5 Best CoinSpot Alternatives You Should Consider

In this article, we pick from Australia’s popular crypto exchanges to identify which can be the top contenders of CoinSpot. These are our five picks if you want similar features but lower costs.

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1. Swyftx – Best alternative to CoinSpot for Australians
2. Binance Australia – Cheaper fees and superior features
3. eToro Australia – Choose it for copy-trading
4. Cointree – A similar trading experience except with lower fees
5. Independent Reserve – Has an SMSF option

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Why We Picked These Crypto Exchanges Like CoinSpot

1. Swyftx – Best-rated alternative to CoinSpot for Australians

Why we picked it: The trading fees to buy and sell crypto on Swyftx (0.6%) are 0.4% cheaper than on CoinSpot (1%). So for every $100 you spend buying crypto, you will save $0.40 on Swyftx. All of Swyftx’s AUD deposit methods can be used for free as an added pro. In comparison, CoinSpot will charge minor fees of 0.9% and 2.5% for depositing AUD into its wallet via BPAY and cash deposits, respectively. There is also a $20 Swyftx referral code for creating a new account.

Swyftx and CoinSpot have similar crypto features, targeting everyday Australians, especially beginners. On Swyftx, you can easily and quickly exchange your money for 320+ coins and tokens, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Solana (SOL), Cardano (ADA), and more. While the list may not be as extensive as CoinSpot's, it is very comparable and a great place to trade altcoins.

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The user experience is similar between the two AUSTRAC-registered exchanges, but Swyftx offers a more enjoyable experience with features like dark mode, a free demo mode, and a customizable dashboard. Swyftx also provides a built-in crypto tax calculator, DCA tools, real-time portfolio tracking, and integrated TradingView charting. While Swyftx lacks some features compared to CoinSpot, it has not been hacked and is more cost-effective.

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Swyftx Pros:

• Massive selection of 320+ digital currencies to buy with AUD.
• A better-designed interface that most users will enjoy.
• Deposit and withdraw AUD with zero fees.
• A demo mode equipped with $10,000 of virtual AUD to explore and practice trading.
• Integrated TradingView charting package with advanced tools and indicators.

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Swyftx Cons:

• No interest-earning wallets or crypto debit cards.

Read our full Swyftx review for more details and our Swyftx vs. CoinSpot comparison.

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2. Binance Australia – Cheaper fees and superior features

Why we picked it: With trading fees of 0.1% and 0.1% for maker and taker orders, Binance is one of the cheapest alternatives to CoinSpot. Moreover, trading fees can be reduced depending on your 30-day trading volume. Due to its significant trading volume and above-average liquidity, you will get far tighter spreads on Binance, which means there will be less price slippage. Binance Australia also provides a much more robust product and service ecosystem than CoinSpot.

Moreover, you can get a $100 deposit bonus using a Binance referral code when you get started.

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Binance Australia is tailored to people of all experience levels, including beginners and frequent traders. While there is something for everyone, advanced traders and investors will appreciate the platform more. Binance Australia has advanced features, tools, and trading markets such as spot, margin, leveraged tokens, contracts, and futures. AUD receives strong support, and there are 19 AUD/crypto trading pairs available on the spot market.

Binance Futures offers the following markets:

• USDS-M Futures: Perpetual or Quarterly Contracts settled in USDT or BUSD.
• Coin-M Futures: Perpetual or Quarterly Contracts settled in Cryptocurrency.
• Leveraged Tokens: Trade with leverage without the need to put up collateral, maintain and margin level, or worry about the risk of liquidation.
• Options: Cash-settled contracts where the options can be exercised before the time expires.

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Binance Australia is a great exchange for staking crypto, offering digital assets such as Litecoin (1.4%), XRP (1.39%), BUSD (3.5%), and ETH 2.0 on the Proof-of-Stake (PoS) consensus protocol to earn passive rewards. This feature is not available on CoinSpot due to regulatory reasons. Binance Australia provides a robust and feature-rich platform with a wide range of trading markets. It should provide experienced investors and traders with the tools they need, as well as capture their interest with new product releases. Additionally, Binance Australia is about 90% cheaper than CoinSpot.

Read our full Binance review and Binance vs. Coinspot comparison article.

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Binance Australia Pros:

• 90% cheaper fees compared to CoinSpot’s Instant Buy/Sell feature.
• Robust financial services such as interest-yielding wallets and staking to grow your portfolio passively.
• More trading markets than CoinSpot, comprising spot, margin, leveraged tokens, contracts, and futures.
• Exquisitely designed and built interface with TradingView charting.
• Buy, trade, and sell 380+ digital currencies with AUD.

