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

CoinSpot is an excellent crypto exchange for Australians, but there are a couple of downsides to consider when deciding if it is the right platform for your needs: 

What Services Does CoinSpot Offer?

With so many crypto exchanges to choose from in Australia, it can be overwhelming to consider all the options. I have summarised the best features that CoinSpot offers, to demonstrate 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 free to deposit AUD into your CoinSpot account and extremely simple to buy crypto straight away. When I first registered my CoinSpot account, I bought crypto in under 2 minutes.

With CoinSpot's instant crypto purchases, you can buy any of the [CS]+ coins by simply clicking the Buy button. Unlike other exchanges where you must trade on the market, on CoinSpot you don't have to wait for another trader to fill your order before your transaction is complete. CoinSpot acts as a broker, selling cryptocurrencies directly to the user. 

Simple user interface:  CoinSpot's straightforward and simple interface helps beginners effortlessly enter 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 of the features that CoinSpot users love the most 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 [CS]+ supported cryptocurrencies:  CoinSpot supports all the major cryptocurrencies, as you would expect, but it also has a range of over [CS]+ different coins, including many that you won't find on other exchanges. If you only plan on buying popular coins such as BTC, ETH, ADA, and BNB, then this doesn't matter too much, but if you are looking to find a unique coin, your best bet to find it is on CoinSpot. I was surprised to find so many altcoins I had never heard of when browsing CoinSpot's list of assets.

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 simple to buy some. From my experience buying NFTs, the most common way is to sign up to OpenSea and link a wallet, then purchase an NFT using ETH only. 

CoinSpot has made the whole process so much easier. You can buy an NFT straight from your account, with any cryptocurrency. If you want to sell an NFT, you can also do that directly from CoinSpot. I tested this out myself, and the buy and sell process was seamless, as easy as if you were buying crypto from the exchange.

CoinSpot Mastercard:  CoinSpot has released a free debit card for their users. You can use it to spend your crypto online or in store, anywhere that Mastercard is accepted! Simply add it to your Google Wallet or Apple Pay on your phone, and use it straight away. It is a big step towards making crypto more mainstream, and able to be spent just like fiat. I found it extremely useful when I tested it out, and there were no issues at any merchants, whether in-store or online. Read my full review on CoinSpot Mastercard here.

Customer support:  In my years of reviewing crypto exchanges, I have tested hundreds of sites, and always find the best method of contacting customer support is via live chat. Emails and ticketed replies usually take at least a few hours, which is frustrating, so live chat is the way to go. 

CoinSpot excels in this area, with industry-leading 24/7 live chat support. In fact, it is the first Australian crypto exchange with this feature, and soon after, several other exchanges followed suit. When I tested out the responsiveness of the live chat team, I was very impressed. Within seconds I was chatting with a real person, without having to speak to a bot first. There was no queue, and the agent was able to solve my issue quickly.

If you require specialised support, you can email the support team, who will respond to your issue once they get to your query.

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 offers a user-friendly app for iOS and Android devices, allowing users to conveniently buy, sell, and trade cryptocurrencies on the go. With the CoinSpot app, users can access their accounts, view real-time market data, and manage their cryptocurrency portfolio with ease.

The app also offers additional features such as a built-in wallet for storing cryptocurrencies, a two-factor authentication for enhanced security, and a simple and intuitive interface that makes it easy for both beginners and experienced traders to navigate. It is a convenient and powerful tool for cryptocurrency enthusiasts who want to manage their investments on their mobile devices and stay updated with the latest market trends anytime, anywhere.

Security is #1 priority:  CoinSpot is the safest crypto exchange in Australia, as the first 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 the vast majority of their 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 details 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. 

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.

What 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 here.

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 [CS]+ 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 [CS]+ 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, which is excellent. I made a withdrawal to my bank and it transferred within 1 day, and I can confirm there were no fees.

If you are sending coins to wallets outside CoinSpot there is a standard transaction (mining) fee which is based on the asset and how busy the network is. The fee will be listed on the wallet page. When I transferred Bitcoin from CoinSpot to my Ledger Nano X, I found the fee reasonable. 

Pros and Cons of CoinSpot 

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 first 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:

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 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 a crypto debit card and an NFT marketplace.

3. 24/7 Customer support: This might not be a feature you consider when you choose a crypto exchange, but it is so frustrating without it. When you need an issue resolved, you want it done ASAP, not wait days for a generic email reply.

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

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