Digital currency is a new and exciting field. With so many options available, it can be hard to know what the best approach is when it comes to purchasing and managing your coins. Two of the most popular digital currency exchanges for Australians are CoinSpot and CoinJar, but how do they stack up? Let’s compare CoinSpot vs Coinjar and take a closer look at key differences between these two platforms.
If you’re new to the world of digital currency, you might want to use an exchange that has a simple sign-up process. CoinSpot has a simpler sign-up process than CoinJar as its verification requirements are more flexible. You’ll need an Australian mobile phone number in order to sign up for both platforms, but while CoinSpot only requires one form of ID (driver’s licence or passport), CoinJar needs you to provide three forms of ID including one photo ID such as a passport or driver’s licence, proof of address dated within the last three months and a copy of your signature.
CoinSpot allows you to purchase cryptocurrency with BPAY, cash via bank deposit or POLi Payments at the time of writing (August 2018). You can also use credit cards, but only to sell your crypto holdings for fiat currency. If you want to use a credit card to buy bitcoin or other top altcoins such as ethereum (ETH), XRP (XRP) and Litecoin (LTC), then CoinJar may be a better option.
The biggest difference that sets CoinSpot apart from CoinJar is its wide range of payment options; while CoinJar only supports bank transfers at this time, CoinSpot allows purchases with BPAY, POLiPayments, and cash deposits at 1,200+ physical locations. One drawback of this feature is that each method has its own minimum deposit amount: $5 for POLiPayments and BPAY, and $50 for bank transfers and cash deposits (located in Australia Post branches). If you’re only planning to buy a small amount of coin, keep an eye out for this minimum.
CoinSpot’s fees are fairly straightforward; they charge a 1% fee on each trade. CoinJar, on the other hand, charges a spread of between 0-0.15% on each trade, which is based on volume and liquidity of the currency being traded. For example, when trading Bitcoin to AUD, at the time of writing this article, CoinJar was charging a 0.05% fee whereas CoinSpot was charging 1%.
CoinSpot’s verification requirements are quite simple compared to CoinJar’s, which consist of two levels: registered and verified users. Registered users can deposit and withdraw up to $2,000 per week without providing any identification documents. Verified users can deposit or withdraw up to $10,000 per week by providing photo ID and proof of address documents via email or through their mobile app (both iOS and Android).
CoinSpot offers more coins than CoinJar
CoinSpot lists over 100 cryptocurrencies on their exchange, which is much higher than most Australian exchanges. If you’re looking for a wide selection of altcoins including Bitcoin Cash, Ethereum, Ripple or Dogecoin, then CoinSpot is probably the better option.
CoinJar only lists 3 cryptocurrencies: Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). You can use their ‘Invest’ feature to trade into these coins from AUD or USD, but you can’t directly buy them with cash or crypto. If you’re only interested in buying Bitcoin for now, this might not be an issue—but if you want to dabble in altcoins like Litecoin or Dash then CoinSpot is a clear winner here.