What is Coinstash?

Coinstash was founded in 2017, and it has been focusing on providing a simple and convenient experience to its users since then. There is also a heavy focus on customer service and live support to help traders and investors solve their problems. Not only is Coinstash a registered crypto exchange in Australia, it also controls an AFS Licensee (Australian Financial Services Licensee) to keep everything safe and sound. The exchange is also gradually improving in terms of the number of users and popularity, and it has been featured in several mainstream media channels.

Key Features & Advantages of Coinstash

Coinstash is a great crypto trading option for any beginner or amateur who is residing in Australia and wants to kick-start their investing journey. With the availability of many crypto assets and countless features included in their platform, Coinstash can be a number one pick for many traders and investors out there. In order for you to understand what Coinstash actually offers to its users, I have compiled a list of all the key features and advantages that you can check out below.

Negatives & Disadvantages of Coinstash

If we take a look at the other side of Coinstash, there are a few disadvantages that you might not want to deal with. It is a good idea to consider all of the negatives of Coinstash before signing up to the platform.

What Services does Coinstash offer?

If you want to read about the services Coinstash offers to their users, you can take a look below. You can make up your own whether the exchange is a good fit for your requirements.

Quick crypto buy, sell, and swap:  Considering how advanced everything has become due to technological advances, it should also be easy to buy and sell cryptocurrencies. Well, you don't have to worry about this aspect as Coinstash has a whole section for buying and selling different cryptocurrencies. 

All you have to do is select the asset you want and then pay the required amount to receive it almost instantly. Please note that the quick buy and sell option won’t work until you have verified your account. Make sure to enter all of your personal details along with original documents to get your account verified sooner and start trading without any type of limitations.

If you have already bought one cryptocurrency and decided later that you want to trade it for another one, that is easy to do with the "Swap" feature. You no longer need to sell the first coin before you can purchase the new one - it can all be done now in one smooth transaction.

Over 1,000+ cryptocurrencies available:  Coinstash has an impressive range of more than 1,000 cryptocurrencies listed on their platform. You can find almost every popular crypto asset on Coinstash so that you can buy and hold them for the longer term, sell them for quick profits, or trade them just as you want.

If you are looking forward to trading and investing in newer projects with a promising future, you can find such coins at Coinstash too. They are also actively adding more cryptocurrencies every now and then to keep their users updated with the crypto industry. 

DeFi Connector so you can buy/sell DeFi coins:  Coinstash added a DeFi Connector in late 2022, which gives its users easy access to safely buy and sell coins from the DeFi space directly on Coinstash. With access to more than 500+ coins on DeFi connector, you can be the first to buy low cap coins that aren't listed on other crypto exchanges. 

Having access to DeFi Connector on Coinstash saves you time and money, as you won't need an external wallet or MetaMask to trade crypto that is found in the DeFi space. 

Simple and advanced trading charts:  Coinstash is suitable for both beginner crypto investors and experienced traders. For newcomers to crypto, there are simple trading charts which are easy to understand, and for the advanced users, the more technical charts can help make good trading decisions.

Fast and reliable deposit and withdrawal methods:  Coinstash claims that only the first deposit and withdrawal takes time on their platform due to the verification process, but after that, every transaction is processed almost instantly to deliver or deposit the funds. As the exchange currently focuses on the Australian community only, they have provided their users the option to deposit and withdraw money through bank transfer and cryptocurrency deposits.

There are different merchants available that the users can go with, but the end transaction would be a bank transfer no matter what option you choose. The same scenario goes with the withdrawal methods, and users can easily get their funds out of the platform through bank transfers. 

Trouble-free user interface:  One of the major selling points of Coinstash is that it is extremely simple and easy to use. There are no complicated markets listed on the platform to confuse new investors and traders. Of course, the lack of trading markets is a disadvantage for experienced traders, but this is what attracts amateurs to the crypto industry.

As for the interface of the platform, traders and investors are provided with their simple dashboards. If we talk about the features and options, they can be accessed through the top menu. There is a separate option to deposit funds into your account so that you won’t have trouble getting started. In case you need any type of assistance, there is a live chat option available almost all the time at the lower right corner of the website. 

