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Coinspot is a crypto platform based in Melbourne. The exchange provides a secure way to purchase crypto or other altcoins in Australia with a flat 1% trading fee. However, with the increase in the number of crypto exchanges and local competition, there are new exchanges like Coinspot that offer much lower trading fees. If low fees are important to you, continue reading to find out more about our top-rated alternatives to Coinspot to consider.
Best Alternatives To CoinSpot In 2023
These exchanges are reputable alternatives with lower fees compared to CoinSpot:
- Swyftx (best CoinSpot alternative with lower fees)
- Binance Australia (wider selection of altcoins compared to CoinSpot)
- ByBit (0% spot fees to buy and sell)
- CoinJar (alternative to CoinSpot with cheaper AUD deposits)
- Independent Reserve (better exchange for SMSF investors)
- Cointree (user experience is similar but lower fees)
Cryptocurrency Exchanges Like Coinspot
This comparison guide provides an overview of the best Coinspot alternatives to use in Australia with similar features.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|$20 Bitcoin for creating a verified account||Visit Swyftx||Swyftx Review|
|385||0.1% (spot) and 0.02% / 0.04% (Futures)|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|331 (608 trading pairs)||0% (spot), 0.06% / 0.01% (futures)|
|0% trading fees for 30 days (spot only)||Visit ByBit||ByBit Review|
|BTC, ETH, XRP, USDT, ADA and 25 more||0.5% maximum, 0.02% minimum|
|None available at this time||Visit Independen...||Independent Reserve Review|
|BTC, ETH, USDT and 50+ more||1% to instant buy/sell, 0.1% on CoinJar Exchange|
|None available at this time||Visit Coinjar||Coinjar Review|
|160 including BTC, ETH, BNB, XRP, ADA, DOGE||0.5% - 0.9%|
|None available at this time||Visit Cointree||Cointree Review|
Coinspot Alternative Exchange Reviews
Swyftx is one of the best crypto exchanges in Australia and a leading alternative to CoinSpot. The platform has surged in popularity at a faster rate compared to CoinSpot and has over 600,000 users since it was founded in 2019. The team behind Swyftx purpose-designed the platform to better the competition by offering a fast, reliable, and cheaper alternative to CoinSpot and other Australian exchanges that charge high fees and spreads. Swyftx even offers free $20 worth of Bitcoin for signing up with a Swyftx referral code. To claim the bonus, click on this link.
Swyftx is one of the best exchanges for its competitive fees and spreads. The exchange is 100% transparent with its costs to buy and sell which incur a nominal 0.6% fee in addition to a spread charge that averages 1.7%. Compared to the industry average spreads of 4%, the overall trading fees are reasonable when Swyftx is measured against other exchanges.
On the other hand, CoinSpot has a flat 1% trading fee using its broker service. The most used features such as the Instant Buy and Sell, Coin Swap, Recurring Buys, Take-Profit, Stop, and Limit orders will incur a maximum 1% fee. CoinSpot does have its own exchange with lower fees, however, it lacks trading volume and liquidity. The exchange is difficult to find and is not promoted for good reason. Customers are encouraged to use the simple and fast features which will charge the highest fees.
When comparing the spreads between Swyftx and CoinSpot, there is a clear difference in which is cheaper overall. Swyftx has 4 times lower spreads and 2 times cheaper trading fees. The spread fee is often overlooked or not disclosed in trading fees. From the table above, we can see that has an average spread of 1.7% compared to 4% on other exchanges. In short, Swyftx is a superior exchange compared to CoinSpot with significantly lower trading fees and spreads.
Binance is the largest cryptocurrency exchange in the world that offers a place to buy, sell, store, earn, stake, and instantly swap crypto on a feature-rich platform. The exchange has millions of users and is accessible to Australians. The exchange allows AUD deposits and withdrawals directly. Binance is a better alternative to CoinSpot due to its wide offering of products and services. Users from Australia can deposit AUD, speculate on over 300 altcoins, leverage trade, earn interest on crypto, and trade NFTs.
The advanced trading platform provided by Binance is superior to CoinSpot's Exchange in many ways. With a powerful backend and matching engine, traders can fill large position sizes with minimal slippage due to its deep liquidity. For serious crypto traders, Binance has a wide selection of trading pairs against fiat currency, Bitcoin, altcoins, and stablecoin to choose from.
