Are CoinSpot fees too high?

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.

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How do I avoid fees on CoinSpot?

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.

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How much is transaction fee in CoinSpot?

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.

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How much does CoinSpot charge to withdraw?

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%.

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What is the lowest fee crypto exchange Australia?

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.

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Crypto Transaction Fees Compared!! Complete Guide!! 💸

15 related questions found

Is SwyftX or CoinSpot better?

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.

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Which crypto exchanges report to ATO?

The program allows the ATO to access data held by designated service providers, which includes crypto exchanges like Binance, CoinSpot, CoinJar and more.

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Is CoinSpot cheaper than Binance?

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.

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Can you cash out on CoinSpot?

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.

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Who owns CoinSpot Australia?

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 ...

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Why is CoinSpot price different?

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.

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How much is a 1 transaction fee?

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.

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What is the best Australian crypto exchange?

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).

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How to buy crypto without high fees?

The Top No-Fee Crypto Exchanges
  1. eToro – Best for zero fee crypto trading.
  2. Kraken – Best for security and low-fee trading platform.
  3. KuCoin – Best for high trading volume and advanced trading tools.
  4. Crypto.com – Best for low-fee stablecoin trades.

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Is CoinSpot safe in Australia?

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.

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How can I reduce my transaction fees?

5 ways to lower your credit card processing fees
  1. Negotiate with credit card processors to lower fees. ...
  2. Reduce the risk of credit card fraud to lower fees. ...
  3. Use an address verification service to lower fees. ...
  4. Set up your account and terminal properly to lower fees. ...
  5. Consult with a credit card processing expert to lower fees.

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Can I sell all my crypto at once on CoinSpot?

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.

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What is the biggest CoinSpot withdrawal?

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.

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Is CoinSpot staking risky?

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.

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What is better than CoinSpot?

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.

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Which cryptocurrency platform has the lowest fees?

Best Crypto Exchange with Lowest Fees: Cheapest Options
  • #1 Best Overall. Binance. ...
  • #2 Top Pick. PrimeXBT. ...
  • Zengo. ✔️ Securities Traded: Crypto. ...
  • Changelly. ✔️ Securities Traded: Crypto, Forex, Commodities, Indices etc. ...
  • Coinmama. ✔️ Securities Traded: Crypto, Forex, Commodities, Indices etc.

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What crypto coin has the lowest transaction fees?

Cryptocurrency with lowest transaction fees
  • Vertcoin: 0.002 dollars fee in average.
  • Bitcoin Cash: 0.0025 USD fee per transaction.
  • Dash: exchange fee equals $0.0051.
  • Litecoin's fee is $0.042.
  • DOGE: while Doge itself costs less than a dollar, its transaction fee of $0.242 remains extremely low,

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How do I avoid crypto tax in Australia?

Legal ways to avoid crypto tax in Australia ✅
  1. 1 - Buy and Hodl your crypto investments for the long term. ...
  2. 2 - No tax on crypto gambling winnings. ...
  3. 3 - Personal use asset exemption. ...
  4. 4 - No tax under the tax free threshold. ...
  5. 5 - Invest in crypto through a SMSF. ...
  6. 6 - Utilise your capital losses and revenue losses.

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What happens if you don t declare crypto gains?

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.

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