Automatic purchase (recurring buys):  Coinstash allows their users to set up recurring purchases, which means your account will automatically buy a certain coin on a regular basis. This saves you time, and takes the emotion out of trying to time a dip. Instead, you are dollar cost averaging (DCA) into the coin, which reduces the effect of crypto volatility. You can learn more about it in the video below.

Great referral program:  The referral program of Coinstash is quite generous too. They have three different referral levels available at Coinstash that you can achieve. If you are on the beginning level, you will earn 33% of the trading fees paid by your referrals. On the intermediate level, you receive 40% of the trading fees. Lastly, if you are at the advanced level, you can earn a whopping 55% of the trade fees paid by your referrals. The best thing is these referrals are not specified for a limited period, so you can earn through them for your lifetime.

Premium customer support with Live Chat:  Not everyone is a tech or crypto geek, and can find out all the solutions to the problems they are facing. When it comes to financials and real money, people tend to get a little more worried about this aspect and desire proper guidance. In the case of cryptocurrencies, only a dedicated customer support team can handle such users and guide them the proper way.

Aside from the old school emails and contact forms, Coinstash also offers their users the option to contact them quickly through their live chat option. If you are in need of any type of assistance, you just have to click on the messaging/chat icon on the lower right corner of your screen, and any of the free agents will join you to solve your problem. Live Chat is available every day between 9am and 11pm.

Strict security measures:  Coinstash only focuses on Australian customers for now, but it does not mean that they have taken the security of their users lightly. In order to start trading or investing on Coinstash, users have to verify their identity by providing all the necessary documents. You will be able to trade or invest only if you pass the initial requirements.

If we talk about the security of your assets, Coinstash has opted for an industry-leading data security system to ensure safety and security. As they are also registered and have acquired ASFL, there is minimal chance of anything going south with them.

What I don't like about Coinstash

Coinstash does offer its users a lot of features and benefits to enjoy while investing and trading, but some negatives may affect your experience. You can find out what those negatives are below.

High trading fees of 0.85%:  The usual trading fees at different crypto exchanges vary between 0.1% and 1.0%. Coinstash charges their users on the higher end of this scaled, at 0.85% per trade, which can be quite expensive when you are trading large amounts. 

Limited deposit options available:  Coinstash currently only accepts AUD deposits via bank transfer and PayID. While this may not be an issue for many users, there are others that prefer using PayPal, credit card, debit card, or BPAY, which is not supported.

Coinstash Fees

Coinstash Deposit Fees

Coinstash does not charge their users for any type of deposit. It doesn't matter if you are going with bank transfers or cryptocurrency transfers, you won’t have to pay a cent to deposit funds into your Coinstash account. However, there might be a small fee charged by your bank, so keep that in mind.

Coinstash Trading Fee

Coinstash charges a flat trading fee of 0.85%, which is a little higher than the industry standard.

Coinstash Fiat Withdrawal Fees

Coinstash only offers AUD withdrawals to users’ bank accounts. They do not charge anything from their customers; the whole transaction is done for absolutely no charge. You might have to pay a little processing or network fee due to certain circumstances, but there is no implied fee by Coinstash.

Coinstash Crypto Withdrawal Fees

Coinstash charges differently for each crypto asset when withdrawing them to your wallets. You can find the exact fee of a certain asset just before you withdraw, or you can simply visit the crypto fee page available at Coinstash’s website. Just for reference, Coinstash charges 0.0003 BTC for Bitcoin withdrawals and 0.006 ETH for Ethereum withdrawals. 

Pros and Cons of Coinstash

The Verdict

In short, Coinstash is an excellent exchange for any newcomers to crypto who are living in Australia. Professional traders can still enjoy the benefits of the platform, but the lack of trading options and markets will limit their experience. The excellent live chat customer support, basic interface, mobile app, great security, and hassle-free deposit and withdrawal methods are a few of the reasons why Coinstash can be an excellent pick for you.

Still, the platform needs to improve if they want to be competitive in the crypto industry. Adding more deposit options, lowering trading fees, and including different markets would be some good ways to improve their service. If you are after an Australian crypto exchange that offers lower fees, I suggest you take a look at Digital Surge. They have the lowest fees and spreads according to our test. You can also have a read of my article on the best crypto exchanges for Australians, and take a look at the table below.

If you want to sign up to Coinstash, be sure to register with this link, and you can claim up to $200 Bitcoin with this promo code.

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