Digital Surge vs Coinspot | Best Australian Exchange Today?
Jack Moreau
Apr 2024
8 min read
Fact checked
Digital Surge vs Coinspot: In this comprehensive comparison, we analyse the key features and offerings of both exchanges to help you make an informed decision. From user experience to security measures, trading fees to customer support, we delve into every aspect that matters. Whether you're a beginner or advanced trader, read on to find out which platform suits your cryptocurrency trading needs better - Digital Surge or Coinspot.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
While both Digital Surge and Coinspot are Australian-based cryptocurrency exchanges. they differ in several aspects.
Digital Surge was founded in 2017 by John Lehman and Dan Rutter and is a small company with a workforce of over 20 employees. It is registered and based in Brisbane, Australia. The exchange is available only to Australian and New Zealand residents.
Digital Surge exchange
Digital Surge aims to provide a user-friendly and accessible platform for users, particularly beginners, to buy, sell, and trade cryptocurrencies. The exchange emphasises simplicity, security, and customer support.
Digital Surge app
Coinspot was founded in 2013 by Russell Wilson and is registered and headquartered in Melbourne, Australia. With over 20 employees, Coinspot is a popular cryptocurrency exchange in Australia that targets mainly beginners seeking to invest in cryptocurrencies and NFTs.
Coinspot exchange
It provides an easy-to-use platform for Australians to buy, sell, and trade over 400 cryptocurrencies. Coinspot's services are available for mobile users on both Android and iOS platforms, with over 100,000 downloads.
While both Digital Surge and Coinspot operate in Australia, the key difference lies in their user base and accessibility. Digital Surge is estimated to have less than 50,000 users, whereas Coinspot boasts over 2 million Australian customers.
Coinspot app
In terms of cryptocurrency support, both Digital Surge and Coinspot supports over 300 cryptocurrencies including popular ones such as Bitcoin, Ethereum, Solana, Avalanche, Cosmos, Polkadot and many others.
Digital Surge vs Coinspot KYC Requirements
Starting with Digital Surge, the signup process is smooth and fast. All you need is an email and password to open an account. Once you've provided these details, you're good to go. However, if you want to buy and sell cryptocurrencies on Digital Surge, you'll need to pass the Know Your Customer (KYC) process.
KYC is a requirement for users on Digital Surge. This means that you'll need to provide an Australian phone number, along with personal information and a valid government ID. Once you've submitted these documents, you can expect to get verified within 5-10 minutes, assuming all the information is accurate.
Digital Surge KYC
Now let's turn our attention to Coinspot. Signing up to Coinspot is also quick and easy. All you need to do is provide an email and password to create an account.
Once you've done that, you'll receive an email verification code to confirm your account. With just a few clicks, your Coinspot account is created. However, in order to use the services offered by Coinspot, you'll need to go through the KYC process.
Coinspot KYC
This involves providing personal information such as your full name, address, and an Australian phone number. Note that if you're not a citizen of Australia, you won't be able to complete the KYC process on Coinspot.
Once you've uploaded the required documents for KYC verification on Coinspot, and assuming there are no errors, you can typically expect to be verified within 1-2 business days.
Digital Surge vs Coinspot Crypto Products
Digital Surge and Coinspot are both cryptocurrency exchanges that cater to beginner traders. However, they differ in terms of their product offerings and user experiences.
Digital Surge offers a simple range of products including basic buy, sell, and swap services for over 300 cryptocurrencies. They also provide a recurring buys feature for dollar cost averaging and allow users to set price alerts.
Digital Surge cryptocurrencies
The user experience on Digital Surge is pretty decent with a well-designed website that is easy to navigate, particularly for beginners. The exchange has also made the process of signing up, verifying accounts, and conducting basic cryptocurrency trades very simple.
Digital Surge portfolio view
It's worth highlighting that Digital Surge's product range is very limited compared to other exchanges, making it less suitable for experienced traders looking for a wider variety of products and services. Additionally, as a smaller exchange, Digital Surge have lower liquidity and higher spreads, which results in more expensive trading.
Digital Surge recurring buys
Coinspot also focuses on providing a user-friendly experience for beginners. The exchange offers spot trading for Bitcoin and numerous other cryptocurrencies, as well as a swap service to convert one cryptocurrency for another.
Coinspot spot trading
Coinspot has also developed its own NFT marketplace, where users can list, buy, sell, and trade NFTs. Additionally, Coinspot features an OTC desk for higher net worth individuals to purchase cryptocurrencies in larger amounts.
