CoinSpot vs Coinjar: How Do They Compare In 2022?
If you're familiar with crypto then you're probably aware that CoinSpot is one of the best cryptocurrency exchanges in Australia. But have you heard of Coinjar? Coinjar is the lesser-known of the two but offers features that CoinSpot doesn't.
In this comparison review, we compare the exchanges head to head to see which comes out on top using important criteria such as products and services, ease of use, deposit options, trading experience, supported cryptocurrencies, fees, security, and customer support.
A Quick Comparison
|Fiat Currencies||AUD||AUD, GBP|
|Deposit Methods||Bank transfer, OSKO, POLi, PayID, BPAY, cash (Blueshyft)||Direct bank transfer, BPAY, PayID/NPP, Blueshyft, credit card, cryptocurrency|
|Deposit Fees||None for POLi, PayID, bank transfer, 0.9% for BPAY.||Varies|
|Trading Fees||0.1 % and 1%||1%|
|Advanced Trading Orders||Yes||No|
|Mobile App||Yes (iOS and Android)||Yes (Android and iOS)|
|Live Chat Support||Yes||No|
A Brief Overview
Founded in 2013, CoinSpot is one of the oldest exchanges in Australia. The Melbourne-based exchange has an Australian user base of more than 1 million crypto investors and traders. The success of CoinSpot is primarily built upon its strong reputation for being a trustworthy, secure, and beginner-friendly platform that provides Aussies easy access to over 345 cryptocurrencies.
Based on our review of CoinSpot, we found the platform is a safe and secure platform that has built a strong reputation as a trustworthy cryptocurrency option for Australians and New Zealanders. The platform is a legitimate cryptocurrency exchange that operates under the business entity Casey Block Services Pty Ltd (ABN 19 619 574 186) and is trading as CoinSpot.
The crypto products and services that CoinSpot provides are highly regulated. CoinSpot is:
- Registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). AUSTRAC is the government agency that is responsible for the detection, prevention, and mitigation of organized crime in the financial sector. AUSTRAC collects information on CoinSpot transactions over $10,000 to monitor for potential criminal activity.
- Licensed with the Australian Securities & Investments Commission (ASIC). CoinSpot needs to comply with strict regulations regarding the provision of financial services, which include cryptocurrencies.
- The only Australian crypto exchange to possess ISO 27001 Certification for Information Security Management. This means that CoinSpot's management system has been designed to eliminate threats including unauthorized access leading to the loss, theft, or destruction of digital assets.
- Only Aussie crypto platform to have ISO 27001 certification.
- User-friendly and simple design interface that is suitable for beginners.
- Competitive trading fees for high-net OTC and SMSF investors.
- TradingView charting package with advanced indicators and analytical tools to analyze price action.
- Over 310 digital assets to buy using AUD.
Compared to the high level of commercial visibility that CoinSpot has, CoinJar is a lesser-known digital assets trading platform. Despite this, Coinjar occupies a particular niche in the Australian crypto market with its premium debit card, Coinjar Card.
Coinjar's journey started in 2013, however, the platform saw lower growth compared to CoinSpot. Still, CoinJar has built a reputation of being a trustworthy and innovative crypto exchange that has traded over $1.5 billion and is trusted by over 400,000 Australians.
Coinjar offers several unique and innovative products and services and is backed by some of the most forward-thinking investors including Digital Currency Group, Boost VC, and Blackbird Ventures.
One of their best features is their CoinJar Card where crypto can be spent at outlets that accept Mastercard. The card also supports both Apple Pay®️ and Google Pay®️. This, along with the competitive fees, makes the CoinJar Card the best crypto debit card within the Australian market.
- One of the best crypto debit cards on the Australian market.
- A streamlined and simplistic interface that reduces the learning curve for beginners.
- Quickly diversify your crypto portfolio by purchasing bundles.
- iOS and Android apps for mobile devices.
CoinSpot and Coinjar offer several ways for you to deposit Australian Dollars (AUD) into your account. Similarities include bank transfer (and OSKO), PayID, BPAY, and the seldomly used Blueshyft. These payment methods are some of the most commonly used in Australia so there are no issues here.
