Comparison of Hitbtc vs Coinspot [ 2024 ]

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

Your expert: Alejandro Borja

Hitbtc

Your expert: Xavier Tarrasó

Coinspot

Main points

Fees

0,10%/0,20%

Earns

Customer service

3/5

0,10%/1%

Fees

Earns

4/5

Customer service

Recommended for

Beginners

Trading

Yes

Passive income

Buy and hold

Yes

Beginners

Trading

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.0 – Competitive fees with additional benefits for token holders.

3.9 – Reasonable fees with strong local support in Australia.

Level

0,10%/0,20%

0,10%/1%

Brief explanation

HitBTC Trading Fees Overview HitBTC uses a straightforward fee structure that follows a maker-taker model. The standard fee is 0.1% for makers and 0.25% for takers. However, the fee decreases with higher trading volumes, incentivizing frequent and high-volume trading. For instance, users with significant monthly trading volumes can benefit from fees as low as -0.01%, essentially earning rebates on their trades . The exchange also offers tiered fee discounts based on trading volume over the last 30 days. This means that the more you trade, the less you pay in fees, which can be advantageous for active traders. Additionally, HitBTC supports various withdrawal methods, each with its own associated fees, primarily network fees for the cryptocurrency being withdrawn . Summary of HitBTC’s Commissions HitBTC’s commission structure is designed to be competitive and transparent. Regular users face a 0.1% maker fee and a 0.25% taker fee, with opportunities for rebates and lower fees for high-volume traders. The tiered fee system encourages increased trading activity by offering progressively lower fees based on the user’s trading volume over the past 30 days. Withdrawal fees vary depending on the cryptocurrency and its network conditions, while there are no deposit fees for digital assets. Overall, HitBTC’s fee structure benefits frequent traders, though beginners and low-volume traders should be aware of the standard rates. The exchange’s commitment to transparent and competitive fees makes it a strong contender for those looking to minimize trading costs while maximizing trading opportunities.

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.

Hitbtc

1. Security Methods HitBTC employs robust security measures, including two-factor authentication, cold storage for the majority of funds, IP monitoring, and withdrawal whitelisting. These measures ensure that user funds are well-protected against potential breaches and hacks.
2. Volume Managed With high trading volumes across a wide array of cryptocurrencies, HitBTC provides substantial liquidity. This is beneficial for traders looking to execute large orders without significant price fluctuations, ensuring smoother trading experiences.
3. Transparency Although the corporate structure is somewhat opaque, HitBTC maintains transparency in its fee structure and trading processes. The platform provides detailed information on fees, trading pairs, and supported cryptocurrencies, which helps build trust with its users.
4. Trading Volume and Liquidity HitBTC consistently ranks among the top exchanges in terms of trading volume, offering deep liquidity across its extensive range of trading pairs. This high liquidity is crucial for executing trades quickly and at favorable prices.
5. Withdrawal and Deposit Policies HitBTC offers a straightforward withdrawal and deposit process with a variety of supported cryptocurrencies. While fiat withdrawals and deposits are limited, the platform’s clear policies and reasonable fees make it a reliable choice for crypto-to-crypto trading.

Coinspot

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.

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Account Minimum

Get started with just $100.

And 1% fee on all cryptocurrency trades.

Direct link to the website

Product selection

Native token

Earns

NFT marketplace

Cripto/debit card

Full name

HIT Solution Inc.

Casey Block Services Pty Ltd

Regulation

Not regulated

Regulated in Australia

Year founded

2013

Founder

Unknown

Russell Wilson

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Card

Yes

Comparative table

Hitbtc	FEATURES	Coinspot
Giottus has a low minimum trade amount, making it accessible for users with varying investment sizes.	Minimum Trade	Low minimum trade amount ensures accessibility.
Competitive fee structure with no fees for makers and 0.20% for takers, lower than the industry average.	Trading and Transaction Fees	0.1% for market trades, 1% for instant trades.
Supports a decent range of major cryptocurrencies and some altcoins, though not as extensive as some larger exchanges.	Number of Cryptocurrencies	Supports over 400 cryptocurrencies.
Offers various crypto-to-crypto trading pairs, sufficient for most traders but not exhaustive.	Crypto-to-Crypto Trading Pairs	Extensive crypto-to-crypto trading pairs available.
Provides clear and transparent information on fees, services, and features, ensuring users are well-informed.	Website Transparency	Clear and detailed information, but some fees are high.
No exchange card available for in-store purchases or additional benefits, which is a significant drawback.	Credit/Debit Card	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.
Secure storage solutions with most funds held in cold storage and insured custodial services through Bitgo.	Storage Offering	Secure wallet services with multi-chain support.
Offers some staking options, but they are not as extensive or rewarding as those available on other platforms.	Staking and Rewards	Offers staking for 23+ coins with competitive APYs.
The mobile app is highly rated for its user-friendly design and multilingual support, providing a seamless trading experience.	Mobile App and Desktop	User-friendly mobile app available for iOS and Android.
Responsive customer service available through live chat and email, but the lack of phone support is a minor limitation.	Customer Service	24/7 customer support via live chat and email.
Supports multiple deposit methods including bank transfers and UPI, with quick processing times, but fiat transactions are limited to INR.	Deposit and Withdraw	Free AUD withdrawals; small fees for certain deposit methods.

Key features

Analysis tools

Advanced charting tools, technical indicators

Basic charting tools

Mobile APP

Security

High 4,9/5

Additional features

Margin trading, futures trading, staking, HitBTC API

Instant buy/sell, staking, Coinspot Bundles, SMSF services

Anonymity

Yes

Key points

Available cryptocurrencies

800+

300+

User-friendliness

HitBTC features an intuitive and user-friendly interface that is easy to navigate, making it suitable for beginners. The platform focuses on providing a seamless trading experience.

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.

Value for money

Offers good value for money with competitive fees and a wide range of supported cryptocurrencies, making it an affordable option for traders.

Offers good value for money with competitive fees and a user-friendly platform, making it a good choice for Australian users.

Countries of operation

Global, including United States, Canada, United Kingdom, Australia, Germany

Australia, New Zealand

Best for

Suitable for traders of all experience levels seeking a platform with a wide range of cryptocurrencies and competitive fees.

Best for Australian investors looking for a user-friendly platform with competitive fees and strong local support.

Base currencies available

USD, EUR, BTC, USDT

AUD, BTC

Account

Trading

HitBTC offers a wide range of cryptocurrencies and advanced trading tools. It has competitive fees but lower liquidity compared to larger exchanges.

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.

Deposit and withdrawal

HitBTC supports various deposit methods, including bank transfers and crypto. Withdrawals are processed efficiently, with low fees.

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.

Account opening process

HitBTC provides a straightforward and fully digital account opening process. Users need to submit personal information and verify their identity. The process is quick and usually takes less than a day to complete.

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.

KYC required?

Yes

Customer Service

HitBTC provides customer support via 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.

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.

Security

HitBTC offers 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.

CoinSpot ensures security through 2FA, encryption, and cold storage. It is regulated by Australian authorities, providing a secure environment for investors.

Which of these exchanges is for you?

Alejandro Borja

As an expert at Threenvest, I recommend HitBTC for traders who seek a diverse range of cryptocurrencies and advanced trading features. The platform’s robust security measures provide peace of mind, and its competitive fee structure is advantageous for high-volume traders. However, be mindful of the potential delays in customer support and the lack of corporate transparency. Overall, HitBTC is a solid choice for experienced traders looking to leverage a wide array of digital assets.

Xavier Tarrasó

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.

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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.