Coinspot Review 2022

Affiliate Disclaimer: This site is supported by its visitors. We may earn a commission for purchases made through the links on our site, this helps to keep everything running smoothly.

Sinead Burgess
Sinead Burgess
Updated on November 10, 2022

CoinSpot is one of the first major cryptocurrency exchanges in Australia. The exchange became the dominant crypto exchange platform very fast as it was able to simplify purchasing and selling cryptocurrencies to the point where everyone, including newbies, could do it.

Even though there are quite a few prominent crypto exchange competitors out there, CoinSpot is still one of the easiest ways to buy and invest in crypto assets.

With great customer support, an intuitive mobile app, great security, and more than 350+ digital assets, CoinSpot is definitely a great pick!

Start Trading with CoinSpot

CoinSpot Exchange Info

Coinspot exchange logo

  • Website: https://www.coinspot.com.au/
  • Country: Australia
  • Mobile app: Available
  • Deposit Methods: BPAY, POLi, PayID, OSKO, Blueshyft, direct deposit, cryptocurrency, cash deposits, bank transfer
  • Trading Fees: 1% (OTC trading and instant buy/sell) and 0.1% (market orders)
  • Fiat Currencies: Australian Dollars
  • Cryptocurrencies: Over 360

Features

  • ISO 27001 accredited security standards
  • AUSTRAC registered
  • OTC trading available
  • Supports 360+ cryptocurrencies
  • User-friendly trading platform
  • Includes multicurrency wallet
  • Free crypto staking
  • Coinspot Bundles help diversify your portfolio
  • 24/7 customer support via email or phone
  • Great mobile app
  • NFT marketplace
  • Live chat support team

Pros of CoinSpot

  • Large selection of cryptocurrencies for instant purchases and sales
  • Proven track record as a trustworthy company
  • Quick deposit and withdrawals
  • Beginner-friendly design
  • Cold storage for keeping users’ and company funds offline
  • NFT market available

Cons of CoinSpot

  • High fees for instant purchases
  • No option for credit and debit card deposits

CoinSpot was one of the first major Australian crypto exchanges to emerge a few years back. It became the dominant exchange very quickly as it managed to simplify buying and selling crypto to the point where everyone could do it.

And while there are quite a few strong competitors in the space now, CoinSpot still is one of the easiest ways to buy crypto.

With over 350 cryptocurrencies and a fantastic app, you can’t really go wrong with them!

CoinSpot is a Melbourne-based Bitcoin and cryptocurrency exchange widely regarded as one of the best trading platforms on the Australian ground.

In this article, we’ll help you decide whether CoinSpot is a suitable platform for your trading needs by taking a more detailed look at what it has to offer. Read on!

About the CoinSpot Exchange

CoinSpot is a Bitcoin and cryptocurrency exchange that allows users to trade their digital assets for the Australian Dollar (AUD) rather than the standard USD.

The team behind the crypto venture has created a UI that provides easy-to-access trading options. You can quickly purchase, trade, and sell more than 340 cryptocurrencies, NFTs, and DeFi tokens by placing limit orders, market orders, or engaging in CFT crypto trading.

Coinspot exchange homepage

If you want to open a trading account on CoinSpot, you must be over the age of 16 and have a verified email address and an Australian mobile phone number. You also need to provide a valid ID document as a part of the identity verification process.

After completing account verification, you can fund your account with AUD through various inexpensive and instantaneous payment options. When the funds are received, proceed to the Buy/Sell tab on the dashboard, and you can effortlessly acquire the digital assets supported by this exchange.

Trading Features

CoinSpot OTC Trading

CoinSpot has a special Over-The-Counter (OTC) trading desk that enables you to conduct high-volume trades without using standard public order books. You can talk to an expert broker through the automated OTC desk service.

The “lock-in pricing” feature is also at your disposal to help you avoid price slippage, reducing the risks of high-volume trading.

CoinSpot’s Multicurrency Wallet

You can easily store and retrieve your cryptocurrency using CoinSpot’s versatile Multicoin Wallet. You get access to the wallet simply by registering for a CoinSpot trading account. This way, you can instantly purchase, sell, or exchange any digital asset on the platform and keep track of your transactions through the wallet interface.

Coinspot multi currency wallet

CoinSpot’s Referral Program

You can earn $10 in Bitcoin by referring friends to the trading platform through the CoinSpot referral program. Introduce the exchange to some of your mates, and when they start trading through the CoinSpot platform, all of you will earn the incentive mentioned above.

