CoinSpot is one of Australia’s oldest and most reliable crypto exchanges for digital currencies, with more than 2.5 million users.
In this CoinSpot review, we will give you the scoop on what sets this exchange apart. We’re talking about a platform that promises easy trading, a wide range of supported cryptocurrencies, and a strong security system to keep your investments safe.
Key Takeaways:
- CoinSpot was started by Russell Wilson in 2013, who used to be a software engineer and web developer.
- This crypto exchange offers many features for traders, such as buying and selling, swapping, recurring orders, NFT marketplace, OTC desk, and SMSF accounts.
- CoinSpot does not support margin, futures, and options trading due to regulations in the country.
CoinSpot Review: Overall
| Founded | 2013 |
| Headquarters | Berwick, Victoria, Australia |
| Supported cryptocurrencies | Over 400 |
| Supported fiat currencies | AUD |
| Supported payment methods | POLi, PayID, BPAY, cash deposit, bank transfer, and cryptocurrency deposit |
| Trading fees | 0.1% for market orders and swaps; 1% for instant orders |
| Withdrawal fees | No Platform Fees |
| KYC Verification | Three levels: email verification, phone verification, and ID verification |
| Security features | Two-factor authentication, cold storage of funds, SSL encryption, regular external audits |
| Customer support | 24/7 live chat and help desk |
| Mobile App | Available for iOS and Android devices |
| User reviews | Mostly positive; 4.4 out of 5 on Trustpilot; 4.2 out of 5 on ProductReview |
What is CoinSpot?
CoinSpot is a leading cryptocurrency exchange in Australia that has been operating since 2013. It lets you access over 400 digital currencies and offers various trading options such as instant buy/sell, market orders, limit orders, and stop-limit orders. Additionally, with CoinSpot, users can download their Australian transaction reports to track their trading strategy.
You can also set up recurring orders or use the OTC trading service for large transactions. You can also buy Non-Fungible Tokens (NFTs) on its marketplace.
CoinSpot is also a certified member of Blockchain Australia and has a strong customer support team. You can use its website or mobile app to trade crypto anytime and anywhere.
(Register your new Coinspot account via the link below to grab $10 free Bitcoin)
Pros & Cons of CoinSpot
Pros of CoinSpot
- It only charges 0.1% for market orders which is very cheap compared to other Australian exchanges like Swyftx.
- You can access over 400 crypto assets, including the most popular ones like Bitcoin, Ethereum, XRP, and more.
- The exchange uses the Australian Dollar (AUD) to buy, sell, swap, and trade coins.
- CoinSpot has a simple and intuitive interface that makes finding and using your desired features easy.
- It uses various methods to protect your money and data, such as two-factor authentication, cold storage, encryption, and regular audits.
Cons of CoinSpot
- CoinSpot only accepts AUD as the fiat currency for deposits and withdrawals.
- CoinSpot is a market maker exchange, which means it sets its prices based on the current supply and demand. This can result in higher spreads and slippage than other exchanges that use external liquidity providers.
- CoinSpot does not offer advanced trading markets like margin trading or leverage options for its users.
CoinSpot Fees
CoinSpot Deposit Fees
You can deposit AUD fiat money into CoinSpot without paying any fees if you use POLi, PayID, or Direct Deposits.
If you use BPAY, you will pay a fee of 0.9% of the deposit amount. Otherwise, if you use cash or cards, you will pay 2.5% and 2.58%, respectively.
CoinSpot Deposit Methods
You have many options to deposit fiat currency into CoinSpot Australia. You can use Bank Transfer, BPAY, POLi, PayID, Direct Deposits, or Cash. It doesn’t let you use your credit cards or debit cards to put money in for buying cryptocurrencies.
CoinSpot Trading Fees
The trading fees you pay on CoinSpot depend on the type of order you place. For Market Orders and OTC trades, the fee is only 0.1%.
For Instant Buy, Sell & Swap orders, the fee is 1%. For Take Profit, Stop & Limit Orders, and Recurring Buy orders, the fee is also 1%.
Here is the full detailed description of CoinSpot fees:
- Market Trades (0.1% fee): When you do a market trade, you pick a price to buy or sell your crypto. The trade goes through when another person agrees with that price. Not all 400+ coins are available in this type, just a few popular ones like BTC, ETH, ADA, and more.
- Instant Buy/Sell (1% fee): CoinSpot sets a fixed price for your desired coins. You don’t have to wait for someone else to buy from you or sell to you. The trade happens instantly. The cool part is that you can buy or sell 400+ cryptos offered by CoinSpot without worrying about the prices changing while you wait.
