CoinSpot Review 2022 – Australian Cryptocurrency Exchange
My overall experience with CoinSpot showed me that when it comes to service delivery, cryptocurrency exchanges share the same rating system with all other e-commerce businesses. At the end of the day, we won’t settle for anything but robust security and ease of use, regardless of whether we’re buying a piece of Bitcoin or booking a holiday.
In this setup, CoinSpot reminded me of those long-lasting marketplaces that always charge a bit higher than their competitors but never lack customers because of the superb services they offer in return.
This crypto exchange has been one of the earliest crypto destinations for Australian traders, growing together with the global crypto trends and fintech improvements. Since I remember, CoinSpot has always kept a high position on the list of best Australian cryptocurrency exchanges. So, I dug up a bit deeper into its features to find out why 2 million Australians have chosen it as a departure point for their crypto journey.
- Proven track record as a trustworthy company;
- Large selection of cryptocurrencies for instant purchases and sales;
- Beginner-friendly design;
- Quick deposit and withdrawals;
- NFT market available;
- Cold storage for keeping users’ and company funds offline.
- AUD deposits and withdrawals only;
- No option for credit and debit card deposits;
- High fees for instant purchases.
How To Get Started With Coinspot
Setup Your Account
As mentioned above, Coinspot is our go-to for trading cryptocurrencies in Australia, definitely if you're starting out. It's the most trustworthy exchange available and it makes trading buying, selling and switching coins incredibly easy.
After creating your account the first thing you'll want to do is Enable 2FA (2-factor authentication, adds an extra step for logging in to your account, very easy to setup), you should see the message below at the top of your page while on the dashboard.
Verify Your Account
Before you do anything on CoinSpot you'll have to verify your account.
Click top right on Account > Verification
First, you'll have to verify your email and mobile number before continuing with the verification process.
You will then have to fill in all of your personal information including documents, don't be alarmed uploading this information, every exchange requires it. It's to ensure your safety and make everyone on the platform accountable.
Connect Bank Account
You'll need to connect up your bank account if you want to buy coins on the platform.
Click top right on Account > Bank Details
Fill in the required bank information.
Once your account is verified and you've added your bank account details you can start buying and selling cryptocurrency.
Go to Buy/Sell
This page lists all the coins that CoinSpot has available (which is a lot). Simply click on "Buy" and input the amount of the coin you want to purchase or the amount of AUD you want to spend.
We highly suggest paying with POLi as it allows for near-instant transactions.
Easy as that! You now have bought some cryptocurrency. We highly recommend moving your cryptocurrency to a hardware wallet if you are planning on holding it for a while. If you are planning on day trading, or trading fairly regularly we suggest keeping it on the CoinSpot platform.
What Is CoinSpot?
CoinSpot is a Melbourne-based digital currency exchange that started operating back in 2013. For the record, that was long before crypto became a hot investment strategy. I think it’s fascinating how CoinSpot survived all the critical stages of the crypto industry and didn’t lose the impact on the Australian scene with the appearance of next-gen crypto platforms like Swyftx and Digital Surge.
Apart from the credibility, which arises from being one of the earliest crypto providers, I can tell that CoinSpot is a fully regulated company under the Australian financial framework. It’s an AUSTRAC-registered entity and a member of Blockchain Australia and the Australian Digital Commerce Association (ADCA). You can find it under the legal name Casey Block Services Pty Ltd ABN (19 619 574 186), with its founder Russell Wilson as the company CEO.
Today, the CoinSpot team offers a well-packed platform with a focus on buy-and-sell simplicity, combined with a sleek deposit system and reachable customer support. The exchange supports over 300 digital assets for instant purchases and offers an in-platform spot market and a few attractive crypto opportunities trending across top markets worldwide.
How Does CoinSpot Work?
Just like any other cryptocurrency exchange, CoinSpot acts as an intermediary in the crypto trading process. It connects buyers and sellers and charges a certain fee for the service.
I really like the way CoinSpot devises two different trading models on the same trading platform. You can buy and sell cryptocurrency with AUD at a retailer level or get exposure to an open market and handle more advanced order types besides the standard market orders.
Apart from these two markets, I found an OTC (over-the-counter) desk suitable for large-scale investments. That is to say, if you’re a CoinSpot user and your estimated investment exceeds the amount of $50,000, you can avoid the standard public order books and get a personal broker to execute the trade with the best possible outcome.
Who Is CoinSpot Designed for?
The feature set of CoinSpot is accommodated on an exceptionally user-friendly interface and hence, the best fit for novices who are reluctant to enter the crypto world. This exchange has all the “boosting” elements to make you a confident investor. I’ll also add that CoinSpot is a perfect choice for corporate clients and Super Fund investors, given the highly-regulated environment and impeccable regulatory compliance.
