Coinspot is a prominent Melbourne-based exchange that offers a safe method to buy cryptocurrency or other altcoins in Australia for a fixed one per cent trading fee.
However, as the number of crypto exchanges and local competition grows, new deals similar to Coinspot emerge that offer significantly reduced trading costs.
Suppose cheap costs are essential to you while purchasing Bitcoin in Australia, and you need a better exchange alternative; this post will guide you through Australia’s five top-rated Coinspot options.
Crypto Exchanges Like Coinspot
This guide summarises the top Coinspot alternatives to utilise in Australia, as well as cheaper trading costs. If you want to know a lot about the leading crypto exchange in Australia, check out our thorough evaluations linked below.
1. Swyftx—Best Choice
Swyftx is an Australian digital currency exchange with a primary focus on resolving the numerous issues that traders are now experiencing with providers. The platform has been intended to outperform its competition by making AUD to BTC more fair and easy for consumers.
The website, a viable alternative to Coinspot, allows Australians to quickly and easily purchase and trade significant cryptocurrencies such as Ethereum, Litecoin, Ripple, and Cardano.
High fees and spreads have been a concern in Australia owing to a monopoly in the crypto ecosystem held by a few exchanges, which was abused in 2017 when Bitcoin hit USD 20,000.
Swyftx has been tuned for improving liquidity with trade volume to lower spread costs and cut trading fees. Additionally, the platform’s brokering mechanism offers four times lower spreads and two times lower trading costs than its nearest competitors.
Critically, the spread charge is sometimes concealed, ignored, or even not stated in the trading fees of an exchange. Fortunately, Swyftx is Australia’s first completely transparent exchange, with no trading fees on the site.
Independent Reserve is a prominent cryptocurrency exchange among cryptocurrency traders worldwide, offering cheap trading costs and support for traditional fiat currencies such as the Australian Dollar, New Zealand Dollar, and US Dollar. You can use the exchange to purchase, sell, and trade 14 main cryptocurrency currencies.
The exchange employs a tier-based charge system that decreases as you trade more. The lowest charge starts at 0.5 per cent and steadily decreases to 0.05 per cent as your trading volume grows. In other words, the exchange method is an excellent opportunity for high-net-worth individuals or SMSF customers looking to invest in Bitcoin.
Additionally, Independent Reserve has a proven track record and has never been hacked. It adheres to local rules and provides an insurance fund to safeguard customers from hackers and the loss of any Bitcoin assets in online client wallets.
Cointree is a digital currency service that allows users to purchase cryptocurrencies in their local AUD currency. It was founded in 2014 and was one of the first cryptocurrency exchanges in Australia and has since garnered a large user base.
The exchange offers a simple, quick, and secure solution that makes cryptocurrency ownership more accessible to the average individual. Aussie users may deposit AUD and change it into digital assets such as Bitcoin, Ethereum, and other cryptocurrencies using the site.
Cointree, like Independent Reserve, has tiered fees that range between 0.5 and 0.9 per cent depending on the amount exchanged. For high-net-worth individuals, the trading costs are relatively affordable. But for inexperienced crypto investors, a 0.9 per cent trading cost is slightly better than Coinspot.
Cointree have various appealing payment options, including:
- PayID—Payment Identification is supported by the majority of Australian banks and financial organisations
- POLi—It’s an Australia Post service that enables rapid payment confirmation.
- Transfer by a bank—1-2 business days: The customer can directly transfer money to a Cointree account.
- Cash deposits—To make a deposit, the customers purchase cryptocurrency using cash.
ZebPay offers a straightforward system for investors to acquire cryptocurrency using their desktop and mobile trading tools. The exchange, founded in 2014 and based in Singapore, has serviced over three million customers worldwide and has expanded to offer digital currency services to Australian citizens.
Its customers may exchange AUD for cryptocurrencies such as Bitcoin Cash, Litecoin, Bitcoin, Ripple, EOS, and Esther. Even though the number of cryptocurrencies is restricted, it’s anticipated to advance soon.
In terms of costs, ZebPay charges a fixed 0.4 per cent fee across all trading assets, which is competitive when collated with other Australian cryptocurrency exchanges. Furthermore, there are no costs associated with utilising the platform for deposits or withdrawals.
The Digital Surge exchange allows you to purchase and sell Bitcoin in Australia with AUD quickly and straightforwardly (though you may also use Bitcoin to pay bills.) One of the simplest methods to buy Bitcoin in Australia is the Digital Surge trading platform, focusing primarily on simplicity.
The team, based in Brisbane, is committed to building trust and openness in the Bitcoin community. Besides, it participates in a range of community initiatives to increase awareness of the industry among all investors.
This method of exchange offers a variety of deposit options. To get started, you must make a minimum deposit of $20.
Users of the Digital Surge exchange can purchase Bitcoin in Australia using AUD. The only disadvantage is that if you want to buy other cryptocurrencies, you’ll need to join another cryptocurrency exchange.
Coinspot is a well-known cryptocurrency exchange in Australia, popular among both new and seasoned investors. However, since its inception in 2013, the business has not decreased its trading fees and is losing market share.
Currently, there are numerous Coinspot options with reduced trading costs that Australian cryptocurrency investors can explore and investigate. We hope you found this post informative, and please feel free to share it with your network.
We highly recommend that you use Swyftx as it’s one of Australia’s best and most straightforward platforms. Besides, it’s best for those just getting started with cryptocurrency. Getting started on Swyftx is pretty straightforward—all you have to do is create an account from their official website, verify your account and deposit some funds.