Before selecting any crypto 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; hundreds of CoinSpot reviews are available on the internet.
CoinSpot Exchange Summary
|9000+ for Coinswap
|Supported Fiat Currencies
|Bank transfer: None, BPAY: 0.9%, Cash Deposit: 2.5%
|0.1% & 1%
|AUD – Free
|24/7 via Email, Phone & Live Chat Support
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 a vast majority of 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 an official ADCA or Australian Digital Commerce Association member. It is a non-governmental agency known for its unputdownable commitment to providing legal protection to its registered clients.
The best cryptocurrency exchange in Australia CoinSpot, allows 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 the market price and earning potential profits.
CoinSpot is licensed under the ‘Casey Block Services Pty Ltd ABN 19 619 574 186 and regulated under Australia’s highly governed financial sector to secure the exchange’s operations with its investors.
How Does CoinSpot Crypto Exchange 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 cryptocurrencies. Once the account is funded, traders can instantly start trading on the platform.
Features of CoinSpot Crypto
CoinSpot offers the following features to its registered clients:
- The crypto trading platform has a user-friendly interface that suits 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 the huge list of supported crypto coins; more than 350 are available at CoinSpot.
- Apart from cryptocurrency deposits, the platform also allows cash deposits and fiat currency deposits like BPAY, POLi payments, and PayID.
- The Australian exchange employs robust security measures to protect client funds and information and possesses ISO accreditation for IT securities.
- They have a responsive customer support team and an ‘Over-the-Counter’ support desk for traders (Australian Super Fund investors).
- Employs an ‘Affiliate program’ to reward users up to 30% of referral commissions.
- Other than an advanced trading marketplace, they also have an NFT marketplace.
- It also has a CoinSpot MasterCard, where you can spend crypto.
Services Offered By CoinSpot
CoinSpot overshadows other cryptocurrency exchanges with the following useful features:
Unlike other exchanges, CoinSpot is one of the instant best crypto exchanges that allow traders to buy or sell Bitcoin without negotiating its price readily; the platform owns crypto assets that the registered traders can readily trade. Furthermore, It provides an additional price chart for desktop and app users, which helps them execute technical analysis for good.
CoinSpot levies a transaction fee on fiat currency deposits. Thus, more traders buy or sell on the trading platform by funding their accounts with fiat currencies, and the platform generates revenue. Therefore, the exchange engineered this program to encourage users to bring in more users.
With the program, one can earn a commission of up to 30% on the trading fees of those who have registered using their referral link. As a result, users can lower their fees by attracting more users and earning a commission on those users’ fees.
Users using their referral code to register on the platform will earn $10 in Bitcoin as soon as they make their first AUD deposit or payment.
Having started its journey with the only Bitcoin CoinSpot now covers over 350 crypto coins available for its users with instant buy and sell 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.
These 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: Pros and Cons
|More than 200 supported cryptocurrencies are available for traders to buy and sell.
|Allows only Australian citizens to make fiat currency deposits.
|No hacks were reported.
|Shorting coins is not allowed.
|Does not offer futures and margin trading.
|Relatively low fees.
|Robust information security measures.
|Affiliate and referral programs come with amazing perks.
Creating a CoinSpot Trading Account
The CoinSpot login process is quite simple and can be easily completed by following these steps:
Like major crypto exchanges, traders must first visit the CoinSpot website and click on the “Register” button to find it at the top right-hand corner. After this, they can directly start the registration process by clicking “Create Account,” which will open a registration form with personal details like username, password, and email address.
The user will receive an auto-generated link to confirm the email address on their email ID. Further, the primary login and registration process will end as the account is activated.
Traders are not allowed to deposit or withdraw funds on the 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 have 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.
Begin Trading with CoinSpot
After the verification, traders can directly deposit funds in AUD (Australian dollars) or any other coins into their crypto accounts using any supported deposit methods and begin trading without any restrictions.
Deposit & Withdrawal Methods in CoinSpot Crypto
CoinSpot offers wire transfers as one of its deposit methods, but users cannot deposit AUD to their Australian bank account via credit and debit cards. Other payment methods include POLi or PAYID payments or instant AUD deposits. The company charges no fee for these deposits.
However, the payment service providers charge a flat fee of 0.90% 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, making 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: Coinspot offers yet another instant deposit method under Australia’s NPP (New Payments Platform). Though PayID deposits are free, the daily limits for all banks vary.
Direct Deposit (with Osko): The direct deposit method is a direct bank transfer method that works 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 Exchange Fees
The following are CoinSpot’s fees for 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 of @2.5% (for cash deposits) or 0.9% (for BPAY deposits), which are the transaction processing fees and surcharge charged by traditional banks.
CoinSpot Withdrawal Fees
No withdrawal fee is 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 learn about the Coinspot Fees:
|POLi, PayID, Direct Deposits
CoinSpot Trading Fees
Typically, Coinspot’s fees do not apply to experienced traders but to newbie traders who have just started their cryptocurrency trading careers using Australian dollars.
Every time traders place a trade on CoinSpot, the exchange charges a trading fee of 1% for all buying, selling, or swapping cryptocurrencies. Likewise, for setting a take profit, stop-loss orders, or recurring buys (in case of dollar-cost averaging), the fee is 1% as they are advanced trading tools for experienced crypto traders. While the fee to use the exchange’s 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, this fee of 0.1% applies to both the crypto market’s makers and takers. Also, the trading fees charged by CoinSpot are below the industry average of around 0.25% elsewhere; thus, it provides a competitive edge for the platform.
