Comparison of Coinspot vs Safetrade [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Coinspot vs Safetrade comparison!

Your expert: Alejandro Borja

coinspot

Coinspot

  • Threenvest valuation: 4/5
  • US legal: No
  • Security: High 4,9/5
  • Mobile App: Yes
Go exchange

Investing risks losing your money

Your expert: Xavier Tarrasó

safetrade

Safetrade

  • Threenvest valuation: 2/5
  • US legal: No
  • Security: Low 2/5
  • Mobile App: No
Go exchange

Investing risks losing your money

Main points

Fees

0,10%/1%

Earns

No

Customer service

4/5
≈ 0,10%

Fees

Yes

Earns

3/5

Customer service


Recommended for

Beginners

Yes

Trading

No

Passive income

No

Buy and hold

Yes
No

Beginners

No

Trading

Yes

Passive income

No

Buy and hold


Comparison of fees

Rating

3.9 – Reasonable fees with strong local support in Australia.
3.9 – Competitive fees with additional benefits for high-volume trading.

Level

0,10%/1%
≈ 0,10%

Brief explanation

Coinspot employs a straightforward fee structure that varies depending on the type of transaction. For market trades, the platform charges a competitive 0.1% fee, which is below the industry average. Instant buy, sell, and swap orders incur a higher fee of 1%, reflecting the convenience of immediate transactions. Over-the-counter (OTC) trades also attract a 0.1% fee, making them cost-effective for large volume transactions. Deposits via POLi, PayID, and Direct Deposits are free, while BPAY and cash deposits have fees of 0.9% and 2.5% respectively. Withdrawals in Australian dollars are free, but cryptocurrency withdrawals are subject to standard network fees​​.
SafeTrade implements a flat fee model for its trading activities, charging a uniform 0.1% fee for both makers and takers on all trades. This rate is appealingly lower than the industry average, which often hovers around 0.25%. This straightforward, low-cost fee structure makes SafeTrade an attractive option for traders looking to maximize their returns without the burden of high transaction costs. Additionally, it’s worth noting that there are no deposit fees on SafeTrade, which further reduces the cost for users to start trading. However, traders should be aware that while the trading fees are low, the lack of regulatory oversight might introduce risks that are typically mitigated on more stringently regulated platforms. Thus, while the fee structure is economically advantageous, it comes with considerations that should be carefully weighed.

Coinspot

coinspot
Read coinspot review
  • Year Founded Coinspot was founded in 2013, making it one of the oldest cryptocurrency exchanges in Australia. Its longevity in the market provides a level of reliability and trust that newer exchanges might not have established yet.
  • Number of Users Coinspot has built a substantial user base over the years, serving hundreds of thousands of users. This large user base indicates a strong level of trust and satisfaction among its customers.
  • Security Methods Coinspot employs robust security measures, including two-factor authentication (2FA), SSL encryption, and cold storage for the majority of its digital assets. These measures ensure that user funds are kept secure from potential cyber threats.
  • Reputation and Reviews Coinspot has garnered positive reviews from its users and is generally regarded as a reputable exchange. Its commitment to providing a user-friendly platform and responsive customer support has contributed to its favorable reputation in the cryptocurrency community.
  • Customer Service Coinspot offers comprehensive customer service, including live chat support and a detailed FAQ section to assist users with their queries. This level of support helps ensure that users can resolve issues promptly and efficiently, further building trust in the platform.
  • Pros
  • Extensive cryptocurrency selection.
  • User-friendly trading platform.
  • Robust multi-layer security features.
  • Cons
  • Higher fees than competitors.
  • Limited advanced trading features.

Read coinspot review

Safetrade

safetrade
Read coinspot review
  • Security Methods: SafeTrade emphasizes security with comprehensive measures to protect user data and funds. This focus on security helps in building trust with its users.
  • Transparency: The platform's operations are characterized by a high degree of transparency, especially concerning its integration with the SafeCoin projects and community feedback mechanisms. This openness is a critical trust factor.
  • Trading Volume and Liquidity: SafeTrade handles a significant amount of trading volume, ensuring liquidity for its users, which is essential for executing trades efficiently without substantial price slippage.
  • Customer Service: The exchange offers 24/7 customer support, which is a substantial trust factor for users, especially in a market that operates round the clock. Reliable support is crucial for resolving issues swiftly.
  • Reputation and Reviews: Since its launch, SafeTrade has maintained a positive reputation within the community, supported by favorable reviews from its users. This reputation is a testament to the platform's reliability and service quality.
  • Pros
  • Low trading fees.
  • Supports 48 cryptocurrencies.
  • Community-driven platform.
  • Cons
  • Not regulated.
  • No fiat trading options.