New to CoinSpot? Get FREE $10 AUD worth of Bitcoin when you sign up using our Coinspot referral code here.

Supported Cryptocurrencies

Traders at this Australian exchange have access to more than 350 digital currencies. The list of supported coins on CoinSpot includes Bitcoin (BTC), Litecoin (LTC), Eos (EOS), Iost (IOST), Neo (NEO), Ripple (XRP), and Ethereum (ETH), as well as many other altcoins.

Coinpot supported cryptocurrencies

The exchange offers a vast number of cryptocurrencies, and you can purchase many popular cryptocurrencies with fiat money. Fiat-to-crypto trading pairs on the platform include BTC/AUD, ETH/AUD, LTC/AUD, NEO/AUD, DOGE/AUD, XRP/AUD, POWR/AUD, EOS/AUD, TRX/AUD, RHOC/AUD, XLM/AUD, GAS/AUD, and more.

Payment Methods

You can deposit fiat currency (AUD only) to your CoinSpot account through bank transfers or third-party payment providers like PayID, OSKO, or BPAY. You can also fund your account with cryptocurrencies.

CoinSpot Fees and Limits

CoinSpot provides some of the lowest trading fees on the market, ranging from 0.1% for market orders and OTC trades to a 1% fee for making instant purchases, selling, or swapping cryptos.

Direct deposits and online bank transfers through OSKO, PayID and POLi payment providers are free on Coinspot. Funding your account through BPAY costs a 0.9% fee, and AUD deposits through the Blueshyft payment platform cost a 2.5% fee.

Coinspot platform fees

There are no minimum amount requirements when making BPAY, PayID, POLi, or bank transfer deposits. Cash deposits are limited to a minimum of $50 AUD, while the maximum limit is set at $8,000 AUD per 24 hours.

Withdrawal Fees

Withdrawing your AUD cash to an Australian bank account doesn’t cost any fees. However, cryptocurrency transfers to an independent digital wallet cost a blockchain withdrawal fee.

Is CoinSpot Safe to Use?

As a member of Blockchain Australia and the Australian Digital Commerce Association, CoinSpot takes information security seriously and has implemented industry-standard security practices such as the two-factor authentication protocol, custom withdrawal restrictions, cold wallet storage, and session timeout limit settings. CoinSpot is required to disclose any suspicions of money laundering (AML) or terrorism financing (CTF) activities on the platform in compliance with the AUSTRAC reporting guidelines.

Coinspot platform security

Furthermore, the exchange holds an ISO 27001 certification and is audited by SCI Qual International, an accredited JAS-ANZ certification body. In-depth assessments of Information Security Management practises, as well as frequent audits, are required for this certification to be relevant. These strict guidelines protect the company’s data management systems against unauthorised access, destruction, modification, or shutdown.

Customer Support

The customer support team at CoinSpot is available 24/7, with a 5 minute average response time. There’s also a Live Chat feature connecting you to actual people on the CoinSpot team.

The exchange has a wide presence on social media, and you can contact customer support through Facebook, Twitter, Instagram, and Reddit channels.

Coinpot customer support page

If you’d like to learn more about CoinSpot features or other crypto-related topics, you can visit the platform’s comprehensive learning centre or the CoinSpot Blog, featuring many informative articles.

A Few Words Before You Go…

CoinSpot is different from other Bitcoin trading platforms since you don’t need a lot of prior experience or technical skills to start trading. Even beginners can trade bitcoins with confidence since the platform offers quality customer support 24/7.

While you can’t use credit cards to purchase coins, various other payment options allow you to fund your account without any fees, such as the PayID or POLi payment providers.

There are many things to like about the platform, particularly its streamlined trading process, saving you time and money. CoinSpot encourages new traders to join the market by significantly lowering the learning curve of crypto trading. Overall, we can say that CoinSpot rightfully ranks among the best Australian exchanges.

Start Trading with CoinSpot

Related:

frequently asked questions

CoinSpot is a very user-friendly platform. It enables beginners to buy and sell any cryptocurrency using their local currency, AUD. Australian traders can instantly make crypto trades through the CoinSpot website or mobile app. 

 

CoinSpot also offers a specialised Bitcoin widget that helps you buy BTC instantly. Enter the desired AUD sum you want to invest in BTC, enter the relevant BTC amount, and complete the transaction by clicking the ‘Buy’ button on the Instant Buy widget. It’s that simple and easy. Of course, you need a fully verified account to go on a Bitcoin shopping spree on CoinSpot.

