Coinspot is one of the best crypto exchanges within Australia 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 2022
These exchanges are reputable alternatives with lower fees compared to CoinSpot:
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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|
|$10 Bitcoin for creating a verified account||Visit Digital Surge||Digital Surge Review|
|Up to $50 welcome bonus||Visit Binance Au...||Binance Australia Review|
|$10 BTC for creating a verified account||Visit Independen...||Independent Reserve Review|
|160||0.5% - 0.9%|
|$10 bonus after first trade||Visit CoinTree||CoinTree Review|
Coinspot Alternative Exchange Reviews
1. Swyftx (best alternative with lower fees)
Swyftx is our top-rated cryptocurrency exchange and best alternative to CoinSpot. The platform has surged in popularity at a faster rate compared to CoinSpot and has over 550,000 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 the 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 differene 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. For further information, read our comparison on Swyftx vs CoinSpot.
2. Digital Surge (better exchange for beginners)
Digital Surge is a locally owned and operated exchange in Brisbane that provides a fast and easy way to buy and sell digital currency using AUD. The platform has been recently redesigned to emphasize on providing a beginner-friendly place for everyday Australians to get started with crypto assets. This is made clear with its catchphrase, Bitcoin & crypto made simple. There are more than 300 supported coins that are similar to CoinSpot. Moreover, new users can get $10 worth of Bitcoin for free using the Digital Surge referral code. To claim the sign-up bonus, click on this link.
However, there are clear differences with the user interface. Digital Surge is our best pick for beginners due to the visually appealing and easy to navigate interface. The desktop and mobile app version are well-designed to trade crypto, view an overall portfolio or monitor the market.
The entire workflow of creating an account, ID verification, depositing funds and purchasing crypto is an enjoyable experience that can be completed in a few minutes.
The trading fees on Digital Surge are significantly lower compared to CoinSpot. Digital Surge fees for instant buying and selling is a flat 0.5%. In comparison, the fee to instant buy and sell on CoinSpot is double at 1%. An advantage that Digital Surge has over CoinSpot is the fee discounts based on high trading volumes that will suit high net worth individuals. The overall trading fee on Digital Surge can be reduced to 0.1% if the volume exceeds 1 Million AUD in a 30 day period.
Furthermore, the spreads on Digital Surge are 5 times cheaper compared to CoinSpot. The average spread on Digital Surge is 0.4% compared to approximately 2.2% using CoinSpot. For a better alternative to CoinSpot with an improved user experience and lower trading fees, Digital Surge is a great option.
3. Independent Reserve (better exchange for SMSF investors)
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.
Similar to Swyftx and Digital Surge, 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 on Independent Reserve over CoinSpot is the trading fee reduction based on volume. This is 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 to monitor an investor's crypto SMSF portfolio. 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 that want to quickly cash out and sell Bitcoin back to AUD when the time is right. The lower trading fees will maximise the amount of Australian Dollars that is received.
4. Binance Australia (wider selection of altcoins than CoinSpot)
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 for Australian's. 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 create an account with Binance to buy and sell crypto with AUD, speculate on over 300 altcoins, leverage trade, earn interest on crypto and trade NFT's.
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. For further information, read our detailed assessment and comparison between Coinspot and Binance.
5. Cointree (similar features but lower fees)
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 that would like to invest in Bitcoin and other digital currencies.
The exchange allows its customers to deposit AUD and convert 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.
Coinspot remains a reputable cryptocurrency exchange for those searching for how to buy cryptocurrencies in Australia among 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.