However, if you're preferred account funding methods are POLi, credit card, or transferring cryptocurrencies from another wallet, then you might need to give this some further thought. Credit cards and cryptocurrency transfers are only supported by Coinjar, whereas, CoinSpot solely supports POLi payments.
Since both platforms allow you to deposit AUD via bank transfer, PayID and BPAY, we don't see either platform having a significant advantage over the other.
|Direct bank transfer (OSKO)||Yes||Yes|
|Crypto from external wallet||No||Yes|
Crypto Features & Services
Compared to Coinjar, CoinSpot's overall suite of crypto products and services appears to be slightly more orientated to the mainstream Australian audience. That being said, CoinSpot's offerings are a bit lackluster when compared to other Aussie exchanges that are highly active in the social media space and emphasized delivering innovative features.
Whilst CoinSpot offers NFTs, the selection is very limited, and it doesn't come across as an eyebrow-raising feature that stands out. The two features that would be of interest to everyday Australians would be the crypto bundles and SMSF support.
The ability to purchase bundles of crypto in a single transaction is a common feature for both CoinSpot and Coinjar. Since both platforms are beginner-friendly storage solutions for crypto, it's easy to see why CoinSpot and Coinjar have added this feature. Buying crypto bundles allows you to obtain several different assets in a single transaction. This also means you save on trading fees.
On the other hand, CoinSpot offers a high-quality Self-Managed Super Fund (SMSF) service and this is not supported by Coinjar. SMSF investors will benefit from the local customer support team including access to a fund manager, crypto tax reporting tools, an OTC desk for high-volume trading, and the ability to swap coins for other coins.
The Coinjar Card is one of the best crypto debit cards available to Australians. It allows you to use your crypto to make purchases at any in-store or online merchant that accepts Mastercard.
Coinjar Card is free to set up through the mobile app, has no monthly fees, and you can earn CoinJar Rewards every time a transaction is made. Alternatively, if you prefer a physical card, then you request one from Coinjar free of charge.
Compared to Coinjar, the products and services offered by CoinSpot cater to a wider audience. However, the Coinjar Card may be appealing to the younger Australian demographic who are everyday crypto users. The way the Coinjar Card is integrated into other Coinjar services has been executed superbly and there are few local Aussie rivals to choose from.
Which Has Cheaper Trading Fees?
When it comes to deposit and trading fees, CoinSpot and Coinjar are almost identical. Both platforms charge no fees to deposit AUD into your wallet via bank transfer, POL, or PayID. However, an exception lies with CoinSpot where BPAY or cash via a local news agency deposits will incur fees of 0.9% and 2.5%, respectively.
The similarities don't end with deposit fees. Both CoinSpot and Coinjar charge a flat 1% fee for crypto purchases made using their respective instant buy & sell features. Whilst neither is cheaper in this regard, the 1% fee is relatively high in the Australian market and there are cheaper alternatives to CoinSpot.
If you're an experienced crypto trader, then their trading fees aren't likely to feature in your decision-making either. Placing market orders on both the CoinSpot and Coinjar Exchanges will incur a 0.1% fee. Coinjar holds a slight advantage the fee decreases if the trading volume increases.
Which Platform Is Easier To Use?
Ease of use is an important factor to take into consideration, especially if you're new to the crypto exchanges. The design of an interface will affect how intuitive it is to use. Are features and functions presented neatly and holistically that make them easily identifiable? Is the interface able to be customized?
The simplistic design of the CoinSpot and Coinjar platforms enables a streamlined crypto purchasing process. Searching for the digital asset you want, and executing purchases is an easy process, even if you are new to using exchanges.
Managing your account and tracking the value and performance of your portfolio are strikingly similar between the two platforms and neither has an advantage.
Whilst there could be some argument to say that the CoinSpot and Coinjar interfaces are a bit outdated, both are fully functional and beginner-friendly.
Which Is Better For Trading?
Due to their features, the crypto trading experience differs between CoinSpot and Coinjar Exchange. Knowing the differences will help you make an informed decision.
The CoinSpot trading interface is powered by the TradingView charting package. This means you have access to the full suite of advanced indicators and drawings tools to analyze the price action of crypto. To make it easy, CoinSpot has placed buying, selling, and swapping buttons next to the charting window that lets you spend your AUD to obtain altcoins.
