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Coinstash review 2024: Fees, Features and Security
Swen Keller
- URL: https://coinstash.com.au/
- Headquarter: Brisbane, Australia
- Year Founded: 2017
- Platform App: Web, Mobile
- No. of Cryptos: 1,000+
- Fiats Available: AUD
- Withdraw Method: AUD bank transfer and cryptocurrency
- Payment Method: Bank transfer, PayID, Cryptocurrency
Coinstash Review: Our Take
Coinstash stands out for its large selection of cryptocurrencies, integrated tax reporting tool, and its ease of use. However, when compared to other cryptocurrency exchanges, Coinstash charges very high trading fees (0.85%), which may discourage newbie users.
It also is only available to Australians, global users will need to find another trading platform.
An Overview of Coinstash
Coinstash is one of the oldest crypto exchanges in Australia and it was founded in 2017.
The company is headquartered in Brisbane, Australia, and is operated and used by more than 25,000 Australians.
The crypto assets brand is registered with AUSTRAC (AUSTRAC Reg. No. DCE100575420-001) and is compliant with local Australian regulations for crypto exchanges.
Coinstash was co-founded by Mena Theodorou and Ting Wang. Mena is the current head of product at Coinstash and controls the development and execution of the trading platform. He has been involved in the crypto space since 2013 and was an active member of the PayCoin development team.
Wang, on the other hand, is the current CEO of Coinstash and manages the strategic direction and growth of your company. He has held positions at KPMG and was a lawyer in the Supreme Court of NSW.
The goal of the company is to give Australians access to the benefits of blockchain.
Concerning services offered, the Australian crypto exchange allows users to buy over 1,000 crypto assets using fiat currencies.
Pros
- Large selection of cryptocurrencies
- Good customer support
- Easy to use
- Offers recurring buy
Cons
- High trading fees
Key Features of Coinstash
Coinstash Private (OTC)
Coinstash Private (OTC) is designed for businesses, high-net-worth individuals, sophisticated investors, Self Managed Super Funds (SMSFs), and institutions looking to make large orders.
The Coinstash Private (OTC) supports the trading of all 1,000 cryptocurrencies supported on Coinstash along with digital assets.
Just like most crypto exchanges, Coinstash handles large volume trades off the exchange to prevent the adverse effect the large trade may have on the market.
Coinstash OTC traders have access to deep liquidity with no slippage at competitive prices.
Once OTC quotes are provided, you can lock in the price and trade immediately or within 24 hours.
Coinstash offers OTC clients end-to-end support from their dedicated broker.
Coinstash Mobile App
The Coinstash mobile app allows you to buy and sell coins on the go.
Also, the mobile app offers a seamless onboarding process and gives you access to all Coinstash features.
It offers fee-free deposits and withdrawals via bank transfer and PayID/Osko.
The mobile app has a DeFi Connector which enables you to trade on-chain and discover assets that are not listed on other Australian crypto exchanges.
It allows you to buy any cryptocurrency on DeFi in Australian Dollars (AUD).
The Coinstash Mobile app offers several features, below is a brief overview of each feature.
DeFi Connector
With the DeFi Connector, you do not need to worry about finding the lowest gas fees, switching chains, or bridging assets. The DeFi Connector handles all the complex aspects of accessing DeFi from the app.
Coinstash OTC
The mobile app gives you secure access to Coinstash’s OTC trading desk where you can privately execute large volume trades.
Coinstash OTC offers a personalized trading experience tailored to your needs with end-to-end dedicated support from your broker.
SMSF Accounts
The mobile app allows you to buy all cryptocurrencies that Coinstash offers with your Self-Managed Superannuation Fund (SMSF) account.
The SMSF account is secure and is integrated with leading crypto tax apps. This allows you to easily manage your tax and audit obligations directly from the Coinstash mobile app.
Registering your SMSF account via the mobile app takes just a few minutes.
All you need to do is select SMSF as your account type when signing up and complete your registration by providing the required document.
