Cheaper Alternatives To CoinSpot In 2022

Published Mar 16, 2022Updated: Apr 4, 2022
Aaron Seng
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CoinSpot is one of the best crypto exchanges in Australia. Founded in 2013, it is one of the oldest crypto exchanges around. The platform has a solid reputation as a cryptocurrency provider as well as being safe and trustworthy due to its record with regulatory compliance. CoinSpot has also gained high visibility in the financial and commercial sectors and has established itself as a major player in the Australian crypto market.

The major downside of CoinSpot is the high trading fee of 1% for crypto purchases made using the Instant Buy and Sell feature. With the number of new Australian crypto exchanges being established in recent times, CoinSpot has become less economical.

Whilst CoinSpot does a lot right, no one wants to pay higher fees if they can avoid it. In this article, we have found some of the best alternatives to CoinSpot that can offer you similar services and better value for money.

Best Alternatives To CoinSpot In 2022

Compared to CoinSpot, these Australian exchanges provide a similar range of crypto products and services with lower trading fees.

Similar Cryptocurrency Platforms To CoinSpot

We have reviewed over 20 Australian-based cryptocurrency platforms and have selected the below platforms as the best alternatives to CoinSpot. These exchanges have similar products and services, however, offer lower fees as well as other advantages.

1. Swyftx (best CoinSpot alternative)

Why We Picked It

If you're a beginner or experienced crypto investor or trader then Swyftx is perfectly suited for you. The level of ease of use is quite high compared to CoinSpot and comes complete with a customizable dashboard. With trading fees of 0.6% and tight spreads, Swyftx is much cheaper than CoinSpot.

The platform offers excellent features such as portfolio tracking, recurring orders, a free demo mode, and price alerts. Swyftx is our best-rated crypto exchange to buy crypto with AUD and sell crypto back to AUD.

What Is Swyftx?

Swyftx is our best-rated Australian exchange to buy, trade, and sell Bitcoin and other digital currencies. Founded in 2019 and based in Brisbane Australia, the Swyftx platform and its products and services have been carefully designed to cater to a broad range of cryptocurrency investors and traders of varying degrees of experience and knowledge.

The exchange provides over 450,000 Australians with a simple and transparent way to buy, trade, and sell 312 digital currencies.

swyftx review

You can create an account in a matter of minutes and start depositing Australian Dollars (AUD) into your account. Swyftx supports a wide variety of deposit methods including bank transfers, PayID, POLI, and also credit cards.

The Swyftx trading experience is modern, simple, but maintains a high level of functionality, with the dashboard able to be customized to show the indicators and tools that users want to see. This means you can take control of how you want to track and manage your crypto portfolio.

There is also a free demo account where you can explore the platform and practice trading using $10,000 of virtual funds risk-free. other notable features include a built-in crypto tax calculator, Dollar-Cost-Averaging (DCA) tools, real-time portfolio tracking, and the TradingView charting package that is integrated into the trading interface.

Due to Swyftx's high liquidity, you will be able to benefit from tight spreads which mean more value for money. Swyftx trading fees are 0.6% which is competitive in the Australian crypto market and quite a bit cheaper than CoinSpot.

Overall, Swyftx is a far superior crypto platform to CoinSpot due to its features, lower fees, and tighter spreads. You can learn more about their differences in our Swyftx versus CoinSpot review.

2. Digital Surge (beginner-friendly)

Why We Picked It

Digital Surge is our best-rated crypto exchange for beginners and provides a streamlined crypto buying process. The simplicity of the interface allows you to quickly grasp the concepts of crypto whilst maintaining a high level of control and transparency over your portfolio.

The interface is much more visually intuitive and enjoyable to work with than CoinSpot and the platform is constantly releasing new features. Digital Surge trading fees are also 50% cheaper than CoinSpot which means great value for money.

What Is Digital Surge?

Digital Surge is a Brisbane-based cryptocurrency platform that provides Australians with an easy way to buy, store and sell over 300 cryptocurrencies. The Brisbane-based exchange provides a platform that is perfectly suited for beginners with no prior experience.

digital surge

Along with low trading fees, excellent customer support, and a variety of other features, Digital Surge is a strong option if you want to buy and hold digital currencies as long-term investments. You can use your AUD to easily purchase over 300 digital currencies to start your portfolio with popular assets including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), Litecoin (LTC), and many more.

Digital Surge charges a flat trading fee of 0.5% which is very competitive in the Australian crypto market. Their fees are also 50% cheaper than CoinSpot which means better value for money, especially over the long term.

The Digital interface and its ease of use are one of the main reasons why Digital Surge is so good for beginners. Apart from being aesthetically pleasing, the layout is easy to understand and you will experience a very short learning curve. Overall, the trading experience is quite enjoyable.

