A CoinSpot Review: Is This Crypto Exchange Right for You?
Thinking of using CoinSpot for your crypto trading? This Coinspot review can help you make a decision.
One of Australia’s leading crypto exchanges, CoinSpot is there for both beginners looking to dip their toe in the water and experienced investors ready to expand their portfolio.
CoinSpot is registered with Australia’s financial regulator, and it’s considered a safe pair of hands when it comes to managing your crypto investments.
Here’s everything you need to know before you sign up.
What Is CoinSpot?
Established in 2013, CoinSpot is one of Australia’s longest-running crypto exchanges and wallets. It is also the most popular, with 3 million customers, and has a high profile thanks to mainstream media coverage and sponsorship deals.
Founded in Australia and headquartered in Melbourne, CoinSpot lets users buy, sell and swap more than 530 cryptocurrencies and NFTs – from Bitcoin and Ethereum to stablecoins and altcoins.
Key features of CoinSpot
CoinSpot is known for its easy-to-use interface and streamlined user experience. It is accessible either through a desktop browser or mobile app, with smooth onboarding to help you get up and running quickly.
An Instant Buy/Sell/Swap feature makes it easier for beginners to trade. When you’re ready, you can graduate to the markets page and explore coin bundle options for more diversified investing.
Support for a very wide range of cryptocurrencies and NFTs is great if you’re an investor who wants to get in on the ground floor with new coins, before they are available via other exchanges.
The ability to stake coins allows users to lock some of their crypto assets into contracts, to earn returns without selling. There is also NFT marketplace integration.
CoinSpot offers a free multi-currency wallet for securely storing crypto assets. When it comes to fiat currencies, it only supports Australian dollars and only allows withdrawals to Australian bank accounts.
Is CoinSpot Safe?
CoinSpot is registered with ASIC and regulated by AUSTRAC to ensure it complies with local financial regulations. It is also a certified member of Blockchain Australia, which helps crypto companies follow best security practices.
Significantly, CoinSpot is the first Australian crypto exchange to hold ISO 27001 certification. This means it has undergone regular and stringent external audit procedures to keep your crypto and personal data safe.
To protect your account, you can set up two-factor authentication (2FA), withdrawal restrictions and biometric login. The majority of CoinSpot’s user assets are kept in offline wallets, or “cold storage”, which further reduces the risk of hacks.
CoinSpot fees explained
CoinSpot is straightforward and transparent when it comes to fees but, like most crypto exchanges, they vary depending on how you trade and how you move your funds around.
There’s an easy-to-use Instant Buy/Sell/Swap option, charging a 1% transaction fee. Alternatively, you can make a Market Trade, also known as placing an order. Buying and selling directly with other people, this only incurs a 0.1% transaction fee.
While placing an order is a bit more complicated, in return you can access a lot of advanced features which will come in handy as you become more confident.
If you’re making very large trades, the Over-The-Counter (OTC) trading desk lets you perform high-volume transactions with a 0.1% fee.
Unlike many crypto exchanges, CoinSpot has a fixed fee structure and doesn’t vary trading fees depending on your 30-day trade volume. It also charges the same fee for maker and taker orders. All of this means its fees are a lot less complex than rivals.
| CoinSpot | CoinJar (Maker / Taker) | Swyftx |
| Instant: 1% | Instant: 2% (from credit card) | |
| Market: .1% | Market: 0.10% / 0.10%$10 – $100,000 30-day | Market: 0.6% <$100,000 30-day |
| Market: 0.10% / 0.08%$100,000 – $1m 30-day | Market VIP 1: 0.55% ≥ $100,000 30-day | |
| Market: 0.08% / 0.4%$1m – $10m 30-day | Market VIP 2: 0.5% ≥ $300,000 30-day | |
| Market: 0.06% / 0.2%$10m+ 30-day | Market VIP 3: 0.45%≥ $400,000 30-day | |
| Market VIP 4: 0.4%≥ $500,000 30-day | ||
| Market VIP 5: 0.35%≥ $1,000,000 30-day | ||
| Market VIP 6: 0.3%≥ $3,000,000 30-day | ||
| Market VIP 7: 0.25% ≥ $4,000,000 30-day | ||
| Market VIP 8: 0.2% ≥ $5,000,000 30-day | ||
| Market VIP 9: 0.1% ≥ $6,000,000 30-day |
Supported payment methods
When it comes to moving your money around, there are no deposit fees if you use Pay ID – which offers near-instant deposits – or direct deposit bank transfers.
There is a .05% fee when depositing via PayPal, .09% via BPAY or 1.22% via debit/credit cards. You can also deposit cash at participating Blueshyft newsagents, but the fee is higher at 2.5%.
As for withdrawals, sending the money to a bank account is free, but there’s a 2% fee if you send it to PayPal. Remember, you can only deposit and withdraw Australian dollars, and only use Australian bank accounts.
Benefits of using CoinSpot
- Regulated and AUSTRAC registered.
- Large range of coins and features.
- Excellent for beginners.
- Simple fee structure.
- NFT marketplace and staking options.
- Responsive local support.
Who is CoinSpot best for?
The upshot of this CoinSpot review? CoinSpot is best for Australian beginners looking for a safe and simple local exchange. It’s easy to use and the fee structure is very simple, with low market trading rates even if you don’t have a high trading volume.
It also offers a good mix of advanced features and a very wide range of cryptocurrencies for experienced traders who are ready to expand their horizons, including NFT access and staking.