Finally, the CoinSpot spot market features a decent package of trading tools to satisfy the needs of intermediate traders. Pro-traders looking for margin trading and crypto derivatives markets or DeFi “hunters” will find a better shelter on more advanced platforms like Binance or Bittrex.
From what I can see, CoinSpot has the most exhaustive crypto-selection of all Australian-based exchanges. It offers over 330 different crypto assets, including Bitcoin (BTC) and other chart-topper altcoins like Ethereum (ETH), Litecoin (LTC), Cardano (ADA), Neo (NEO), Eos (EOS), Tron (TRX), Ripple (XRP), BNB Coin (BNB), Solana (SOL), and Dogecoin (DOGE), a solid range of DeFi tokens such as Avalanche (AVAX) and Uniswap (UNI), and the popular stablecoins Tether (USDT) and USD Coin (USDC).
The exchange is open to expanding its list of supported cryptocurrencies, being the most likely spot to find new crypto projects under the Australian crypto horizon. However, if you’re a beginner, my advice is to stick to the mainstream players with stable liquidity until you sharpen your sense of crypto trading.
Not to forget that the CoinSpot spot market is fairly modest compared to international crypto giants. It contains around 15 trading pairs with AUD or USDT as a base currency.
Despite my experience with numerous platforms, I always enjoy the CoinSpot feature package. I’ve seen many feature-richer and more sophisticated exchanges but CoinSpot really knows how to enhance the end-user experience. That’s why I listed all traits that make CoinSpot an attractive venture for the Australian crypto community.
I already mentioned above that there are two basic techniques for acquiring crypto on regulated marketplaces. You can place an order on the platform’s order book and wait for a suitable seller to fill your order. Sure, it can be the other way around — you responding to an existing order.
In fact, the very term cryptocurrency exchange falls under this description even though we use it to refer to any crypto-related service. My point is that some crypto services act as entry-level brokers — they sell you the crypto from their own reserves. This is what we call an instant purchase.
Instant purchases are where CoinSpot shines. All you have to do is navigate to the Buy section, pick crypto, insert the amount of Australian Dollars you’re willing to spend on it, and choose the most convenient payment method for your purchasing style. CoinSpot will take care of everything else.
Ease of Use
The one-click purchases are the main component that makes CoinSpot an easy-to-use platform, but there are a few other factors that contribute to this hard-earned title. For example, the first thing I notice when landing on a certain platform is how intuitive the navigation is. CoinSpot is doing a great job here.
The user interface is very neat, even though there are tons of directions you can take once you land as a registered user. You can access all main options directly from the dashboard. You can buy crypto, deposit fiat, and read some basic market indicators on the spot, without navigating around multiple layers on the CoinSpot website.
Purchase Crypto in Bundles
I love this feature and I’m happy to see that CoinSpot has already adopted it. The art of diversifying your crypto portfolio is one of the most stumbling strategies for beginners. Simply, they need some time to gather that different cryptocurrencies are serving different purposes.
With this Bundle option, the exchange offers you a “meaningful cluster” of cryptocurrencies that you can buy under a single transaction. For example, you can treat yourself with the “Top 3 Market Cap” cryptos in a bundle and pay the fee only once. However, I noticed that CoinSpot doesn’t allow you to compose your own bundle.
I recently bumped into the info that CoinSpot has removed the Staking option, or more precisely, has re-directed this option for passive earning into their Earn program. So, let me explain a few things.
Staking is a process that corresponds to mining. So, it’s somehow a blockchain thing. While some blockchains use mining as a method for producing new coins, others employ staking. The participants in such Proof-of-Stake (PoS) networks don’t invest computing power to get new cryptos but stake some of the blockchain-native coins (they already have) to validate the transactions’ legitimacy.
In this rewarding system, cryptocurrency exchanges take a significant role. They form pools and enter the staking process with joined forces of all participants, who later share the reward in proportion to the deposited amount. To conclude, an exchange like CoinSpot can offer you staking as a method for passive income only for cryptocurrencies that reside on PoS blockchains such as Cardano and Solana.
On the other hand, Earn programs aren’t necessarily related to staking. You can lend the crypto in your possession to the exchange itself and get handsome APY in return. Depending on the exchange’s policy, you can lend both popular coins and experimental crypto projects — from Bitcoin to Axie Infinity (AXS).
CoinSpot gave up the Staking option in favor of the Earn Program. So, now the exchange enables you to earn a reward on your crypto holdings over a defined period. The rewards are calculated for a fixed rate interest payment given to each type of crypto listed on the Earn program.