- OTC Trades (0.1% fee): You can use the OTC Trading Desk for big transactions (from AUD 100,000). It’s like a special service for big traders. The best part is that it settles instantly with only a 0.1% fee per trade.
- Advanced Trading Tools (1% fee): If you’re an experienced trader, you can use tools like Recurring Buy, Take Profit, and Limit Orders. These help you make smart decisions while trading.
- Swapping (1% fee): Imagine you want to trade one type of coin for another, like BTC to ETH, ETH to XRP, etc. CoinSwap lets you do that instantly. You can swap between cryptos that you might not find on other platforms. It’s like a cool swap shop for crypto.
CoinSpot Withdrawal Fees
You can withdraw money from CoinSpot using bank transfers like POLi or PayID without paying any charges. It offers free AUD withdrawals.
However, you must pay a small mining fee (blockchain network fee) when you withdraw cryptocurrency to another exchange or a hardware wallet like Ledger or Trezor. This fee varies depending on the token and the network traffic.
What is CoinSpot Withdrawal Limit?
CoinSpot does not specify a minimum or maximum withdrawal amount for coin and token withdrawals.
But it might take some time for your withdrawal to go through, up to 12 hours. It depends on how much funds they have, how the wallet works, and whether you’ve confirmed your email.
You can check how your withdrawal is going on the “Transaction Tab” of each wallet page. You can also “Cancel” your withdrawal if it is not done yet.
How to Withdraw from CoinSpot?
If you want to take out your money from CoinSpot, here is what you need to do:
- First, sign in to your CoinSpot account and go to the “Account” section.
- Next, click the “Withdraw AUD” option and type in how much you want to take out.
- Then, pick how you want to get your money, either by PayID or Bank Transfer. PayID is quicker and has zero fees, but other Bank Transfer methods can take up to two business days.
- After that, fill in your bank details or PayID info and click the “Confirm Withdrawal” button.
- You will get an email with a link to verify your withdrawal. Click on the link and enter your 2FA code to finish the process.
- You will get another email when your withdrawal is done and sent to your bank account or PayID.
CoinSpot’s Best Features Review
User-Friendly Interface
CoinSpot makes it easy for you to buy, sell, swap, and trade crypto. It has an easy-to-use interface that suits well for beginners.
You can use any device with an internet connection to access your account, portfolio, wallet, and market data. You can also change your dashboard and settings as you like.
CoinSpot’s Staking and Earn Program
CoinSpot lets you earn extra income by locking up your coins on the platform. Staking is a way of supporting the network and getting rewards for it.
This crypto exchange has over 23 coins you can stake, such as Bitcoin, Ethereum, Cardano, Polkadot, and more. You can earn up to 45% APY on your digital assets.
Coinspot offers a fee-free staking service for cryptocurrencies within their platform. While fees are applicable for purchasing and trading cryptocurrencies on Coinspot, no staking charges are associated.
The staking rewards are computed at midnight AEDT and added to your wallet at 10 am AEDT daily. You can stake with as little as $1 and enjoy compound interest with no lock-in period.
Related Article: CoinSpot Staking Guide (2023): Fees, Rates & Risk
CoinSpot’s Referral Program
CoinSpot has a great referral program that gives you a $10 free crypto sign-up bonus for inviting new users. You can share your unique referral link or code with your friends and family to invite them to join CoinSpot. You can also see your referrals and earnings from your account dashboard.
You can also join an affiliate program to earn a lifetime commission. CoinSpot offers 30% of the trading fees from your referrals.
CoinSpot’s Bundles
If you want to buy various cryptos in one go, CoinSpot’s Bundles are for you. They let you diversify your crypto holdings and explore different blockchain projects.
You can pick a bundle that matches your interests and goals, such as AI, Gaming, Top 3 Market Cap, DeFi Bundle, NFT, and more. CoinSpot will buy individual coins and keep them in your wallets.
When you buy a bundle, each coin goes to its own wallet in your account. You can do what you want with each currency, like sell or swap them.
CoinSpot’s NFT Marketplace
CoinSpot’s NFT Marketplace consists of various collectibles such as artwork, music, games, or collectibles. It lets you explore popular NFT collections like Bored Ape Yacht Club, VeeFriends, Meebits, and more.
