Coinstash Review : Why We Don’t Like It

What Is Coinstash?

Coinstash was founded in 2017 by Ting Wang and Mena Theodorou, and is headquartered in Brisbane, Australia. Coinstash is one of Australia’s largest crypto exchanges, with over 25,000 monthly users. Coinstash offers access to over 340 of the largest cryptocurrencies out there, including Bitcoin (BTC), Ethereum (ETH), Cardano (AVA), Solana (SOL), Polkadot (DOT), and Dogecoin (DOGE).

Coinstash offers a crypto staking platform, Coinstash Earn, and a very unique feature: Coinstash Bundles. Bundles are similar to ETFs in that they hold a diversified basket of securities; unlike ETFs, the basket is comprised of crypto-assets – all within the same sector. For example, there's a DeFi Bundle, which includes the largest DeFi platforms, UniSwap (UNI), Compound (COMP), Aave (AAVE), and PancakeSwap (CAKE) and there’s a Stablecoin Bundle, comprised of stablecoins. There are many more bundles to choose from, making investing easy for beginners.

To start off this Coinstash review, let’s take a deeper look at Coinstash’s pros, cons and features.

Coinstash Pros & Cons

Coinstash Pros

• Supports 340+ cryptocurrencies
• Accepts BPAY, PayID, and Osko
• Registered with AFSL and AUSTRAC
• Narrow Spreads (0.5%-1%) 
• Quick sign-up process
• Registered with the AUSTRAC
• AML/CTF Compliant
• Customer support available via phone and live chat
• Coinstash Earn (Crypto Staking)
• Desktop and Mobile App

Coinstash Cons

• Only accepts three payment methods (BPAY, PayID, Osko)
• Customer support available only from 9am to 11pm on weekdays
• Only accepts AUD as fiat (no USD, EUR, etc.)

Coinstash Features

1. CoinstashEarn

On top of functioning as a regular crypto exchange, Coinstash offers a staking platform for select crypto, called Coinstash Earn. Traders can earn up to 24% interest, per year, on crypto and fiat (AUD) balances. Unlike many other exchanges, in Coinstash there are no lock-up periods for staking – you can withdraw your funds at any time, at no cost. Keep in mind Trading Accounts are separate from Savings/Staking Accounts, and you can’t trade using funds from your Savings Account.

Coinstash crypto staking rewards are calculated daily and paid out in Coinstash Points, which can be exchanged 1:1 with the underlying asset (1 Coinstash BTC Point = 1 BTC).

2. Security Features

Coinstash offers multiple layers of security: All users can activate Two-Factor Authentication (2FA) and biometric facial recognition, right from the app. Additionally, Coinstash has strict security protocols and encryption to make sure all personal information is secured. Coinstash is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and complies with AML and KYC laws.

3. Coinstash Bundles

One of Coinstash’s most unique features: is Coinstash Bundles. Coinstash Bundles is a one-way stop, expertly made diversified crypto portfolio. These portfolios are baskets of cryptocurrencies – when you purchase a Bundle you are purchasing all cryptocurrencies within. To get the most out of your money, the percentage allocation for each coin in the basket varies, based on the performance of the particular coin. Here are some of the Bundles and the coins within:

• Big Two: Bitcoin (BTC) and Ethereum (ETH)
• DeFi Coins: UniSwap (UNI), Compound (COMP), Aave (AAVE), and PancakeSwap (CAKE)
• Exchange Tokens: Binance Smart Chain (BNB) and dYdX (DYDX)
• Innovation Coins: Solana (SOL),  Cardano (ADA), Polkadot (DOT), and Terra (LUNA)

There are 9 Coinstash Bundles to choose from, and there’s even a Stablecoins bundle if you want to go for the safest bet.

4. Excellent Customer Support

Coinstash offers customer support via email or live chat, and their customer service reps are actually helpful rather than just following a script. It takes just a couple of minutes for the customer service reps to reach out. Keep in mind customer support is available from 9 am to 11 pm EST, every day of the week. You can reach out to them through:

• Email: [email protected]
• Support page: Via the Help Center on their webpage
• Live chat: Available in the Help Center under the Chat With Us section

5. Coinstash Dashboard

Through Coinstash’s Dashboard, you can keep track of all your assets – all in one place. From regular price updates to price charts and graphs; you can track the performance of bundles and individual assets and even set trackers. Keep in mind real-time updates are currently not available.

