Coinspot and Kraken are two of the best crypto exchanges available in Australia. In today’s post, we’ve compared the two so you can make the right choice.
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| Rating | 
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| Cheaper Fees | ||
| Payment Methods | ||
| Direct Deposit | ||
| PayPal | ||
| Pay ID | ||
| Poli | ||
| Features | ||
| Beginner Friendly | ||
| Mobile App | ||
| Cold Storage | ||
| 2-Factor | ||
| Currencies Accepted | AUD | USD, EUR, GBP, AUD, CHF, JPY |
Coinspot
Pros
- Longest standing exchange
- Big selection of coins
Cons
- Not as user friendly
Coinspot is an Australian cryptocurrency trading and exchange platform that was created in 2013. It has gained immense popularity amongst its users in Australia, being one of the recognized crypto exchanges for cryptocurrencies such as Bitcoin (BTC), Ethereum(ETH) or 290 other digital assets.
Kraken
Pros
- Low non-instant buy fees
- Advanced trading platform
Cons
- Extremely high instant buy fees
Kraken is a trusted cryptocurrency exchange that was started in 2011. With over 40 different digital currencies, they are one of the most popular exchanges around today, selling and buying all the major coins such as Bitcoin and Ethereum.
Fees
The first thing you should consider when comparing these two exchanges are their fees, so let’s explore that in more detail here:
First you’ll need to deposit your money on the exchange in AUD. Coinspot takes a cut of 0 and Kraken charges a 0 for deposits.
When it comes to buy fees Coinspot charge 0.10% and Kraken charges 0.16%.
When you go to sell your Bitcoin or Crypto Coinspot charges 0 and Kraken takes a 0.26% cut.
After depositing, buying, selling and withdrawing, Coinspot is the best option.
Deposit Methods
Coinspot offers 5 methods to deposit AUD on their platform. They are bank transfers, BPay, PoLi, and PayID. which makes it easy for users as they’re already familiar with these methods.
The daily limit is 0 but for most people this shouldn’t be an issue.
Kraken offers a few methods to deposit AUD to your account. They are bank transfer, PayID, Credit card and Debit card, Crypto deposit.
The daily deposit limit is €50.
Overall, Coinspot is a better option because it has more deposit methods available which makes it easier to transfer funds.
Security Features
Coinspot is an established exchange in Australia. They offer high security measures to protect their customers’ assets with the following techniques:
ISO 27001 Certification, HackerOne Bug Bounty Program, Industry Best Practice Offline Storage Protocols – all in an effort to keep you safe while trading on CoinSpot.
Kraken is also hughely popular exchange in United States. They use the following methods:
2FA withdrawal email confirmation, airgapped cold storage, strict surveillance.
Both exchanges are secure, but it appears that Coinspot has better security over Kraken.
Mobile App
If you’re looking for the best way to buy and sell crypto on your phone, Coinspot is unbeatable. It has a user rating of 2.5 on the Apple store which means it should be easy enough even if you’re new to crypto.
Kraken has a user rating of 2.5 and can still be accessed through your normal browser.
Coinspot is our favourite for mobile trading.
Final Verdict
Coinspot has been the top choice for those in Australia for a while now. They offer great exchange rates, 24/7 support and low fees.
Sign up now using the links below:
Coinspot
Kraken