CoinSpot Review 2023: Is It Safe & Trustworthy?
Published 07 Aug, 2021 Updated 02 Feb, 2023
Table of Contents
- 1 Our Takeaways
- 2 What Is CoinSpot?
- 3 CoinSpot Pros & Cons
- 4 Top CoinSpot Features You Should Know
- 5 Is CoinSpot A Legitimate Exchange?
- 6 Security Measures
- 7 What Are CoinSpot’s Fees?
- 8 Is CoinSpot Only For Australia?
- 9 How To Get Started With CoinSpot
- 10 Ease Of Use
- 11 Customer Support & Reviews
- 12 Mobile App
- 13 Coinspot Alternatives
- 14 CoinSpot Comparison Reviews
- 15 Frequently Asked Questions
- 16 Our Verdict
CoinSpot is a popular Australian cryptocurrency exchange that provides an easy way for everyday investors to buy, trade, and sell digital currencies. Its popularity stems from its long-time standing as a reputable operator and is a household name in the Australian crypto market.
But how does it perform and is it the right option for you? In this review, we will examine important aspects that potential customers should consider including the suite of features, fee structure, and security management controls.
Promotion: None available at this time
Trading Fees: 1%
Available Cryptos: 330+
We work with partners that may result in MoreCrypto earning a small commission. Read our affiliate disclaimer for further information.
|Core Services||Buy crypto with AUD, trade crypto for crypto, SMSF|
|Deposit Options||Bank transfer, OSKO, POLi, PayID, BPAY, cash (Blueshyft)|
|Deposit Fees||None for POLi, PayID, bank transfer, 0.9% for BPAY.|
|Trading Fees||0.1 % and 1%|
|Mobile App||Yes (iOS and Android)|
What Is CoinSpot?
CoinSpot is a Melbourne-based cryptocurrency exchange that provides an easy way for Australian investors and traders to buy, trade, and sell over 310 digital currencies and assets. The platform has gained high visibility in the financial and commercial sectors and has established itself as a major player in the Australian crypto market.
Founded in 2013, CoinSpot is one of the oldest exchanges in operation and now serves over 1 million customers. The success of CoinSpot is primarily built upon its strong reputation for being a trustworthy and reputable platform to buy cryptocurrencies.
CoinSpot Pros & Cons
- ISO 27001 Certification for Information Security Management
- Huge choice of coins, NFTs, and DeFi coins
- User-friendly and simple design
- Excellent live chat support
- TradingView live charting
- Highly secure and well established
- Crypto bundles offered
- Competitive trading fees for OTC and SMSF investors
- High trading fees to instantly buy, sell, or swap crypto (1%)
- Advanced traders might find the trading features lacking
- Staking is not supported
Top CoinSpot Features You Should Know
One of CoinSpot’s strengths is its minimalist and streamlined interface that is perfectly suited for beginners. Key features including the account wallet, the buy/sell function, crypto swapping, bundles, and markets are highly visible and easily navigated. The dashboard is well appointed with direct access to deposit methods, an overview of portfolio holdings, and a breakdown of your wallets contents.
Buy Crypto In Bundles
CoinSpot offers its customers the ability to buy crypto in bundles, where several different coins are purchased in a single transaction. The key benefit of this is that it allows investors to quickly diversify their crypto holdings with a minimal number of transactions. This means fewer trading fees are incurred.
Crypto bundles, including individual percentage allocations of each asset, are determined by CoinSpot. Bundle categories include top-performing assets in terms of market capitalization, best DeFi projects, Non-Fungible Tokens (NFTs), and social networking assets.
Purchasing a bundle is an easy process, and can be completed in the following steps:
- View the available bundles and click “buy” on the desired option.
- Review the assets offered and their percentage allocations.
- Enter in the amount of AUD to spend.
- Review the number of digital assets to receive and the CoinSpot trading fee incurred.
- Click “confirm buy”.
When a bundle is purchased, each coin in the bundle will be automatically transferred to the account wallet.
Compared to CoinJar, the level of functionality and flexibility of CoinSpot bundles is limited. The crypto bundles offered are preset by CoinSpot and the percentage allocations for each asset are not able to be customized. For example, the percentage allocations for the “Top 3 Market Cap” bundle are 34% Bitcoin, 33% Ethereum, and 33% Binance Coin. If you want a higher proportion of Bitcoin, then a standalone transaction is required (and additional trading fees incurred) as the 34% allocation is fixed.
Furthermore, you cannot create your bundle or apply recurring orders (otherwise known as Dollar Cost Averaging). This means that bundles need to be purchased manually rather than have transactions be completed automatically at determined intervals.
Buy Non-Fungible Tokens
CoinSpot has entered the Non-Fungible Token (NFT) market by offering 15 NFTs including Theta, WAX, Chromia, and more. However, the limited selection is not competitive with exchanges like Binance which offers extensive NFT buying and selling options.
Use Your SMSF To Invest In Crypto
CoinSpot supports investors who want to incorporate digital currencies as part of their SMSF investment portfolios. The exchange offer SMSF investors industry-leading compliance, security, and customer service with a seamless onboarding experience and ongoing account management. To get started, investors will need to submit details of their SMSF Trust fund.