Coinstash offers dedicated end-to-end support and same-day onboarding for SMSF setups.
Trading Tools
The Coinstash mobile app offers several powerful charting tools, custom watchlists, and technical indicators which allow you to monitor and keep tabs on all supported cryptocurrencies.
It offers a Conditional Orders feature which allows you to buy crypto at your Preferred price.
This gives you more control over your trades and allows you to execute trades on your terms even in a volatile market.
Automatic Purchases/Recurring Buys
The mobile app also has an Automatic purchases/recurring buys feature which allows you to automate your crypto purchases.
With this feature, you can regularly buy a set amount of cryptocurrency of your choice. All you need to do is choose the currency you want the recurring Buy order to be executed on and set an amount.
Once this is set, the purchase will be automatically executed at the set time, without you having to sign in and place your order.
The Recurring Buy feature uses the popular Dollar cost-averaging strategy used by most investors.
It reduces the effects of market volatility and gives you an easy way to enter the crypto market.
Bundles
Another important feature of the Coinstash mobile app is Coinstash Bundles.
With Bundles, you can easily diversify your crypto portfolio by investing in multiple assets at a time.
A Bundle contains different coins with similar values or objectives.
When you buy a bundle, a percentage of the money is used to buy each of the cryptocurrencies in the bundle. This saves you time as you do not need to buy each cryptocurrency individually.
Coinstash supports about 10 bundles. Available bundles include The Dominant Duo, AI Bundle, Legend Bundle, DeFi Bundle, Layer-1 Bundle, NFT Bundle, Proof of Work (PoW), Metavese Tokens, Decentralized Exchange Tokens, and precious metals.
Rewards
The Coinstash Mobile app gives you access to Coinstash Rewards.
Coinstash Rewards is the crypto exchange’s way of rewarding customers for using the platform. The rewards come in the form of tiered membership benefits.
With Coinstash membership, you are rewarded based on your trading activity and the value or asset held on the exchange.
The more you hold or trade, the higher your membership tier.
Membership rewards include trade fee reductions, special promotions, and loyalty reward boosts.
Cryptocurrencies Available on Coinstash
Coinstash supports over 1,000 cryptocurrencies.
The crypto exchange features a native DeFi integration which allows you to trade almost any coin across the crypto space.
Supported cryptocurrencies include Bitcoin, Ethereum, Litecoin, Chainlink, Polygon, Ethereum Classic, Avalanche, Bitcoin Cash, Dogecoin, Solana, Shiba Inu, Polkadot, Stellar Lumens, XRP, Tether, Tron, USD Coin, Binance Coin, Algorand, Binance USD, Floki, Compound, Uniswap, Tezos, Bitcoin SV, Enjin, Aave, Basic Attention Token, Maker, etc.
Trading Fees and Others
Crypto Trading Fees
Coinstash charges a flat fee of 0.85% inclusive of GST every time you trade crypto. The fee is calculated and displayed before you place an order.
So if, for example, you are buying a crypto worth AUD 20 you’ll get AUD 19.83 and you’ll be charged a trade crypto fee of AU$0.17.
AUD Withdrawal Fees
Coinstash does not charge you fees for withdrawing Australian dollars to your bank account.
