CoinSpot Review 2022 | Fees, Facts & WARNINGS

CoinSpot Review 2022 | Fees, Facts & WARNINGS

Daniel Chan

June 27, 2022

Cryptocurrency

What is CoinSpot?

CoinSpot is one of the original crypto exchanges in Australia, established back in 2013, and has built up its reputation of the most secure and trusted platform. Despite the arrival of Swyftx, Digital Surge and other top Australian crypto exchanges, CoinSpot remains the largest and most popular crypto platform, with more than 2.5 million users. They offer more than 360+ cryptocurrencies, crypto interest on 21 coins, and a user-friendly interface with live chat support. We also have a special offer of $20 FREE Bitcoin if you sign up with this link.

  • Web Address: www.coinspot.com.au
  • Main location: Melbourne, Australia
  • Mobile app available: Yes
  • Deposit Methods: Bank transfer, OSKO, BPAY, POLi, PayID, Cryptocurrency, Cash
  • Trading Fees: Market order: 0.1%, Instant buy/sell: 1%, OTC: 0.1%
  • Deposit Fees:  POLi & PayID: Free, BPAY: 0.9%, Cash: 2.5%, Direct Deposit: Free, Bank transfer: Free
  • Withdrawal Fees:  AUD: Free, Crypto: Varies depending on the coin
  • Fiat Currencies: AUD
  • Cryptocurrencies: BTC, ETH, LTC, XRP, EOS, TRX, ADA, GRT & 360+ more

My Overall Thoughts on CoinSpot

CoinSpot is ranked as the best Australian crypto exchange and is my #1 recommendation for crypto investors that want ease of use and peace of mind when trading. These are the 3 biggest reasons why:

1) CoinSpot has built an extremely user-friendly platform that makes it simple for even a complete newbie to buy and sell whichever crypto they want directly from AUD. The interface is simple, on both the desktop site and mobile app. An excellent feature for any new user is the Live Chat support with a real person. If you find yourself needing assistance, the last thing you want is a bot who can't help, or an email ticket that takes days for a response. 

2) CoinSpot is Australia's most trusted and secure crypto exchange, having undergone the most audits, and is the only Australian exchange to receive the coveted ISO 27001 certification. It is registered with ASIC and AUSTRAC, to prevent money laundering and terrorism financing, and maintains industry best-practice by securing a vast majority of assets in highly secure offline locations. You don't need to worry about CoinSpot losing or stealing your money, like other exchanges have done in the past. 

3) CoinSpot's list of over 360+ different cryptocurrencies is one of the widest ranges in Australia. You will certainly find all the popular coins, such as BTC, ETH, LTC, XRP, BNB, as well as many small altcoins that you may have heard of. CoinSpot even offers staking on 21 coins, where you can earn interest on your crypto as you invest for the long term.

One of the minor complaints with CoinSpot is that credit card deposits are not supported. However, I don't find this a big issue because CoinSpot offers many convenient and FREE deposit methods such as bank transfer, PayID and POLi.

As the most trusted and secure exchange with over 2.5 million users, offering over 360+ coins, it is easy to see why CoinSpot is the #1 exchange in Australia.

Key Features & Advantages of CoinSpot

Let's take a look at some of the key features that make CoinSpot one of Australia's most popular crypto exchanges:

Negatives & Disadvantages of CoinSpot

Although CoinSpot has a lot going for it, here are some points to consider before signing up: 

Comparison Table of the Best Crypto Exchanges in Australia

CoinSpot
Swyftx
Bybit
Digital Surge
eToro
Crypto Exchange
Crypto Exchange
CoinSpot
Swyftx
Bybit
Digital Surge
eToro
Fiat Currencies
Fiat Currencies
AUD
AUD, NZD
AUD, USD, GBP, EUR, NZD & more
AUD
AUD, USD, GBP, EUR & 11 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, LTC, XRP, BCH, ADA & 360+ more
BTC, BTG, BCH, ADA, ETH, ETC & 320+ more
BTC, ETH, LTC, XRP, EOS & 160+ more
BTC, BTG, BNB, ADA, XRP & 300+ more
BTC, ETH, BCH, XRP, LTC, ADA & 50 more
Deposit Methods
Deposit Methods
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Visa/Mastercard & Apple Pay for fiat gateway, Cryptocurrency
PayID, POLi, OSKO, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
Trading Fees
Trading Fees
Market order: 0.1%, Instant buy: 1%
0.6%
0.1% for spot, 0.01%/0.06% for derivatives
0.5%
1%

Crypto assets are unregulated & highly speculative.  No consumer protection.  Capital at risk.

