CoinSpot vs eToro Australia

CoinSpot vs eToro Australia

Daniel Chan

September 30, 2021

Cryptocurrency

CoinSpot is one of Australia's best crypto exchanges and eToro Australia is a well-established broker offering cryptocurrency as one of their investment options. Which is the better choice for an Aussie who wants to start investing in crypto? I looked at various aspects of these two platforms to determine which one is my pick. I recommend CoinSpot - Australia's most trusted and secure exchange - as it has over 290+ coins, lower fees and Live Chat support.

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Fiat Currencies

AUD

AUD, USD, GBP, EUR & 11 more

Number of Coins

290+

30

Buy/Sell Fees

1%

Daily Deposit Limit

$100k

$10k

Deposit Methods

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Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Cryptocurrency

Cash

Features

Cell
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User-friendly

Mobile app

Demo mode

Live Chat

Security

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2FA

Biometric security

AUSTRAC registered

ISO 27001 certified

Offline cold storage

Website

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Fiat Currencies

AUD

AUD, USD, GBP, EUR & 11 more

Number of Coins

290+

30

Buy/Sell Fees

1%

Daily Deposit Limit

$100k

$10k

Deposit Methods

Cell
Cell

Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Crypto

Cash

Features

Cell
Cell

User-friendly

Mobile app

Demo mode

Live Chat

Security

Cell
Cell

2FA

Biometric security

AUSTRAC registered

ISO 27001 certified

Offline cold storage

Website

Pros
  • Most trusted and secure crypto exchange in Australia
  • Instantly buy & sell crypto or trade on the market
  • ISO 27001 certified
  • 24/7 support via Help desk and Live Chat
  • Over 290+ cryptocurrencies supported
Cons
  • AUD is the only fiat currency supported
  • Credit and debit cards not accepted
Pros
  • Can invest in cryptocurrencies by buying directly or using a CFD
  • CFDs allow you to bet on the price of crypto to fall
  • Margin trade cryptocurrencies with x2 leverage
  • Crypto staking available
  • Demo account available
Cons
  • Currency conversion fee when depositing and withdrawing
  • Higher trading fees
  • Only 30 cryptocurrencies supported

CoinSpot vs eToro Fees

Deposit Fees

CoinSpot charges zero fees on AUD deposits using POLi, PayID, or Direct Deposit (via OSKO). If you want to deposit using BPAY the fee is 0.9%, and for cash deposits it is a 2.5% fee.

eToro charges zero fees for depositing, but as an Australian resident, you will have to pay a currency conversion fee. The fee to convert AUD to USD is 50 pips for bank transfer (~0.7%) and 100 pips for Credit/Debit cards, PayPal and POLi (~1.38%).

Trading Fees

eToro does not charge a commission when buying and selling cryptocurrencies, but that doesn't mean it's free to trade. eToro's fee is built into the spread - the difference between the buy and sell price - which is different for each coin. Their lowest spread is 0.75% for Bitcoin. The spreads for some other popular coins are 1.90% for Ethereum (ETH), 2.45% for Ripple (XRP), 2.90% for Cardano (ADA) and 5% for Tezos (XTZ). For a full list of the spreads for all 30 coins supported by eToro, click here.

The spreads for eToro CFD crypto trading are the same as the spreads for trading the actual coin, plus a small fee if the position stays overnight. The fees are charged in USD, per night, per unit, and the full list of overnight fees is here.

On CoinSpot, if you trade on the market, you only pay a low fee of 0.1% per trade, whether buying or selling. However, there are only 14 different cryptocurrencies available here. To access the entire range of over 290+ coins, you need to buy/sell instantly from the exchange.

CoinSpot charges 1.0% fees when buying or selling cryptocurrency instantly. CoinSpot does not list their spreads like eToro does, but you can see all their cryptocurrencies with their live buy and sell prices. To compare CoinSpot's spreads to eToro, I noted the buy and sell prices for Bitcoin, Ethereum, Ripple, Cardano and Tezos, and calculated the spread.

If you want to work out the spread for any coin listed on CoinSpot, follow these simple steps. Take the Buy price and substract the Sell price. Next, divide this number by the Buy price, then multiply by 100 to get the spread as a percentage.