Crypto Withdrawal Fees
The trading platform charges a flat network fee for withdrawing cryptocurrency. This fee is denominated in the coin being withdrawn:
- 1INCH – 7.47
- AAVE – 0.02
- ACH – 600
- ACM – 0.01
- ADA – 0.7
- LUNA – 0.05
- MANA – 25
- MASK – 2.5
- MATIC – 10
- MBL – 4.5
- MBOX – 0.05
- MC – 5
- MDA – 61
- QI – 5
- QKC – 3500
- QLC – 1
- QNT – 0.1
- QSP – 450
- QTUM – 0.02
- QUICK – 0.15
- RAD – 3.2
- RAMP – 85
- RARE – 30
- RAY – 0.35
- REEF – 1200
- REN – 50
- RENBTC – 0.00071
- REP – 0.75
- REQ – 70
- RGT – 1.25
- RIF – 4
- MDT – 500
- MDX – 0.6
- MFT – 4400
- MINA – 0.5
- MIR – 10
- MITH – 525
- MKR – 0.0052
- MLN – 0.02
- MOVR – 0.004
- ADX – 0.01
- AERGO – 250
- AGIX – 320
- AGLD – 25
- AION – 0.1
- AKRO – 1100
- ALCX – 0.15
- BADGER – 2.5
- BAKE – 0.3
- BAL – 0.3
- BAND – 3
- BAR – 0.1
- BAT – 30
- BCD – 0.01
- BCH – 0.0003
- BEL – 15
- BETA – 0.45
- WAVES – 0.0025
- WAXP – 1.5
- WBTC – 0.00075
- WIN – 540
- WING – 0.005
- WNXM – 0.5
- WRX – 30
- WTC – 0.02
- XAUD – 20
- XEC – 1700
- XEM – 5
- XLM – 0.8
- XNO – 0.01
- XRP – 0.03
- XTZ – 0.25
- XVG – 1
- XVS – 0.05
- YFI – 0.0002
- YFII – 0.013
- YGG – 6
- YOYO – 1
- BICO – 15
- BLZ – 120
- BNB – 0.0005
- BNT – 5.18
- BNX – 0.004
- CAKE – 0.011
- CELO – 0.0015
- CELR – 650
- CFX – 1.2
- CHESS – 0.18
- CHR – 50
- CHZ – 70
- CITY – 0.02
- CKB – 1
- CLV – 80
- CND – 5500
- COCOS – 25
- COMP – 0.02
- COS – 1800
- COTI – 103
- CRV – 9
- CTK – 0.2
- CTSI – 45
- CTXC – 95
- CVC – 90
- CVP – 27
- DAI – 25
- DAR – 14
- DATA – 365
- DCR – 0.02
- DEGO – 4
- DENT – 7000
- DEXE – 2.5
- DF – 290
- DGB – 0.2
- DIA – 20
- DNT – 900
- DOCK – 5
- DODO – 55
- DOGE – 0.03
- DOT – 0.03
- DREP – 45
- DUSK – 55
- DYDX – 10
- HIGH – 5.2
- HIVE – 0.01
- HNT – 0.06
- HOT – 4000
- ICP – 0.0005
- ICX – 0.03
- IDEX – 95
- ILV – 0.025
- IMX – 10
- INJ – 3
- IOST – 2
- IOTA – 1
- IOTX – 1
- IRIS – 1
- JASMY – 350
- JOE – 0.1
- JST – 4.5
- JUV – 0.01
- KAVA – 0.003
- KEEP – 70
- KEY – 3750
- KLAY – 0.01
- KMD – 0.4
Coinstash Payment Methods
Coinstash supports the following payment methods: bank transfer, PayID, and cryptocurrency deposit.
To fund your Coinstash account with AUD via your bank account log into the Coinstash platform.
Next, tap on the “Deposit AUD” button at the top of your screen.
You will see an option to deposit funds via PayID or bank transfer. The PayID option is instant while bank transfer takes up to 3 days.
If you opt for PayID you’ll be able to use a registered email address as your unique identifier rather than your bank account details. That said, your first PayID payment can take up to 24 hours to clear.
For bank transfer, payments can take up to 3 business days to process before it is deposited in your account.
This method usually requires entering a BSB number, account name, and account number provided by the exchange during the payment process.
Also, Coinstash requires that you include its unique reference code as the payment description to help with identification.
It’s important to note that Coinstash does not support third-party payments, so your deposits must come from a bank account in your name.
For crypto deposits, you must be tier 1 verified on the platform before you become eligible.
To deposit a coin, log into your Coinstash profile and then tap on “Deposit Crypto”.
