Australia’s lowest? CoinSpot drops fees on market orders to 0.1%
With that, the cryptocurrency exchange might have taken the crown as Australia's best value crypto place. This is an especially notable accomplishment given its distinctive brokerage style service where users simply pick out the coins they want to buy, of the well over 100 available, and can then get them sent right to their built-in CoinSpot wallet or directly to another address of one's choice. Selling through the platform works the same way, all at typical mid market rates.
This kind of full service experience is typically enjoyed by anyone who doesn't want to futz with order books, open markets, chart reading or any other more complicated elements, and just wants a quick way to buy and sell.
The catch is that these types of platforms often carry fees in the 3% or higher range, so 0.1% on CoinSpot really is kind of a big deal.
This comes on top of the site being one of relatively few places to directly deposit and buy with AUD (without any transaction fees if using Polipay).
For now CoinSpot is looking a lot like the overall best value cryptocurrency destination for anyone who wants to use AUD, based on the combination of 0.1% trading fees, potential for zero transaction and exchange fees, reasonable market rates, extremely wide cryptocurrency selection and convenience. That's tough to beat.
But tough to beat isn't unbeatable. The closest competitor might be the yet-to-launch BlockBid, currently in testnet and set to launch its live trading beta on 28 September with 0% trading fees for the duration of the beta test. That live beta with its zero trading fees is expected to last until sometime in late 2018. You can't get much cheaper than zero.
After leaving beta and going live, BlockBid will be moving to 0.1% trading fees, the same as CoinSpot is now. On top of that, the BlockBid BID token will let users get additional discounts. For sheer lowest fees possible, that might be the new best after it goes live.
Rising competition has done interesting things to the world of cryptocurrency exchanges, and having the lowest fees possible has always been a very effective draw card.
0.1% seems to be emerging as an unofficial benchmark now, following the lead laid by some of the world's top exchanges such as Binance. In the relatively small Australian market this might have spread quickly, with Australian platforms like BTC Markets, now CoinSpot and soon BlockBid, all aiming for that gold standard.
The equitable fees are also giving exchanges a chance to shine on their other merits. The question is no longer how much one is willing to pay for certain features, so much as which features one wants when. The trick might increasingly be to just try out different platforms until one finds one's favourite.
If you haven't already tried CoinSpot, this fee drop might be as good a time as any to get on board. At the same time, the BlockBid beta is still underway and set to bring 0% fees in the near future. But fees aren't everything, with liquidity, selection, currencies accepted, responsiveness, features and more all making just as much or more of a difference to the bottom line as fees do. Casting a wide net and finding a few favourites might be the way to go.
- Try out CoinSpot.
- Register for the BlockBid beta.
- Check out a ludicrously comprehensive list of 50+ exchanges and their features for more inspiration.
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VET, XLM, BTC, ADA