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Binance Australia Cons:

• Longer wait times for customer support.
• Beginners will need time to get familiar with the platform.

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3. eToro Australia – Choose it for copy-trading

Why we picked it: eToro offers the same 1% trading fee to buy digital currencies as CoinSpot. However, the major benefit is its world-renowned copy-trading features, CopyTrader and SmartPortfolio.

You can also engage with the active community and use eToro's renowned CopyTrader feature, allowing beginners to copy the trades of experienced traders. eToro, established in 2007, is a leading social trading platform with over 20 million customers worldwide. It offers various assets, including cryptocurrencies and stocks, making it one of the best Australian crypto exchanges for social trading. Its user-friendly interface lets you easily enter the amount you want to spend and confirm the order.

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eToro Australia offers a straightforward, free, and convenient demo account for crypto trading. With just a click of a button, you can activate or deactivate this feature. You'll have a virtual $100,000 USD to practice trading risk-free on eToro. Most features are available in demo mode, except for viewing the make-up of portfolios copied through CopyTrader. eToro has advantages over CoinSpot, such as copy-trading features, but you can't use AUD to buy crypto, resulting in currency conversion fees.

Check out our detailed eToro review for more information.

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eToro Pros:

• The best copy-trading features available in Australia.
• One of the best crypto demo modes.
• Great exposure to assets besides crypto through its SmartPortfolio feature.
• Highly suitable for everyday Aussies.

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eToro Cons:

• The fees to buy crypto are the same as CoinSpot (1%).
• Unable to purchase crypto with AUD and currency conversion fees for USD will be incurred.

eToro AUS Capital Limited ACN 612 791 803 AFSL 491139. Social trading. eToro does not approve or endorse any of the trading accounts customers may choose to copy or follow. Assets held in your name. Capital at risk. See PDS and TMD

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4. Cointree – A similar trading experience except with lower fees

Why we picked it: Cointree is a well-established cryptocurrency exchange based in Melbourne, Australia, that has been providing a simple, safe, and quick way to buy and sell over 250+ cryptocurrencies since 2013. The platform is tailored to the general public, featuring a free demo version to simulate trading before committing, a refreshing interface design with intuitive tooltips, and no distracting charts.

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Cointree offers competitive trading fees starting at 0.9% for AUD purchases and 0.25% for coin-to-coin trades, which is cheaper than CoinSpot's 1% fee. Additionally, Cointree provides a diverse selection of 100 pre-set crypto bundles curated based on their 7-day performance, offering greater flexibility compared to CoinSpot.

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Cointree Pros:

• Easy-to-use platform with a good selection of 250 coins to buy with AUD.
• The trading fees (0.9%) are slightly cheaper than CoinSpot (1%) and can be reduced.
• A larger selection of crypto bundles and better filtering options.

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Cointree Cons:

• The ID verification process is not as fast as CoinSpot.
• No mobile app.

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5. Independent Reserve – Has SMSF option for crypto

Why we picked it: Independent Reserve’s long-standing reputation as a trusted provider of Self-Managed Super Fund (SMSF) services precedes itself. Although CoinSpot provides SMSF services as well, Independent Reserve has better features to offer Australian investors more choices, more flexibility, and fewer fees.

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Independent Reserve is one of Australia’s most reliable platforms for buying cryptocurrency with AUD. It has achieved ISO 27001 accreditation and partnered with industry players like Blockchain Australia. The platform offers a comprehensive SMSF service with personalized advice, limit orders, and competitive trading fees starting from 0.5%. Users also have access to tax reports and an OTC desk. While its interface is user-friendly, it offers a limited selection of 30 cryptocurrencies that can be bought with AUD. However, the most popular assets like Bitcoin and Ethereum are available.

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Independent Reserve Pros:

• Cheap fees of 0.5% to instantly buy and sell crypto.
• Premium quality SMSF services that are trusted by over 8,000 Australians.
• Outstanding security track record and ISO 27001 accreditation.
• Basic interface.

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Independent Reserve Cons:

• Although user-friendly, the interface could be updated.
• Only 30 digital assets to choose from.

Read our full Independent Reserve review.

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We aim to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform, please visit that provider’s website. This information is general in nature and is for educational purposes only. We do not provide financial advice, nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

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