Features
CoinSpot has a wide range of features which include crypto staking, an NFT marketplace, Bundles (Crypto ETFs), a crypto card, a mobile app and an OTC desk.
eToro offers a unique selection of products and services, including six asset classes to trade, crypto staking, copy trading services, an OTC desk, a virtual trading platform, an NFT wallet and a mobile app.
Winner: eToro offers overall more features on its platform and supports several types of financial instruments.
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Pricing
CoinSpot has the lowest trading, deposit & withdrawal fees from any Australian crypto exchange. 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, Cash which is 2.5% and card at 2.58%.
eToro has a flat fee of 1% when buying or selling cryptocurrencies and there are zero fees to trade any of the other asset classes. As for deposits all methods are free and withdrawals have a $5 processing fee.
Winner: eToro doesn’t charge any deposit fees and a small $5 withdrawal fees, with overall costs lower than CoinSpot.
AUD Deposit Methods
CoinSpot has the widest range of Australian dollar deposit methods when compared to any exchange globally. On CoinSpot, Aussie can deposit AUD via Bank Transfer, POLi, Osko, PayID, BPAY, Cash (via BlueShyft), Credit Card or Debit Card.
eToro also supports a wide range of payment methods but only a few accept AUD deposits. eToro accepts AUD deposits via Bank Transfer, PayPal, POLi, Credit Card, Debit or Skrill.
Winner: CoinSpot supports more Australian native payment methods like BPAY, PayID and POLi.
Supported Tokens
CoinSpot offers two asset classes to invest in, crypto and bundles. Bundles are similar to ETFs and are a package of tokens that you can buy in a single transaction. Users can invest in 12 bundles, including an NFT, Metaverse & DeFi one. CoinSpot also has the largest selection of cryptocurrencies in Australia on its platform, with over 380 to trade.
eToro is the largest multi-asset trading platform in the world and supports over 3000 assets spanning six categories. On eToro there are over 80 cryptocurrencies, 3000+ stocks, 50+ fiat currency pairs, 15 indices, 260+ ETFs, and 32 commodities.
Winner: eToro offers the largest selection of assets out of any trading platform in the world, although CoinSpot supports more cryptocurrencies.
Security
CoinSpot comes second to none regarding security, licensing and regulation in Australia. It is the only exchange to have undergone the SCI Qual International security audit and been awarded the ISO 27001 standard security certification. CoinSpot is regulated by AUSTRAC and has been a Certified Digital Currency Business member of Blockchain Australia since 2014.
eToro is regulated in over 140 countries, including Australia and operates in accordance with the AUSTRAC & ASIC. All of its clients’ funds are kept in secure tier-1 banks, and their information is guarded under SSL encryption. eToro was established in 2007 and has never been hacked or subject to a cyber attack once. It is considered one of the world's safest and most trusted exchanges.
Winner: eToro is one of the most secure and reliable exchanges in the world and has operated for over 15 years with no history of its security being breached.
Customer Service
CoinSpot is the highest-rated cryptocurrency exchange in Australia on the Trust Pilot platform. It is rated 4.5 stars out of 2K reviews, and a majority of the reviews mention the friendly customer support team. CoinSpot offers a Live Chat feature on its platform, and the team can also be contacted via email (support@coinspot.com.au), online ticketing feature, Facebook, Reddit, Twitter and Instagram.
eToro’s support 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 is rated higher on Trustpilot and offers more methods to contact the support team.
Conclusion
To summarise, eToro is the better overall platform for Aussie investors as it provides a more secure trading environment, lower fees, free AUD deposits, better features and access to several asset classes. eToro is a social trading platform that encourages users to engage with each other to discuss trading strategies, making it a perfect environment for beginners and seasoned traders.
