CoinSpot Review 2023: Platform Analyzed!
Before selecting any cryptocurrency exchange platform, it is essential to go through the various cryptocurrency exchange guides and reviews so that it becomes easier to find the right one; there are hundreds of CoinSpot reviews available on the internet.
CoinSpot Summary
| Official Website | https://www.coinspot.com.au/ |
| Headquarters | Australia |
| Found in | 2013 |
| Native Token | None |
| Listed Cryptocurrency | 350+ |
| Trading Pairs | 9000+ for Coinswap |
| Supported Fiat Currencies | AUD |
| Supported Countries | Australia |
| Minimum Deposit | $1 |
| Deposit Fees | Bank transfer: None, BPAY: 0.9%, Cash Deposit: 2.5% |
| Transaction Fees | 0.1% & 1% |
| Withdrawal Fees | AUD – Free |
| Application | Yes |
| Customer Support | 24/7 via Live Chat, Email, & Phone Support |
In this CoinSpot review, we tried to cover all the important parts related to its features, services provided, fees, registration process, etc., so that traders can make a better choice.
What is CoinSpot?
CoinSpot is an Australia-based (having its headquarters in Melbourne) cryptocurrency exchange founded in 2013 by Russell Wilson, a renowned personality who had acquired major experience in creating online security software.
The platform provides a safe and reliable platform for trading (buying, selling, or exchanging) cryptocurrencies. The company has become the official member of the ADCA or the Australian Digital Commerce Association, a non-governmental agency known for its unputdownable commitment towards providing legal protection to its registered clients.
The best cryptocurrency exchange in Australia CoinSpot allows its registered users (individuals, Super Fund investors, and companies) to buy or sell cryptocurrencies like Bitcoin instantly. It also allows them to trade in the open market by speculating crypto prices and earning potential profits.
CoinSpot is licensed under the ‘Casey Block Services Pty Ltd ABN 19 619 574 186 and regulated under the highly governed financial sector in Australia to secure the exchange’s operations with its investors.
CoinSpot Review – Platform Interface
How Does CoinSpot Work?
CoinSpot works in the same way as any other digital currency exchange. It matches buyers with sellers and charges a trading fee, often called a ‘spread’ for its services. When users first register their account with CoinSpot, they must deposit some money into their CoinSpot account via bank transfer or via cryptocurrencies. Once the account is funded, traders can instantly start trading on the platform.
Features of CoinSpot
The CoinSpot exchange offers the following features to its registered clients:
- The platform is user-friendly to suit all new or experienced investors’ needs.
- CoinSpot offers ‘Trading View’ charts and other advanced order types.
- Traders can instantly trade cryptocurrencies (buy, sell or exchange) from amongst the huge list of supported crypto coins; more than 350 crypto coins are available at CoinSpot.
- Apart from cryptocurrency deposits, the platform also allows cash deposits and fiat currency deposits like BPAY, POLi payments, PayID.
- The exchange employs robust security measures to protect client funds and information and possesses ISO accreditation for IT securities.
- Responsive customer support team and ‘Over-the-Counter’ support desk for traders (Australian Super Fund investors).
- Employs an ‘Affiliate program’ to reward users up to 30% of commissions on referrals.
- They also have an NFT marketplace.
- It also have a CoinSpot MasterCard, where you can spend crypto your way.
CoinSpot Review – Features
Services of CoinSpot
CoinSpot overshadows other cryptocurrency exchanges with the following useful features:-
Instant Trading
CoinSpot is one of the instant best crypto exchanges that allows traders to buy or sell Bitcoin without negotiating its price readily; the platform owns crypto assets that can be readily traded by the registered traders. Furthermore, It provides an additional price chart for both desktop and app users, which helps them execute technical analysis for good.
Affiliate Program
CoinSpot levies a transaction fee on fiat currency deposits, and thus the more traders buy or sell on the platform by funding their accounts with fiat currency deposits, the platform generates more revenue. Thus, the exchange engineered an affiliate program for users to encourage them to bring in more users. With the affiliate program, one can earn a commission of up to 30% on the trading fees of those who have registered using their referral link. Thus, users can decrease their trading fees by bringing in more users and earning commission on their trading fees.
Referral Program
Users using their referral code to register on the platform will earn them $10 in Bitcoin as soon as they make their first AUD payment.
CoinSpot Review – Referral Program
Supported Cryptocurrencies
Having started its journey with the only Bitcoin CoinSpot now covers over 350 crypto coins available for instant trading (buying and selling) in AUD, including Bitcoin, Ethereum, Litecoin, Ripple, EOS, Stellar, NEO, Tron, etc., it also accepts DeFi tokens and supports other financial protocols like Aave, Uniswap, and Compound.
CoinSpot Review – Supported Cryptocurrencies
CoinSpot Bundles
CoinSpot bundles are special tools that help traders to diversify their cryptocurrency portfolio. Buying coins in bundles allows traders to purchase a significant amount of crypto assets in a single transaction, which saves a lot of time and fees.