3. Independent Reserve (best option for SMSF)

Why We Picked It

Independent Reserve is well-known for its Self-Managed Super Fund (SMSF) support where you can allocate a portion of your super to invest in crypto. CoinSpot also offers this service, however, the flexibility and control that Independent Reserve provides are simply unmatched in the Australian market.

What Is Independent Reserve?

Independent Reserve is a highly reputable Australian cryptocurrency platform. Founded in 2013, it is also one of the oldest. It has served over 200,000 individuals, holds over 8,000 SMSF accounts, and holds about $1 billion worth of digital assets.

Independent Reserve is a member of the Australian Digital Commerce Association (ADCA) and Blockchain Australia. The company has won several awards and notable recognitions, appearing in the Deloitte Tech Fast 50 Australia, Financial Times High Growth Companies 2020, and Australian Financial Review’s Most Innovative Companies.

independent reserve

Independent Reserve offers a premium SMSF service that is one of the best in Australia. You have access to personalized advice on your investments, can utilize limit orders and Dollar-Cost-Averaging (DCA) to reduce your risk in volatile markets, and enjoy the value from lower trading fees. Independent Reserve trading fees start from a very competitive 0.5% which is hard to pass up compared to CoinSpot's 1%. To complement their SMSF service, you can quickly obtain tax reports to assist you with your legal obligations, as well as go through the Over-The-Counter (OTC) desk.

The Independent Reserve interface is very easy to use, however, it lacks a bit of polish compared to Swyftx and Digital Surge. One of the downsides to Independent Reserve is its limited selections of cryptocurrencies (27) that can be bought with AUD.

4. Cointree (similar features)

Why We Picked It

In terms of features, Cointree is almost a like-for-like swap for the more expensive CoinSpot. Cointree is a reputable crypto platform that offers a number of useful features that are well-suited to beginner traders, such as the ability to use your crypto to pay Australian bills, SMSF support, and access to top-performing portfolios.

Its trading fee of 0.9% for AUD-to-crypto is only slightly lower than CoinSpot, however, it really shines for crypto-to-crypto trades where their fee is an attractive 0.25%.

What Is Cointree?

Cointree is a well-established cryptocurrency exchange based in Melbourne, Australia that has been operating since 2013. The Australian crypto platform provides a simple, safe, and quick way to buy and sell over 160+ cryptocurrencies direct with AUD. If you're a newcomer or are more experienced in crypto then Cointree is a solid alternative to CoinSpot.

cointree

Cointree has put a clear emphasis on crypto newcomers. The platform offers several features to help you start your crypto investing, including:

  • A free demo version where you can simulate the experience of trading cryptocurrency before signing up to the full version and using real money.
  • A refreshing and visually intuitive interface design for an easy trading experience. There are also plenty of tooltips to clarify complex terminology.
  • No complicated trading charts to confuse or distract you.

Cointree's trading fees to buy crypto with AUD start at 0.9% which is slightly cheaper than the 1% offered by CoinSpot. However, the real advantage over CoinSpot is that coin-to-coin trades only attract a fee of 0.25%.

5. Binance Australia (cheapest option available)

Why We Picked It

With trading fees of 0.1% (maker) and 0.1% (taker), Binance Australia is the cheapest alternative to CoinSpot. The other advantage is the significant liquidity that the platform has access to which means tighter spreads. Whilst a lot of Binance products and services are not available to Australians, it still is a cheap and viable option if you want to trade altcoins.

What Is Binance Australia?

Binance Australia is a subsidiary of the global Binance brand and is independently operated by InvestbyBit Pty Ltd. The platform is registered with AUSTRAC and is a household crypto name in the Australian market.

binance australia

Binance offers a wider range of crypto products and services to CoinSpot. One of these is the powerful trading interface that comes with the TradingView package. This allows you to analyze the price action of digital assets more closely, and execute trades with minimal slippage.

You can deposit your AUD into your account wallet via PayID, or transfer cryptocurrencies from an external wallet. Once deposited, you can access to purchase over 240 digital assets.

The extremely low trading fees of 0.1% (maker) and 0.1% (taker) make Binance one of the cheapest trading platforms available to Australians.

Final Thoughts

CoinSpot is one of the oldest and most highly regarded cryptocurrency platforms in Australia. However, its trading fees have not been reduced and there is now an abundance of cheaper alternatives to choose from that provide similar features. The lower trading fees of newer platforms such as Swyftx and Digital Surge provide you with much better value for money over the long term without sacrificing the trading experience.

Aaron Seng
Aaron Seng
Aaron Seng is the Founder of MoreCrypto.com. His journey in the world of cryptocurrency began in 2016 where he was an early investor in Bitcoin and Ethereum. His initial interests revolved around blockchain technologies and their application in a variety of industries and markets. Over the years, he has watched the slow and steady progression and growth of digital currencies around the world.
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