Want To Know More? Cryptocurrency SMSF In Australia: A Beginners Guide
Trade High Volumes With The OTC Desk
While CoinSpot is primarily tailored to beginners, its Over-The-Counter (OTC) desk caters to investors and traders who looking to trade large volumes and minimize fees. To take advantage of the 0.1% fees, CoinSpot recommended OTC trades of no less than $50,000. You can use lock-in pricing to eliminate slippage and minimize the risks normally associated with high-volume trading. A bonus for customers is that direct access to a professional trading broker for all OTC trading inquiries can be provided.
Is CoinSpot A Legitimate Exchange?
CoinSpot is a legitimate cryptocurrency exchange that is owned and operated by Casey Block Services Pty Ltd (ABN 19 619 574 186). The platform is licensed with AUSTRAC to operate as a Digital Currency Exchange and complies with AML/KYC requirements to mitigate the likelihood of money laundering and terrorism financing.
CoinSpot is a certified digital currency exchange provider with Blockchain Australia and has long since been a proponent of the Australian Digital Currency Industry Code of Conduct. Receiving this certification solidifies CoinSpot’s position as Australia’s most trusted exchange.
CoinSpot is one of the safest Australian crypto exchanges to buy, trade, and sell digital currencies. It has achieved ISO 27001 certification by the International Organisation for Standardisation and is compliant with stringent management processes relating to digital asset storage, information and record keeping, intellectual property, and more.
The ISO 27001 certification means that CoinSpot’s information management system is designed to eliminate threats including unauthorized access leading to the loss, theft, or destruction of digital assets. Customers should be assured that they are receiving the highest level of information security available.
CoinSpot utilizes industry-best security practices to safeguard customer information and assets from loss. A key component is the storage of the vast majority of digital assets in highly secure offline locations. At the account level, CoinSpot provides features including 2FA authentication, custom withdrawal restrictions, anti-phishing phrases, geo-lock logins, and session timeout settings.
What Are CoinSpot’s Fees?
Deposit & Withdrawal Fees
CoinSpot charges zero fees to deposit AUD into the account wallet using POLi, PayID, and direct bank transfers. Deposits made by BPAY or cash via a local news agency will incur fees of 0.9% and 2.5%, respectively.
Compared to other popular crypto platforms, CoinSpot deposit fees are generally in line with its competition where most deposit fees are waived. The exception is BPAY where a fee of 0.9% applies, and this can be simply avoided by using other methods. Cash deposits made at a local news agency are high however this method is not commonly used.
There are no fees when AUD is withdrawn from the account wallet. Withdrawals of cryptocurrency to an external wallet or another exchange will not incur a CoinSpot fee, however, a standard network fee will apply. The amount of the fee will vary depending on the coin that was withdrawn and network congestion.
CoinSpot charges a flat 1% fee for use of the instant buying and selling function, which is very high compared to other cryptocurrency exchanges. For example, Binance offers very low trading fees of 0.1%, and Swyftx and Digital Surge offer competitive fees of 0.6% and 0.5%, respectively.
Existing CoinSpot users who want lower trading fees will need to access the market orders function on the trading interface. The market order fees are competitive at 0.1%, however, it is more complicated than the instant buy function and requires some trading experience. The method involves setting a price target for a particular digital currency, and if the market price achieves that target then CoinSpot will execute the transaction. Since this function is found within the trading interface, beginners may be discouraged or overwhelmed.
Is CoinSpot Only For Australia?
CoinSpot is an Australian-owned and operated platform that is only available to investors residing in Australia. Investors and traders located in other countries around the world will need to find a crypto exchange that supports their local fiat currency.
How To Get Started With CoinSpot
Creating & Verifying A CoinSpot Account
MoreCrypto has partnered with CoinSpot to provide new customers the opportunity to earn $10 free Bitcoin by using our CoinSpot referral link. The promotional offer can only be claimed once per new account and is valid until further notice.
To get started, a valid email address and a strong password are needed. Since CoinSpot complies with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements set out by AUSTRAC, you will need to provide basic personal information. These will include full name, date of birth, phone number (also used for 2FA), and residential address.
Verification of your identity will require a copy of an Australian-issued document (driver’s license or passport), and a facial recognition check using a smartphone camera. The verification process usually takes less than 8 hours to be completed which is comparatively slower than other exchanges where verification can be completed in under 30 minutes.
Funding Methods & Limits
CoinSpot supports several common methods to deposit AUD funds into the account wallet including direct bank transfers (OSKO), POLi, PayID, BPAY, and cash at participating news agencies that support Blueshyft. POLi, PayID, and OSKO are the recommended methods given that funds are transferred almost instantly and do not incur any deposit fees.
|POLi||Instant||None||Daily limit of $2,000|
|PayID||Instant||None||Minimum deposit of $1|
|BPAY||0 – 2 business days||0.9%||Daily limit of $2,000|
|Bank transfer (OSKO)||Instant||None||Daily limit of $2,000|
|Cash deposit (Blueshyft) at a supporting News Agency||Instant (once deposited)||2.5%||Daily limit of $2,000|
Ease Of Use
The instant buy/swap/sell feature allows beginners and experienced investors alike to buy over 310 digital currencies including Bitcoin, Ethereum, Cardano, and more. Investors looking to get started with cryptocurrencies and who have no prior experience will find the feature appealing due to its simple design. You can buy crypto in four steps:
- Deposit AUD funds into the account wallet.