The downside to the CoinSpot trading interface is that you are unable to assess the spread and trading volume of cryptocurrencies due to the absence of an order book.
Coinjar Exchange offers a trading interface that is suitable for those who are new to trading. If you're an experienced or advanced trader then you are not likely to find it to your liking. Unlike CoinSpot, the charting on Coinjar Exchange is not powered by TradingView and instead is a simplified version with very few customization options. There are also no features that would suit experienced traders such as indicators or drawing tools.
Despite this, there is an order book which displays the buying and selling prices. This means that can assess the spread and trading volume for the selected trading pair.
Overall, the CoinSpot interface is superior to Coinjar Exchange due to the provision of TradingView charting. The ability to better analyze the price action of cryptos to identify suitable trades will be more useful to more traders.
Are Both Platforms Safe To Use?
Based on our research, CoinSpot and Coinjar have not experienced any security breaches that have resulted in the loss, theft, or damage of digital assets or customer funds. Both crypto platforms are registered with AUSTRAC and licensed with ASIC to provide crypto products and services.
CoinSpot and Coinjar implement industry-standard security measures to safeguard customer funds and digital assets against potential loss, theft, or damage. Controls include:
- The storage of the majority of held assets at highly secure offline locations.
- Restrictions on withdrawals.
- Geo-lock logins.
CoinSpot’s ISO 27001 certification with the International Organisation for Standardisation is an indication of the platform’s willingness to provide you with a great deal of confidence. The certification means that CoinSpot’s internal processes for digital asset storage, information and record keeping, intellectual property, and more are held to the highest standards.
As a CoinSpot user, you will be assured that you are receiving the highest level of information security available and that your funds and assets are secure.
How Do The Mobile Apps Compare?
CoinSpot and Coinjar provide mobile apps that are compatible with iOS and Android devices. Most of the features that are available on the desktop versions can be accessed, except live charting. Overall, both the CoinSpot and Coinjar are easy to use and fit for use.
If you're having troubles with the CoinSpot platform, then you can reach the customer assistance team via the live chatbot or by submitting an email ticket. CoinSpot does not allow its customers to call them directly for technical assistance which limits the number of ways a customer can achieve direct and immediate help.
|Live chat bot||Yes||No|
If you're with Coinjar and are experiencing issues then the only way to seek assistance is to submit a ticket and wait for an email response. There is no 24/7 live chatbot which is particularly disappointing since this service is available for almost all exchanges.
Customer feedback and reviews on popular review websites such as TrustPilot and Product Review indicated an overwhelming proportion of positive feedback. This comes as no surprise as CoinSpot is one of Australia’s most well-known and reputable crypto exchanges that has a lot of commercial exposure.
CoinSpot Versus Coinjar: Comparison Outcomes
To assist you in making an informed decision, we have summarised the assessment outcomes for each category. Based on our comparison review, CoinSpot is the better cryptocurrency exchange option for Australian investors and traders.
|Deposit Methods||Tie||Both platforms support commonly used methods.|
|Features||Tie||CoinSpot caters to a wider audience but Coinjar has a debit card.|
|Fees||Tie||Almost identical fee structures.|
|Ease Of Use||Tie||Both platforms are beginner-friendly.|
|Trading||CoinSpot||CoinSpot offers TradingView charting and analytical tools.|
|Security & Safety||CoinSpot||CoinSpot has ISO27001 certification|
|Mobile App||Tie||Mobile apps are fully functional.|
|Customer Support||CoinSpot||More avenues to customer service.|
CoinSpot Versus Coinjar: Our Verdict
CoinSpot and Coinjar are secure and reputable Australian crypto platforms that cater to beginners. Both are beginner-friendly, offer similar trading fees, and the crypto buying and management experience are virtually the same.
Whilst CoinSpot and Coinjar cater to the wider Australian market, each platform has made its mark in different ways. If you're a novice trader who needs a better trading interface and access to over 340 digital assets, then CoinSpot would be the better option. However, if you are more active with your crypto in everyday life then the Coinjar Card from Coinjar is the no-brainer.