Check the below table to learn about trading fees in detail:
|Type of Orders
|Instant Buy, Sell and Swap
|Take Profit, Stop & Limit Orders
However, you are advised to check the complete fee structure of this Australian cryptocurrency exchange; click here to find it now.
CoinSpot Mobile App
The CoinSpot features an excellent mobile application with a user-friendly interface like its desktop version. The CoinSpot app allows users to quickly and conveniently buy, sell, trade, and transfer supported cryptocurrencies from the CoinSpot wallet.
They can also view price charts and graphs and monitor their crypto portfolio under one single platform, and also able to do advanced orders. At CoinSpot, you can buy NFT using any crypto in the advanced trading marketplace. The app allows traders to track their holdings and crypto wallet values in a simple view.
One can easily download and use the Coinspot app from the Google Play Store instantly. The company has announced to launch an iOS-compatible version very soon.
Is CoinSpot Safe to Use?
Safety and security are the most significant concerns 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 ADCA, and registered with AUSTRAC (Australian Transaction Reports and Analysis Centre)f, an Australia-based anti-money laundering and counter-terrorism regulator, makes it safer.
Besides, CoinSpot is the only and first Australian exchange accredited for its security systems by ISO. Also, to protect user funds against hacking, the crypto exchange uses 2FA (Two Factor Authentication), which requires traders to enter a code generated on their registered mobile device to sign in to the CoinSpot platform.
With ISO 27001 certification obtained after passing an external audit by SCI Qual International, security is a top priority for CoinSpot. The certification entails thorough investigations and ongoing audits of Information Security Management processes and practices, including control over digital asset storage and personnel, suppliers, clients, and intellectual property.
These strict guidelines prevent unauthorized account access. By keeping a significant portion of its assets in highly secure offline locations, the CoinSpot security features remain one of the best in the industry.
CoinSpot Customer Support
A comprehensive Help Centre contains useful crypto buying guides and a 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 crypto exchanges
- Trading on the exchange
- Sending and receiving crypto coins
- Fund withdrawals
Despite these, if users don’t find the FAQs enough to clarify their queries, they can directly reach out to the customer service team using the “Help” widget at the bottom right corner of the website. The widget is like a form where a trader can ask a specific question, which the Coinspot team will answer 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 which 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 Australian financial laws, so people can easily trade on this secure platform. Moreover, its enhanced security system makes it a reliable exchange for both crypto newbies and veterans.
In contrast to other exchanges, it does not provide derivatives, such as futures trading or margin trading, which only benefit a select group of seasoned traders. But, it includes plenty of advanced options for the registered users that are significantly beneficial:
- Payment and withdrawal methods
- Type of cryptocurrencies traders want to trade
- Mode of trading
- A desktop or mobile app, etc
According to our CoinSpot review, CoinSpot is not a scam but a fantastic cryptocurrency trading platform with a lot going in its favor. You can personalize your account as a user by adding an anti-phishing phrase, 2FA, custom withdrawal restrictions, geo-lock logins, setting a session timeout, etc.
Is CoinSpot Trustworthy?
CoinSpot is one of the trusted cryptocurrency exchange platforms. Despite facing a challenge in November 2023, experiencing a $2 million loss due to a hacking event, the company has taken proactive measures to address the situation. Additionally, it is the first cryptocurrency exchange established in Australia to receive the internationally recognized ISO 27001 certification, due to which they intend to pursue the investigation while keeping information security management processes in mind.
Is CoinSpot Regulated?
Yes, CoinSpot is licensed under ‘Casey Block Services Pty Ltd’ (ABN 19 619 574 186) and regulated under Australia’s highly governed financial sector. Also, it is a registered member of Blockchain Australia, ADCA, and AUSTRAC. Furthermore, its security and standards are strengthened by SCI Qual International’s ISO 27001 certification.
How Do I Withdraw Money From CoinSpot?
Users can withdraw funds anytime from CoinSpot via bank transfers for free. They need to fill out a withdrawal form stating how much money they wish to withdraw and where they want to send it. 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.
What Is 2FA Security?
2FA (Two Factor Authentication) security adds an essential extra layer of protection on top of your email and password when logging into your CoinSpot account. It assists in keeping your digital assets safe in highly secure offline locations. This secure crypto exchange strongly recommends customers always enable this feature on their account.
What Cryptocurrencies Does CoinSpot Support?
The Australian exchange supports over 200 cryptocurrencies 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, Coinspot 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 it. As a result, new and experienced traders can execute a trade at any time and close all trade positions within the same day.
How Can I Send Or Receive Crypto on CoinSpot?
To do so, go to the “CoinSpot Wallet” section and locate the digital assets you want to send or receive from your desired wallet address.
Is CoinSpot Good For Beginners?
Yes, CoinSpot is well-suited for beginners, as it offers a user-friendly interface, educational resources, and a variety of cryptocurrencies to build various digital assets.
Is Coinspot Legit
Yes, Coinspot is a legitimate cryptocurrency exchange platform and has a reputable track record that operates within regulatory frameworks to provide a secure environment for users to buy, sell, and trade cryptocurrencies.
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 must deposit the funds only via cryptocurrencies.