In this article, we compare two of the best crypto platforms for Australia that have offer innovative features for Australians to get started with Bitcoin and other digital currencies. In this comparison, we evaluate the features, supported coins, fees, ease of use, mobile app, customer support and security of assets between CoinSpot and Digital Surge.
Common features on CoinSpot and Digital Surge include a fiat-to-crypto service to deposit Australian Dollars (AUD), wide array of supported coins to buy and sell, a beginner-friendly platform and a modern app for Android and iOS devices.
Digital Surge is well-suited for beginners and newer investors that are looking to buy cryptocurrency with fiat. The platform is purpose-built for simplicity and ease of use with a modern app. Similarly, CoinSpot is also geared towards beginners however the fees for instant buy and sell traders and conditional orders are much higher.
This comparison will take a closer look at the differences between CoinSpot and Digital Surge across the major aspects such as supported currencies, features and services, payment methods, trading fees, security and customer support.
CoinSpot vs Digital Surge: At A Glance
|Promotion||$10 Bitcoin for creating a verified account||None available at this time|
|Deposit Method||Bank transfer, POLI, PayID & BPAY||POLI, PayID, BPAY, Cash Deposit & crypto|
|Max. Trading Fee||0.5%||1%|
|Instant fiat withdrawals||Yes||N/A|
|Live Chat Support||Yes||Yes|
|Staking||No||Yes (22 assets)|
Visit Digital Surge
|Review||Read our full Digital Surge review||Read our full CoinSpot review|
CoinSpot is an Australian-made cryptocurrency exchange that was established in 2013. Founded in Melbourne, CoinSpot has grown to become one of the largest digital currency marketplaces in the country with more than 2 million users. CoinSpot supports more than 350 cryptocurrencies that can be bought, traded and sold using Australian Dollars. The AUSTRAC and Blockchain Australia certified exchange is ideal for newer investors that are looking to invest in the cryptocurrency market.
The best feature of CoinSpot is the hassle-free instant buy and sell platform. Individuals can browse the supported coins and complete a cryptocurrency purchase in a matter of minutes without any complicated charts or processes. There is even the option of dollar cost average and coin bundles that lowers the barrier for newer investors in the industry.
- Tried and tested cryptocurrency exchange in Australia
- Simple to use platform and mobile app
- Variety of AUD deposit options with no fees
- Over 350 digital currencies to choose from
- Support for SMSF investors and OTC
- Above market fees to use the instant Buy/Sell, advanced orders and recurring orders
- Lack of features on CoinSpot Exchange for experienced traders
- Poor liquidity on CoinSpot Exchange which adds slippage and higher spreads
On the other hand, Digital Surge is a newcomer to the industry that brings a modern, fresh and intuitive platform and mobile app for investing in cryptocurrencies. Digital Surge supports over 300 digital currencies that can be bought with ease using AUD via POLi or PayID through Australian Banks. The strength of Digital Surge is the beginner-friendly user experience and excellent customer support with a 4.8/5 star average based on 354 customer reviews.
The entire account creation and ID verification process is a breeze and can be completed in minutes. The advantage of Digital Surge in the market is the world-class mobile app and desktop user experience. With a modern and sophisticated interface, buying and selling crypto is straightforward that will suit beginners and experienced investors alike.
Digital Surge Pros:
- AUSTRAC regulated and ASIC licenced crypto exchange
- Modern and intuitive design that is simple to use and manage a portfolio
- Instant AUD deposits and withdrawals direct to a bank account
- Competitive fees from 0.5% and low spreads in the market
- Local and responsive customer support team
Digital Surge Cons:
- Does not support credit and debit cards to purchase crypto
- No cryptocurrency staking or savings accounts to earn interest
- Does not offer a demo mode to practise crypto trading
There are several differences between CoinSpot and Digital Surge that will determine which exchange is better for the individual. CoinSpot is geared towards providing a secure and beginner-friendly onramp for Australians to get started with the cryptocurrency market and convert AUD into cryptocurrencies such as Bitcoin, Ethereum and XRP. There is even support to buy popular DeFi and meme-coins such as Yearn Finance, Dogecoin and even buy Shiba Inu.
