Comparison of Coinspot vs Switchere [ 2024 ]

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

Your expert: Alejandro Borja

Coinspot

Your expert: Xavier Tarrasó

Switchere

Main points

Fees

0,10%/1%

Earns

Customer service

4/5

only card 3.60%

Fees

Earns

3/5

Customer service

Recommended for

Beginners

Yes

Trading

Passive income

Buy and hold

Yes

Beginners

Trading

Passive income

Buy and hold

Comparison of fees

Rating

3.9 – Reasonable fees with strong local support in Australia.

3.9 – Reasonable fees with additional benefits for instant purchases.

Level

0,10%/1%

only card 3.60%

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.

Switchere’s fee structure is designed with simplicity in mind, catering to users who value straightforward transactions. The exchange primarily charges a fee on the conversion of fiat to crypto, and this fee is transparently incorporated into the exchange rate displayed at the time of purchase. The typical transaction fee ranges from 1% to 2%, depending on the payment method and the specific currencies involved. This simplicity allows users, especially beginners, to easily understand the costs associated with their transactions without worrying about additional hidden charges.

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.

Switchere

Year Founded: Switchere was established under Estonia's progressive and stringent regulatory framework, enhancing its credibility as a trustworthy platform.
Security Methods: Adhering to rigorous security protocols required by Estonian law, Switchere ensures that user data and funds are protected through advanced security measures, including SSL encryption and compliance with AML (Anti-Money Laundering) policies.
Reputation and Reviews: Switchere has built a positive reputation among its users for its ease of use and reliable customer service. This is reflected in consistently good reviews across various consumer feedback platforms.
Transparency: The platform maintains high transparency in transaction fees and exchange rates. It discloses all costs upfront, ensuring users are not met with unexpected charges.
Customer Service: Switchere offers robust support with quick response times, providing users with a dependable resource for resolving issues and inquiries, which is essential for new entrants in the crypto market.

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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

Casey Block Services Pty Ltd

Unknown

Regulation

Regulated in Australia

Not regulated

Year founded

2013

2019

Founder

Russell Wilson

Unknown

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Card

Yes

Comparative table

Coinspot	FEATURES	Switchere
Low minimum trade amount ensures accessibility.	Minimum Trade	Switchere offers a low minimum trade amount, making it accessible for beginners or those looking to experiment with small transactions.
0.1% for market trades, 1% for instant trades.	Trading and Transaction Fees	The fees are relatively high compared to industry standards, which might deter frequent traders or those dealing in larger volumes.
Supports over 400 cryptocurrencies.	Number of Cryptocurrencies	Switchere supports a limited but essential selection of cryptocurrencies, suitable for those new to crypto but restrictive for diverse portfolios.
Extensive crypto-to-crypto trading pairs available.	Crypto-to-Crypto Trading Pairs	Offers basic trading pairs; however, it lacks the variety provided by larger exchanges, limiting strategic trading options.
Clear and detailed information, but some fees are high.	Website Transparency	The website clearly outlines fees, processes, and security measures, providing users with the information they need to make informed decisions.
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	Switchere focuses on direct cryptocurrency purchases with fiat and does not provide additional financial tools like a branded exchange card.
Secure wallet services with multi-chain support.	Storage Offering	Offers secure storage solutions, though it might lack some advanced security features available on more specialized platforms.
Offers staking for 23+ coins with competitive APYs.	Staking and Rewards	Limited options for staking and rewards, which could be expanded to encourage longer-term investments and user retention.
User-friendly mobile app available for iOS and Android.	Mobile App and Desktop	Both mobile and desktop platforms are user-friendly and reliable, though they may lack some functionalities expected by advanced users.
24/7 customer support via live chat and email.	Customer Service	Generally responsive and helpful, but some users may experience delays during peak times.
Free AUD withdrawals; small fees for certain deposit methods.	Deposit and Withdraw	The process is straightforward, but the high fees for some operations and limited methods for withdrawal can be a drawback.

Key features

Analysis tools

Basic charting tools

No significant tools, mainly a buying platform

Mobile APP

Security

High 4,9/5

High 4/5

Additional features

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

Instant crypto purchases, staking, Switchere wallet, educational resources

Anonymity

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.

Switchere provides a straightforward and easy-to-use platform that is ideal for beginners. The interface is clean and intuitive, making it easy to navigate and execute trades.

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

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.

Ideal for traders seeking a user-friendly platform with competitive fees and a wide range of supported cryptocurrencies.

Base currencies available

AUD, BTC

EUR, USD, 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.

Switchere provides a secure platform with easy fiat integration and a decent range of cryptocurrencies. It offers competitive fees but lacks advanced trading tools.

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.

Switchere supports various deposit and withdrawal methods, including bank transfers and cryptocurrencies. 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.

Switchere offers a straightforward and user-friendly account registration 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

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.

Switchere offers customer support via email and live chat. The response time is quick, but the support team is not available 24/7, which may be a drawback 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.

Switchere employs robust security features, including 2FA and encryption. 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

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 Tarrasó

As a cryptocurrency expert reviewing various platforms, I find Switchere to be a notably accessible exchange for newcomers to the cryptocurrency market. The platform’s straightforward design eliminates the usual complexities associated with crypto transactions, making it exceptionally user-friendly. For anyone looking to start their journey into cryptocurrencies with minimal hassle, Switchere’s ability to process direct purchases through credit and debit cards offers a significant convenience. However, while it’s ideal for beginners due to its simplicity, more experienced traders might find the limited selection of cryptocurrencies and higher transaction fees a bit restrictive. Therefore, I recommend Switchere for those new to the space or for casual users not looking to engage in more complex trading activities.

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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.

Comparison of Coinspot vs Switchere [ 2024 ]

Coinspot

Switchere

Main points

Recommended for

Comparison of fees

Rating

Level

Brief explanation

Coinspot

Switchere

Product selection

Native token

Earns

NFT marketplace

Cripto/debit card

Company information

Full name

Regulation

Year founded

Founder

Payment methods

Transfers

Mastercard

Wire transfer

Card

Comparative table

Minimum Trade

Trading and Transaction Fees

Number of Cryptocurrencies

Crypto-to-Crypto Trading Pairs

Website Transparency

Credit/Debit Card

Storage Offering

Staking and Rewards

Mobile App and Desktop

Customer Service

Deposit and Withdraw

Key features

Analysis tools

Mobile APP

Security

Additional features

Anonymity

Key points

Available cryptocurrencies

User-friendliness

Value for money

Countries of operation

Best for

Base currencies available

Account

Trading

Deposit and withdrawal

Account opening process

KYC required?

Customer Service

Security

Which of these exchanges is for you?

How do we review crypto exchanges?

Risk Disclaimer

More comparatives Coinspot and Switchere