire the ISO 27001 certificate. Not only can you purchase crypto but users can also invest in stocks, ETFs, commodities, currencies and indices making it the only multi-asset brokerage platform in the world.

Table of Contents

Is CoinSpot better than eToro?

For a quick summary, CoinSpot is widely regarded as the best cryptocurrency exchange in Australia. This is mostly due to its competitively low fees, large selection of cryptocurrencies, high security measures, friendly customer support team and wide variety of features supported on the platform.

CoinSpot has an NFT marketplace that is similar to OpenSea except you can choose from any token in your wallet to purchase NFTs which is a unique feature only available on this exchange. Users can invest in Bored Ape and Cool Cats NFTs.

In addition to its NFT marketplace, you can invest in Bundles (similar to ETFs), stake over 30 cryptocurrencies and utilise the CoinSpot OTC Desk for high-volume transactions. eToro does have more asset classes but significantly less cryptocurrencies and hardly any features besides its Copy Trading feature.

CoinSpot Home Page
CoinSpot Home Page

CoinSpot vs eToro: Fees

CoinSpot has the lowest trading, deposit & withdrawal fees in Australia. Users only have to pay a small 0.1% fee when buying crypto via the 'Market Buy' feature and a 1% fee when using the 'Instant Buy' feature. All withdrawals are free on CoinSpot and most deposits are free besides BPAY which incurs a 0.9% fee and Cash Deposit which is 2.5%.

eToro unfortunately do not offer a 'Market Buy' feature and have a flat fee of 1% when buying or selling cryptocurrencies. As for deposits, most methods are free besides two which incur 1% - 2% fees and withdrawals will incur a $5USD administrative fee.

Winner: CoinSpot offers lower fees overall for trading, deposits & withdrawals.

CoinSpot Fees Schedule
CoinSpot Fees Schedule

Available Assets: Crypto, Stocks, ETFs & more

CoinSpot currently offers two asset classes to invest in - cryptocurrencies and bundles. Bundles are similar to ETFs and are a package of cryptocurrencies that you can buy in one single transaction. Users can invest in 12 different bundles on CoinSpot including an NFT bundle, Metaverse Bundle & DeFi bundle. Additionally, CoinSpot has the largest selection of cryptocurrencies on its platform with over 350 to choose from.

eToro is the single largest multi-asset brokerage platform in the world and supports six asset classes - cryptocurrencies, ETFs, stocks, commodities, currencies & indices. You can access invest in over 2000 digital assets on eToro including 50 cryptocurrencies, 50 fiat currency pairs, 15 indices, 264 ETFs, 32 commodities, and 2257 stocks.

Winner: eToro offers the largest selection of digital assets out of any multi-asset brokerage platform in the world.

CoinSpot vs eToro: Security & Regulation

CoinSpot comes second to none when it comes to security, licensing and regulation in Australia. It is the only exchange to have undergone the SCI Qual International security audit and awarded the ISO 27001 standard security certification. CoinSpot is regulated by AUSTRAC and has been a Certified Digital Currency Business and a member of Blockchain Australia since 2014.

eToro is regulated in over 60 countries including Australia and operates in accordance with the AUSTRAC & FCA. All of its clients’ funds are kept in secure tier 1 banks and their information is guarded under SSL encryption. The exchange is yet to obtain the ISO 27001 standard security certification and therefore is not considered a 'high-security' exchange in Australia.

Winner: CoinSpot is considered the only high-security exchange in Australia given it's the only platform to be awarded the ISO 27001 standard security certificate.

CoinSpot Security Page
CoinSpot Security Page

Cryptocurrency Staking: Which has higher yields?

CoinSpot has the highest cryptocurrency staking yields available in crypto. There are currently 30 different staking options available on CoinSpot including Solana, Cardano and Avalanche. For a full breakdown of the yields and available staking tokens, visit our How to Stake Crypto on CoinSpot page.

eToro also offers cryptocurrency staking on its platform but only for three tokens - Cardano, Tron & Ethereum. The APY (Annual Percentage Yields) are considered very low for cryptocurrency staking yields.

Winner: CoinSpot offers considerably higher yields and more cryptocurrency staking options than eToro.

CoinSpot & eToro Mobile App

CoinSpot supports a mobile app version of its platform on both iOS and Android. On Apple you can use the app for both iPad and iPhone. It is the highest rated cryptocurrency exchange on the app store with an impressive 4.8 stars out of 11K reviews. It is currently ranked #36 overall in the Finance category on the App store.

eToro also supports a mobile version of their website on both iOS and Android. The application is rated 3.6 stars from 1.2K reviews on the app store. It offers the same functionality as its web version, users have access to their portfolio and can open trades on the go.

Winner: CoinSpot is the clear winner as it has a much higher rating and is ranked high in the Finance category on the app store.

iPhone Screenshot of CoinSpot App
iPhone Screenshot of CoinSpot App

Customer Support Options and Online Communities

CoinSpot is the highest rated cryptocurrency exchange in Australia on the Trust Pilot platform. It is rated 4.5 stars out of 1.8K review on Trust Pilot and a majority of the reviews are in regards to the friendly customer support team. CoinSpot offers a Live Chat feature on its platform and can also be contacted via email (support@coinspot.com.au), 24/7 live ticketing feature, Facebook, Reddit, Twitter and Instagram.

eToro supports team can be contacted via Live Support, email (support@etoro.com), telephone, Instagram, Twitter, Youtube & Facebook. the eToro exchange is rated 4.2 stars on Trust Pilot which is still considered relatively high.

Winner: CoinSpot offers 24/7 support whereas eToro is only available within working hours. CoinSpot also has a much higher rating on Trust Pilot than eToro does.

Final Verdict: CoinSpot vs eToro

Overall, CoinSpot is the better exchange as it has lower fees, more features, larger selection of cryptocurrencies and is the most secure cryptocurrency investing platform in Australia. It also supports a variety of deposit methods for Australians including PayID, POLi, BPAY & Osko. If you are interested in learning more about CoinSpot and its features, you can visit our CoinSpot Review.

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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