Introduction
When it comes to cryptocurrency trading in Australia, CoinSpot is a well-known platform. However, traders often seek alternatives with lower fees, broader asset selections, or advanced trading features. This guide explores the top six exchanges that serve as viable alternatives to CoinSpot, focusing on key metrics like trading fees, supported assets, and AUD deposit options.
Top 6 CoinSpot Alternatives
Here’s a curated list of reputable exchanges offering competitive advantages over CoinSpot:
1. Swyftx – Best Overall Alternative
- Why Choose? Lower trading fees (0.6%) and tighter spreads (~1.7%).
- Features: 420+ cryptocurrencies, AUD deposits via PayID/POLi, and staking.
- Best For: Active traders seeking cost efficiency.
2. Binance Australia – Widest Altcoin Selection
- Why Choose? 0.1% spot trading fees and 385+ cryptocurrencies.
- Features: Futures trading, NFT marketplace, and AUD withdrawals.
- Best For: Traders needing diverse markets.
3. ByBit – Zero Spot Trading Fees
- Why Choose? 0% fees on spot trades and 600+ trading pairs.
- Features: Leverage trading, copy trading, and robust API.
- Best For: High-volume traders.
4. CoinJar – Low-Cost AUD Deposits
- Why Choose? 1.5% cash deposit fees (vs. CoinSpot’s 2%).
- Features: Simplified UI, 50+ assets, and recurring buys.
- Best For: Beginners prioritizing ease of use.
5. Independent Reserve – SMSF & OTC Support
- Why Choose? 0.5% max fee, tailored for institutional investors.
- Features: AUSTRAC-regulated, tax-friendly API.
- Best For: SMSF and high-net-worth investors.
6. Cointree – User-Friendly Experience
- Why Choose? 0.5–0.9% fees and 160+ cryptocurrencies.
- Features: Instant buys, BPAY deposits, and portfolio tracking.
- Best For: Casual investors.
Comparison Table
| Exchange | Crypto Assets | Trading Fees | AUD Deposits | Best For |
|----------------|--------------|-------------|-------------|--------------------------|
| Swyftx | 420+ | 0.6% | Yes | Low-cost trading |
| Binance | 385+ | 0.1% | Yes | Altcoin diversity |
| ByBit | 600+ pairs | 0% (spot) | No | Leverage trading |
| CoinJar | 50+ | 1% | Yes | Beginners |
| Indep. Reserve | 25+ | 0.5% | Yes | SMSF/OTC investors |
| Cointree | 160+ | 0.5–0.9% | Yes | User-friendly experience |
Detailed Exchange Reviews
1. Swyftx
- Pros: Lowest spreads, free $20 Bitcoin bonus.
- Cons: Limited derivatives.
- Verdict: Ideal for cost-conscious traders.
2. Binance Australia
- Pros: High liquidity, futures trading.
- Cons: Complex for beginners.
- Verdict: Best for advanced traders.
3. ByBit
- Pros: Zero spot fees, copy trading.
- Cons: No direct AUD withdrawals.
- Verdict: Top for fee-free trading.
FAQs
Q1: What’s the cheapest alternative to CoinSpot?
A: Swyftx (0.6%) and ByBit (0% spot fees).
Q2: Which exchange supports SMSF investments?
A: Independent Reserve offers tailored SMSF solutions.
Q3: Is Binance better than CoinSpot?
A: Yes, for altcoin variety and lower fees (0.1% vs. 1%).
Q4: Can I deposit AUD on ByBit?
A: No, but you can transfer crypto from another exchange.
Conclusion
Choosing the right CoinSpot alternative depends on your priorities:
- Low fees: Swyftx or ByBit.
- Altcoin diversity: Binance.
- Ease of use: Cointree or CoinJar.
- SMSF/OTC: Independent Reserve.
For a balanced mix of cost efficiency and features, Swyftx emerges as the top pick.