Coinstash Review

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A new cryptocurrency exchange that has launched in Australia is Coinstash. Focused on simplicity and ease of use with more than 170 digital assets to buy and sell, Coinstash is gaining momentum in the local community. In this CoinStash review, we examine and compare its features, trading pairs, charting interface, fees, mobile app, security and customer support.

https://coinstash.com.au/

HedgewithCrypto Score

4/5

Trading Fees:0.85%

Country:Australia

Currency:AUD

Promotion:None available at this time

Ease of use

Reputation

Deposit methods

Fees

Visit Coinstash

Our CoinStash Review - Quick Verdict

The advantage of Coinstash is a beginner-friendly user interface that streamlines the onboarding process from account creation and verification to purchasing crypto. PayID and bank transfers are commonly available AUD deposit methods with zero fees which are two main methods to deposit AUD which are accessible to most Australians with a bank account. On the flip side, the trading fee of 0.85% is quite expensive and not ideal for beginners that want to get started with crypto. For a comparison of Coinstash against the best crypto exchanges in Australia, read this article.

Coinstash Overview

Coinstash is an AUSTRAC-registered crypto exchange based in Australia that has been purpose-built to appeal to new investors and beginners. The platform features a simple to use and modern exchange for individuals to buy and sell over 170 coins. The fees are a little expensive and there is no mobile app to place trades or monitor a portfolio on the move.

Based on customer feedback on reputable sites such as Trustpilot, Coinstash appears to be a legitimate and reliable service for buying and selling crypto. Coinstash has been mentioned in the media by prominent sources such as Australian Fintech and the Australian Financial Review (AFR).

Other notable features of the Coinstash platform are:

• AUSTRAC licensed cryptocurrency platform in Australia
• Near-instant AUD deposit method using PayID and also bank transfers
• A simple and user-friendly trading experience for all levels of expertise in crypto investing
• Supports Australian Super Fund investors (SMSF)
• Highly responsive customer support team with a live chat feature

Is Coinstash Safe?

Coinstash mentions that it provides industry-leading data security. Apart from 2 Factor Authentication (2FA), there is no information on the exact security measures implemented to protect customer's personal information. Likewise, Coinstash does not disclose what security features are used to minimize the risk of hackers compromising funds held by the exchange.

While Coinstash has not been hacked since it was founded in 2020, it is difficult to ascertain whether Coinstash is a safe and trustworthy exchange due to the limited information on its security measures, the company and its founders.

Features & Services

In an age of cryptocurrency exchange hacks and fraudulent activity, using a reputable and registered provider is essential. Within Australia, any company that provides digital currency (cryptocurrency) exchange (DCE) services must be registered with AUSTRAC. According to the website, Coinstash is registered with AUSTRAC and should therefore abide by the strict requirements around money laundering and terrorism financing to protect customers. Coinstash does have a mandatory Know Your Customer (KYC) process before customers can deposit AUD in line with these requirements.

Coinstash has a wide selection of cryptocurrencies that can be bought and sold on the platform. In total, there are over 170 digital assets supported on Coinstash at the time of writing. Compared to other platforms in Australia, the number of supported coins is excellent and will suit various types of investors. There is also the option to favorite coins that are shown on the main dashboard for quick access.

Coinstash Bundles is a great feature that allows its users to diversify a crypto portfolio. The bundles are essentially a collection of crypto assets by category that can be purchased in a single transaction. This is a cheaper alternative than purchasing individual coins of the same type. For example, there are bundles for DeFi coins, exchange tokens, meme coins and stablecoins.

The Coinstash dashboard, portfolio viewer and price charts of each asset are visually appealing for beginners. The prices of each coin are displayed in Australian Dollars (AUD). The portfolio is updated daily for individuals to monitor how their assets are performing. Live updates would be better, however, is still a useful feature when logging into the platform.

The funding options to deposit a Coinstash account with AUD include using PayID or a bank transfer from an Australian bank. These payment methods do not include any fees. PayID is near-instant and involves using a unique Coinstash PAYID email address that is linked to the person's account. There is no requirement to enter a payment description.

A benefit of using Coinstash its simplicity. Once funds are deposited to the exchange, the process to convert AUD into cryptocurrency is very easy. There are no complicated menus or technical charts to understand. The orders are filled using a market order at the available rate. Experienced traders that use limit orders will not find these features on Coinstash, however, it appears this feature will be available soon.

The trading fees are shown underneath the amount to provide full transparency of the amount of crypto that will be received. The rates do not appear to be locked once the transaction has been entered. Users will therefore need to complete the purchase quickly otherwise an error will appear.