6. Instant Account Verification

To sign up with Coinstash, you just need to provide your name, date of birth, address, phone number and email address. Most users won’t have to upload a photo or a video and can get verified in minutes. A small number of users may have to upload an additional identification document like:

• Driver’s Licence
• Passport
• National Identity Card

Cryptocurrencies On Coinstash

Coinstash supports over 340 different cryptocurrencies, which is as much as what Binance offers and a lot more than what VirgoCX (one of the best-rated crypto exchanges in Australia) and Coinbase offer. Here are some of the most popular:

Ethereum (ETH)	Bitcoin (BTC)	Dogecoin (DOGE)
Solana (SOL)	Cardano (ADA)	Polkadot (DOT)
Binance Token (BNB)	Litecoin (LTC)	Chainlink (LINK)
Polygon (MATIC)	Shiba Inu (SHIB)	Ripple (XRP)

Coinstash Fees

• Trading Fees: 0.85%
• Spreads: Depends on the coin (1% for Bitcoin (BTC))
• Deposit Fees (Crypto): Free
• Withdrawal Fees (Crypto): Depends on the coin (For Bitcoin: 0.0003 BTC)
• Deposit Fees (Fiat): Free (BPAY, PayID, Osko)
• Withdrawal Fees (Fiat): Free

How To Withdraw From Coinstash

To withdraw fiat (cash) from Coinstash, follow these steps:

1. Visit Coinstash page and log in
2. Click on the menu on the top left
3. Click on the Send/Receive submenu
4. Click “Withdraw”

To withdraw crypto from Coinstash, follow these steps:

1. Visit Coinstash page and log in
2. Click on the menu on the top left
3. Click on the Send/Receive submenu
4. Select your crypto and click “Withdraw”

In Summary

Coinstash is an Australia-based cryptocurrency exchange and staking platform; users also have access to Coinstash Bundles to automatically diversify their investments. On the flipside, Coinstash has very limited payment options and only accepts one fiat currency: AUD.

Zengo is the favourite among knowledgeable Australian crypto investors, both for its enterprise-grade security and zero trading fees. If you’re looking for a safe, cost-effective way to buy and sell crypto in Australia, I can’t recommend ZenGo highly enough.

Coinstash FAQs

Is Coinstash safe & secure?

Yes, trading with Coinstash is completely safe and secure. Coinstash is registered with the Australian Securities and Investments Commission (ASIC) and conducts business under an Australian Financial Services Licence (ASFL).

Is Coinstash legit?

Yes, Coinstash is legit. It uses a Single Sign-On (SSO) encryption protocol and all accounts are secured with Two-Factor Authentication (2FA). Since its inception, over 25,000 Australians have registered with Coinstash.

Is Coinstash legal in Australia?

Yes, Coinstash operates legally in Australia. It is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), follows all Australian Financial Regulations, and is compliant with the Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF).

Does Coinstash verify accounts instantly?

Yes, Coinstash does verify some accounts instantly, though if your account needs to go through the manual verification process for some reason, these are the documents you’ll need to provide:

• Driver’s Licence
• Passport
• National Identity Card

Is Coinstash good for Australians?

Coinstash is a decent exchange for Australians, though if you’re looking for the best overall trading experience, I recommend using Swyftx, Digital Surge or CoinJar instead. Each of them offers quite a bit more than Coinstash, and I’m confident you’ll have a better experience with them. 

How well is Coinstash reviewed on Reddit?

Reddit’s review of Coinstash is uncertain: some Redditors have good things to say, while others don’t. Of course, Redditors are known for their brutally honest opinions, so take what they say with a grain of salt. 

Can I buy Dogecoin with Coinstash?

Yes, you can buy Dogecoin with Coinstash. If you want to buy Dogecoin with lower fees, though, I suggest using Swyftx, Digital Surge or CoinJar instead.

Is Coinstash insured?

No, Coinstash’s crypto holdings are not insured.

Is there a Coinstash referral code?

Coinstash does not currently have any referral or promo codes because they aren’t offering a signup bonus. If you want a signup bonus, you can get a $30 bonus from Swyftx, a $40 bonus from Digital Surge, and a $25 bonus from CoinJar.

Does Coinstash report to the ATO?

Yes—as a digital currency exchange provider registered with AUSTRAC, Coinstash is required to report to the Australian Taxation Office (ATO). Users must also report their crypto trading activity to the ATO when filing their taxes at the end of the year.