Coinspot and Independent Reserve are two of the best crypto exchanges available in Australia. In today’s post, we’ve done a side by side comparison so you can figure out which one is right for you.
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- Longest standing exchange
- Big selection of coins
- Not as user friendly
Coinspot is a cryptocurrency exchange platform that was created in 2013. It has gained huge popularity amongst its users and it’s also said to be one of the recognized crypto exchanges in Australia, with cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) & 290 other assets on board!
- Provides robust security features.
- Bundled with cold storage wallet and tax calculator.
- Offers only a limited variety of coins.
Independent Reserve, a cryptocurrency platform based in Australia has been operating since 2013. The company offers exchange services for Bitcoin (BTC), Ethereum(ETH) and many other digital currencies to its customers across America making it one of this country’s most trusted exchanges today!
Every time you buy, sell, deposit and withdraw, each exchange will charge certain fees. Here’s a comparison of the fees between Coinspot VS Independent Reserve.
First you’ll need to deposit your money on the exchange in AUD. Coinspot takes a cut of 0 and Independent Reserve charges a 0 for deposits.
Every time you buy crypto, Coinspot charges a fee of 0.10% and Independent Reserve charges 0.5.
When you go to sell your Bitcoin or Crypto Coinspot charges 0 and Independent Reserve takes a 0.5 cut.
After depositing, buying, selling and withdrawing, Coinspot is the better option because it’s cheaper.
Coinspot offers 3 main methods to deposit AUD to your account. They are bank transfers, BPay, PoLi, and PayID..
The daily deposit limit is 0. Most people won’t need to worry about hitting that limit.
Independent Reserve offers a few methods to deposit AUD to your account. They are Bank transfer, PayID/Osko, SWIFT, Xfers.
The daily deposit limit is $5,000.
Overall, Coinspot is a better option because it has more deposit methods available which makes it easier to transfer funds.
Coinspot is well known for their security measures. They use the following methods:
ISO 27001 Certification
HackerOne Bug Bounty Program
Industry Best Practice Offline Storage Protocols
Independent Reserve also takes the security of their customers seriously. Here is what they do to protect your assets:
registered with AUSTRAC
strict AML/KYC verification obligations
certified members of Blockchain Australia
While both exchanges are secure, it appears that Coinspot has better security over Independent Reserve.
Coinspot’s mobile app is highly rated by their users with a user rating of 2.5 on the Apple app store.
Independent Reserve does not have an app, however its website is accessible through a mobile browser, and is simple enough to use.
Coinspot is your best bet for traders who value a great mobile app.
Both exchanges have great service but if I’d had to pick one overall it would be Coinspot.
Sign up now using the links below: