Are CoinSpot Fees High? Yes, CoinSpot fees are considered high, with a 1% instant trading fee and wide spreads of up to 2-3% on digital assets, making it one of the most expensive crypto exchanges in Australia.
Fees for CoinSpot Deposits
Deposits made through POLi, PayID, or Direct Deposit (via OSKO) are free of charge. Meanwhile, BPAY deposits will be subject to a 0.9% deposit fee (which is charged by the provider, not CoinSpot), and physical cash deposits at Blueshyft locations will be charged a 2.5% deposit fee.
Simple, flat fee for OTC and market order trades: CoinSpot offers a flat 0.1% fee on all trades, making it reasonably cost-effective for both casual and frequent traders.
The industry average is around 1 - 2%. As for deposit and withdrawal fees, CoinSpot does not charge any fees to withdraw AUD. For crypto withdrawals, CoinSpot will charge anywhere between 0.0003 - 0.001%.
Swyftx is known as Australia's low-fee cryptocurrency exchange. Depositing and withdrawing AUD is always free of charge, regardless of the payment method. Trading fees are only 0.6%, whether trading on the market, or using instant buy/sell, and there are no hidden fees.
CoinSpot has over 2.5 million registered users and SwyftX boasts a modest 660,000 customers. CoinSpot is the better overall platform as it offers lower trading fees, significantly more features, a more diverse range of cryptocurrencies and a wider selection of AUD deposit methods.
The program allows the ATO to access data held by designated service providers, which includes crypto exchanges like Binance, CoinSpot, CoinJar and more.
Also, the trading, deposit or withdrawal fees vary across exchanges. In the cases of Coinspot and Binance, both offer users a great experience, though the latter charge lower fees due to the more extensive customer base and trading volume.
Withdrawals are also quick and easy. You can withdraw your funds at any time, and the process is simple and straightforward. The first withdrawal may take up to one business day, after this you can look forward to near instant AUD withdrawals directly to your bank account.
The CoinSpot website and its associated mobile applications (collectively "Platform") are owned, operated and controlled by Casey Block Services Pty Ltd ABN 19 619 574 186, trading as 'CoinSpot', who, along with its associated entities and each of their directors, affiliates or employees (as appropriate), are referred ...
Why do prices vary across different platforms? Every single coin listed on CoinSpot is traded globally, therefore there are often many people trading these coins around the world. Across exchanges there are different trading pairs available, different rates/prices and different numbers of people trading.
Key Takeaways. A per-transaction fee is an expense that businesses pay a service provider each time a customer payment is processed electronically. The per-transaction fee can vary depending on the service provider but usually ranges between 0.5% and 5% plus certain fixed fees.
Bybit is the #1 cryptocurrency exchange in Australia since it ticks off every box on a crypto trader's checklist. It has more than $10 billion daily trading volume, ZERO fees for Spot Trading, and extremely competitive fees for Derivatives Trading (0.01% for makers and 0.06% for takers).
CoinSpot offers Australia's largest variety of digital assets with over 400 coins listed where users can buy, sell & swap benefiting from the lowest fees starting from 0.1%. Trade with peace of mind knowing that CoinSpot has the highest level of globally recognised security certification in Australia.
There is no limit on how many trades can be made!
If you have a trade over the limit, simply complete a second trade and the overall fee will remain the same. BTC, ETH, XRP, BCH, EOS, LTC, BNB, HOT, TRX, ADA, NEO - $100,000 AUD limit per transaction.
CoinSpot does not charge any fees to withdraw your AUD to your nominated Australian bank account. There is also no minimum or maximum withdrawal amount.
The main risk of staking is the volatility of your investment – if the value of the coin drops, your rewards from staking that coin may not be enough to make up for the loss. However, this is the risk that comes with all investments. Staking is not any riskier than any other form of investment.
Swyftx is an Australia-based crypto exchange that features more than 310 assets, compared to over 390+ on CoinSpot. In Finder's 2023 customer satisfaction awards it was the most recommended brand, with 90% of users saying they would recommend the platform, compared to 80% for Binance.
Failure to declare crypto capital gains, where the ATO determines the taxpayer intentionally disregards the law, can attract a penalty of 75 per cent of the outstanding tax liability, plus the tax itself and interest on the shortfall.