Summary: CoinSpot is undoubtedly the superior cryptocurrency investing platform. They offer free AUD deposit methods, 24/7 support, significantly lower fees and an overall better user experience. You can also avoid high gas fees.
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CoinSpot vsMetamask: Which is the superior cryptocurrency investing platform for Australians? When differentiating between these two platforms, the key points you want to compare are fees, security, customer support options and features.
Refer to the table below for a quick side-by-side comparison of the two platforms.
When comparing an off-chain and on-chain platform, it's important to remember that when you trade crypto off-chain you will not incur gas (transaction) fees, but on-chain you will. CoinSpot is a centralised cryptocurrency platform but Metamask is decentralised so you can avoid gas fees on CoinSpot but you cannot on Metamask.
CoinSpot offers the lowest fees among any cryptocurrency exchange in the world starting at an unbeatable 0.1%. For Market Buy they offer 0.1% and Instant Buy is 1%.
Metamask's fee structure however, begins from 1% and can go up depending what network you're on and what token you are trading. In addition to the high trading fee, you will also incur a gas fee, the price can also vary depending what network you use.
Metamask vs CoinSpot: Security
When it comes to security in Australia, CoinSpot is unbeatable. It is the most secure Australian-based cryptocurrency exchange and is the only platform to be awarded the ISO 27001 standard security certification. They are the only properly licensed, regulated and secure centralised cryptocurrency exchange in Australia.
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, it's unlikely you will be able to retrieve them.
Metamask vs CoinSpot: Features
Metamask only offers one feature on the platform and that is cryptocurrency trading. We do not recommend using Metamask to trade as they have extremely high trading and gas fees. To trade on the platform would cost double or even triple the amount it would cost to trade on a centralised cryptocurrency exchange.
CoinSpot on the other hand has many features from cryptocurrency staking to an NFT marketplace. We will quickly highlight them below but for a full breakdown of each feature, you can visit our CoinSpot Review page.
NFT Marketplace - Buy Bored Ape Yacht Club & Cool Cats directly on CoinSpot
Cryptocurrency Staking - Stake over 30 tokens with high APY starting from 78%
Bundles - Similar to ETFs, get exposure to the best tokens and diversify your portfolio
OTC Desk - Allows members to perform high-volume transactions
Support and Security
CoinSpot has obtained a 4.5 rating on Trustpilot with 1700+ reviews, most users give them a five-star due to the efficient and speedy response time of their Customer Support team. The platform offers 24/7 Live Support and have an extensive FAQs section. Not only can they be reached by Live Chat, but they can be reached via email, phone, discord and twitter.
Metamask only offers support via their Help Center and Community channels such as Telegram. They have three team members who monitor their Telegram channel and are available Mon-Fri from 9AM to 5PM. This is not ideal for users who need assistance outside of working hours.
Both CoinSpot and Metamask support mobile versions of their platforms for iOS and Android. The apps have the exact same functionality and UI of their web versions of the platform. The pair are both ranked in the top 20 apps under Finance and have 4.7+ star ratings on the Apple Store. CoinSpot offers both iPhone and iPad versions but Metamask only offers iPhone for apple users.
CoinSpot is by far the better cryptocurrency investing platform due to the competitively low fees, high security and significantly more features. Additional to this, it is very beginner friendly, the UI is simple to navigate and even a complete crypto newbie would have no issues using the platform.
For a comprehensive review about CoinSpot, please visit this article.
Frequently Asked Questions
Is CoinSpot safer than Metamask?
Yes, CoinSpot is widely regarded as Australia's most secure cryptocurrency exchange. Metamask unfortunately does not have a good reputation when it comes to security and lack resources to assist their users with issues.