What Services does CoinSpot offer?

With so many crypto exchanges to choose from, you may be overwhelmed by all the options. Here, we have summarised some of the best services that CoinSpot offers, to show how it stands out from the competition

Buy crypto instantly with AUD:  Being an Australian exchange, the first feature worth mentioning is the ability to buy crypto with AUD. It is easy and free to deposit AUD into your CoinSpot account and start buying crypto straight away. 

CoinSpot offers you instant crypto purchases, so you can buy Bitcoin or any of the 360+ coins by simply clicking the Buy button. Unlike exchanges where you trade on the market, you don't have to wait for another trader to fill your order before your purchase is made. CoinSpot owns cryptocurrencies and thus is capable of selling assets directly to the user.

Simple user interface:  CoinSpot's straightforward and simple interface helps newcomers effortlessly enter into the world of cryptocurrency. For experienced crypto traders, the platform provides an additional price chart window that you can open easily from the Dashboard at all times to conduct technical analysis. The option is available both on the CoinSpot app and the desktop version.

One thing most users will love is the ease of buying and selling. The hotkeys in the dashboard allow you to buy and sell quickly, with the current live price next to it. You can also scroll down to check your portfolio of coins to easily track how your personal investments are trending.

Over 360+ supported cryptocurrencies:  CoinSpot supports all the major cryptocurrencies, as you would expect it to, but with its range of over 360+ different coins, it has some options that you may not find on smaller exchanges. If you only plan on buying the main coins such as BTC, ETH, ADA, XRP and BNB, then this doesn't affect you too much, but if you are looking to find a unique coin that you think will perform well, your best bet to find it is on CoinSpot.

Earn interest on 21 cryptocurrencies:  CoinSpot is one of the first Australian crypto exchanges where you can earn crypto interest. They currently support interest options on 21 different coins, and they are continually adding more to the list. It is an excellent way to grow the amount of crypto you own as you invest in the long term. For a step-by-step guide on how to earn interest on your crypto in CoinSpot, read this article here.

NFT Marketplace:  CoinSpot has introduced an NFT Marketplace on their platform, which is a welcome addition for Australians. Everyone has heard of NFTs, but it has never been so easy to get your hands on your own. There is no need to sign up to OpenSea and link a wallet, and make purchases with ETH only. With CoinSpot, you can buy it straight from your account, with any cryptocurrency you link. If you want to sell an NFT, you can also do so straight from CoinSpot.

Customer support:  CoinSpot has excellent customer support. The easiest way to resolve your issue is via Live Chat, so you can get help instantly. Live Chat is open 24/7, and is the only Australian exchange to offer this level of support. I tested out the live chat feature, and was genuinely surprised. I was chatting to a real person immediately, without going through a bot first. There was not even a queue to wait to talk to a support member, and they were quick to solve my issue. 

If you require specialised support, you can also email the support team, who will respond promptly to your issue.

Additionally, CoinSpot offers a comprehensive information centre with regular articles and tutorials for newcomers and has a FAQ section to assist new investors in buying Bitcoin and other cryptocurrencies.

Android and iOS apps:  CoinSpot can be accessed via a web browser or through their apps which are available to download simply through the Google Play Store or iOS App store. This is a must-have for serious traders who need to keep an eye on coin prices and to buy/sell quickly. 

