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 become an extremely popular destination for Aussies to quickly buy Crypto.
However, recently many Australian crypto advocates have started to complain the fee structure on CoinSpot has become too high - making them switch across to cheaper, faster and more efficient options like Independent Reserve.
Below we breakdown the high fees on CoinSpot and compare them to their peers in Australia.
Although CoinSpot boast about having low fees at 0.1% - this is strictly for their 'market order' feature (order book) which has very shallow liquidity and almost no users.
The way 98% of Australians would buy cryptocurrency on CoinSpot is through their instant buy feature, which costs over double what other exchanges charge to buy Bitcoin in Australia.
If you are looking for the safest, fastest and cheapest way to buy cryptocurrency in Australia - we recommend Independent Reserve who are Australia's most trusted exchange. They offer the lowest fees in the country that start at 0.05% - 0.5% making them half the price of a buy or sell order on CoinSpot.
Read more about why they are the best exchange below to buy crypto with Australian dollars through any bank account:
Independent Reserve is Australia’s longest running Bitcoin and cryptocurrency exchange that was recently awarded Cryptocurrency Exchange of the Year. Their platform enables users to instantly buy Bitcoin through their Commonwealth Bank accounts with Australian Dollars and extremely low fees.
Independent Reserve are by far the best and fastest option for Commonwealth Bank customer to purchase Bitcoin and a range of other cryptocurrencies.
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