CoinSpot is a well-balanced platform that will appeal to newer investors that want to quickly buy and monitor a crypto portfolio. It is also one of the most secure exchanges that features bank-like security measures for investors that want to store their assets on the exchange temporarily.
The most desirable features on CoinSpot that will appeal to a broad range of investors in Australia include:
- An easy-to-use exchange to buy and sell crypto
- Simple and visually appealing user interface to monitor a portfolio
- Variety of AUD deposit measures that includes BPAY and Cash deposits
- Over 350 supported cryptocurrencies
- Instant buy Bitcoin or sell to quickly back to AUD
- Top security measures and secure wallet that has never been compromised
- Support for OTC and SMSF investors
- Coin bundles and recurring orders
- Marketplace to buy NFTs
One of the biggest differences between the exchanges is the ability to stake cryptocurrencies on CoinSpot. The exchange has introduced the option to stake Proof-of-Stake (PoS) assets by transferring them to a staking wallet. CoinSpot currently supports 22 digital currencies which can be staked.
In comparison, Digital Surge is one of the best alternatives to CoinSpot which is a go-to destination for Australian traders and investors alike that are looking for a cheaper alternative. The advantage of Digital Surge is the low trading fees which start from 0.5% and reduce with higher trading volume. The spreads are also amongst the most competitive in the local market.
The design of the website and mobile app is cutting-edge with a sleek design that will appeal to all users. The user experience for browsing the supported assets, charting, placing orders and monitoring the overall portfolio performance is second to none.
CoinSpot has one of the widest selections of cryptocurrencies that can be bought and sold with AUD. There are currently over 350 coins that can be traded using the instant buy and sell option. Although, the number of trading pairs on the CoinSpot exchange is limited to 15.
In contrast, the number of cryptocurrencies on Digital Surge is slightly less at 301 listed coins. However, the platform lists the major assets in terms of market capitalization and popularity. For a wider variety of coins to buy and sell, CoinSpot has a bigger selection to choose from.
CoinSpot uses two different fee models for the instant buy and sell tool, or the exchange. The fee to instantly convert AUD into a cryptocurrency is a flat 1% compared to 0.1% on the Market. Moreover, using recurring orders in a dollar-cost-averaging strategy will incur a 1% fee. For advanced orders to manage trade risk such as take profit, stop loss and limit orders, there is a 1% fee.
In contrast, Digital Surge uses a tiered fee model that is calculated based on the rolling 30 days trade volume. For trading amounts less than $100,000 per month, the trading fee is 0.5% for buy and sell trades. The lowest fee available is 0.1% for more than 1 million in trading volume within a month.
In short, the fees on Digital Surge are much cheaper for the majority of users on the exchange. While there is the option of 0.1% fees using CoinSpot's Exchange, there is a very limited number of trading pairs. This is by design as it encourages individuals to use the instant buy and sell platform for a 1% fee which is very expensive in the market.
Winner: Digital Surge.
Ease of Use
CoinSpot is designed for new investors and beginners due to its beginner-friendly website and mobile application. Navigating the platform is clear and simple for investors that are not familiar with using a cryptocurrency exchange. Getting started with CoinSpot is fairly intuitive and can be completed in a matter of minutes.
The dashboard has a clean chart that shows the overall portfolio performance of the coins in a wallet. A useful feature is the top movers for the day which provides a visual snapshot of coins with the largest daily gain. Likewise, the coins with the largest decline in a 24 hour period are also shown.
The buy and sell crypto is one of the most used features on the exchange due to its convenience and simplicity. For example, if a user wants to buy Bitcoin, the asset can be quickly selected from the list to display a simple order form to enter the amount of AUD to spend. The equivalent amount of Bitcoin is displayed at the current market rate. The trading fee is not displayed which is a negative.
In contrast, the user experience on Digital Surge is modern and visually appealing to the eye with a clean and sophisticated design. The dashboard provides a portal into the performance of the portfolio which is similar to CoinSpot and can be adjusted based on selected timeframes. There is also a coin top movers section and the option to add coins to a watchlist which is a useful feature. In addition, there is a news feed and Digital Surge blog that links to relevant articles for investors or beginners to learn about basic trading strategies.
