Choosing the right platform for cryptocurrency investing in Australia can be challenging. Two popular options are CoinSpot, a dedicated crypto exchange, and eToro Australia, a multi-asset trading platform that includes crypto among its offerings. This comprehensive comparison explores their fees, features, security, and overall value to help you decide which platform suits your needs best.
Fee Structures: A Detailed Look
Understanding the fee structures of both platforms is crucial for cost-effective trading.
Deposit Fees
CoinSpot offers multiple fee-free AUD deposit options including POLi, PayID, and Direct Deposit via OSKO. BPAY deposits incur a 0.9% fee, while cash deposits through designated agencies carry a 2.5% charge.
eToro doesn't charge direct deposit fees, but Australian users face currency conversion costs. Bank transfers from AUD to USD incur approximately 0.7% in conversion fees (50 pips), while credit/debit cards, PayPal, and POLi transactions face about 1.38% in fees (100 pips).
Trading Fees
eToro charges a flat 1% fee on all cryptocurrency transactions.
CoinSpot employs a two-tier system: market trading for approximately 15 popular cryptocurrencies carries a 0.1% fee per trade, while instant buys and sells across their full portfolio of 530+ coins come with a 1% fee.
Withdrawal Fees
CoinSpot provides free AUD withdrawals to Australian bank accounts.
eToro charges a $5 flat fee per withdrawal (minimum $30 withdrawal amount), plus the currency conversion fee of approximately 0.7% when converting USD back to AUD.
Cryptocurrency Transfer Fees
Both platforms charge varying fees for transferring crypto to external wallets. CoinSpot charges standard network (mining) fees that fluctuate based on blockchain congestion. eToro charges 0.5% to transfer crypto from their trading platform to their wallet, with a $1 minimum and $50 maximum fee.
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Available Deposit Methods
Both platforms offer multiple deposit options to accommodate different user preferences.
CoinSpot supports:
- Direct deposit
- PayID
- POLi
- BPAY
- Cash deposits
- Cryptocurrency transfers
eToro supports:
- Bank transfer
- Debit cards
- Credit cards
- POLi
- PayPal
Each platform offers unique deposit methods not available on the other, making this category a tie depending on your preferred banking method.
Platform Features and Capabilities
The fundamental difference between these platforms lies in their core focus and specialized features.
CoinSpot's Crypto-Centric Features
CoinSpot stands out with its extensive cryptocurrency selection, offering access to over 530 digital assets. This makes it ideal for investors looking to diversify beyond major cryptocurrencies like Bitcoin and Ethereum.
Their customer support includes live chat available weekdays 9am-8pm AEDT and weekends 9am-5pm AEDT, connecting users directly with human representatives. Outside these hours, their 24/7 help desk typically responds within 24 hours.
CoinSpot Bundles represent another innovative feature, allowing users to invest in predefined cryptocurrency portfolios through a single transaction. The "Top Ten Market Cap" bundle, containing the ten largest cryptocurrencies by market capitalization, is particularly popular for diversification.
eToro's Multi-Asset Approach
eToro shines with features designed for both crypto and traditional investing:
The demo account provides $100,000 in virtual funds for risk-free trading practice, making it excellent for beginners learning market dynamics.
Their social trading platform includes a news feed and community interaction features that allow users to connect with other traders, share strategies, and learn from experienced investors.
eToro also offers crypto staking for Cardano (ADA), Tron (TRX), and Ethereum (ETH), with plans to expand supported coins. Staking rewards are distributed monthly to eligible users.
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Security Measures and Trustworthiness
Security is paramount when choosing a cryptocurrency platform.
CoinSpot has established itself as Australia's most trusted crypto exchange through:
- Multi-layered security protocols
- Cold storage for majority of digital assets
- AUSTRAC registration
- Strict AML/KYC compliance
- ISO 27001 certification (unique among Australian exchanges)
- Regular security audits
eToro also maintains strong security measures:
- Client funds held in tier 1 banks
- SSL encryption for all personal data
- Cold storage for most crypto assets
- Regulatory compliance across multiple jurisdictions
Both platforms provide robust security, but CoinSpot's exclusive focus on cryptocurrency and additional certifications give it an edge for crypto-specific security concerns.
Frequently Asked Questions
Which platform is better for beginners?
CoinSpot offers a more straightforward interface dedicated to cryptocurrency, making it easier for beginners to navigate. However, eToro's demo account provides valuable risk-free learning opportunities for those new to trading.
Can I trade assets other than cryptocurrency on these platforms?
eToro offers stocks, ETFs, and other traditional investments alongside cryptocurrency. CoinSpot focuses exclusively on digital assets, though their bundle feature provides diversified crypto exposure.
Which platform has better customer support?
CoinSpot provides more immediate support options with live chat during business hours and responsive help desk assistance. eToro's support is primarily through ticket systems, which may have longer response times.
Are there any hidden fees I should know about?
eToro's currency conversion fees (0.7-1.38%) represent additional costs for Australian users. CoinSpot's fees are more transparent, though instant buy/sell transactions carry higher fees than market orders.
Which platform offers more cryptocurrency options?
CoinSpot provides significantly more cryptocurrency options with over 530 coins compared to eToro's approximately 110 cryptocurrencies.
Can I stake cryptocurrencies on both platforms?
Yes, both platforms offer staking options. CoinSpot supports staking on 21 different coins, while eToro currently supports three coins with plans to expand.
Final Recommendation: CoinSpot for Crypto-Focused Investors
After thorough comparison, CoinSpot emerges as the superior choice for Australian cryptocurrency investors. Its dedicated crypto focus translates to several advantages:
- Larger selection of cryptocurrencies (530+ vs 110)
- Lower overall fees for Australian users
- Multiple fee-free deposit and withdrawal options
- Specialized features like crypto bundles
- Responsive customer support with live chat
- Enhanced security certifications specific to crypto
While eToro offers attractive features for multi-asset investors, including demo accounts and social trading, its currency conversion fees and smaller crypto selection make it less competitive for primarily cryptocurrency trading.
CoinSpot's combination of extensive coin selection, competitive fees, strong security, and Australian-focused services makes it the recommended choice for most cryptocurrency investors in Australia.