Yes. The CoinSpot app is a convenient on-the-go trading assistant that allows you to trade and monitor your assets wherever you go. You can download it for free from the App Store for iOS-supported devices and Google Play for Android-supported devices.

The financial services of this platform are exclusively available to residents of Australia.

It depends. CoinSpot is always the top option for Bitcoin transactions (and trading generally) when you require the established track of record of the services they choose to use. This, along with an extremely attractive layout and extremely responsive customer service is what is what makes CoinSpot among the top Australian Exchanges. However, if you’re one of the Bitcoin trading on a daily basis, you might consider a less expensive and more diverse option.

In order to cash out your funds on CoinSpot You’ll have in order to sell the coins in exchange in exchange for cash. The process is as smooth as buying. All you need do is click the Sell tab, enter the amount of cryptocurrency you wish in cash, and then provide the bank information required. The exchange will instantly calculate the exchange rate at the moment and deposit the cash into your bank account when you have confirmed the transaction.

Cryptocurrency exchanges are categorized as legal entities in Australia and are required to comply in accordance with Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF 2006). Being a well-established participant on the market, CoinSpot operates in full conformity with Australian laws.

CoinSpot isn’t in any way connected with CoinSpot isn’t closely linked to DeFi area of the crypto world , but it does have a selection of the hugely popular art tokens referred to as NFTs. There are more than twenty NFT collection that are available for sale directly on CoinSpot which includes Decentraland (MANA), ApeCoin (APE) along with Sandbox (SAND)

In a nutshell, it’s almost everything you’re able to recognize as a payment method that is accepted across Australia with the exception of credit and debit cards. This includes ApplePay as well as PayPal. CoinSpot lists accepted payment methods. CoinSpot list of payment options that are accepted includes bank transfers and depositing cash (Blueshyft), BPAY, Osko, POLi, PayID and, of course cryptocurrency.

Coinspot Compared

ExchangeDeposit MethodsFiat CurrenciesCryptocurrenciesTrading Fees

Swyftx

PayID, Osko, Debit Card, Credit Card, Cryptocurrency, Bank TransferAUD / NZD320 +0.6%Visit

CoinSpot
Coinspot exchange logo

PayID, POLi, Cryptocurrency, Cash, BPAY, Bank TransferAUD370+OTC: 0.1% Instant buy/sell: 1%Visit

Binance
binance logo

PayID, Osko, Debit Card, Credit Card, CryptocurrencyUSD, AUD, CNY, EUR, CAD, GBP, UAH, NGN, TRY, RUB600+0% – 0.1%Visit

Bybit
bybit logo

Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, debit card/credit card50+160+0.1% to 0.6%Visit

CoinJar
coinjar new logo

Google Pay, Apple Pay, Debit Card, Credit Card, Cryptocurrency, Bank Transfer, CashAUD, GBP50+Taker: 0.04-0.1% Maker: 0.04-0.1%Visit

Digital Surge
Digital Surge logo

PayID, Osko, POLi, Cryptocurrency, Bank TransferAUD300+0.1% – 0.5%Visit

Independent Reserve
Independent Reserve exchange logo

SWIFT, EFT, PayID, Osko, CryptocurrencyUSD, AUD, NZD270.05% – 0.5%Visit

eToro
eToro exchange logo

Skrill, Online Banking, PayPal, Neteller, Debit Card, Bank TransferUSD, AUD, EUR, NZD, GBP, HKD, CAD, CHF, NOK, SGD, and 5+ more70+Vary (overnight and weekend fees apply)Visit

Kraken
Kraken exchange logo

SWIFT, Google Pay, Apple Pay, SEPA, Osko, Wire Transfer, Cryptocurrency, Bank TransferAUD, USD, GBP, EUR, CAD, JPY, CHF140+Taker: 0.10% – 0.26% Maker: 0.00% – 0.16%Visit

KuCoin
KuCoin logo

SEPA, Debit Card, Credit Card, Wire Transfer, PayPal, CryptocurrencyAUD, EUR, USD, RUB, GBP, KRW, CNY, VND, TRY645+0.1%Visit

Easy Crypto
easy crypto logo

Bank transfer, POLi, OSKO, P2PAUD100+Taker fees: 0.5% – 1.6% Maker fees: 0.5% – 1.6%Visit

Coinstash

Crypto, Bank Transfer, PayIDAUD410+Taker fees: 0.85% Maker fees: 0.85%Visit