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Does CoinSpot have High Fees?

Does CoinSpot have High Fees?

Dylan Matthews
Fact Checked
June 19, 2022

Summary: CoinSpot has different trading fees depending on the feature you use. For Market Orders, CoinSpot will charge you a 0.1% fee and for Instant Buy's they will charge you a 1% trading fee.

We recommend sticking to the Marker Order feature, which is the cheapest way to buy Bitcoin and Ethereum in Australia.

Table of Contents

Platform Highlights

Is CoinSpot and Expensive Exchange?

CoinSpot offers the cheapest Marker Order buys in Australia at 0.1% per transaction. This feature is only available for Bitcoin, Ethereum and 10 other cryptocurrencies.

Their Instant Buy feature (which is the most popular for 350+ cryptos) is 1% per trade, which is on the expensive end. A cheaper alternative would be SwyftX who charge 0.6% for 350+ assets.

Is CoinSpot Expensive?
CoinSpot's transparent fee structure.

CoinSpot Subscription Fees

As at time of writing, CoinSpot does not charge and subscription fees to maintain an account on their platform. This means it is completely free to use their cryptocurrency wallets, secure custody and even stake digital assets.

Why are CoinSpot Prices Higher?

The price to buy Bitcoin, Ethereum or another cryptocurrency on CoinSpot is high because they have wide spreads. This means that there is a large gap between the 'buy' price and 'sell' price on their exchange.

The reason CoinSpot and other platforms like SwyftX or Digital Surge have wide spreads is to ultimately offer the 'Instant Buy' experience. A wide spread enables their system to securely buy crypto off another market without having to worry about execution to deliver a fast transaction.

For a deeper examination into CoinSpot price spreads, check out our extended CoinSpot Review.

CoinSpot Instant Buy Fees

The most popular feature on CoinSpot is their instant-buy exchange, which enables users to instantly buy or sell over 250 cryptocurrencies for a 1% fee.

Although this seems expensive, it is still cheaper than SwyftX for example who have a 0.6% fee to deposit AUD into the platform and then another 0.6% fee to trade.

CoinSpot Instant Buy Fees.

CoinSpot OTC and SMSF Fees

CoinSpot OTC trading allows users to buy and sell over $50,000 in any cryptocurrency with better fees and less slippage. The CoinSpot OTC and SMSF fees are 0.1% in accordance with their fee schedule.

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Dylan Matthews

I am the Founder & CEO of Buy Bitcoin Bank and was previously an engineer for a Prop trading firm in Crypto.

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