- Use the Buy/Sell tab to select the digital currency to buy.
- Enter in the amount of AUD to spend.
- Click on “Buy”, review the details, and confirm the transaction.
The Trading Interface
The center of the trading interface features live charting that is powered by TradingView. Similar to other popular trading platforms, CoinSpot provides an order entry box to buy and sell cryptocurrency. It is in this order box where the more favorable 0.1% trading fee can be found.
The interface lacks search analysis methods including momentum trend analysis, volatility, oscillator and mean reversion tools, as well as some order types. Investors have access to a limited number of advanced order types including take profit, stop, and limit orders. Overall, the trading interface is sufficient for novice investors however advanced traders will find the platform, particularly lacking in terms of functionality and flexibility.
Customer Support & Reviews
CoinSpot customers may be able to find the answer to their query using the comprehensive Frequently Asked Questions (FAQ) page. Topics that would be beneficial to beginner investors include verifying accounts, how to deposit funds, troubleshooting 2FA issues, withdrawing AUD, and buying and selling coins.
If you can’t find help in the FAQ section, you can get in touch with the support team by using the help widget in the bottom right corner. The widget works like a form and a specific question can be asked which will be answered by the Coinspot support team. In our experience, we received an answer from the support team in less than 4 hours which is quite fast.
CoinSpot consistently positive excellent customer feedback on popular review websites Trustpilot and Product Review. Based on over 1,500 TrustPilot reviews, an overwhelming 95% were categorized as great or excellent. Conversely, there are over 1,300 reviews on Product Review with 84% giving a rating of 4 or 5 stars.
CoinSpot has an iOS and Android compatible mobile app that provides customers with access to all the features and functionality of the desktop platform. Based on 2,600 customer reviews on Google Play, the app has a mediocre rating of 2.6/5.0 and is an area of improvement for CoinSpot.
CoinSpot is a top-rated crypto exchange in the Australian crypto community, however, the high trading fees are a significant drawback and a potential deterrent to new investors. Digital Surge and Swyftx offer similar features and lower trading fees of 0.5% and 0.6%, respectively, making them cheaper alternatives to CoinSpot.
Other AUSTRAC registered and ASIC licensed exchanges that you may want to consider include:
- CoinJar (similar features to Coinspot). CoinJar offers 52 digital currencies and innovative products and is suitable for beginners and everyday crypto users. For more information, you can read our
- Independent Reserve (good alternative for SMSF investors). Premium SMSF features include limit orders, DCA, personalized investment advice, and low fees.
- Cointree (suitable alternative for beginners). A solid choice for beginners and intermediate investors who don’t need advanced trading features.
CoinSpot Comparison Reviews
To highlight the features and downsides of CoinSpot, we have compared the platform to other exchanges that are available to Australians. For more information, you can read our comparison reviews below.
- Swyftx vs CoinSpot: Which Platform Should You Choose?
- Digital Surge vs CoinSpot: How Do They Compare?
- CoinSpot vs Coinjar: How Do They Compare?
Frequently Asked Questions
Is There An Affiliate Program?
CoinSpot features an affiliate program that rewards new users that sign up using a referral code. The payout is 30% of fees collected on all trades made during the first 24 months following verification. However, the payout decreases every 12 months thereafter. For example, the payout is 15% between 24 and 36 months and only 5% after 36 months. The unique referral code can be shared with family or friends that want to start trading to earn a passive income.
Are CoinSpot Fees High?
CoinSpot charges a flat 1% fee for use of the instant buy and sell function, which is very high compared to other cryptocurrency exchanges like Binance and Swyftx where the trading fees are 0.1% and 0.6%, respectively. CoinSpot offers a lower trading fee of 0.1% by placing market orders in the trading interface, however, beginners may be discouraged by the trading interface.
Can I Stake Crypto On CoinSpot?
CoinSpot does not offer crypto staking as the AUSTRAC registered platform transitioned the feature into its new Earn product.
Australian investors and blockchain enthusiasts still have staking options, however, there is a lack of local exchanges to choose from. For more information, you can read about our review of the best places for Australians to stake crypto.
CoinSpot is regarded as one of the most trustworthy and reputable cryptocurrency exchanges in the Australian market. Despite being one of the oldest exchanges, CoinSpot continues to solidify its standing by focussing on achieving regulatory compliance.
The platform is incredibly user-friendly and perfect for beginners, however, the high trading fees of the instant buy/sell function will be discouraging to most investors. Users should be aware that conducting large volume volumes or frequent transactions using this function will incur sizeable fees over time. Lower trading fees of 0.1% can be obtained by using the trading interface.
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