Summary: The CoinSpot exchange has different fees for deposits, withdrawals and trading, depending on what method you use. For example, when it comes to trading fees, Market Orders only incur a small 0.1% fee, but for Instant Buy orders, there's a 1% trading fee. The same rule applies for different deposit methods and withdrawal methods on CoinSpot.
- Market Order Fees 0.1% and Instant Buy Fees 1% per trade.
- AUD deposit & withdrawal fees vary depending on payment method. PayID/Osko is the free and recommended method.
- Tighter spreads and lower fees available via OTC for institutional investors and orders over $100K.
Is CoinSpot an expensive exchange?
Not at all, in fact, CoinSpot it is the most affordable cryptocurrency exchange in Australia. This is because it offers multiple free AUD deposit methods and it offers the cheapest 'Market Buy' orders in Australia at a competitively low 0.1% per transaction. However, this feature is only available for selected tokens including Bitcoin, Ethereum and 13 other cryptocurrencies.
Difference between Instant Buy and Market Buy
There are two ways to purchase cryptocurrencies on CoinSpot, through the Instant Buy feature and the Market Buy feature. Refer to the below for a quick summary of the differences between these two trading features.
- The Instant Buy feature allows users to buy and sell all of the supported tokens on CoinSpot for a set price, chosen by CoinSpot for a 1% fee.
- The Market Buy feature allows users to buy and sell 15 tokens on CoinSpot with other users for prices determined by the seller for a low fee of 0.1%.
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Does CoinSpot have subscription fees?
At the time of writing, CoinSpot does not charge any subscription fees to maintain an account on their platform. This means it is completely free to open and maintain an account on CoinSpot. The only time you will need to pay fees on the exchange is when you buy/sell a token, withdraw crypto or deposit AUD (selected methods) to the exchange.
What are the fees to deposit AUD to CoinSpot?
CoinSpot offers the lowest deposit fees in Australia with four free AUD payment methods. It also is the only exchange to offer cash deposits, which can be done at over 1000 BlueShyft locations across Australia. To learn more about how to deposit cash, visit our CoinSpot Cash Deposit Guide. Below is a detailed overview of the deposit fees charged on CoinSpot.
- POLi: Free & Instant.
- PayID: Free & Instant.
- BPAY: 0.9% and takes 0 - 2 business days to deposit.
- Osko: Free & Instant.
- Bank Transfer: Free & Instant.
- Credit & Debit Card: 2.58% & Instant.
- Cash: 2.5% & Instant.
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CoinSpot OTC and SMSF Fees
CoinSpot OTC (Over-The-Counter) trading allows users to buy and sell over $100,000 in any cryptocurrency with lower fees and less slippage. The CoinSpot OTC and SMSF fees are 0.1% and provide a personalised manager to conduct the orders. If you're interested in learning more about the exchange and its features, visit our CoinSpot Review.
Final Thoughts
CoinSpot is one of the most affordable cryptocurrency exchanges in Australia. The fees for buying and selling crypto on CoinSpot are very low at 0.1%, especially compared to other leading exchanges like Kraken (1%) and Coinbase (1.49%). The exchange also offers four free AUD deposit methods which makes it even more attractive to Australian users.
The platform also provides an OTC service that allows users to buy and sell large amounts of crypto with less slippage. Overall, CoinSpot is an excellent exchange for anyone looking to buy and sell cryptocurrencies in Australia.
Dylan Matthews is the Co-Founder and head of operations at Buy Bitcoin Bank, with a background in engineering and experience as a Prop Trader. He has leveraged his knowledge and skills to build and scale the platform, providing users with a seamless experience for buying and selling cryptocurrency.