You can see their lowest price, trading volume, and price change. You can also check the details of each NFT, such as its title, description, creator, owner, and history. To start trading NFTs on CoinSpot’s Marketplace, you need to sign up on it and verify your identity.
Related Article: Top 8 Best NFT Marketplace for Artists
CoinSpot App
CoinSpot has a mobile app for both iOS and Android that lets you use all the platform’s features from your smartphone or tablet. You can buy crypto, sell, swap, trade, stake, and manage your crypto on the go.
The app also has biometric security features such as fingerprint and face recognition to protect your account. You can download the CoinSpot app from the App Store or Google Play Store.
Customer Support
CoinSpot has a friendly and knowledgeable customer support team available 24/7 to help you with any questions or issues.
You can reach them via live chat or email from the website or the app. You can also find answers to frequently asked questions and helpful guides on the support page.
CoinSpot Contact Information
- Email: support@coinspot.com.au
- Live Chat Support and Help Desk: Contact Page
Supported Coins
CoinSpot supports over 400 cryptocurrencies on its platform, including popular and emerging ones. You can also request new coins to be added by filling out a form on the website.
Here is the list of some popular crypto assets available on the exchange:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Polkadot (DOT)
- Chainlink (LINK)
- Binance Coin (BNB)
- Stellar (XLM)
CoinSpot Wallet
CoinSpot provides a safe and convenient crypto wallet service for storing your coins. You can access your wallet from the website or the app and see your balances and transactions. You can also send and receive coins using QR codes or addresses.
It is a multi-chain wallet. This means you can deposit and withdraw any coin or token that CoinSpot supports, as well as trade them. It supports all payment methods, such as PayID, POLi & Direct Deposit.
CoinSpot Security
CoinSpot is a secure crypto exchange that takes security very seriously and follows the best practices and standards in the industry. It is certified by Blockchain Australia and Sci Qual International, which means it follows the Australian Digital Currency Industry Code of Conduct.
CoinSpot also uses two-factor authentication (2FA), SSL encryption, firewall protection, anti-phishing measures, and regular audits to ensure the safety of your account and data. Here are some of its other security measures:
- ISO 27001 Standard: This is a global standard for information security management processes. CoinSpot has passed an external audit, showing that it follows the best practices for securing your data, coins, and tokens.
- Cold Storage Methods: This means that most of the assets on CoinSpot are cold stored in highly secure offline locations or hardware wallets. This way, your funds are safe from cyberattacks or system failures.
- Flexible Security Settings: You can choose how secure you want your account to be. You can turn on two-factor authentication, which asks for a code from your phone or an app when you log in or make transactions. You can also limit how much you can withdraw and how long your sessions last to prevent anyone from using your account without your permission.
- HackerOne Program: CoinSpot invites security experts and ethical hackers to find and report any problems or bugs on its platform. CoinSpot rewards them for their help through its HackerOne program.
Self Managed Super Funds (SMSF)
CoinSpot SMSF is a great way to diversify your super fund portfolio with crypto. It provides a read-only API interface for accountants and fund managers to monitor your portfolio. The exchange has a friendly and local SMSF support team that is always ready to help you with any questions or issues.
CoinSpot also makes it simple to manage your tax and audit obligations with end-of-year reporting. You can download all the information you need to file your tax returns and follow the rules.
To create a Self Managed Super Fund account on CoinSpot, you will need the following information about your SMSF Trust:
- Registered Trust Name
- Registered Trust address
- Trust ABN
- A copy of the Trust deed
- Trust beneficiary details
Over the Counter (OTC) Trading
OTC means Over-The-Counter, which means you trade directly with another person without using a public order book. CoinSpot lets you buy and sell big amounts of crypto with low fees, minimum price slippage, and fast delivery.
CoinSpot charges Australia’s lowest fee of 0.1% for OTC trading. You can also choose between two options: Order Enquiry or Instant.
You can request an OTC trade by filling out a form. The CoinSpot OTC team will email you with a quote. You can accept or reject the quote within a certain time limit. If you accept the quote, you must pay the money and confirm the trade. The coins or tokens will be ready in your CoinSpot wallet after the transaction is done.
CoinSpot Mastercard
You can use your CoinSpot Mastercard for shopping online and in physical stores wherever Mastercard is accepted.
This card lets you spend any cryptocurrency you have on CoinSpot, just like fiat currencies, and you won’t have to pay any fees when you start using it. You can also add your card to Apple Pay or Google Pay and pay securely from your mobile device.
CoinSpot Account Registration Process: How to Use it?
