CoinSpot Fees and Minimum Deposit - TU Expert review
After considering a crypto exchange’s security, examining its fees is the next crucial step. Lower fees translate to higher potential profits. Newcomers to crypto trading may also want to consider the minimum deposit required to start trading, as they might prefer to begin with a smaller investment.
Traders Union analysts have assessed CoinSpot fees and minimum deposit requirements to help prospective crypto traders make informed decisions.
Short introduction of CoinSpot
The CoinSpot platform is a cryptocurrency exchange with an integrated multi-currency cryptocurrency wallet and exchange service. Bitcoin (₿), Litecoin (Ł), Ethereum (Ξ), Tether (₮), Ripple, Cardano, Chainlink, and many other cryptocurrencies and tokens are traded on this exchange. Fiat funds aren’t available and no minimum deposit is required. The commission fee is as follows: 0.1% for market orders, 1% for stop orders, 1% for limit orders, and the same for take profit orders. The website doesn’t offer demo accounts or special solutions for novice traders. The exchange doesn’t offer investment programs because it is focused on active cryptocurrency-to-cryptocurrency trading. There is a single-level referral program with bonuses and long-term payments as a percentage of the referral's commission fees.
👍 Advantages of trading with CoinSpot:
•there are many cryptocurrencies and coins available on the exchange for trading and exchange;
•there is an OTC and institutional trading service;
•no minimum deposit;
•quick account verification;
•convenient trading terminal and mobile application;
•low fixed commissions for trading and the withdrawal of funds;
•free multicurrency wallet for cryptocurrency storage;
•Profitable referral program with significant benefits;
•the website has been progressively developing since 2014
👎 Disadvantages of CoinSpot:
•fiat trading isn’t available;
•demo accounts are not available;
•investment programs aren’t available.
CoinSpot Commissions and Fees
CoinSpot is one of the few world-class cryptocurrency exchanges offering flat fees. Usually, the amount of fees depends on the volume of the client's trades in the last month. Commissions on CoinSpot are fixed and you cannot influence them (excluding the rebate from the Traders Union):
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market orders is 0.1%;
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OTC trade is 0.1%;
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instant purchase, sell and swap transactions are 1%;
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take profit, stop orders, and limit orders are each 1%.
At the moment, CoinSpot has one of the simplest and most transparent fee systems in the cryptocurrency exchange environment. In some cases, there are commissions for depositing and withdrawing funds in addition to trading commissions.
Useful data:
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direct deposits, PayID, POLi carry no commission;
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BPAY is 0.9%;
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cash deposits have no commission.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | up to 1% per transaction | Yes |
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Crypto market:
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Spread – the difference between the buy and the sell price of an asset.
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Commission per lot.
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Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Why is it important to consider the minimum deposit at a cryptocurrency exchange?
Accessibility: The minimum deposit helps traders determine if they can afford to start trading on an exchange.
Risk Management: Exchange-set minimum deposits ensure traders have sufficient funds to cover potential losses and fees, preventing financial overextension.
Platform Suitability: The minimum deposit amount can be an indicator of the exchange’s target audience and trading volume, aiding traders in selecting a platform aligned with their goals.
Cost Considerations: Assessing minimum deposit requirements helps traders account for trading expenses.
Are the fees and minimum deposit requirements at CoinSpot suitable for beginners?
Analysis of CoinSpot shows that the broker has a rather high minimum deposit. It could pose a problem for traders, who are only starting their path in trading. Nevertheless, the fees are low. Therefore, the broker will be a good choice for professional traders.
FAQs
Can you reduce the fees?
As a rule, the fees depend on the trading account type. Also, companies may have special offers.
If the fees are low, how does a broker make money?
As a rule, brokers with low fees earn on the fees thanks to high trading volume and also non-trading fees.
Are the fees charged on a demo account?
Yes, but they are written off the virtual funds you use for trading on the demo account. This allows you to learn the level of the fees.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.