Security is #1 priority:  CoinSpot is the safest crypto exchange in Australia, as the first and only Australian exchange to be awarded the internationally recognised ISO 27001 certification for information security! In order to achieve the ISO 27001 standard as mandated by the International Organisation for Standardisation, CoinSpot was required to complete an external audit undertaken by SCI Qual International (an accredited JAS-ANZ certification body). 

SCI Qual conducted an in-depth investigation into the exchange’s Information Security Management processes and practices. This includes processes relating to the management of: digital asset storage, information relating to employees, contractors, suppliers, clients, products, processes, and intellectual property. These stringent policies are designed to eliminate unauthorised access, use, destruction, modification or closure of the organisations information management systems.

On top of this, CoinSpot maintains industry best-practice by securing a vast majority of assets in highly secure offline locations. 

As a user, you can take security into your hands and customise your account with Two-Factor Authentication, custom withdrawal restrictions, anti-phishing phrases, geo-lock logins and session timeout settings to suit your needs. To find out more detail about the security features of CoinSpot, click here.

Referral program:  CoinSpot's referral service gives its customers the opportunity to earn $10 in Bitcoin right after making their very first AUD deposit without any additional trading fees. To get that, all you need to do is share a unique referral code with your friends or family. Once they register a CoinSpot account, get verified and make their first AUD deposit, you will receive your free $10 in Bitcoin. And yes, it is as easy as it sounds. 

CoinSpot Bundles to diversify your portfolio:  Cryptocurrencies are indeed very volatile trading tools, which is why you need to take certain precautions (for instance setting up price alerts or stop-losses). A unique and really useful service that CoinSpot offers is CoinSpot Bundles, which allows you to purchase a variety of assets in a single transaction. Not only does it diversify your portfolio and spread the risk, it also saves time, minimises fees, and affixes an average cost over a split of coins. 

My personal favourite is 'Top Ten Market Cap' which is exactly as it sounds - the top ten biggest coins based on their market capitalisation. I find this to be a good buy because it includes all the popular coins that I like to buy anyway, such as BTC, ETH, BNB, ADA and it spreads out risk to reduce volatility. In the image below, you can see all the Bundles offered by CoinSpot.

Things I Don't Like About CoinSpot

Here are a couple of points that could be improved with CoinSpot. Let's have a look and see if they affect your experience or not.

No advanced options such as derivatives or margin trading:  Since CoinSpot is built for ease of use, there are no derivatives such as futures trading which are targeted towards experienced traders. If you are a newcomer to crypto this will not be an issue, but if you are a serious trader, you may find CoinSpot lacking in options.

Credit and debit cards are not supported:  CoinSpot has a range of deposit methods but unfortunately if you are hoping to pay with your debit or credit card, this is not possible. Choose one of the other deposit methods, or if that is your only option, you can use Swyftx, which is a similar crypto exchange that accepts debit and credit cards. 

Coinspot Fees 

CoinSpot Deposit Fees

CoinSpot offers a range of deposit methods, luckily the most popular options incur zero fees. Deposit using POLi, PayID, or Direct Deposit (via OSKO) are free of charge. BPAY deposits incur 0.9% deposit fee and cash deposits at a newsagent has a 2.5% deposit fee.

CoinSpot Transaction Fees

There are different transaction fees for CoinSpot, and I'll explain the difference to you.

Market Trades: 0.1% fee - With market trades, you set a price that you want to buy or sell your crypto at, and it will be filled when another user wants to meet that order. CoinSpot does not offer all 360+ coins in the market trades, it has 15 options at the time of writing, but they cover most of the major coins. These include BTC, LTC, ETH, XRP, ADA, GAS, NEO and more.

Instant Buy/Sell: 1% fee - There is a set price by CoinSpot for each coin you wish to buy/sell, and you don't need to wait for a buyer somewhere else in Australia to buy your cryptocurrency. CoinSpot will complete that transaction for you right away. The good thing is you don't need to worry about price fluctuations while you wait for your order to be filled, and you can buy/sell all of the 360+ cryptos offered by CoinSpot. 

OTC Trades: 0.1% fee - Members who perform high-volume transactions can use the OTC (Over-The-Counter) Trading Desk, which has instant settlement. This is the recommended option for transactions of $50,000 AUD or more.

