If you are just starting your crypto investing journey and are looking to purchase some bitcoin or other cryptocurrencies in Australia, then you may have read about CoinSpot on the Internet. It is an online cryptocurrency exchange that was established in 2013 and has only seen incredible growth since then.
Today, CoinSpot is the largest exchange in Australia with more than 1 million users. CoinSpot provides traders and investors with a variety of features, including market buys, instant buys, OTC transactions, and SMSF crypto investing for over 250 cryptocurrencies.
CoinSpot Fees Summary:
If you are wondering what kind of fees are there on the CoinSpot platform and how much are they, then read through this section. We will talk about two kinds of fees; trading fee and deposit fee.
As the name suggests, this kind of fee is levied when you trade a digital asset through the CoinSpot platform. There are five main types of trading fees given below:
- Market Orders: 0.1% Fee
- OTC: 0.1% Fee
- Instant But, Sell & Swap: 1% Fee
- Take Profit, Stop and Limit Orders: 1% Fee
- Recurring Buy: 1% Fee
This is the fee charged when you deposit AUD into your CoinSpot account to trade digital assets; there are five types of deposit methods given below:
- PayID, POLi, Direct Deposits: Free
- BPAY: 0.9%
- Cash: 2.5%
Is CoinSpot Expensive?
Seeing the 1% fee for the instant buy/sell, which is CoinSpot’s own exchange where you buy and sell crypto to and from CoinSpot, you might think that it’s a lot. However, this is only charged if you want to get the benefit of instantly buying or selling over 250 cryptocurrencies listed on their platform.
This fee is not charged when you buy/sell from the market (traders just like you). Then you only have to pay a 0.1% fee, which is a lot cheaper than most exchanges in Australia. Even Swyftx charges a 0.6% trade fee (0.5% more than CoinSpot).
Market Buy Using CoinSpot:
As mentioned above, you can purchase Bitcoin and other cryptocurrencies from the market using the Market Order feature, where only a 0.1% fee will be charged. However, the trade volume for less popular coins might not be very high, and the liquidity may not be very deep. This is because you depend on other traders to fill up your orders and not the exchange itself.
Still, you can try using the OTC (Over-The-Counter) feature to buy or sell your choice of cryptocurrency at only a 0.1% fee. It allows you to buy or sell over $50,000 worth of cryptocurrency with less slippage and better fees than their Instant Buy/Sell feature.
CoinSpot is not just the largest but also a very trustworthy crypto exchange platform out there. It is perfect for beginners who just want some crypto in their wallets without going through a lot of hassles or paying hefty fees.
With a user-friendly interface and lower than the industry’s average fee on Market Orders, CoinSpot is definitely worth a try.