Coinstash has been around since 2017, but they have not made as much of an impact as other top Australian crypto exchanges. This doesn't mean that they are not a great exchange; they actually offer one of the widest ranges of cryptocurrencies in Australia, and allow staking on several coins. Let's take a close look at what Coinstash offers so you can decide whether you want to open an account with them.
What is Coinstash?
Coinstash is gaining traction as an Australian crypto exchange to be reckoned with. In 2022 they have quickly grown their collection of coins from around 100 to over 1,000+ in the matter of a few months. Their customer support is amazing and is available from 9am till 11pm everyday. If you are concerned about security, Coinstash has you covered, as they are a registered digital currency exchange, and control an AFS Licensee (Australian Financial Services Licensee) - one of the few Australian exchanges to do so. Coinstash is dedicated to investing in compliance and building consumer confidence in the industry.
- Over 1,000+ cryptocurrencies supported
- Free fiat deposits and withdrawals
- 0.85% trading fees
- Earn interest on your cryptocurrency by staking
- Automatic purchases (recurring buys) to Dollar Cost Average
- Simple and advanced charts suitable for newcomers and experienced traders
- Mobile app for iOS and Android
- Responsive Live Chat customer support from 9am-11pm everyday
- Registered with AUSTRAC and control an Australian Financial Services Licensee
Australian alternatives to Coinstash
Perfect for Beginners
Coinstash was designed to give newcomers to cryptocurrency an easy way to get started. The quick buy and sell page is easy to find along the top menu, and once you arrive there, all you have to do is select which coin you like, and click Buy/Sell to make your transaction. From there, you just choose the amount you want, and it's a straightforward process that anyone can work out. If you do happen to run into any issues, you can easily contact Live Chat in the bottom right corner. Not only that, but if you want to swap one coin for another, you can easily do that now with the "Swap" feature. This saves you the hassle of selling one coin before you can buy another one.
Charts for Advanced Users
Although Coinstash is easy to use for beginners, more experienced crypto investors are not left behind. You can access detailed charts that incorporate advanced trading tools, indicators and other options to conduct technical analysis before making any decision to trade.
Earn Passive Crypto Income
Coinstash allows their users to earn passive income by gaining interest on their crypto. You can earn over 3% on your BTC and ETH, and up to 8% on USD stablecoins such as USDT and BUSD. If you want to earn an impressive 6.03% on AUD, which is much higher than anything you could get in the bank these days, you can even buy and hold XAUD, a stablecoin pegged to the AUD.
Automatic Purchases (recurring buys)
With Coinstash, you can automate your purchases so that you are regularly buying crypto of your choice. For example, you may wish to purchase $100 of Bitcoin every week, regardless of the price. You can easily set up this feature, which means that you will automatically be investing $100 each week, without having to sign in and place the order. This is an excellent way to enter the crypto market because it reduces the effects of market volatility. This is known as Dollar Cost Averaging (DCA) and is a popular strategy used by many astute crypto investors. You can learn how to do this in your Coinstash account by watching the short video below.
Live Chat Customer Support
There are so many crypto exchanges that do not invest in a good customer support team, and that makes the experience terrible when you are trying to sort out issues with your account. Luckily, Coinstash is an exchange that focuses on premium customer support, and offers live chat to their users every day, from 9am to 11pm. If you need help outside of these hours, you can leave them a ticket and they will reply once they receive it.
Coinstash has several Bundles that make it easier for users to diversify their crypto assets across a range of coins. When you buy a Bundle of coins, your money is spread across various different cryptocurrencies, saving you time as you don't need to purchase each one individually. It is a good idea if you believe that a certain type of coin has some potential, for example you may believe the Metaverse will take off, but are unsure which coin to invest in. By purchasing the Metaverse Tokens Bundle, you cover your bases by investing in 5 popular Metaverse coins.
Negatives of Coinstash
Higher trading fees than industry-average
Coinstash charges 0.85% trading fees which is slightly above the Australian crypto exchange average of about 0.5%. If you are not a frequent trader, it may not affect you too much, but if you are making a lot of trades, this can add up quickly. Digital Surge is our #1 recommendation for lowest fees and spreads in Australia.
Limited deposit options
At the time of writing, Coinstash only accepts bank transfer and PayID for depositing AUD. While this may not affect too many users, if you prefer other payment methods such as PayPal, BPAY or credit/debit cards, you won't be able to use them.
Fees and Payment Methods
Coinstash only accepts AUD deposits by bank transfer and PayID, which are free of charge. You can also deposit cryptocurrency into your Coinstash account, with no charge.
Withdrawing AUD to your bank account is free of charge.
Coinstash is registered with AUSTRAC and treats security as the highest priority. Since their establishment in 2017, they have never encountered any security breach where customers' assets were at risk. Keep reading to see the ways they keep their users safe.
Platform and Organisational Controls
Coinstash runs their website traffic entirely encrypted using TLS (SSL/TLS 1.2), and multiple digital signatures are required to transfer cryptocurrency in and out of their wallet solutions (a SOC II Type 2 certified provider). All Coinstash employees must pass a rigorous background check as part of the hiring process and are subject to ongoing screening throughout their employment.
Customer Account Security
Coinstash checks for strong passwords on account creation and password reset, and hash all passwords. Two-factor authentication (2FA) is enabled on all accounts.
Coinstash are subject to and comply with the AML/CTF rules and regulations in Australia. They are one of a few digital currency exchange providers who control an Australian Financial Services Licencee company and they hire independent third parties to perform regular penetration tests to proactively identify and resolve any security vulnerabilities.
Pros and Cons of Coinstash
Coinstash is a great option for Aussies that are looking to get started with crypto, or looking to try out a different exchange. Even if you are a complete beginner, Coinstash is easy to use, with quick buy and sell options available for over 1,000+ coins, and live chat on hand 7 days a week in case you need to ask for help. If you have some experience with crypto, you will enjoy the other features Coinstash offers, such as earning passive income and trading using the advanced charts. The only minor drawback is that Coinstash's trading fee of 0.85% is a little higher than some other top Australian crypto platforms, but it still remains lower than CoinSpot's 1% fee, which remains a popular choice. If you want to keep researching before making up your mind, you can read our article on the best crypto exchanges in Australia (click here) or look at the table below that has some key facts.
Frequently Asked Questions
Yes, Coinstash is a safe and trusted cryptocurrency platform, that has had no security breaches since their inception in 2017. They take safety very seriously, with industry leading security measures, and are registered with AUSTRAC.
There are currently over 1,000+ coins available on Coinstash, but this number is regularly increasing, as they are growing a lot in recent months.
Yes, Coinstash is a legitimate and trusted cryptocurrency exchange. It has been around since 2017 and is registered with AUSTRAC and controls an AFS licensee.
Coinstash has lower trading fees of 0.85% compared to CoinSpot's 1%. Coinstash also has a huge range of 1,000+ coins compared to CoinSpot's 360. However, CoinSpot is one of Australia's oldest crypto exchanges, founded in 2013, has over 2 million users, and has the highest level of security in Australia. You can read about CoinSpot in our review here.