How good is the Coinstash crypto exchange?

• Coinstash is a new dedicated crypto exchange that specifically focuses on ease of use for the Australian market.
• Founded in Brisbane and comes off the back of a successful crowdfunded capital raise in 2021
• Buy, sell and swap 1,000+ cryptocurrencies.

Coinstash is a cryptocurrency exchange that is known for its simple user interface, specifically developed to fill the needs of newcomer investors. It offers a wide range of cryptocurrencies to pick from and trade, notably Ethereum, Bitcoin, and Dogecoin.

Coinstash was established in 2020, which makes it one of the newer exchanges on the market, but do not let its young age fool you as it has a lot to offer.

Are you considering Coinstash as your go-to option when it comes to cryptocurrency trading? Take a deep dive into all the options the exchange provides and discover if this is the perfect option for your specific needs.

What is Coinstash?

Coinstash was established in 2020 and it allowed customers to use Australian dollars (AUD) to purchase more than 1,000+ cryptocurrencies.

The owners behind Coinstash are Ting Wang and Mena Theodorou, who launched the exchange with the goal of providing Australians with a platform where they can gain interest in cryptocurrencies and even borrow cash from their digital assets.

Is it safe?

TWMT Pty Ltd (ACN 621 581 584) owns and operates Coinstash from their Brisbane headquarters. The company is registered with AUSTRAC and is regulated by all Australian financial laws and all money-laundering policies.

Only verified users are allowed to deposit AUD and begin purchasing crypto, and it has two-factor authentication (2FA).

All of this makes it a relatively safe cryptocurrency exchange and in-line with other exchanges operating in Australia.

Who is Coinstash aimed at?

Given the fact that Coinstash is headquartered in Brisbane, Australia, and that it uses AUD as its main currency when you make a deposit, it is clear that the target here is Australian citizens new to crypto.

Listed cryptocurrencies

The Coinstash exchange supports more than 1,000+ cryptocurrencies. You can find a complete list of them in the trade section of the exchange.

The top listed coins are Bitcoin (BTC), Ethereum (ETH), Binance Token (BNB), Solana (SOL), Cardano (ADA), Ripple (XRP), Polkadot (DOT), Dogecoin (DOGE), Shiba Inu (SHIB), Litecoin (LTC), Chainlink (LINK), Polygon (MATIC), and many others.

Setting up your account

Creating an account is fairly simple when it comes to Coinstash. We have created a simple step-by-step guide for you to follow that will get you up to speed in no time.

• Step 1: Go to the Coinstash website.
• Step 2: Enter the sign-up details.
• Step 3: Verify your identity and deposit funds into your account.
• Step 4: Purchase cryptocurrencies.

Note that you will need to submit a government authorised ID for the verification process, and you need to have a supported payment method to fund your account.

Funding your account

In order to fund your account, you will need to use an accepted payment method. The platform currently supports Osko, PayID, BPAY as well as cash deposits.

Simply navigate to the deposit tab on the website, select your preferred method and enter the amount of AUD you would like to deposit.

While these methods are limited and focused primarily on Australian citizens, the team claims to be working on adding payment methods in the future.

Fees and limits

The only fee is the transaction fee, which is at 0.85%. There are no deposit fees but Coinstash does charge a network fee for withdrawals. The best part is that there are no hidden fees.

Useful features

Bundles

One of my favourite features is something Coinstash call 'Bundles'. I find it really useful, especially considering the number of coins one could invest in.

Bundles are themed, much like ETFs are for shares. For example there's a bundle for DeFi Coins, another for Meme Coins, and one for Metaverse Tokens if you want exposure to Web3. Rather than having to research what each coin is for, you can simply buy the whole bundle.

Recurring purchases

Coinstash also supports recurring purchases, where you can set aside a fixed amount at a regular interval and automatically buy cryptocurrency at the prevailing market rate. This means you can dollar cost average over time.

Staking

Coinstash are one of the few Australian crypto exchanges where you can stake your crypto. Admittedly there is a somewhat limited choice of assets that can be staked, but it includes Bitcoin, Ethereum, and Tether. Yields are competitive with what's available elsewhere.

If you do stake crypto on Coinstash, rewards are distributed in their own token (STASH) and not in the same currency you staked. STASH can be used to buy more crypto on the exchange. For those of us who are serious HODLers, terms as long as 30 years are available.

Perhaps the most interesting aspect of staking with Coinstash is that the Australian dollar stablecoin (XAUD) can be staked, making Coinstash an appealing alternative to less speculative investors or anyone looking for an alternative to fiat savings accounts.

Upcoming DeFi

If things go according to plan, Coinstash will allow Australians to spend, earn interest on, and borrow against their crypto holdings. They wrapped a $2.8 million crowdfunding raise with the goal of launching their cryptocurrency products.

Pros and cons

Alternatives to Coinstash

• Coinbase. Coinbase is one of the largest cryptocurrency exchanges in the US, allowing traders to easily buy, sell, or trade different tokens.
• Crypto.com. One of the most instantly recognisable brand names in crypto with a full ecosystem of crypto services: buy sell trade coins, earn crypto back with a Crypto.com Visa Card, stake crypto, or take out a loan against the value of your crypto holdings.
• Kraken. Kraken is one of those cryptocurrency exchanges that has been on the market for quite a while now and offers a solid selection of cryptocurrency tokens available for its traders.
• Swyftx. Swyftx is an Australia-based cryptocurrency exchange, with that demographic in mind, which provides investors with an online wallet and an easy-to-use interface.
• CoinSpot. This is an exchange that gives traders and investors in Australia access to selling, buying, or trading hundreds of cryptocurrency tokens.
• Cointree. This Australia-based crypto exchange has been on the market since 2013, is fully regulated, and has a solid reputation with a very clean and simple interface.
• Gemini. American crypto exchange and app aimed at newcomers to crypto backed by the Winklevoss twins.

Comparisons

Quickly compare the key features of Coinstash against competing exchanges, both Australian and international.

• BTC Markets vs Coinstash
• Coinbase vs Coinstash
• CoinJar vs Coinstash
• CoinSpot vs Coinstash
• Coinstash vs Easy Crypto
• Cointree vs Coinstash
• eToro vs Coinstash
• Gemini vs Coinstash
• Independent Reserve vs Coinstash
• Swyftx vs Coinstash

FAQs

Can I exchange crypto coins for other crypto coins on Coinstash?

Yes, crypto-to-crypto swapping is available on Coinstash.

Do I need a crypto wallet?

You can deposit funds on the platform and store cryptocurrencies on it as well, but a personal crypto wallet is always recommended.

What countries are supported by Coinstash?

Coinstash only supports users in Australia.

What fiat currencies are supported by Coinstash?

On-ramp onto Coinstash with AUD only.

Does Coinstash have an app?

Yes. Coinstash have apps for iOS and Android.

Verdict

You can tell that Coinstash have been developed with Australians in mind. Many of the features, such as the supported payment methods, default currency, and customer approval, are heavily focused on Australia.

That said, if you are from Australia, it might be one of the most streamlined platforms out there that will enable you to invest in cryptocurrencies in the simplest way possible. Keep in mind, however, that the experience is fairly limited compared to other options out there.