Comparer CoinSpot Wallet vs LOBSTR Wallet

Introduction

Choosing the right crypto wallet is crucial, especially when different wallets serve various ecosystems and user needs. In this article, we will compare CoinSpot Wallet and LOBSTR Wallet, two popular wallets that cater to different crypto environments. CoinSpot Wallet is a custodial wallet tied to an Australian exchange, while LOBSTR Wallet is a non-custodial wallet designed specifically for the Stellar (XLM) network. We will compare the design, features, supported assets, security, and usability to help you choose the best wallet for your crypto needs.

Company Background and Purpose

CoinSpot Wallet is integrated into CoinSpot, the largest Australian cryptocurrency exchange, which has been operating since 2013. The wallet is a custodial wallet, providing convenience for users accessing services on the exchange. Users store, send, and receive cryptocurrencies within the CoinSpot ecosystem. CoinSpot Wallet focuses on compliance with Australian financial regulations and simplicity for users.

LOBSTR Wallet, launched in 2014 by Ultra Stellar, is a non-custodial wallet designed specifically for the Stellar blockchain. It supports XLM and various Stellar-derived tokens and is available as a mobile and web app. LOBSTR provides a simple interface for managing Stellar assets, integrating with the Stellar Decentralized Exchange (DEX).

CoinSpot Wallet is ideal for Australian users using the CoinSpot platform, while LOBSTR caters to users managing Stellar-based assets globally.

Wallet Type and Level of Financial Control

One of the most significant differences between these wallets is the custodianship of funds.

CoinSpot Wallet is a custodial wallet, meaning that the exchange controls the private keys on behalf of the user. This setup simplifies access and recovery for users but means the user depends on CoinSpot's security measures.

LOBSTR Wallet is non-custodial, giving users full control over their private keys and seed phrases. While this provides greater control and security, it also places the responsibility for backups and protection on the user.

If integration with an exchange and convenience are your priorities, CoinSpot Wallet is the better option. If you prefer full control over your assets and prioritize security, LOBSTR Wallet is the right choice.

Supported Assets and Blockchain Focus

CoinSpot Wallet supports over 370 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE), and many altcoins. The wallet allows easy interaction with the CoinSpot exchange, providing quick access to token exchanges and fiat AUD withdrawals.

LOBSTR Wallet, however, is focused on the Stellar ecosystem, supporting XLM and Stellar-based tokens such as USDC, AQUA, and MOBI. It enables trading on the Stellar Decentralized Exchange (DEX) and managing trustlines for specific tokens.

While CoinSpot Wallet offers multi-chain support, LOBSTR is ideal for those specifically interested in Stellar-based assets.

User Experience and Accessibility

CoinSpot Wallet is integrated with the CoinSpot platform, making it easy for users to create a CoinSpot account and manage their wallet. It provides a user-friendly experience, even for beginners, allowing users to buy, sell, and store crypto under one roof. CoinSpot also offers AUD withdrawals, which is convenient for Australian users. However, the wallet’s functionality is limited outside of the CoinSpot platform.

LOBSTR Wallet provides a simple, intuitive experience for both mobile and desktop users. It allows easy wallet creation and safekeeping of the seed phrase. Once set up, sending and receiving Stellar tokens, swapping tokens, and managing assets are straightforward. Advanced features like federated addresses, multi-signature addresses, and DEX trading are also available.

CoinSpot Wallet is best for new users or those looking for integration with an exchange. LOBSTR Wallet excels in providing native tools for the Stellar ecosystem.

Security Features and Recovery

CoinSpot Wallet benefits from the security measures of a regulated exchange. CoinSpot is ISO 27001 certified and offers features like two-factor authentication (2FA), withdrawal restrictions, and cold storage for funds. Account recovery is also straightforward through email or customer support, thanks to the custodial nature of the wallet.

LOBSTR Wallet, as a non-custodial wallet, relies on the user to secure their seed phrase. It offers biometric login, 2FA, and Ledger hardware wallet integration for added security. However, if the seed phrase is lost, the funds cannot be recovered.

For maximum security, CoinSpot Wallet offers easy recovery options, while LOBSTR provides more control but requires responsible handling of seed phrases.

Features and Other Tools

CoinSpot Wallet benefits from integration with the full CoinSpot exchange platform, offering:

• Instant buying and selling of cryptocurrencies

• Bundled crypto purchases

• Tax reporting software

• Native AUD support

• Access to an NFT marketplace

LOBSTR Wallet provides Stellar-specific features, including:

• Stellar DEX access

• Asset tracking

• Trustline management

• Federated address system

• LumenSwap for asset conversion

If you're looking for exchange activity and a seamless experience, CoinSpot Wallet is the better choice. For Stellar-focused tools and deeper integration within the Stellar ecosystem, LOBSTR stands out.

Advantages and Disadvantages

CoinSpot Wallet

Pros:

• Integrated with the Australian crypto exchange

• Supports hundreds of cryptocurrencies

• Fiat redemptions and tax instruments available

Cons:

• Custodial—no control over private keys

• Limited functionality outside CoinSpot

• Not ideal for long-term cold storage

LOBSTR Wallet

Pros:

• Non-custodial with full user control

• Stellar-focused with access to DEX and token management

• Easy-to-use for Stellar assets

Cons:

• Only supports Stellar-based currencies

• Recovery depends on seed phrase

• Less suited for cross-chain portfolios

Frequently Asked Questions (FAQ)

Can I use CoinSpot Wallet and LOBSTR simultaneously?

No. CoinSpot doesn’t integrate with the Stellar DEX, but you can transfer XLM from CoinSpot to LOBSTR manually.

Which wallet is more secure?

LOBSTR is more secure from a key control perspective if you manage your seed phrase carefully. CoinSpot offers decent exchange-level security but holds funds in custody.

Do I need to verify my identity for using these wallets?

LOBSTR doesn’t require KYC verification, but some Stellar services may ask for it. CoinSpot requires full KYC verification.

Is LOBSTR available in Australia?

Yes, LOBSTR is available globally, including in Australia.