Pros/ Cons for Coinspot and Coinbase as an Australian Citizen buying Cryptocurrency

This guide will highlight the pros and cons for some Australian Exchanges for Bitcoin/Cryptos. Will have a some history about the exchange company, and a pros and cons list which will help your decision on which exchange to use. If you want to find out the best rate at any given time, You can use this site, but also please DOYR (do your own research

Coinbase (click here to join)

Founded in June of 2012, Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin, ethereum, and litecoin. They're based in San Francisco, California.

List of Pros

• Accepts Credit Card Payments (in AUD) with processing fee
• Can change between USD and AUD value shown.
• Fee transparency - No Hidden Fees (Check your own banking rates for foreign fees if not a US Dollar card)
• Has multiple cryptocurrencies available. (Bitcoin/Litecoin/Ethereum)
• Is instantaneous - Can withdraw immediately
• Generally has the best rates
• Can schedule automatic purchases weekly/monthly/daily to dollar average your investment.
• Is regulated and insured. (More information here)
• Receive $10USD worth of bitcoin when using my link above. (after depositing $100USD or more)

List of Cons

• Has a weekly limit which only increases after a period of time and frequency of purchases.
• You cannot cash out as an Australian Citizen at the time of writing this post.
• It's insurance is only for what coinbase store online.  (More information here)
  

Coinspot (click here to join)

Became live in December 2013. They are a Australian-owned Cryptocurrency Exchange which is has a registered ABN in New South Wales. As the time of writing this post, they have 48 different cryptocurrencies which you can purchase directly after you reload your AUD Wallet.

List of Pros

• Can pay directly with Australian Bank Account with POLi payment system.
• Is Australian-Based company in the New South Wales
• Very active on Facebook
• Is the ONLY Australian Exchange which allows you to purchase a large range of alternative coins with AUD.
• Fee-Transparency. No hidden fees during checkout.
• Has a decent affiliate program which rewards 25% of fees your affiliates incur on the exchange.

List of Cons

• High Fees (between 2-3%) which is not recommended for larger amounts over $1000+
• Only allows Bitcoin deposits. You cannot sell your alternative coins here.
• Very basic interface.
• Most likely no insurance. Would not recommend leaving any coins in this exchange for long-term holding.

Thanks for reading. I hope this helps in some way.

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