CoinSpot has many useful features, including cryptocurrency trading and staking with up to 70% APY (yields), an NFT Marketplace featuring projects like BAYC, Bundles (Crypto ETFs), a Crypto Card that allows users to spend tokens on purchases that accept Mastercard and an OTC Desk, which enables high-volume transactions with a personal account manager.
MetaMask only offers one feature on the platform: crypto trading. We do not recommend using the application to trade as it charges extremely high trading and gas fees. To trade on the platform would cost double or even triple the amount on a centralised cryptocurrency exchange.
Winner: CoinSpot provides Australian investors with a more diverse selection of crypto-related features.
CoinSpot is a centralised platform, and MetaMask is a decentralised one, so you can avoid gas fees on CoinSpot, but you cant on MetaMask. CoinSpot has low trading fees with 1% for Instant Buy orders and 0.1% for Market Buy orders. It offers free and instant deposits via POLi, PayID, and Bank Transfer. But BPAY deposits have a 0.9% fee, Card deposits are 2.58%, and Cash is 2.5% fee.
MetaMask has a 1% trading or 'Swap' fee, a spread fee between 1% - 2%, and a network transaction (gas) fee, which varies depending on the network's congestion. Deposits and withdrawals are also subject to gas fees. If you're buying an asset through MetaMask with fiat currencies, you must use a third-party provider, which charges a premium fee of 1% - 2%.
Winner: CoinSpot has considerably lower fees than MetaMask and is the most cost-effective exchange in the country.
AUD Deposit Methods
CoinSpot provides multiple payment methods to deposit AUD to the platform. These include PayID, Osko, POLi, Bank Transfer, BPAY, Cash, or Credit/Debit Card. Cash deposits are done through 1000+ BlueShyft locations across the nation.
MetaMask offers three AUD deposit methods, PayID, POLi and credit or debit card transfers.
Winner: CoinSpot gives Aussie investors access to every major payment services provider in Australia.
CoinSpot is renowned for offering the largest assortment of digital currencies in Australia. The platform supports over 380 cryptocurrencies, including Layer 1 networks, GameFi, and NFT tokens, all available for buying, selling, trading and staking.
MetaMask technically is a wallet but does provide access to buying 130 cryptocurrencies directly through the extension.
Winner: CoinSpot supports more than double the number of cryptocurrencies that MetaMask has.
Regarding security in Australia, CoinSpot is the most trustworthy and reliable exchange available. It is the most secure Australian cryptocurrency investing platform and is the only one to obtain the ISO 27001 Standard Security Certification. CoinSpot has been operating for over ten years, has never been subject to cyber attacks, and has all user's funds insured by tier 1 banks.
MetaMask is not considered a secure cryptocurrency investing platform. It is an application that connects to many high-risk and unverified decentralised applications and protocols. There is a large risk your wallet can be hacked when connecting to these projects and your funds may be lost. Once your funds have been hacked on MetaMask, you will unlikely be able to retrieve them.
Winner: CoinSpot is regulated and licensed to operate in Australia and has never had its security breached or penetrated since its inception in 2013.
CoinSpot has obtained a 4.5 rating on Trustpilot with 1800+ reviews, and most users give them a five-star due to the efficient and speedy response time of CoinSpot's support team. The platform offers 24/7 support via live chat, email (firstname.lastname@example.org), and an online ticketing system. The customer service team can also be reached via Facebook, Reddit, Twitter & nstagram.
MetaMask only offers support via their Help Centre and does not provide any form of live chat feature, nor can the support team be reached via email. It is also not present on any form of social media. On Trustpilot, MetaMask is rated an incredibly low 1.4 stars, with most reviews commenting on the poor customer support.
Winner: CoinSpot is rated much higher than MetaMask on Trustpilot and provides several means of communication.
To round up, CoinSpot is significantly better than MetaMask as it's a feature-rich platform with competitively low fees, high security and better customer support. CoinSpot is the best cryptocurrency exchange in Australia with unique features and a user-friendly UI. If you are interested in learning more about this platform, visit our comprehensive CoinSpot Review.