CoinSpot Review – CoinSpot Bundles
CoinSpot Review: Pros and Cons
| Pros | Cons |
| More than 200 supported cryptocurrencies available for traders to buy and sell. | Allows only Australian citizens to make fiat currency deposits. |
| No hacks reported. | Shorting coins is not allowed. |
| Easy-to-use platform. | |
| Relatively low crypto transaction fees. | |
| Robust information security measures. | |
| Affiliate and referral programs come with amazing perks. |
Creating a CoinSpot Account
The CoinSpot login process is quite simple and can be easily completed by following these steps:-
Account Creation
To create an account on the CoinSpot crypto exchange platform, traders need first to visit the CoinSpot website and click on the “Register” button to find it at the top right-hand corner of the page. After this, they can directly start the registration process by clicking on “Create Account,” which will open a registration form with personal details like username and password and email address. An auto-generated link will be sent to the users’ email id to confirm the email address. Further, the account will be activated, and the primary login and registration process ends.
CoinSpot Reviews – Registration Process
ID Verification
Traders are not allowed to deposit or withdraw funds on CoinSpot crypto bank account without completing the ID verification process (as per the AML policies) that requires them to upload scanned documents, preferably government-issued ID proofs like passport or driving address that has details like full name, address, date of birth and phone number. It also requires a trader to upload a selfie photo that has him holding any of the IDs.
Start Trading
After the verification process is complete, traders can directly deposit funds in AUD (Australian dollars) or any other supported crypto coins into their accounts using any supported deposit methods and begin trading without any restrictions.
Deposit & Withdrawal Methods
This Australian cryptocurrency exchange offers wire transfers as one of its deposit methods, but users cannot deposit funds to their CoinSpot crypto bank account via credit card. Other payment methods include POLi payments or PAYID payments, or instant AUD deposits. No fee is charged by the company for these deposits). However, a flat fee of 0.90% is charged by the payment service providers on payments made via BPAY and a flat 2% for any Cash deposit.
POLi Pay: A bank transfer method owned by Australia Post that allows users to deposit funds instantly free of any fee makes it a favorable option for many.
BPAY: Another reputed Australian brand that is widely popular across 45,000 vendors. It is more like an e-wallet system that processes daily payments instantly within a day.
Blueshyft Cash Deposit: Blueshyft allows users to deposit hard cash into the CoinSpot account directly. The brand has over 1,200 branches in Australia at various news venues.
PayID: It is yet another instant deposit method offered by CoinSpot that operates under the NPP (New Payments Platform) in Australia. Though PayID deposits are free, the daily limits for all banks vary.
Direct Deposit (with Osko): The direct deposit method is also a direct bank transfer method that works in combination with Osko (another Australian payment service provider. CoinSpot charges no fees for using this direct deposit method to deposit their funds into the exchange or via a bank transfer.
CoinSpot Fees
CoinSpot charges the following fees from its registered users:-
CoinSpot Deposit Fees
CoinSpot does not charge any fee for making crypto deposits via a bank transfer. However, if the deposit is made via fiat currency or cash, there is a specific fee charged; the exchange charges a fee @2.5% (for cash deposits) or 0.9% (for BPAY deposits), which are actually the transaction processing fees and surcharge charged by traditional banks.
CoinSpot Withdrawal Fees
There is no withdrawal fee charged for withdrawing funds using bank transfers like POLi or PayID. However, a nominal mining fee (blockchain network fee) is levied on users for cryptocurrency withdrawals from another exchange or a hardware wallet that, in turn, depends on the coin and the network load at that time.
However, check the below table to know about the trading fees of this Exchange platform:-
| Payment Method | Fees |
|---|---|
| POLi, PayID, Direct Deposits | Free |
| BPAY | 0.9% |
| Cash | 2.5% |
| Withdraw AUD | Free |
CoinSpot Trading Fees
Normally, trading fees apply to the newbie traders who have just set out their career in cryptocurrency trading using AUD. Every time traders place a trade on CoinSpot, the exchange charges a trading fee which flat 1% for all- buying, selling, or swapping cryptocurrencies. Likewise, for placing a take profit or stop-loss orders or recurring buys (in case of dollar-cost averaging), the fee is 1%. While the trading fee to use the exchange’s Over-the-Counter (OTC) desk is 0.1%.
Unlike other cryptocurrency exchanges, CoinSpot does not differentiate users according to the maker-taker model; instead, they levy a flat fee of 0.1% from all users. Therefore, the flat fee of 0.1% applies to both the makers and the takers of the crypto market. Also, the trading fees charged by CoinSpot are below the industry average (which is around 0.25% elsewhere and thus, it provides a competitive edge for the platform. Check the below table to know CoinSpot Trading Fees:-
| Type of Orders | Fees |
|---|---|
| Market Orders | 0.1% |
| OTC | 0.1% |
| Instant Buy, Sell and Swap | 1% |
| Take Profit, Stop & Limit Orders | 1% |
| Recurring Buy | 1% |
However, you are advised to check the complete fee structure of this trading platform; click here to find it now.
