Why is CoinSpot so Expensive? (2021)

Summary: Many users believe CoinSpot is expensive because they use the beginner-friendly instant-buy feature, which is a fee of 1% per trade. If you are looking for lower fees, be sure to use the market order feature on CoinSpot, which is 0.1% per trade.
Why is CoinSpot so Expensive? (2021)

Tanya Chen

Senior Editor at Buy Bitcoin Finder
Why is CoinSpot so Expensive? (2021)

CoinSpot Australia Overview

If you are a new investor looking to buy Bitcoin in Australia or Cryptocurrency in Australia, you may have come across the popular exchange CoinSpot. Founded in 2013, CoinSpot has grown to become Australia’s largest exchange with over 1 million users in Australia only.

Their platform offers a wide range of features which include instant buys, market buys, SMSF crypto investing and OTC transactions with low fees for over 250 different cryptocurrencies.

Be sure to read our full CoinSpot Review for more information.

Why is CoinSpot so Expensive?

Compared to other exchanges in Australia, CoinSpot is actually a relatively cheap exchange with fees starting as low as 0.1% on their Market Buy feature. For Instant Buy trades however, CoinSpot charges a 1% fee.

SwyftX offer 0.6% fees for instant trades if that is your preferred feature.

Below we breakdown the two main ways you can trade using the CoinSpot exchange.

CoinSpot Fees Comparison

To help provide perspective within the Australian market, we have prepared a high-level overview of the best exchanges in Australia and their related fees.

CoinSpot Independent Reserve SwyftX
Instant Buy Fees 1% 0.5% 0.6%
Market Fees 0.1% 0.02 - 0.5% Not Available
AUD Deposit Fees Free Free Free
Credit Card Fees Not available Not available 2%
iOS and Android App Image Image Image
Fiat Currencies AUD AUD, NZD, USD and SGD AUD
Website Visit Visit Visit ($10 Free Promo)

Instant Buy with CoinSpot (Most Popular)

The most popular feature on CoinSpot is their instant-buy exchange, which enables users to instantly buy or sell over 250 cryptocurrencies for a 1% fee.

Although this seems expensive, it is still cheaper than SwyftX for example who have a 0.6% fee to deposit AUD into the platform and then another 0.6% fee to trade.

CoinSpot Instant Buy charges a 1% flat fee as demonstrated here


Market Buy with CoinSpot

The other way to trade on CoinSpot is through their 'Market Order' feature, which is a 0.1% fee. If you find that the liquidity is not deep enough to purchase Bitcoin, Ethereum, Dogecoin or any other cryptocurrency on CoinSpot's Market Order feature, you can always use their Crypto OTC Desk.

CoinSpot OTC Fees

CoinSpot OTC trading allows users to buy and sell over $50,000 in any cryptocurrency with better fees and less slippage. The CoinSpot OTC fees are 0.1% in accordance with their fee schedule.

Conclusion

Overall, CoinSpot is a trustworthy exchange for new users to start investing in a wide range of digital assets. It has the best user-interface and mobile app in Australia and is a fantastic option for new users.

While their instant buy fees might be higher than others, their market buy feature is the cheapest in Australia at 0.1% per trade.

Visit CoinSpot