As an example, Bitcoin's Buy price on CoinSpot at the time of writing is $61 622.26 and the Sell price is $61 190.09. 

61 622.26 - 61 190.09 = 432.17 

432.17 Ă· 61 622.26 x 100 = 0.70%

In the table below are the spreads for Bitcoin, Ethereum, Ripple, Cardano and Tezos that I calculated on CoinSpot, compared to the spreads listed by eToro. You can see that for the first 4 coins, the spread is quite similar, and for Tezos, CoinSpot's spread is half of eToro's. It's important to note that CoinSpot's spread will vary with price fluctuations, so the spread may increase or decrease in a short period of time, while eToro's spread is fixed. When you take into account that CoinSpot also charges a 1% fee on top of the spread, eToro seems to have lower fees when instantly buying or selling crypto.

Cryptocurrency

CoinSpot

eToro

Bitcoin

0.70%

0.75%

Ethereum

2.30%

1.90%

Ripple

2.44%

2.45%

Cardano

2.39%

2.90%

Tezos

2.51%

5%

Withdrawal Fees

CoinSpot charges ZERO fees for AUD withdrawals to Australian bank accounts.

eToro charges a flat fee of $5 for each withdrawal (minimum $30 withdrawal). On top of that, users are charged a currency conversion fee of 50 pips (~0.7% fee).

Cryptocurrency Transfer Fees

On CoinSpot, when you send your crypto to an external wallet you will be charged a standard transaction (mining) fee. The fee varies depending on the coin and how busy the network is. 

eToro charges a fee of 0.5% to transfer the crypto from the eToro trading platform to the eToro wallet, with a minimum fee of $1 and maximum fee of $50.

Winner - CoinSpot

This section on fees is hard to determine, but after weighing up the options, I think CoinSpot is a slight favourite. eToro has lower fees when instant buying and selling crypto, but on CoinSpot you can access 14 popular coins on the market with a low 0.1% trading fee, which would be the better choice. Additionally, eToro charges a currency conversion fee on deposits and withdrawals which wipes out any savings you make in the trading fees.

CoinSpot vs eToro Deposit Methods

CoinSpot offers a variety of deposit methods including direct deposit, PayID, POLi, BPAY, cash deposit and cryptocurrency. 

eToro offers bank transfer, debit cards, credit cards, POLi and PayPal for Australian users. 

Winner - Tie

CoinSpot and eToro both accept several deposit methods. Which one of the two you like depends on what your preference for depositing is. CoinSpot offers BPAY, PayID, crypto and cash deposits which are not available on eToro. eToro has debit/credit card options, as well as PayPal.

CoinSpot vs eToro Features 

CoinSpot is a dedicated crypto exchange while eToro is a trading platform with cryptocurrency as one of the trading instruments. I will discuss some of the features that set them apart from the other, but if you wanted to learn the full range of services offered, have a read of my CoinSpot review and eToro Australia review.

CoinSpot is popular for its extensive range of over 290+ cryptocurrencies, which is continuously growing. If you want to diversify your digital assets beyond the usual Bitcoin and Ethereum, CoinSpot is the perfect crypto exchange to find the altcoin you're after.

CoinSpot has industry-leading customer service, with Live Chat support open 9am - 8pm AEDT on weekdays and 9am - 5pm AEDT on weekends. When you use Live Chat, you won't have to deal with any bots, instead you will be chatting to a live agent straight away. If you need assistance from CoinSpot outside of the Live Chat business hours, you can contact their Help Desk 24/7 who will usually respond within 24 hours. CoinSpot also offers a comprehensive information centre providing tutorials for newcomers, and has a FAQ section to assist new investors to buy their first crypto.

CoinSpot has a great feature called CoinSpot Bundles, where you can invest in a range of coins in a single transaction. Not only does it help you to diversify your portfolio and minimise risk, you also save time, fees, and average out the cost over a split of coins. 

