CoinSpot is the most feature-rich cryptocurrency trading platform in Australia. Aussies can trade 380+ cryptocurrencies, stake over 20 tokens to earn a passive income, and even trade NFTs through the CoinSpot NFT Marketplace. Other notable features include Bundles (Crypto ETFs), a crypto debit card, SMSF support and an OTC desk for institutional-level investors.
Independent Reserve has more of a basic platform with a limited selection of tokens and deep liquidity, plus reasonable fees. The platform is tailored toward high net worth and institutional users looking to access large amounts of Bitcoin or Ethereum with tight execution.
Winner: CoinSpot has a wider range of crypto-related features, such as its NFT Marketplace, staking services and CoinSpot Crypto Mastercard.
CoinSpots trading fees range from 0.1% to 1%, depending on the order type you use. The 0.1% fee is for market orders, and the instant buy fee is 1%. Depositing AUD to the platform is free through most methods except card deposits which are 2.58%, cash deposits which are 2.5%, and BPAY deposits are 0.9%. There are no fees to withdraw funds from CoinSpot.
Independent Reserve fees are flat across the board at 0.5%. If you want to buy Bitcoin or Ethereum in large size, they are generally the better option than CoinSpot. When you consider spreads, fees and liquidity - you will generally get a better order executed on the Independent Reserve exchange. However, IR does charge fees to deposit and withdraw funds from the exchange.
Winner: CoinSpot provides a more competitive base fee structure starting at 0.1% for trading fees and free AUD deposit methods.
AUD Deposit Methods
CoinSpot supports a variety of deposit methods, including Osko, Credit/Debit Cards, PayID, BPAY, POLi Payments, Blueshyft cash deposits, and direct bank transfers. Each option offers different processing times and fees, giving users flexibility and accessibility to fund their cryptocurrency investments. All payment methods are instantly credited besides BPAY, which can take 2 days.
Independent Reserve accepts PayID, Osko, SWIFT and ETF transfers from Aussie investors. PayID and Osko deposits are instantaneous but ETF and SWIFT deposits take up to 2 business days to process.
Winner: CoinSpot supports more Australian dollar payment methods than Independent Reserve.
CoinSpot accommodates more than 380 digital currencies, featuring well-known assets such as Bitcoin, Ethereum, Solana and more. It has the most diverse selection of assets out of any Australian-based digital asset exchange.
Independent Reserve unfortunately only supports 30 cryptocurrencies as it is more suited for institutional investors interested in the top-performing tokens.
Winner: CoinSpot has a much larger selection of cryptocurrencies than Independent Reserve.
CoinSpot is the only exchange in Australia to have earned its ISO 27001 Standard Security Certification, which highlights the exchange has top-tier data 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 Aussie investors.
Winner: CoinSpot and Independent Reserve have high-security measures and are regulated by AUSTRAC and ASIC.
CoinSpot provides investors with 24/7 customer service via live chat, email, online forms, phone (solely for over-the-counter clients), and multiple social media platforms, including Facebook, Reddit, Instagram, and Twitter. CoinSpot offers a dedicated Australian-based customer support team to help assist their users anytime, anywhere.
Winner: CoinSpot has a live chat feature on its platform which can be accessed at anytime by anyone.
To summarise, CoinSpot is the best option for buying, selling and trading cryptocurrencies. The platform is easy to navigate and offers a vast array of services and products, including a crypto card, staking services, 24/7 customer support, low fees, free AUD payment methods and an NFT marketplace with popular projects like BAYC and Crypto Punks.