Next, select the cryptocurrency you want to deposit as well as the network you will be using.
Scan the QR Code and copy the wallet address provided.
Log into your external wallet and send the coins to the copied address.
Coinstash Review: Security
Coinstash is one of the oldest regulated cryptocurrency exchanges in Australia. The crypto exchange is registered with the Australian Transactions and Reports Analysis Centre (AUSTRAC) and it is a registered digital currency exchange and also an Australian Financial Services Licensee.
Coinstash undergoes annual audits by an independent third party with financial statements lodged to the Australian Securities and Investments Commission (ASIC).
The crypto exchange maintains full currency reserves at all times.
Customer funds are held 1:1 and available for withdrawal at any time. Coinstash holds sufficient assets to cover over 100% of clients’ balances at all times.
Users’ crypto holdings are secured with Fireblocks security infrastructure and protected through Multi-Party Computation (MPC) technology.
Fireblocks is a leading digital asset custody and storage solution globally trusted by thousands of leading organizations around the globe.
Coinstash uses Fireblocks as its wallet infrastructure protection. This is to keep clients’ assets on Coinstash safe from malicious attacks.
Coinstash also has strict protocols and industry-leading technical measures in place to ensure the security of user’s accounts and assets.
It supports strict login and transaction verification protocols using several security measures including two-factor authentication, email confirmations, and PIN/ Biometric identification.
It also has an advanced access control feature which allows users to increase the security of their account using security features like linked accounts and wallet address whitelisting.
Staking Rewards
Coinstash does not offer staking rewards.
Opening an Account with Coinstash Exchange
To open an account with Coinstash go to https://coinstash.com.au.
Next, tap on the blue “Sign Up” button at the upper right cooler of your screen.
Select your account type (Individual, SMSF, Company, or Trust).
Tap on “Continue to Next Step”.
Choose to Create your Coinstash account by tapping on the Google account or Apple account button or entering your email and selecting a password.
Tap on the Google account button, if that’s your choice, and then select your preferred account to connect to Coinstash (the same applies to your Apple account)
Alternatively, you can enter your email address, select a password, and choose Australia from the drop-down menu then go to your email and verify your address.
After either one of the above steps you’ve successfully created your Coinstash account.
To use your account, you’ll need to undergo the verification process. The verification process involves verifying your phone number and uploading a government-issued ID.
Supported Countries by Coinstash
Coinstash is currently only available to Australian users.
Coinstash Review: Trading Experience
Coinstash offers a very minimal and basic trading experience. It doesn’t offer advanced trading products like margin trading, futures trading, ETFs, etc. only simply buy/sell and spot trades.
The trading platform caters best to beginners and intermediate traders.
Coinstash Customer Support
Coinstash offers customer support via Live chat and email at admin@coinstash.com.au. To contact customer support via Online Live chat, you need to go to the Main Menu and select Instant Chat. If you want to follow up on a pending case, select “Chat History”.
Coinstash’s customer support team can also be contacted via the in-app support feature.
Customer Satisfaction
Coinstash offers premium customer support to users. The customer support team is responsive and offers swift service to users.
Is Coinstash Right for You?
Coinstash is right for beginner Australian crypto traders looking to simply buy and sell crypto irrespective of the trading fees involved.
Final Thoughts
Coinstash is an easy-to-use crypto exchange with a large selection of coins available. Its major cons are high trading fees and a lack of advanced trading tools and products.
Our extensive analysis of the Australian Crypto Exchanges doesn’t stop here. You can also read about our Easy Crypto review as an alternative to Coinstash or you can check out our full list of best exchanges available to Australians.
FAQ
Most frequent questions and answers
Coinstash charges high trading fees – 0.85% per trade – which is above industry standard.
Coinstash supports over 1,000 cryptocurrencies.
Trading cryptocurrencies is legal in Australia and the law permits residents to trade, spend, receive, and store digital assets.
The CEO of Coinstash is Ting Wang.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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