Coinspot Review (2022): Australia’s Top Crypto Exchange

CoinSpot review

CoinSpot, launched in 2013, is one of Australia’s oldest cryptocurrency exchanges.

Today, more than 2.5 million Australians use it to buy, sell and swap Bitcoin and 360 other cryptocurrencies.   To learn more about the platform, its features and fees, take a look at our detailed CoinSpot review.

PROS:

Easy registration process

360+ cryptocurrencies

Low trading fees

Highly secure exchange platform

Instant buy and sell

CONS:

No option to pay with a debit or credit card 

Lacks features for advanced traders

Ratings

Supported cryptocurrencies10/10 
Transparency10/10 
Customer service10/10
Rates and fees9/10
Application process10/10 

What is CoinSpot? 

Founded in 2013, CoinSpot was one of the first cryptocurrency exchange platforms created in Australia and is still one of the biggest and most popular today. 

Its main goal is to provide a platform where users can easily buy, swap, and sell their investments in more than 360+ cryptocurrencies, including Bitcoin, Ethereum, and Solana.  However, it delivers much more than that. The CoinSpot exchange platform offers several unique features, such as crypto bundles (quite similar to ETFs), a native wallet for storing multiple cryptocurrencies and an NFT marketplace.  

On top of being simple to use and transparent, CoinSpot is also one of the safest and most trusted crypto exchanges in the country—the company is registered with ASIC and AUSTRAC and is a member of Blockchain Australia, an organisation that promotes the safe adoption of blockchain technology. It was also audited by SCI Qual International (a JAS-ANZ certification body) and awarded the highest ISO 27001 standard. 

Who is CoinSpot for?

Thanks to its intuitive UI, wide range of cryptocurrencies and security provisions, CoinSpot can be a great choice for beginners. Experienced traders, on the other hand, will find much to love about this feature-rich platform, but might want more advanced options, such as derivatives or margin trading. 

High-volume traders might also need to look elsewhere as certain CoinSpot services, such as instant and recurring buys, come with higher fees than other platforms. 

How Does CoinStop Work?

CoinStop is designed with beginners in mind and makes it easy to open an account and start trading. 

How to Sign Up on CoinSpot?

To start using the services of the platform, you will have to open a CoinSpot account. The procedure is quite straightforward and is completed online. 

All you need is to be over 16 years of age, and have some form of identification available, as well as a working email address and Australian mobile number. 

Here are the steps to follow:

  1. Click on Register in the top-right corner of the screen. 
  2. Fill in the required information (email address, password, referral code (if you have one).
  3. Verify your email address.
  4. Provide KYC documentation (full name, driver’s licence or ID photo and a selfie).
  5. Activate 2-factor authentication to prevent unauthorised access to your CoinSpot account. 

Once your account is up and running, you can make your first deposit and start trading. 

How to Fund Your CoinSpot Account?

There are four methods you can use to fund your CoinSpot account in Australia.

Deposits through POLi, PayID and Direct Deposit (via OSKO) are instant and free, whereas BPAY transfers usually take one to two days and come with a 0.9% deposit fee. 

You can also make cash deposits at supported BlueShyft locations across the country or transfer crypto to and from your CoinSpot wallet (processing time will depend on the type of currency you transfer although it should not take more than 3 hours). 

CoinSpot does not allow deposits through credit or debit cards. If you want to use these options, you might want to take a look at other crypto exchange platforms. 

How to Sell on CoinSpot?

To start trading on CoinSpot, click on the Buy/Sell, Swap or Markets tab. 

CoinSpot offers instant trading at locked-in prices as well as the ability to swap from one to another coin listed on the CoinSpot exchange so you can trade directly in your preferred currency without paying for transfer fees.

The platform offers several advanced market orders, such as buy stop, stop-loss, take profit, and limit orders, although these are reserved for intermediate to advanced investors who have some trading experience under their belt. There is also an option to set up a recurring buy order that should help you fight off some of the effects of market volatility. 

Ease of Use

CoinSpot has an intuitive and minimal design that shouldn’t pose any difficulties for new and experienced investors. 

The most important functions can be reached through the user dashboard, including depositing funds, browsing portfolio performance as well as buying and selling coins. More experienced investors can use the Markets tab to get access to advanced trading charts.

Key Features of CoinSpot in Australia 

What do users get when they sign up with CoinSpot?

Flexible Multicoin Wallet

CoinSpot offers a simple and secure crypto wallet where you can send, receive and store over 300 different currencies while keeping track of your wallet balances. 

CoinSpot Earn

CoinSpot Earn allows you to loan your coins to the platform (by placing them in an Earn Wallet) and earn rewards depending on the amount of coins in the Wallet and the amount of time they have been there.  Keep in mind that CoinSpot Earn only works with certain coins (see the full list of accepted coins here). 

Crypto Bundles

For traders interested in diversifying their portfolio, CoinSpot offers crypto bundles. These work similarly to ETFs, i.e. they are packages that you can buy in a  single transaction and that track the price of one or several underlying assets. For instance, you could buy the Metaverse Bundle which holds all Metaverse-related coins listed on the platform. 

