CoinSpot Review 2021 | Fees, Facts & WARNINGS

What is CoinSpot?

CoinSpot is an Australian crypto exchange that opened its doors in 2013 and was able to capture the market by being one of the earliest players in the industry. Their stronghold continues today despite the arrival of Sywftx, Digital Surge and other top Australian crypto exchanges

  • Web Address: www.coinspot.com.au
  • Main location: Melbourne, Australia
  • Mobile app available: Yes
  • Deposit Methods: Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
  • Trading FeesInstant buy: 1%, OTC: 0.1%, Market order: 0.1%
  • Deposit Fees:  POLi & PayID: 0%, BPAY: 0.9%, Cash: 2.5%, Direct Deposit: 0%, Bank transfer: 0%
  • Fiat Currencies: AUD
  • Cryptocurrencies: BTC, ETH, LTC, XRP, BCH, BSV, EOS, TRX, ADA, GRT & 280+ more

My Overall Thoughts on CoinSpot

What CoinSpot have done really well is build 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. For more experienced crypto traders, there are advanced trading tools such as Stop-Losses, Take-Profit and Limit Orders. 

In addition to a great platform, CoinSpot supports all the popular deposit methods and gives users access to over 290 of the most popular cryptocurrencies. They have the largest variety of coins and trading pairs so you don't need to worry about missing out on the next big crypto.

CoinSpot's security is something worth talking about. All of the best Australian crypto exchanges will be extremely secure (click here for my comparison review), but CoinSpot has industry-leading security processes, with customisable features to protect your account. It is without a doubt, Australia's most trusted and secure crypto exchange, with over 1 million users, and this makes it one of my top choices for Aussies.


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:

Comparison Table of the Best Crypto Exchanges in Australia

Digital Surge
CoinSpot
Swyftx
Binance
Independent Reserve
Crypto Exchange
Crypto Exchange
Digital Surge
CoinSpot
Swyftx
Binance
Independent Reserve
Fiat Currencies
Fiat Currencies
AUD
AUD
AUD
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
AUD, USD, NZD, SGD
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BNB, ADA, XRP & 250+ more
BTC, ETH, LTC, XRP, BCH, ADA & 280+ more
BTC, BTG, BCH, ADA, ETH, ETC & 270+ more
BTC, ETH, LTC, BNB, ADA, XRP & 500+ more
BTC, ETH, XRP, BCH, ADA, DOT, USDT & 15+ more
Deposit Methods
Deposit Methods
PayID, POLi, OSKO, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card
PayID, Credit card, Debit card, Cryptocurrency
PayID, OSKO, SWIFT, EFT, Cryptocurrency
Trading Fees
Trading Fees
Market order: starts from 0.5%, Instant buy: 0.5%
Market order: 0.1%, Instant buy: 1%
0.6%
0.1%
Starts from 0.5%

What Services does CoinSpot offer?

With so many crypto exchanges to choose from, the average person may be overwhelmed by all the options. I've summarised some of the best services CoinSpot offers, to see how it stands out from the rest.

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 exchange, so you can purchase Bitcoin or any of 290+ coins by simply pressing the Buy button. Unlike the P2P exchanges, you do not have to wait for another trader or an e-commerce counterpart and negotiate on a price before you can actually purchase the crypto you want. CoinSpot already owns cryptocurrencies and thus is capable of trading assets on its own.

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 290+ supported cryptocurrencies:  CoinSpot supports all the major cryptocurrencies, as you would expect it to, but with its range of over 290 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.

Customer support:  CoinSpot has a Live Chat feature so you can get help instantly during operational hours. Live Chat is open 9am - 8pm AEDT on weekdays and 9am - 5pm AEDT on weekends. I tested out the feature, and I was genuinely surprised. I was chatting to a real person immediately, I did not have to go through a bot to figure out what I wanted. Also there was no queue to speak to a support member, and they were quick to solve my issue. 

If you need to contact CoinSpot outside the Live Chat business hours, you can message their Help Desk 24/7; they will respond to you when they get to your ticket, which usually happens within 24 hours.

Additionally, CoinSpot offers a comprehensive information centre that provides tutorials for newcomers and has a FAQ section to assist the beginning investors in buying bitcoin and other digital coins.

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 only one to be awarded the ISO 27001 certification. It was also one of the first exchanges to be registered with AUSTRAC. 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.


Coinspot Fees Explained

Now, we have gotten to arguably the most interesting and essential part of our review - CoinSpot fees. The trading fee, as you have probably guessed, is what makes every exchange possible. Here are the main fees applied by the CoinSpot platform.

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), 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 290+ 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 290+ 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
  • Only takes a few minutes to register and start trading
  • Over 290+ cryptocurrencies available
  • 24/7 support via Help Desk & Live Chat
Cons
  • AUD is the only fiat currency for deposits
  • Credit 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 one of the best exchanges 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 its interface is simple, CoinSpot still incorporates many features that experienced traders want in a crypto exchange.

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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