The overall process of buying and selling crypto on Digital Surge is well-designed. There is a live chart that shows the coin prices in AUD with basic stats such as the market cap, 24-hour volume and market sentiment indicator (bullish or bearish). This feature works like a visual fear and greed index tool to show the relationship between extreme crypto buying and selling. The order window has the option to place market and limit orders with pre-defined buttons to choose an amount to spend. Overall, the user experience and ease of use on the Digital Surge platform are far superior with an abundance of features and market insights compared to CoinSpot.
Winner: Digital Surge.
CoinSpot and Digital Surge offer mobile apps that are supported on iOS and Android mobile devices. The former has recently offered its app for existing users which is modern, intuitive and responsive. The majority of the features on the desktop version are available which is useful for monitoring a portfolio at any time. The process to buy and sell crypto is streamlined and suitable for beginner investors.
The Digital Surge app is also very modern and sophisticated with single tap navigation to select a cryptocurrency to buy or sell, monitor the portfolio balance and withdraw AUD to a bank account. The overall user experience and features are similar to the CoinSpot app albeit with a different design. However, there are unique features on the Digital Surge that provide a better user experience such as :
- In-app live chat feature to contact the customer support team
- Ability to set price alerts
- Pre-populated amounts for quick purchases
- Trading fees are shown underneath orders
Ultimately, deciding which has the better mobile application comes down to personal preference, however, there are a few more features available on the Digital Surge app that make it stand out in this comparison category.
Winner: Digital Surge.
Coinspot has a live chat feature to directly communicate to the customer support team. The chat is available 24 hours a day on weekdays and 9am - 5pm on weekends. The response time based on our experience was between 5 and 7 minutes which is reasonable. Moreover, CoinSpot has good feedback from existing customers with a 4.5/5 star rating based on 1,724 reviews.
Similarly, the customer support team at Digital Surge can be contacted through a live chat app or via email. The response time of the live chat app was tested and a response from a person was received within 1 minute. Based on feedback from the community, the overall customer service is excellent according to review sites such as TrustPilot and Reviews.io.
Winner: Digital Surge.
CoinSpot is a leading cryptocurrency provider within Australia that achieved the internationally recognized ISO 27001 certification for information security. This means there is a low risk that personal information that is stored on the exchange to comply with KYC requirements will be compromised. Other security measures include Two-Factor Authentication (2FA), custom withdrawal restrictions and session timeouts. To date, CoinSpot has never been breached or hacked which is a good sign.
Likewise, Digital Surge has never been hacked and includes industry-standard security measures such as 2FA, a combination of hot and cold wallet storage and conducts regular security audits. A unique feature that can be toggled is 'external crypto send' which is an additional layer of security to control withdrawals. This setting can be left turned off which means crypto cannot be sent to another digital wallet.
Based on our comparison criteria, Digital Surge scores higher than CoinSpot which rated higher in important categories such as ease of use, trading fees and customer support.
|Ease of Use||Digital Surge|
|Mobile App||Digital Surge|
|Customer Service||Digital Surge|
Verdict: CoinSpot or Digital Surge?
CoinSpot and Digital Surge are reputable exchanges in Australia that provide an excellent onramp for individuals and SMSF investors to get started with cryptocurrencies. There are many similarities between the exchanges such as zero-fee AUD deposit options, over 300 cryptocurrencies to choose from and feature-rich mobile apps.
CoinSpot is the stronger exchange when it comes to features and supported coins with a greater selection to choose from. A unique aspect of CoinSpot is the ability to earn passive rewards through staking Proof-of-Stake tokens which is currently not available on Digital Surge.
On the other hand, Digital Surge is a sophisticated and well-design platform that offers one of the cheapest options in Australia for buying and selling crypto. Combined with its modern and intuitive mobile app, multi-layered security measures and suitability for beginners and experienced users alike, Digital Surge is a great option.
Final verdict: Overall, Digital Surge is the clear winner compared to CoinSpot due to its lower trading fees, modern mobile app, a good selection of 300+ coins and excellent customer support.