The most popular asset that CoinSpot offers is Ethereum (with an upper limit of 6 ETH) and APY of up to 5.12%. Other supported cryptos don’t have an amount limit, but they differ to a great extent in the APY. For example, Cardano comes with 5.10% APY, BNB with 5%, while the Verasity (VRA) APY can hit up to 18.25%.
The moment you open a CoinSpot account, you’ll get a free in-exchange wallet to accommodate your newly-acquired coins. I must warn you that no expert will recommend this storage plan because such custodial wallets keep your private keys on their company servers.
Yet, I’d say that leaving your coins on the exchange isn’t that bad in the short run, as long as the exchange is regulated under the local framework for user protection. Unless you’ve bought a whale amount of Bitcoin and don’t plan to spend it. In such a case, you should invest in a hardware wallet as the ultimately safest solution for storing crypto.
After all, the CoinSpot wallet is such a handy tool. It supports multiple cryptocurrencies and allows you to deposit crypto funds from your external wallets without any additional fees.
CoinSpot Mobile App
If you ask me, the CoinSpot mobile app is such a delight. It has the very same clearness inherited from the original browser-based platform. I like the fact that you can use the app not only for alerts and prompt portfolio checkups but also for all trading functionalities available under the CoinSpot umbrella. Needless to say, the CoinSpot app is available for both iOS and Android devices.
The affiliate program on CoinSpot is perhaps the most generous offer across the Australian crypto territory. It goes this way — for every new user that signs up on CoinSpot using your affiliate link, you’ll get 30% of all commissions they pay for trading on the platform. This percentage is effective for the first 12 months after which it’ll gradually start decreasing. Overall, a great way to earn some easy money, especially if you manage to gather a substantial number of 10 new members, for example.
Another great way CoinSpot shows its generosity is by giving FREE $10 worth of Bitcoin to new users when you sign up using our CoinSpot referral link.
CoinSpot Fees and Costs
Everything seems just right with CoinSpot until we get to the fees. The exchange charges a trading fee of 1% for all instant purchases and sales, which is much higher than its direct competitors Swyftx (0.6%) and Digital Surge (0.5%).
If nobody has told you yet, in crypto trading, there is a noticeable difference between the buy/sell price, or what we call, spread, which is calculated in your buy price at the processing counter. Spreads on CoinSpot are not insignificant — they range between 1% and 2%. Again, compared to Swyftx and Digital Surge, the difference is striking. The spread on these two Australian exchanges can go down to 0.4%.
On the other hand, the fees of 0.1% on the CoinSpot spot market are slightly lower than the industry standard. However, if you opt for Recurring Buy or any other advanced order types, it’ll cost you an additional 1%.
When it comes to deposit fees, they can differ depending on the payment method. Wire bank transfers, PayID, and POLi are free of charge. BPAY comes with a notorious fee of 0.9% per transaction and if you prefer cold cash, get ready to pay 2.5% at one of the Blueshyft terminals. Finally, the exchange doesn’t charge any withdrawal fees for AUD withdrawals.
Let me put it this way — CoinSpot has been operating since 2013 without a hacker attack or any other identity-compromising scam. For me, this is enough to put my trust and money in the exchange hands knowing how cybercriminals used to shake the crypto grounds in the early Bitcoin era.
As an AUSTRAC-licenced company, CoinSpot strictly complies with all AML/CTF regulations to ensure maximum safety for its user accounts. The exchange utilizes industry-grade security features to protect the flowing information and keep users’ funds secure. This includes whitelisting and support of two-factor authentication (2FA) for added security. Moreover, Coinspot undergoes external audits regularly, which monitor all of its internal processes, such as customer data, information management, storage, staff, and intellectual property.
Last but not least, CoinSpot was the first crypto service running across Australia to achieve the globally recognized ISO 27001 certificate for information security.
I got the impression that the CoinSpot support team takes good care of its users. The first thing that caught my eye was the ZenDesk widget, which enables you to send detailed feedback on their helpdesk. The response time doesn’t usually take longer than 24 hours.
Apart from the widget that is always within your reach, you can also send an email or use the live-chat bot to ask for help. However, I thought it’d be just perfect if there was an open phone line.
However, before turning to professional assistance, put in some effort and read through the comprehensive guides and the separate FAQ section. They can be a super-useful read at the early stages of your crypto career.
I admit that an isolated review can sometimes mislead you into making a wrong decision. I’ve been pointing out through the entire review that CoinSpot is user-friendly, but so is Coinbase. I also told you that I’m impressed by the CoinSpot feature set, but it’s only a drop from what Binance offers under a single roof. In the end, tiny details can be a deciding factor when picking the right cryptocurrency exchange.
Is Coinbase or CoinSpot better?
