Coinstash Review: Features, Fees & Our Experience

Established in 2020, Coinstash has yet to be discovered in the market. With 35,000 users, its customer base pales in comparison to other Australian crypto exchanges. 

But, some of its features have already exceeded those of more established platforms in terms of quality. The question remains: is it worthwhile to use Coinstash for cryptocurrency investment? 

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Quick Verdict

Coinstash is a straightforward-to-use crypto brokerage platform whose main strengths lie in its simplicity and abundance of coins and tokens that outcompete its competitors in the Australian market. The deposit options are fast and free, and it's a highly regarded platform with industry-leading security features and 1:1 asset reserves.

However, apart from this, there isn’t much else that makes the platform attractive. Sure, it can be a place to build a crypto portfolio over the long term, but savvy investors will seek better value elsewhere with its 0.85% fees. There is also a lack of crypto features. 

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Pros

• An intuitive, easy-to-navigate user interface. 
• Impressive variety of over 1,000+ cryptocurrencies available.
• TradingView charting and basic order types are available.
• Fast and free AUD deposit options. 

Cons

• Trading fees of 0.85%.
• Lack of crypto features.
• Deposit methods such as POLi, BPAY, and credit/debit cards are not supported.

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The Coinstash Features We liked

Coinstash doesn’t offer a plethora of markets and features, but it does deliver what it has extremely well for the Australian market.

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Straightforward to trade Bitcoin and other crypto

The design of the Coinstash platform is about as simple as it can get. Effectively tailored for everyday Australians, users will immediately see the simplicity and cleanliness of its modern design.

The ease of use makes Coinstash stand out and makes it easy for almost anyone to start a portfolio with digital currencies. 

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Access to over 1,000 digital coins and tokens

At the time of writing (July 2024), Cointrees supports over 1,000 digital assets, making it one of the largest, if not the largest, in Australia. This easily surpasses the number of supported digital currencies on other well-known Australian crypto platforms we’ve reviewed, such as CoinSpot (470+) and Swyftx (375).

Its Decentralized Finance (DeFi) connector makes the massive offering possible. Users who want DeFi tokens don’t need to look for a DeFi exchange, sign up and go through the complicated UI - it’s all available on Coinstash.

The advantage of having access to a wide variety of coins and tokens will entice altcoin investors. Those who want to delve into new crypto projects or lesser-known coins will find this appealing.

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Dollar-cost averaging 

Most crypto exchanges and brokerage platforms offer some form of Dollar-Cost Averaging (DCA) since this strategy is one of the most popular among everyday investors. 

However, Coinstash doesn’t just allow customers to make regular purchases of Bitcoin and other crypto assets. Users can also create their favourite crypto bundles and set them to be automatically purchased regularly. In addition, the proportion of the chosen coins and tokens can be amended to fit the balancing needs of the user’s portfolio.

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The DCA feature can be easily accessed on your dashboard under 'Automatic Purchase'. After selecting the desired digital currencies, Coinstash provides the option to pay via PayID or bank transfer, with a minimum transaction amount of $40.

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Account Funding Options

The account funding options provided by Coinstash are limited. Comprising PayID (near-instant) and transfers from a bank account should satisfy most users. 

However, popular payment options like POLi, BPAY, and credit and debit cards commonly provided by other Australian digital assets platforms are not supported. 

On the positive side, there are no minimum deposit requirements or fees, and AUD transfers should be processed almost instantly after the initial deposit.

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Coinstash Fees

No deposit or withdrawal fees

Users can deposit AUD (no other fiat currencies are supported) into their Coinstash account using PayID or bank transfer without incurring fees. Most crypto exchanges in Australia also do not charge deposit fees.

Likewise, there are no fees for withdrawing cash to an Australian bank account, which keeps it on par with its competition. However, a standard network fee will be applied when cryptocurrencies are withdrawn to an external wallet. The fee amount will depend on the cryptocurrency being transferred and the congestion level on the blockchain network.

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Trading fees

Coinstash charges a flat 0.85% fee on all cryptocurrency transactions, covering the exchange of AUD for crypto and swapping one cryptocurrency for another. This fee is higher than the flat trading fees of other user-friendly crypto platforms, such as Swyftx (0.6%), Cointree (0.75%), and Independent Reserve (0.5%). 

If value for money is desired, traders who know how to place market orders will appreciate the cheaper fees on Binance Australia. 

Coinstash is transparent about its fee structure, providing the fee amount each time a quotation is obtained.

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The Coinstash Experience

Coinstash operates as a broker, sourcing and consolidating the best cryptocurrency prices from highly liquid exchanges and providing users with a quotation.  Coinstash offers two methods for purchasing cryptocurrencies, both accessible through the Buy/Sell/Swap feature.

After depositing their money, users can simply find the digital asset they want and make a purchase. Alternatively, the crypto bundles features are a great way of quickly diversifying a portfolio.

Following this, traders with some experience with TradingView charts can use the tools and indicators provided to analyse the price action of crypto and plot their entry and exit positions. Users without this experience can toggle the basic interface, which plots the asset's price over time. 

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However, there are no order books or advanced limit orders. This is intended by design as Coinstash want to maintain a level of simplicity in its interface. 

To sell cryptocurrency back to AUD, users must link their wallet address, specify the amount of crypto to sell, and provide banking details for Coinstash to process the transaction.

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Final Verdict

Coinstash is designed for the everyday investor. Its modern, clutter-free interface offers a short learning curve, even for users who have never visited a crypto platform. 

Although the platform boasts an unrivalled list of coins and tokens, DCA, and TradingView charting, it must catch up in its value for money. There are too many alternative platforms with cheaper trading fees. Moreover, the platform lacks the features that other crypto brokerages offer. Whilst Coinstash might be a viable place to start a portfolio, users might reconsider if it's a long-term option since some users will outgrow it.

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We aim to publish factual and accurate information as of the publication date. 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.