Summary: CoinSpot is one of the most expensive exchanges in Australia with a 1% flat fee charge on all instant trades. The cheapest Australian alternative is eToro who charge zero commissions on cryptocurrency trading via their platform.
Why is CoinSpot so Expensive?
CoinSpot is one of the older crypto exchanges in Australia and as such, they have maintained their trading rates at just over 1% per trade. This is extremely high when compared to industry competitors such as eToro, who charge 0% commissions on crypto trades.
If you are looking to buy Bitcoin, Ethereum, Solana or another cryptocurrency with low fees, it is recommended you find an alternative Australian exchange.
The table below provides a high-level overview of the various fees on the CoinSpot cryptocurrency exchange. To provide perspective, we have compared their fees against two local competitors in eToro and SwyftX.
|Available Markets||Cryptocurrency Only||Crypto, Stocks, ETFs, Gold and Commodities||Cryptocurrency Only|
|Instant Buy Fees||1%||0%||0.6%|
|Market Buy Fees||0.1%||0%||0.6%|
|Website||Visit CoinSpot||Visit eToro (Lowest Fees)||Visit SwyftX|
CoinSpot Trading Types
Although CoinSpot’s fees seem expensive at first glance, they actually offer a variety of different trading types with different fee structures.
For example, their market order feature costs 0.1% in fees per transaction. It is important to note that they only have 10 different cryptocurrencies available via market orders. If you want to instant buy with CoinSpot, it will always be 1% per transaction.
For more information, read our extended CoinSpot Review.
Why are CoinSpot Prices Higher?
You may notice that when you got to sell a cryptocurrency on CoinSpot, the price you get for the asset when compared to other exchanges is quite low. This is because CoinSpot charge a stealth fee by having ‘wide spreads’.
Having a wide spread essentially means the price to buy a cryptocurrency like Bitcoin is higher than other exchanges, then also lower when you sell. An example of this is:
- eToro price to buy Bitcoin is $40,000 and their price to sell Bitcoin is $39,900 – resulting in a $100 spread.
- CoinSpot price to buy Bitcoin is $40,500 and their price to sell Bitcoin is $39,500 – resulting in a $1,000 spread.