Comparison of Coinspot vs Wirex [ 2024 ]

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

Wirex

Wirex

  • Threenvest valuation: 3,8/5
  • US legal: Yes
  • Security: High 4,6/5
  • Mobile App: No
Go exchange

Investing risks losing your money

Main points

Fees

0,10%/1%

Earns

No

Customer service

4/5
1%

Fees

No

Earns

3/5

Customer service


Recommended for

Beginners

Yes

Trading

No

Passive income

No

Buy and hold

Yes
Yes

Beginners

No

Trading

No

Passive income

Yes

Buy and hold


Comparison of fees

Rating

3.9 – Reasonable fees with strong local support in Australia.
3.8 – Reasonable fees with additional benefits for cardholders.

Level

0,10%/1%
1%

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​​.
Wirex’s fee structure is designed to encourage both the use of its native token and engagement with its broad range of services. The platform charges a clear, competitive trading fee of 1% for buying or selling cryptocurrencies, which is straightforward and easy to understand for all users. For crypto-to-fiat transactions, Wirex imposes a fee that includes a small percentage of the transaction amount plus a fixed nominal fee, which varies depending on the currency involved. This system allows users to manage their costs effectively by understanding the exact fees in advance, making financial planning simpler and more predictable. Wirex also incentivizes the use of its native WXT tokens by offering reduced fees, enhancing savings for regular users.

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

Wirex

Wirex
Read coinspot review
  • Security Methods: Wirex employs robust security measures including cold storage for funds, 2FA, and the latest encryption technology to protect user data and transactions.
  • Reputation and Reviews: Wirex has established a strong reputation in the cryptocurrency space, backed by positive reviews from users appreciating its ease of use, innovative features, and reliable customer service.
  • Regulation: As a principal member of Mastercard, Wirex adheres to strict regulatory standards, ensuring a secure and compliant environment for handling your digital and traditional currencies.
  • Customer Service: Wirex supports its users with a dedicated customer service team, providing help and guidance to ensure a smooth user experience across its platform.
  • Volume Managed and Liquidity: Wirex handles a significant volume of daily transactions, offering high liquidity which ensures that users can perform transactions efficiently and at competitive rates.
  • Pros
  • User-friendly interface
  • Crypto-backed Visa card
  • Multi-currency support
  • Cons
  • High foreign exchange fees
  • Limited customer support

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Product selection

Native token

No
No

Earns

No
No

NFT marketplace

No
No

Cripto/debit card

No
No

Company information

Full name

Casey Block Services Pty Ltd
Wirex Limited

Regulation

Regulated in Australia
Regulated in the Reino Unido

Year founded

2013
2014

Founder

Russell Wilson
Pavel Matveev and Dmitry Lazarichev

Payment methods

Transfers

Yes
Yes

Mastercard

Yes
Yes

Wire transfer

No
Yes

Card

Yes
Yes

Comparative table

Coinspot FEATURES Wirex
Low minimum trade amount ensures accessibility.
Minimum Trade
Wirex allows flexible trading amounts, making it accessible for users of all investment levels, though specific minimums depend on currency pairs.
0.1% for market trades, 1% for instant trades​​.
Trading and Transaction Fees
Wirex offers competitive trading fees, but its foreign exchange fees can be higher than average, which might affect those trading or using multiple currencies frequently.
Supports over 400 cryptocurrencies​​.
Number of Cryptocurrencies
Wirex supports a solid range of cryptocurrencies including major ones like Bitcoin, Ethereum, and Litecoin, making it suitable for most traders’ needs.
Extensive crypto-to-crypto trading pairs available.
Crypto-to-Crypto Trading Pairs
There is a good selection of trading pairs available, providing users with various trading strategy options.
Clear and detailed information, but some fees are high.
Website Transparency
The Wirex website provides clear information about fees, services, and user guidelines, making it easy for users to find the information they need.
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
Wirex offers a Visa card that integrates with cryptocurrency accounts, allowing users to spend their cryptocurrency at any Visa-compatible point of sale. The card functionality scores highly for its convenience and integration.
Secure wallet services with multi-chain support​​.
Storage Offering
Wirex provides secure cryptocurrency wallets with cold storage options, ensuring safety for user funds, though it’s less customizable than dedicated crypto wallet services.
Offers staking for 23+ coins with competitive APYs​​.
Staking and Rewards
Offers rewards such as Cryptoback™ rewards on card purchases, but the staking options are somewhat limited compared to dedicated staking platforms.
User-friendly mobile app available for iOS and Android​​.
Mobile App and Desktop
The Wirex app and desktop platform are user-friendly and provide a seamless experience for managing cryptocurrencies and fiat currencies.
24/7 customer support via live chat and email​​.
Customer Service
Customer service is a known issue with reports of slow response times and unresolved issues, impacting the overall user experience.
Free AUD withdrawals; small fees for certain deposit methods​​.
Deposit and Withdraw
Deposits and withdrawals are generally smooth with support for multiple fiat currencies, but sometimes can experience delays which should be noted.

Key features

Analysis tools

Basic charting tools
Basic price tracking

Mobile APP

No
No

Security

High 4,9/5
High 4,6/5

Additional features

Instant buy/sell, staking, Coinspot Bundles, SMSF services
Crypto debit card, staking, Wirex rewards, fiat on/off ramps

Anonymity

No
No

Key points

Available cryptocurrencies

300+
10+

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.
Wirex 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.

Value for money

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

Countries of operation

Australia, New Zealand
Global, including 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.
Best for global traders looking for a reliable platform with competitive fees and a wide range of supported cryptocurrencies.

Base currencies available

AUD, BTC
USD, EUR, GBP, 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.
Wirex provides a secure platform with easy fiat integration and a good range of cryptocurrencies. It offers additional services like a debit card but has higher fees compared to some 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.
Wirex supports multiple deposit options, including bank transfers, credit/debit cards, and cryptocurrencies. Withdrawals are processed quickly, with competitive 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.
Wirex provides an easy and fast account registration process. Users need to fill out personal details and verify their identity. The process is fully digital and usually completed within a day.

KYC required?

Yes
Yes

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.
Wirex provides comprehensive customer support through email, live chat, and a help center. Support is available 24/7, and the response times are quick, ensuring users get timely assistance.

Security

CoinSpot ensures security through 2FA, encryption, and cold storage. It is regulated by Australian authorities, providing a secure environment for investors.
Wirex ensures security through 2FA, encryption, and cold storage. It is regulated by several financial authorities, making it a highly secure platform for 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 a Wirex exchange expert, I’d like to share a little advice on why you might consider using Wirex for your crypto transactions. Wirex offers a uniquely integrated platform where you can manage both fiat and cryptocurrencies seamlessly. The ability to use a Visa card linked directly to your Wirex account allows you to spend your crypto holdings just as easily as fiat, virtually anywhere Visa is accepted. This feature alone makes Wirex an excellent choice for those who want to make cryptocurrencies a regular part of their financial toolkit. Plus, their user-friendly interface makes navigating through crypto transactions straightforward, even for beginners.

View all comparisons against Coinspot

View all comparisons against Wirex

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 Wirex