Step 1: Account Creation
Visit the CoinSpot website and click “Register” at the top right corner. Enter your email, password, and referral code (if you have one) and agree to the terms and conditions.
Then click on “Create Account”. Check your email for a verification link from CoinSpot and click on it to activate your account.
Step 2: ID Verification (KYC)
Log in to your CoinSpot account and go to “Account”. Then click on “Verify” to start the verification process. Fill in your personal information, such as your name, birth date, address, phone number, and occupation.
You also need to upload a photo of your ID (driver’s license, passport, or proof of age card) and a selfie with a paper that says “CoinSpot” and today’s date.
Wait for CoinSpot to review your documents and email you the result. Depending on the volume of work, the verification process may take up to 2 days.
Step 3: Start Trading
Once your identity is verified, you can deposit funds (up to AUD 2000) into your CoinSpot account using one of the many payment methods available, such as bank transfer, PayID, POLi, cash deposit, or card payment.
You can start buying or selling crypto using AUD or other coins when your money is in your account.CoinSpot has a huge selection of cryptocurrencies to trade.
CoinSpot Alternatives to Consider
| CoinSpot | Swyftx | Bybit | |
| Supported Coins | 400+ | 310+ | 802+ |
| Fiat Currencies | AUD | AUD and NZD | 6 fiat currencies including AUD and USD |
| Supported Countries | Australia | Australia and New Zealand | 160+ countries (including Australia) |
| NFTs | Yes | No | Yes |
| Staking | Yes | No | Yes |
| Trading Fees | 0.1% for market orders1% for instant orders | 0.6% per trade | 0.1% for both maker/taker |
- Bybit has the most options, with over 802 cryptos, Swyftx has more than 310, and Coinspot has over 400. If you like to explore different tokens, Bybit is the best for you.
- Swyftx has a trading fee of 0.6% per trade, which is better than CoinSpot’s 1% for instant orders. Bybit also has the lowest fee of 0.1%, but you can get it down to 0.02% if you trade a lot (based on 30-day trading volume). If you are a high-volume trader, Bybit might suit you better.
- CoinSpot vs Swyftx does not support “leverage trading like margin and futures,” while Bybit does support leverage in Australia. It is also one of the best margin trading crypto exchanges.
Conclusion: Is CoinSpot Safe?
To sum up the CoinSpot review, it is the safest Australian cryptocurrency exchange for buying, selling, and trading crypto with AUD. It has a simple and user-friendly interface, supports over 400 coins, including NFTs and crypto cards, and has a secure and regulated platform.
However, it also has some drawbacks, such as high fees for instant transactions and a lack of advanced trading features like margin trading and futures.
In the end, you should always do your own research and compare other platforms and pick the one that suits your needs and goals.
CoinSpot Australia Review: FAQs
Who is the Owner of CoinSpot?
Russell Wilson is the person behind CoinSpot. He started the platform in 2013. He is also the boss of Casey Block Services Pty Ltd, the company that runs CoinSpot.
He has a lot of experience in web development and digital marketing. He loves blockchain technology and innovation.
Is CoinSpot Legit?
Yes, CoinSpot is a legitimate crypto trading platform. It is registered with AUSTRAC and follows all the rules and standards set by the Australian regulator for anti-money laundering and counter-terrorism financing. It also follows the highest security standards with ISO 27001 certification.
Can I use CoinSpot outside Australia?
No, you can’t. CoinSpot is only for Aussies who have an Australian bank account and mobile phone number. The platform does not accept any other money or payment methods outside Australia. If you want a global cryptocurrency exchange, you may want to try Binance instead.
Is CoinSpot better than Binance?
This depends on what you want and need. CoinSpot is better for beginners who want an easy and safe platform to buy, sell, and swap over 400 cryptocurrencies with AUD. It also charges similar fees to Binance for market trades (0.1% vs 0.1%) but high for instant transactions (1% vs 0.1%).
However, Binance is better for more experienced traders who want more features such as trading bots, dual investment, a launchpad for new projects and crypto IEOs, and crypto copy trading. It also supports over 11 fiat currencies, including Australian dollars (AUD).
Does CoinSpot require KYC?
CoinSpot requires all users who want to deposit or withdraw AUD from their platform to undergo KYC (Know Your Customer) verification. This protocol aligns with the regulations outlined in Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act of 2006.
The process of confirming your identity entails submitting a legitimate identification document, like a passport or driver’s license, alongside a self-portrait holding the ID and a handwritten note.
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