'Top Ten Market Cap' is a popular bundle which is the top ten largest cryptocurrencies based on market capitalisation. Here are all the Bundles you can purchase on CoinSpot.

eToro has a Demo account available to all users with the click of a button. This mode enables users to practise trading with the virtual $100 000 provided, completely risk-free. It is an excellent way for newbies to learn the ropes without having to worry about making a mistake.

eToro has cryptocurrency CFDs which is not available on the average crypto exchange. If you don't know what a CFD is, it stands for 'contract for difference'. To put it in simple terms, if you buy a crypto CFD on eToro and the price of the chosen coin rises, they will pay you the difference. Conversely, if it falls you owe them the difference. You never own the cryptocurrency, you only have a contract with eToro to pay the difference in value from the time of buying to the time of selling. You can even use this to 'short' crypto - so if you believe Bitcoin is going to decrease in value, you can make money on the price falling, which is not possible on a normal exchange where you buy and sell the actual coin. eToro also allows margin trading with x2 leverage, which is not supported on most crypto exchanges.

eToro is unique because of its focus on social trading. They have included a News Feed within the platform, where users can connect and interact with other traders in the eToro community, seeking advice and learning from others. This is a great feature that makes eToro different from other cryptocurrency exchanges.

eToro has crypto staking, which you may have heard of. Staking is where you earn rewards on your crypto holdings, like how you would earn interest on money left in a bank account. On eToro, Cardano (ADA), Tron (TRX) and Ethereum (ETH) staking is supported, with plans to support more coins in the future. Staking rewards are automatically paid every month to eligible investors (anyone whose coins are held on eToro's trading platform).

Winner - eToro

I'm really impressed with eToro's features because it is not a dedicated cryptocurrency broker. eToro wins because it has a demo account, the option of trading CFDs with x2 leverage, staking and social trading.

CoinSpot vs eToro Security

CoinSpot's early establishment in the Australian crypto market has helped it become the most secure and trusted of all Aussie exchanges. CoinSpot uses multilayered security to ensure their users' assets are safe, including storage of the majority of digital assets offline in cold storage, to protect from cybersecurity attacks. It is registered with AUSTRAC, and fulfils all the strict AML/KYC verification obligations to fight money laundering and financing of terrorism. CoinSpot is the most audited Australian crypto exchange and the only one to be awarded the ISO 27001 certification. 

eToro is also a safe broker, securing their customers’ funds in tier 1 banks, and all personal information protected with SSL encryption. Most of eToro's crypto assets are stored offline in cold storage to prevent loss in case of a cybersecurity breach.

Winner - CoinSpot

As one of the oldest cryptocurrency exchanges, CoinSpot has built a reputation as the most secure, trusted and audited platform. It is registered with AUSTRAC and has ISO 27001 certification.

Verdict - CoinSpot

CoinSpot is the better choice when compared with eToro, which is no surprise, since CoinSpot is a long-established cryptocurrency-exclusive platform. CoinSpot has an easy-to-use interface, over 290+ coins, lower fees, and Live Chat support.

eToro is an excellent trading platform for other assets such as forex, stocks and commodities, but when we are comparing cryptocurrency trading, it is hard to compete with exchanges that are built specifically for crypto. The currency conversion fee on deposits and withdrawals, and the limited range of coins make it hard to beat the best Aussie crypto exchanges.

Overall Winner - CoinSpot

An extremely secure exchange with lower fees, a huge range of 290+ cryptocurrencies and Live Chat support mean CoinSpot is the winner in this head-to-head.

Still Researching?

To learn more about CoinSpot and eToro, read my full breakdowns of CoinSpot (here) and eToro (here). For more crypto exchange options, take a look at my article on the top exchanges in Australia here and compare them easily using the table below.

Comparison Table of the Best Crypto Exchanges in Australia

Swyftx
CoinSpot
Digital Surge
eToro
Binance
Crypto Exchange
Crypto Exchange
Swyftx
CoinSpot
Digital Surge
eToro
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD
AUD
AUD, USD, GBP, EUR & 11 more
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, BTG, BCH, ADA, ETH, ETC & 270+ more
BTC, ETH, LTC, XRP, BCH, ADA & 300+ more
BTC, ETH, BNB, ADA, XRP & 270+ more
BTC, ETH, BCH, XRP, LTC, ADA & 24 more
BTC, ETH, LTC, BNB, ADA, XRP & 300+ more
Deposit Methods
Deposit Methods
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
PayID, POLi, OSKO, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
0.6%
Market order: 0.1%, Instant buy: 1%
Market order: starts from 0.5%, Instant buy: 0.5%
Included in spreads
0.1%

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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