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.
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 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.