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Product selection

Native token

No
No

Earns

No
Yes

NFT marketplace

No
No

Cripto/debit card

No
No

Company information

Full name

Casey Block Services Pty Ltd
Unknown

Regulation

Regulated in Australia
Not regulated

Year founded

2013
2018

Founder

Russell Wilson
Unknown

Payment methods

Transfers

Yes
No

Mastercard

Yes
No

Wire transfer

No
No

Card

Yes
No

Comparative table

Coinspot FEATURES Safetrade
Low minimum trade amount ensures accessibility.
Minimum Trade
SafeTrade allows trading in small quantities, but specifics about minimum trade sizes vary by cryptocurrency, which can be confusing for new users.
0.1% for market trades, 1% for instant trades​​.
Trading and Transaction Fees
SafeTrade charges a flat fee of 0.1% for all trades, significantly lower than the industry average, making it very cost-effective.
Supports over 400 cryptocurrencies​​.
Number of Cryptocurrencies
Supports 48 cryptocurrencies, which is robust but still fewer than some of the larger exchanges that offer hundreds.
Extensive crypto-to-crypto trading pairs available.
Crypto-to-Crypto Trading Pairs
Offers a variety of trading pairs, predominantly crypto-to-crypto, which caters well to a diverse trading base but lacks fiat options.
Clear and detailed information, but some fees are high.
Website Transparency
The website provides essential information, yet could improve by offering more detailed insights about liquidity and security measures.
CoinSpot offers a digital Mastercard that allows users to spend their cryptocurrencies for in-store and online purchases, with support for over 380 cryptocurrencies. It provides real-time AUD conversion and integration with Apple Pay and Google Pay for easy transactions.
Credit/Debit Card
Lack of a dedicated exchange card limits the practical usability of SafeTrade’s services for everyday transactions and rewards.
Secure wallet services with multi-chain support​​.
Storage Offering
Offers secure storage solutions, but lacks some advanced features like insurance or diverse wallet options.
Offers staking for 23+ coins with competitive APYs​​.
Staking and Rewards
Limited information and options for staking and rewards compared to competitors who offer varied staking benefits and rewards.
User-friendly mobile app available for iOS and Android​​.
Mobile App and Desktop
Provides functional and user-friendly mobile and desktop interfaces, though there’s room for further enhancements in usability and features.
24/7 customer support via live chat and email​​.
Customer Service
Offers 24/7 customer support with good service levels, but feedback suggests there could be improvements in response times and resolution efficiency.
Free AUD withdrawals; small fees for certain deposit methods​​.
Deposit and Withdraw
Deposits and withdrawals are facilitated smoothly for cryptocurrencies, yet the absence of direct fiat transactions and limited information on fees for these processes affect the rating.

Key features

Analysis tools

Basic charting tools
Basic charting tools

Mobile APP

No
No

Security

High 4,9/5
Low 2/5

Additional features

Instant buy/sell, staking, Coinspot Bundles, SMSF services
Margin trading, staking, SafeTrade Earn, fiat on/off ramps

Anonymity

No
Yes

Key points

Available cryptocurrencies

300+
20+

User-friendliness

Coinspot offers a user-friendly platform that is easy to navigate, making it suitable for beginners. The interface is designed to facilitate a smooth trading experience with all necessary features easily accessible.
SafeTrade offers a user-friendly platform that is easy to navigate, making it suitable for beginners. The interface is designed to facilitate a smooth trading experience with all necessary features easily accessible.

Value for money

Offers good value for money with competitive fees and a user-friendly platform, making it a good choice for Australian users.
Provides decent value for money with competitive fees and a user-friendly interface, though it may lack some advanced features.

Countries of operation

Australia, New Zealand
United States, Canada, United Kingdom, Australia, Germany

Best for

Best for Australian investors looking for a user-friendly platform with competitive fees and strong local support.
Ideal for traders seeking a user-friendly platform with competitive fees and a wide range of supported cryptocurrencies.

Base currencies available

AUD, BTC
BTC

Account

Trading

CoinSpot is an Australian exchange known for its user-friendly platform and wide range of cryptocurrencies. It offers competitive fees but lacks some advanced trading tools.
SafeTrade offers a secure platform with a decent range of cryptocurrencies. It has competitive fees but lower liquidity compared to larger exchanges.

Deposit and withdrawal

CoinSpot is an Australian exchange known for its easy fiat and cryptocurrency deposit methods. Withdrawals are processed efficiently, typically within a day, with competitive fees.
SafeTrade supports various deposit and withdrawal methods, including bank transfers and crypto. Withdrawals are processed efficiently, with low fees.

Account opening process

CoinSpot offers a simple and fully digital account opening process. Users need to provide personal information and verify their identity. The process is quick, typically taking less than a day to complete.
SafeTrade provides a straightforward account opening process. Users need to provide personal information and verify their identity. The process is efficient and typically takes less than a day to complete.

KYC required?

Yes
No

Customer Service

CoinSpot offers extensive customer support through email, live chat, and phone. The support team is responsive and available 24/7, ensuring users get timely assistance.
SafeTrade provides support through email and live chat. The support team is responsive and helpful, but the lack of 24/7 support may be a limitation for some users.

Security

CoinSpot ensures security through 2FA, encryption, and cold storage. It is regulated by Australian authorities, providing a secure environment for investors.
SafeTrade employs robust security features, including 2FA and cold storage. However, it is not regulated by major financial authorities, which might be a concern for some investors.

Which of these exchanges is for you?

alejandro-borja-analista-de-brokers.webp

Alejandro Borja

As an expert on our website, I recommend Coinspot for anyone entering the cryptocurrency market. Its intuitive interface and robust security measures make it an ideal platform for beginners. The variety of supported cryptocurrencies ensures ample opportunities for diversification, while its responsive customer service provides excellent support. Although the transaction fees are a bit higher, the platform’s reliability and ease of use make it a strong contender for your crypto trading needs.
Xavier-tarraso-mascarell.jpg

Xavier Tarrasó

As one of the experts reviewing exchanges on our website, I find SafeTrade to be a particularly interesting choice for those venturing into the cryptocurrency market. It stands out with its low trading fees of only 0.1% across all trades, which is significantly lower than many other platforms. This feature alone makes it an attractive option for both seasoned traders and newcomers who are sensitive to cost. Furthermore, SafeTrade’s community-driven approach adds a layer of transparency and support that is not often seen in the exchange space. This feature should particularly appeal to users who value a collaborative and open environment. However, it’s crucial to note that SafeTrade is not regulated by any top-tier financial authority, which might be a concern for those prioritizing security and compliance. Overall, if you’re looking for a cost-effective platform and are comfortable with the level of regulatory oversight, SafeTrade could be a solid choice.

View all comparisons against Coinspot

View all comparisons against Safetrade

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

 

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).


For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

More comparatives Coinspot and Safetrade