By comparison, CoinSpot Exchange is limited to 15 trading pairs that can be bought and sold against Australian Dollars, with the exception of a single BTC/USDT pair. Overall, Binance is a far better exchange than CoinSpot to buy altcoins in Australia due to its wider selection of markets for crypto traders that want to trade spot, leverage, or Futures contracts.
ByBit is next on this list of CoinSpot alternatives. The trading platform is geared toward serious traders who want to speculate on the markets with leverage. However, ByBit has recently introduced a spot market for Australians to buy and sell crypto. At the time of writing, ByBit is the 7th largest exchange for trading volume and liquidity across the 500+ supported coins on its platform which is far greater than CoinSpot's offering.
The major benefit of considering ByBit as an alternative to CoinSpot is the zero fees on transactions. Across all spot pairs such as BTC/USDT, ETH/USDT, and ADA/USDT, there are no transaction fees. This is a major cost-saving compared to Coinspot which charges 1% for instant transactions or 0.1% using their exchange. There are downsides - ByBit does not have a direct AUD deposit and withdrawal option at the time of writing. Therefore, Australians will need to deposit and withdraw crypto to ByBit and then cash out to AUD using another platform. However, this can still work out much cheaper than using CoinSpot.
CoinJar is one of the longest-standing crypto exchanges that has provided a solid platform for Australians to convert AUD into digital assets. The AUSTRAC-registered company in many ways is similar to CoinSpot, however, there are subtle differences that make it a worthy alternative to consider.
While CoinJar does not boast a large selection of cryptos to buy and sell, it has a streamlined and modern user interface that is better for beginners. The recently upgraded user interface for desktop and mobile is responsive, intuitive, and helpful for new investors. It has similar deposit methods which include POLI, PayID, cash deposit, and Apple and Google Pay which are not offered on CoinSpot. Moreover, the fees for cash deposits are cheaper on CoinJar (1.5% versus 2% on CoinSpot.
When it comes to the trading fees, both CoinJar and CoinSpot are on par. Overall, those who want more flexibility with payment options and reduced fees for cash deposits and cards should choose CoinJar.
5. Independent Reserve
Independent Reserve is a fiat-to-crypto exchange that was founded in 2013 in Sydney, Australia. The exchange is trusted by over 200,000 customers and more than 80,000 SMSF investors to buy Bitcoin with AUD, in a safe and secure trading environment. Customers can deposit funds via bank transfer, POLi, PayID and SWIFT to fund an account and buy/sell up to 24 assets that are securely stored in a top-rated crypto wallet. There are a few deposit and withdrawal fees that should be considered.
The fees on Independent Reserve are much lower when assessed against CoinSpot. The maximum trading fee is 0.5% compared to 1% on CoinSpot which is double. A significant advantage of Independent Reserve over CoinSpot is the trading fee reduction based on volume and a key reason why Independent Reserve is a better option than CoinSpot for its OTC desk and Australian Super Fund investors. Moreover, there is an API that can be used by tax accountants and super fund specialists. This is unique to Independent Reserve and makes it one of the best crypto SMSF exchanges to use.
This advantage over CoinSpot is relevant for investors who want to quickly cash out and sell Bitcoin back to AUD when the time is right. The lower trading fees will maximize the amount of Australian Dollars that is received.
Read our full review on Independent Reserve.
Cointree is our last Australian crypto exchange that offers smaller fees than Coinspot. The exchange has been around for many years and provides a fast and safe way for individuals who would like to invest in Bitcoin and other digital currencies.
The exchange allows its customers to deposit AUD and convert it into a wide range of digital assets such as Bitcoin, Ethereum, Cardano, XRP, and other digital coins with ease. With over 100 digital assets to buy, trade and sell using competitive fees between 0.5% to 0.9%, Cointree is a great choice in Australia.
Read our full Cointree review.
Frequently Asked Questions
There are several exchanges to CoinSpot in Australia that can be considered a like-for-like alternative such as Swyftx, Binance, and Cointree. They offer a similar number of cryptocurrencies and accept AUD deposits.
While CoinSpot has many great features, there are cheaper alternatives to use such as Swyftx and Binance Australia with fees at 0.6% and 0.1% respectively, compared to 1% on CoinSpot.
Coinspot remains a reputable cryptocurrency exchange for those searching for how to buy cryptocurrencies in Australia for new and experienced investors. However, since its launch in 2013, the exchange has not reduced its trading fees and is becoming less competitive in the market. There are now several Coinspot alternatives with lower trading fees that crypto investors in Australia should consider and research for themselves.