Why is CoinSpot so expensive? (2021)

Summary: CoinSpot is one of the most expensive exchanges in Australia with a 1% flat fee charge on all trades. The cheapest Australian alternative is eToro who charge zero commissions on cryptocurrency trading via their platform.

By
James Glennon
on
November 2, 2021
CoinSpot Fees Guide

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 or another cryptocurrency with low fees, it is recommended you find an alternative Australian exchange.

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.

CoinSpot Fee Comparison

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.

Image Image Image
Available Markets Cryptocurrency only Crypto, Stocks, ETFs, Gold and Commodities Cryptocurrency only
Instant Buy Fees 1% FREE 0.6%
Market Buy Fees 0.1% FREE 0.6%
Spreads 1-2% 0-1% 1-2%
Website Visit CoinSpot Visit eToro Visit SwyftX (Free $10 on Deposit)

CoinSpot Selling Fee

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.
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