Coinspot NFTs
The user experience on Coinspot is excellent, with a well-designed website that simplifies cryptocurrency trading and navigation. However, for those seeking a wider range of products and services, Coinspot will not meet their requirements.]
Coinspot dashboard
So while Digital Surge and Coinspot are both beginner-friendly exchanges with user-friendly interfaces, we give the edge to Coinspot as it offers a few more features.
When it comes to trading fees, Digital Surge and Coinspot have their own unique fee structures.
Digital Surge charges a 0.5% transaction fee whether you're buying or selling cryptocurrencies. Unlike some other exchanges, Digital Surge does not offer any discounts or rebates for high volume trading. This means that regardless of how much you trade, everyone pays the same fee.
Digital Surge swap fees
On the other hand, we have Coinspot which that takes a different approach to trading fees. For spot trading, which includes maker, taker, and transactions via their OTC desk, Coinspot charges a 0.1% fee.
However, things change when it comes to instant buy, swap, or recurring buy orders. In these cases, the fees are a much higher 1%, which is ten times higher than the spot trading fee. Similar to Digital Surge, Coinspot also does not offer any rebates or discounts for high volume traders.
Coinspot buy and sell crypto
Coinspot is thus the much cheaper exchange to use for Australians that wish to spend as little money as possible on trading fees!
Digital Surge and Coinspot are both exchanges that support fiat deposits for Australian dollars (AUD). However, they differ in terms of the deposit methods and fees they offer.
Digital Surge allows users to deposit AUD through two methods: PayID (bank transfer) and POLi. PayID is a fast and free option that enables users to deposit money in as little as 60 seconds. On the other hand, deposits made through POLi have a daily limit of $8,000 and come with a small transaction fee.
Coinspot offers a variety of deposit methods for AUD deposits. Users can deposit funds via Poli, PayID, Direct Deposits, BPAY, cash, or credit/debit card. Poli, PayID, and Direct Deposits are all free of charge to use.
Coinspot fiat deposits
However, deposits made through BPAY incur a 0.9% fee. Cash deposits come with a higher fee of 2.5%. Lastly, deposits made through credit/debit card have a fee of 2.58%.
In terms of deposit options, Digital Surge provides two straightforward methods, while Coinspot offers a wider range of options for users to deposit AUD.
When it comes to withdrawal options and fees, Digital Surge allows users to withdraw their AUD (Australian Dollars) either via NPP/Osko withdrawals or through a normal bank transfer process. The minimum withdrawal amount is $20, and the good news is that it is free of charge.
However, when it comes to withdrawing cryptocurrencies, for Bitcoin withdrawals, users are required to pay a fee of 0.0002 BTC, and for Ethereum withdrawals, the fee is 0.006 ETH. Solana withdrawals come with a 0.01 SOL fee, and if users wish to withdraw ERC-20 Tether, they will have to pay a $7 USDT fee.
On the other hand, Coinspot also only allows users to withdraw AUD as the fiat currency. Luckily, withdrawing AUD from the exchange is free of charge.
When it comes to withdrawing cryptocurrencies, Coinspot does charge varying fees based on the blockchain being used. For Bitcoin withdrawals, there is a fee of 0.0002 BTC.
Coinspot crypto withdrawal fees
Ethereum withdrawals come with a fee of 0.0018 ETH while Solana withdrawals have a fee of 0.02 SOL. If users wish to withdraw ERC-20 Tether, they will have to pay a fee of 7 USDT.
In conclusion, Coinspot has a much larger user base than Digital Surge with over 2 million Australian customers compared to Digital Surge's estimated less than 50,000 users.
The two exchanges are tied when it comes to cryptocurrencies as both Coinspot and Digital Surge offer over over 300 cryptocurrencies.
When it comes to the signup process and KYC requirements, both exchanges offer quick and easy signup processes and require KYC from their users.
Both exchanges requires users to provide an Australian phone number and personal information, along with a valid government ID for the KYC process.
When it comes to trading fees, Coinspot has the clear advantage as Digital Surge charges a flat 0.5% fee on all trades, while Coinspot charges a lower spot trading fee of 0.1%.
When it comes to deposit methods, Digital Surge allows users to deposit AUD through PayID and POLi, while Coinspot offers a wider range of deposit options, including Poli, PayID, Direct Deposits, BPAY, cash, and credit/debit card.
Coinspot is overall the better exchange as it offers lower fees, more products and an overall better UX than Digital Surge.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