At the time of writing, users on Coinstash are limited to buying and selling crypto using Australian Dollars only. There is no option to swap crypto-to-crypto directly on the platform and will need to find another trading platform. This is a big disadvantage for investors that want to trade Bitcoin into Ethereum or another altcoin. They will need to either convert back to AUD then purchase the altcoin and incur additional fees, or transfer to an exchange that supports crypto swaps.

Coinstash Compared

Coinstash provides the basic features for investors in Australia to get involved with the cryptocurrency market. Alternate exchanges like Coinstash that offer similar features are shown below for a comparison of the number of supported assets, trading fees and our overall rating.

Exchange	Crypto Assets	Trading Fees	Rating	Promotion	Website	Review
Swyftx	320+	0.6%	Rating 4.8/5	$20 Bitcoin for creating a verified account	Visit Swyftx	Swyftx Review
Binance	600+	0% to 0.1%	Rating 4.8/5	Up to $100 welcome bonus	Visit Binance	Binance Review
CoinSpot	370+	1% for instant buy and sell	Rating 4.7/5	None available at this time	Visit CoinSpot	CoinSpot Review

Verification Requirements

Coinstash is a licensed exchange with AUSTRAC and enforces mandatory Know Your Customer (KYC) processes to minimize the risk of fraudulent account access and financing criminal activity. New customers that create an account with Coinstash will be prompted to verify an account before depositing funds. A valid ID document number and facial recognition is part of the ID verification process which takes a few minutes to complete.

Funding Methods

The supported methods to transfer Australian dollars to a Coinstash account are PayID and bank transfers. The most popular option is PayID which has a near-instant processing time and there are no fees involved. For new accounts, the first deposit using PayID can take up to 24 hours according to the website.

Individuals that own cryptocurrency can transfer their assets to Coinstash to sell back to AUD. Like most exchanges, the user will select the asset to deposit and generate a unique QR code to send the crypto from their hardware wallet or another trading platform. The speed to transfer crypto to Coinstash depends on the coin, network congestion at the time and the number of confirmations required.

Trading Fees

Coinstash uses a flat fee structure of 0.85% for buy and sell trades which is inclusive of GST. There are no fee discounts for trading higher volumes which places the fees at the higher end of the market. In comparison to other exchanges in Australia such as CoinSpot and CoinJar, the instant AUD to crypto fees are cheaper. Alternative platforms such as Swyftx, Independent Reserve and Digital Surge have fees below 0.6%. Overall, the fees on Coinstash are competitive but there are similar platforms that offer better value for money.

Customer Service

Based on our experience, the customer support option using the live chat is responsive and replied within a few minutes on a weekend. There are also guides and FAQs on the website, however, the depth of information on the website is fairly limited compared to other platforms. Coinstash has a 4.7/5 star rating based on 257 customer comments on Trustpilot, which is a good sign of a reliable crypto exchange. Many of the comments from existing users are brief and have been invited, although the positive feedback is a great indicator for a relatively small exchange.

Coinstash Alternatives

Coinstash is an appealing crypto exchange that provides the basic exchange for Australians to buy and sell crypto directly with AUD. If Coinstash does not live up to expectations, there are several alternative exchanges with similar or better features that can also be considered.

• Swyftx. The Brisbane-based crypto exchange is our top-rated exchange in Australia. The platform features a wide range of cryptocurrencies, advanced trading features, dollar-cost averaging, staking and taxation tools.
• CoinSpot. A highly reputable and secure exchange that is well-established in the Australian community. With over 2 million users nationally, CoinSpot is a suitable alternative to CoinStash as it provides similar features, number of coins and trading experience.
• Digital Surge. Digital Surge is another alternative to CoinStash which is best known for its innovative and well-designed platform for beginners. A major benefit of Digital Surge is the instant AUD deposit and withdrawals and its mobile trading app. In contrast to CoinStash, the trading fees on Digital Surge are one of the lowest in the country.
• Cointree. Another popular exchange in Australia for buying and selling crypto is Cointree. The trading fees on Cointree are comparable to CoinStash which ranges from 0.5% to 0.9%.
• Easy Crypto Australia. Easy Crypto Australia is a safe and reputable non-custodial exchange. Investors have peace of mind when buying crypto as the assets can be sent directly to a hardware wallet.

Conclusion

To conclude our review, Coinstash is very easy to use and offers a great selection of assets that will appeal to various types of investors. The overall design and trading experience are modern, streamlined and intuitive. However, the trading fees of 0.85% is a negative. Overall, Coinstash is a good choice to get started with crypto in Australia, however, advanced traders and experienced investors will be disappointed with the lack of features and fee discounts.