CryptoCurrency : Coinspot fees – can someone please explain?

CryptoCurrency : Coinspot fees – can someone please explain?

Hi all, I’m looking at buying some Cryptocurrency for the first time (located in Australia). I’ve signed up to Coinspot and on the website it states:

“The fee for buying and selling coins is 1%.”

Just to be 100% clear – does that mean if I deposit $300 into my account, will that take $3 when I buy and (if there’s no fluctuation) $2.97 when I sell?

And does that mean the only way to be profitable is to sell if the coin has increased in value over 2%? Is there a way to get around these fees if possible? (So hypothetically if I bought some Ripple, rather than selling it if I transfer it to Bitcoin will that get around the fees at this stage?)

So sorry if this is a dumb question just trying to wrap my head around it all. 🙂

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Author: rhcpnaomi

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