Investing in bundles not only saves time but also spreads the risk and reduces fees. 

SMSF Support

CoinSpot can help manage your SMSF’s cryptocurrency portfolio by providing expert advice from an in-house team of specialists. Self Managed Super Funds can be tricky to set up, though, so it’s best to talk to a financial advisor before going down this path. 

OTC Trading

CoinSpot has a dedicated OTC trading desk for large transactions that are not listed on an exchange. This service also comes with access to a professional trading broker, locked-in pricing and instant trade settlements. Bear in mind that CoinSpot charges a 0.1% fee per OTC transaction. 

NFT Marketplace

For those interested in buying NFTs, CoinSpot has a native NFT wallet and a limited range of NFT markets (although it does include some of the most popular collections, like Cool Cats NFT and Bored Ape Yacht Club).

Unlike other exchanges where you might be limited to buying NFTs with ETH only, with CoinSpot you can sell and purchase NFTs in any currency you wish. 

CoinSpot App

CoinSpot tries its best to become accessible to everyone, everywhere. To that end, you can access the platform through the CoinSpot website or the mobile app (available on Google Play and the App store).

Customer Service

Not only is CoinSpot safe, but it also offers great customer service. The site has an extensive Help Centre which offers a plethora of promoted articles with lots of helpful information about deposits, withdrawing, trading, and everything in between.

If you can’t find what you are looking for there, you can reach the company through the following channels: 

  • Live chat—available weekdays from 9 am to 8 pm AEDT and weekends from 9 am to 5 pm AEDT. 
  • Help Desk—submit a ticket 24/7 with a detailed description of the issue you have been experiencing. 

Users have rated CoinSpot’s support staff as extremely helpful and responsive, so whether you are starting out with investing or have been using the platform for years but have come across an unexpected issue, CoinSpot is here to help. 

CoinSpot Fees

CoinSpot prides itself on offering some of the lowest fees on the market. In fact, the 0.1% CoinSpot commission is quite competitive and definitely lower than what you might find on other crypto exchanges like CoinStash which has trading fees of 0.85%. 

That said, CoinSpot selling fees of 1% are a bit higher than what you might find on other crypto exchanges. For example, Swyftx charges a fee of 0.6% and Digital Surge has a 0.5% fee. 

Here is a list of CoinSpot fees:

Fees
Market Orders0.1%*
OTC0.1%
Instant Buy, Sell & Swap1% 
Take Profit, Stop & Limit Orders
Recurring Buy
1%

*This fee only applies to some coins.

Withdrawal fees

CoinSpot has no withdrawal fees and allows you to withdraw money to your Australian Bank Account, regardless of the amount you need to take out. However, you will have to pay network fees when withdrawing funds from your CoinSpot wallets (these depend on blockchain congestion). 

Deposit fees

As mentioned above in this CoinSpot review, POLi, PayID and Osko transfers are free of charge, while cash deposits and BPAY incur a 2.5% and 0.9% fee, respectively. 

CoinSpot Referral Program 

The platform has a great rewards program where you can earn $10 of Bitcoin every time you refer a friend to the platform. 

CoinSpot Reviews 

CoinSpot has many positive reviews from satisfied customers, most of which say that the company is user-friendly, offers excellent service, and makes trading in crypto way easier than on the other platforms.

Overall, CoinSpot has 4.5 stars on Trustpilot, which means that customers are really satisfied with how the platform operates. Similarly, it has a 4.2 rating on Product Review based on 1,700+ CoinSpot reviews. 

Bottom Line: Is CoinSpot Worth It?

There is a reason why CoinSpot is one of the most popular crypto exchanges in Australia. It has a wide range of coins to trade in, low fees, a user-friendly interface, and high-security protection. 

More seasoned traders might want to look to Binance, Coinbase and similar exchanges for advanced options like futures trading, although CoinSpot offers some great features like OTC trading and a varied NFT marketplace to keep even more advanced investors busy. 

FAQs:

1. Do you need to be older than 18 for CoinSpot?

No, anyone over the age of 16 can open an account on CoinSpot. 

2. Is CoinSpot safe to buy Bitcoin?

Yes, this exchange platform offers top-notch security for buying and selling Bitcoin, as well as any other coin you are interested in trading.

3. Are CoinSpot fees high?

No, the fees are low. CoinSpot has the lowest fees in Australia for market orders, although instant buy and sell fees are higher than what other platforms offer. 

4. What happens when I buy Bundles?

When you buy crypto bundles on CoinSpot, each coin is separated and added to the balance of the wallet in your account. With this option, users can swap and trade their assets as they see fit. 

5. Is CoinSpot safe?

Yes, CoinSpot is heavily regulated and is one of the safest and most reliable crypto exchanges in the country. As mentioned above in this CoinSpot review, it is a member of Blockchain Australia and registered with ASIC and AUSTRAC. 

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