CoinSpot Mobile App
The CoinSpot features an amazing mobile application that is as easy and useful as its desktop version. The company has announced to launch an iOS-compatible version very soon. With the CoinSpot app, users can easily and conveniently buy, sell, trade, and transfer supported cryptocurrencies from the CoinSpot wallet. They can also view price charts, graphs and monitor their cryptocurrency portfolio under one single platform and also able to do advanced orders. The CoinSpot app can be easily downloaded from the Google Playstore and used instantly. However, at CoinSpot you can buy NFT using any crypto at its marketplace.
CoinSpot Review – Mobile App
Is CoinSpot Safe to Use?
Safety and security are the most significant concern for all crypto users- beginners or experienced. With crypto scams popping up every other day, it becomes even more crucial because no one wants to be a victim. Thus, CoinSpot employs robust security measures and complies with the ‘International Organization for Standardization for its security mechanisms.
Also, CoinSpot being a certified member of Blockchain Australia, and a registered member of the ‘Australian Digital Commerce Association,’ and registered with AUSTRAC, an Australia-based anti-money laundering, and counter-terrorism regulator, makes it safer.
Besides, CoinSpot is the only Australian crypto exchange accredited for its security systems by ISO. Also, to protect user funds against hacking, the exchange uses 2FA (two-factor authentication) that requires traders to enter a code generated on their registered mobile device to sign in to the CoinSpot platform.
CoinSpot Review – Security Measures
CoinSpot Customer Support
There is a comprehensive Help Centre containing useful trading guides and great customer service dedicated FAQ section to help newbie traders get started with CoinSpot. Thus, if traders face any trouble while trading cryptocurrency on CoinSpot, they can directly contact the support team. The section covers useful information related to the following topics:
The section covers topics such as:-
- Verification and login
- 2FA protection and account security
- AUD deposits to the Australian based exchange
- Trading on the exchange
- Sending and receiving crypto coins
- Fund withdrawals
CoinSpot Review – Customer Support by CoinSpot Exchange
Despite these, if users don’t find the FAQ section enough to clarify their queries, they can directly contact the customer support team by using the “Help” widget at the bottom right corner of the website. The widget is like a form where a specific question can be asked by a trader that will be answered by the team immediately or within a maximum of 24 hours during business days.
CoinSpot’s main support option is provided by the leading customer service provider ZenDesk that has over 200,000 clients around the world, and thus its customer service cannot be questioned.
Our Verdict on CoinSpot
CoinSpot is one of the best crypto exchanges in Australia that is fully compliant with the Australian financial laws, so people feel secure when trading on CoinSpot. Moreover, its enhanced security system makes it a reliable exchange for both crypto newbies and veterans.
According to our CoinSpot review, we can safely conclude that CoinSpot is not a scam but rather an amazing platform for cryptocurrency trading with a lot going in its favor. It provides plenty of options to the registered users that are significantly beneficial; there are options in the payment and withdrawal methods, type of cryptocurrencies traders want to trade, mode of trading – desktop or mobile app, etc.
FAQs
Is CoinSpot Trustworthy?
Yes, CoinSpot is a trusted cryptocurrency exchange and one of the few exchanges that has never been hacked since it was founded in 2013. It is also the first-ever Australia-based cryptocurrency exchange conferred the globally accredited ISO 27001 certification for its robust information security mechanisms.
Is CoinSpot Regulated?
Yes, CoinSpot is licensed under ‘Casey Block Services Pty Ltd’ (ABN 19 619 574 186) and regulated under the highly governed financial sector of Australia. Also, it is a registered member of Blockchain Australia, Australian Digital Commerce Association, and AUSTRAC.
How Do I Withdraw Money From CoinSpot?
Users can withdraw money anytime from CoinSpot via bank transfers for free. They need to fill up a withdrawal form stating how much money they wish to withdraw and where they want to send the money to. Traders can do this by clicking on the ‘Account’ tab and then filling in the bank details and account number they wish to send their funds to.
What Cryptocurrencies Does CoinSpot Support?
The Australian exchange supports more than 200 cryptocurrencies available for trade, exchange, and swap. The supported digital currencies include Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash, NEO, Cardano, TRON, EOS, and Stellar Lumens. Besides cryptocurrencies, the exchange also supports DeFi tokens like Aave, Compound, Uniswap, Yearn Finance, and Sushi.
Is CoinSpot Good for Day Trading?
Yes, as per our review, the exchange allows day trading. As a result, traders can execute a trade at any time during the day and close all trade positions within the same day.
Which Countries are Supported by CoinSpot?
CoinSpot Australia services are restricted only to Australian citizens. However, if the user is based outside the Australian jurisdiction, they need to deposit funds only via cryptocurrencies.