Advanced Trading Tools: 1% - This is for experienced traders that like to use tools such as Recurring Buy, Take Profit, Stop Loss and Limit Orders.

CoinSwap: 1% - The ability to buy and sell coins with instant liquidity from one coin to any other coin on the platform. There are many unique trade pairs that are not available on most markets. 

CoinSpot Withdrawal Fees

There are no fees to withdraw AUD to your Australian bank account, no matter how much you are withdrawing.

If you are sending coins to wallets outside CoinSpot there is a standard transaction (mining) fee which is based on the coin and how busy the network is. The fee will be listed on the wallet page.

Pros and Cons of CoinSpot 

Pros
  • Most secure crypto exchange in Australia
  • Simple interface for new users
  • Over 360+ cryptocurrencies available
  • Staking on 21 coins to earn interest
  • 24/7 support via Help Desk & Live Chat
  • NFT Marketplace
Cons
  • No advanced trading markets such as derivatives
  • Credit/debit card deposits are not supported

CoinSpot Security and Safety 

When choosing a cryptocurrency exchange, one of the most important points to look at is the security features to ensure that your assets and investments are safe. CoinSpot's early establishment in the Australian cryptocurrency market has led to it becoming the most secure of all Aussie platforms. It is the only exchange to be awarded the ISO 27001 certification. To achieve this standard as mandated by the International Organisation for Standardisation, CoinSpot was required to complete an external audit undertaken by SCI Qual International (an accredited JAS-ANZ certification body).

The certification process requires an in-depth investigation and ongoing audits of Information Security Management processes and practices. This includes processes relating to the management of; digital asset storage, information relating to employees, contractors, suppliers, clients, products, processes, and intellectual property. These stringent policies are designed to eliminate unauthorised access, use, destruction, modification or closure of the organisations information management systems.

CoinSpot is an industry leader with its security; it secures a vast majority of assets in highly secure offline locations, and has a variety of customisation options in your personal account to prevent unauthorised account access:

  • Two-Factor Authentication: even if someone hacks your password, they cannot access your account without the 6-digit Authenticator code which is refreshed every 30 seconds .
  • Anti-phishing phrase: you can select any phrase you like, which will show up every time you sign in with Two-Factor Authentication, so you know it is the legitimate CoinSpot website and not a fake site trying to steal your information and password.
  • Phone verification phrase: you can select any phrase, and if you need to call support about accessing your account, CoinSpot can verify it is you.
  • Geo-lock logins: you can turn on this feature to limit logins to Australian IP addresses only, preventing overseas hacking.
  • Disable withdrawals: you can select this option to stop anyone withdrawing crypto or AUD from your account. To re-enable withdrawals you need to contact support.
  • Session timeout: you can select the duration between when you login to CoinSpot, and the next time you are required to login. This prevents unauthorised access if you forget to logout of your account. 

Verdict

For Australians, CoinSpot is definitely the best exchange for buying cryptocurrency. For me, it comes down to three main things: 

1. Security: CoinSpot is clearly the most secure and trusted crypto exchange in Australia, so you can invest and trade with peace of mind.

2. User-friendly: CoinSpot has a simple interface that is easy for beginners to use, and depositing and withdrawing is free and easy. Even though the interface is simple, CoinSpot still incorporates many features that experienced traders want in a crypto exchange, such as staking on 21 coins and an NFT marketplace.

3. Customer support: This might not be something you think about when you choose a platform to trade on, but trust me. Imagine pulling your hair out trying to find contact details for an exchange because you can't seem to deposit funds; you will wish you had the option to speak to Customer Support! I have been in that exact situation, which is why I look for Live Chat options now.

If you want to do some more research about the best crypto exchanges for Aussies, I would suggest having a read here. I also conducted a comparison test using my personal accounts on CoinSpot and 3 of the other best Australian crypto exchanges (Digital Surge, Swyftx and Independent Reserve). If you want to find out the results from my test, click here.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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