It’s legit to say that CoinSpot is the Australian version of Coinbase — long-standing, regulated, user-friendly, and much more expensive than other broker-like marketplaces. However, Coinbase has evolved into a global brand, with an adjusted scope of services for Australian users, while CoinSpot has remained devoted to local audiences.
Understandably, Coinbase is limited only to debit card payments down under, while the Aussie brand supports a few different payment options for local traders. Thereby, CoinSpot is a much more amicable solution for the purpose both exchanges serve — instant crypto purchases in exchange for fiat.
Is CoinSpot or Binance better?
These two exchanges offer a varied range of setups, so we can’t discuss them in general terms. Similar to Coinbase, Binance targets international clientele, yet its focus goes much further than instant buys.
Binance features an abundance of trading opportunities and a jaw-dropping selection of trading pairs, so it naturally goes with seasoned traders. CoinSpot, on the other hand, provides a very cozy experience and hence, is more suitable for beginners.
Frequently Asked Questions
What are the accepted payment methods on CoinSpot?
In a word, almost everything you could recognize as a valid payment method across Australia except for debit and credit cards, ApplePay, and PayPal. The CoinSpot list of accepted payment methods includes bank transfers, cash deposits (Blueshyft), BPAY, Osko, POLi, PayID, and certainly, cryptocurrency.
What types of NFTs are available on CoinSpot?
CoinSpot isn’t closely related to the DeFi hemisphere of the crypto world but it does offer a range of the massively popular artsy tokens called NFTs. You can find around 20 NFT collections available for direct sale on CoinSpot, including Decentraland (MANA), ApeCoin (APE), and Sandbox (SAND)
Is CoinSpot Regulated In Australia?
Crypto exchanges are classified as legal businesses in Australia and must comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF 2006). As an experienced player on the scene, CoinSpot operates in full compliance with Australian legislation.
How do I cash out on CoinSpot?
To cash out funds on CoinSpot, you’ll need to sell them in exchange for fiat. The process runs as smoothly as buying. All you have to do is navigate to the Sell tab, insert the amount of crypto you want to cash out, and submit the required bank details. The exchange will immediately calculate the current exchange rate and send the cash to your bank account after you confirm the transaction.
Is CoinSpot the best crypto exchange to buy Bitcoin?
It depends. CoinSpot has always been the first choice for Bitcoin purchases (and trading crypto in general) for those who need a proven track record of the service they use. This, combined with incredibly neat design and highly responsive customer support, makes CoinSpot one of the best Australian exchanges. However, if you are a Bitcoin day trader, you may look for a more affordable and diverse alternative.
Overall, I’ve enjoyed the time spent on the CoinSpot platform. Over the years, they have developed a master strategy of how to provide high-quality customer service at an efficient speed and secure manner.
Yet, if I was about to begin my crypto endeavor right now, I’d think twice before landing my money on CoinSpot. The fees are unacceptably high for someone who aims to become an active trader.
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|Exchange Name||Deposit Methods||Fiat Currencies||Crypto||Trading Fees||Sign Up|
|PayID, POLi, OSKO, Bank Transfer, Debit Card, Credit Card, and Crypto||USD / AUD||300+||0.6%|| |
$20 BTC Sign-up Bonus
|Bank Transfer, Crypto, Fiat, BPAY, PayID||AUD||300+||Instant buy/sell: 1% OTC: 0.1%|
|Crypto, Debit Card, Credit Card, PayID, Osko||40+||350+||0.1%|
|Credit Card, Debit Card, Bank Transfer, Wire Transfer, EFT, Crypto||50+||160+||0.1% to 0.6%|
|Crypto, Bank Transfer, OSKO, PayID, POLi||AUD||300+||0.5%|
|Google Pay, Apple Pay, NPP, Crypto, Cash, Osko, Blueshyft, PayID||AUD||50+||Instant Buy fees (Visa/Mastercard): 2% Conversion fees: 1%|
|Crypto, POLi, PayID, Swift, Osko, EFT||AUD, USD, NZD, SGD||30+||0.02% – 0.5%|
|Swift, Osko, Bank Transfer||USD, GBP, CAD, YPY, EUR, AUD, and CHF||100+||Maker fees: 0% – 0.16% Taker fees: 0.10% – 0.26%|
|Crypto, Debit Card||USD, AUD, GBP, EUR, AUD||50+||Credit/Debit Card Fee: 3.99% Taker Fee: 0.60% ($0-10K) – 0.05% ($500M+) Maker Fee: 0.40% ($0-10K) – 0% ($500M+)|
|Crypto, SEPA Transfer, Wire Transfer, Bank Card||USD, EUR, GBP, JPY||300+||Maker fees: 0% – 0.75% Taker fees: 0.05% – 0.75%|