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CoinSpot Review

Last Updated on July 9, 2024

James Headshot
Written by
Adam Headshot
Edited by
CoinSpot logo
4.43
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.
Visit CoinSpot

The Bottom Line Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

CoinSpot stands out among Australian crypto exchanges as an exceptional option. With its secure platform, diverse deposit options, and user-friendly trading interface, the platform supports a wide array of cryptocurrencies, and the list is constantly growing.

CoinSpot also employs strict security measures to protect its users. Their commitment to excellent customer service makes CoinSpot an attractive option for anyone entering the crypto market in Australia.

Table of Contents
Disclaimer: This is not a validation of cryptocurrency or any particular provider, service, or product. It should not be taken as advice to engage in trading or use any services. Please check our terms and conditions.

Featured In

AUSTRAC Registered This exchange is registered with AUSTRAC. Digital currency exchange providers in Australia are required to be registered with AUSTRAC. This ensures they must comply with relevant AML and CTF laws or risk facing heavy penalties. You can read more about this on AUSTRAC's website. This registration should not be viewed as an official endorsement or guarantee of services.

Pros

  • Wide selection of cryptocurrencies
  • User-friendly interface
  • Has an NFT marketplace
  • Quick verification process
  • Australian-based with local customer support

Cons

  • Higher fees compared to competitors
  • Limited advanced trading features
  • Fiat deposits can be slow

Quick Summary

Headquarters Location Melbourne, Australia
Fiat Currencies Supported AUD
Total Supported Cryptocurrencies 470+
Trading Fees 0.10% - 1.00%
Deposit Methods Bank Transfer, Debit Card, Credit Card, Cryptocurrency, PayID, BPAY
Support Facebook, Twitter, Instagram, Live Chat, Help Center Articles, Support Ticket
Mobile App Yes - iOS, Android

Since its inception in 2013, CoinSpot has become a dependable platform in the crypto space. Boasting certifications from Blockchain Australia and Sustainable Certification, CoinSpot is recognised as an esteemed player among cryptocurrency exchanges.

CoinSpot homepage

CoinSpot is not just a crypto exchange platform – it represents a powerful community. When you join this exchange, you connect with a wide network of customers who are actively trading within the Australian crypto market.

Despite offering simplicity for user experience, CoinSpot doesn’t compromise on variety. It presents access to 470+ cryptocurrencies and serves up lots of investment possibilities for traders of all levels and preferences.

About CoinSpot

CoinSpot’s rise to prominence in the crypto space can be attributed mainly to Russell Wilson, who laid its foundations back in 2013. With his IT consultant and entrepreneur background, he steered CoinSpot towards becoming a key player within Australian cryptocurrency exchanges.

The platform has flourished due to its dedication to innovation and unwavering commitment to meeting the needs of those it serves. Targeting exclusively Australian residents, CoinSpot stands out by customising its exchange services specifically for them.

CoinSpot features

Users must provide Australian banking details and local mobile numbers to access their CoinSpot account. This focus is exemplified by offering investment choices originating from Australia and accommodating Self-Managed Super Funds (SMSFs), solidifying its role as an integral contributor to the Australian market.

CoinSpot has a number of active social profiles including Facebook, Twitter, Instagram, Reddit and TikTok.

CoinSpot has a mobile app on both the Apple App Store and Google Play.

CoinSpot Supported Cryptocurrencies

CoinSpot supports trading on over 470 cryptocurrencies on their platform. This exchange currently supports 27 of the top 30 market cap cryptocurrencies.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether USDt (USDT)
  • BNB (BNB)
  • Solana (SOL)
  • USDC (USDC)
  • XRP (XRP)
  • Toncoin (TON)
  • Dogecoin (DOGE)
  • Cardano (ADA)
  • TRON (TRX)
  • Shiba Inu (SHIB)
  • Avalanche (AVAX)
  • Polkadot (DOT)
  • Chainlink (LINK)
  • Bitcoin Cash (BCH)
  • NEAR Protocol (NEAR)
  • UNUS SED LEO (LEO)
  • Dai (DAI)
  • Polygon (MATIC)
  • Litecoin (LTC)
  • Uniswap (UNI)
  • Kaspa (KAS)
  • Internet Computer (ICP)
  • Pepe (PEPE)
  • Ethereum Classic (ETC)
  • Artificial Superintelligence Alliance (FET)
  • Aptos (APT)
  • Stellar (XLM)
  • Monero (XMR)

Download full list of cryptocurrencies CoinSpot supports

As a leading crypto exchange, the platform supports many cryptocurrencies, ensuring a broad selection for traders looking to buy crypto. Whether you’re interested in well-established coins or looking to explore emerging tokens, CoinSpot has got you covered.

Their list of supported cryptos is constantly growing as new cryptocurrencies are regularly added to CoinSpot.

Trading Experience

CoinSpot presents sophisticated tools and personalised services to meet multiple investment needs and preferences. An eye-catching option is the Bundles feature, which includes pre-selected portfolios aimed at different types of investments. With unique bundles available on CoinSpot, investors can buy and sell various cryptocurrencies simultaneously, each assigned to its individual wallet.

CoinSpot has introduced a crypto Mastercard that simplifies the process of using cryptocurrency for daily purchases. Combined with several other offerings explicitly made for Australian users, these services significantly enrich their trading experience.

Innovative Tools for Crypto Users

CoinSpot has expanded its offerings to include access to a wide selection of NFT collections by partnering with OpenSea. Thanks to this collaboration, CoinSpot now offers an integrated NFT marketplace where any cryptocurrency can be used to purchase NFTs without incurring high gas fees.

Catering mainly to traders who deal with large volumes of fiat currencies, CoinSpot offers Over-the-Counter (OTC) services that ensure price certainty and lower the chance of transaction-related risks.

CoinSpot exchange marketing

CoinSpot Fees

When selecting a cryptocurrency exchange platform, the trading cost is an important factor to consider.

CoinSpot employs a tiered pricing strategy, which enables it to offer competitive prices in the marketplace.

Understanding CoinSpot’s Fee Structure

CoinSpot’s pricing model is crafted with its users in mind. When contemplating these transaction fees within their trading system, the users must consider the following:

  • The quickness and ease afforded by immediate transactions
  • The elevated trading fees applied by CoinSpot add up to the overall transaction costs incurred
  • A variable minor mining charge associated with crypto withdrawals that fluctuate according to specific coins involved
  • The prevailing network congestion

Although these charges may appear insignificant, traders on the Coinspot exchange must carefully consider them when making investment decisions.

Type Fee
Deposit Fee (Bank Transfer - PayID) Free
Deposit Fee (Credit/Debit Card) 2.58%
Trading Fee 0.10% - 1.00%
Withdrawal Fee (Bank Transfer) Free

Security - Is CoinSpot Safe?

CoinSpot takes security seriously by implementing strong measures to protect user accounts and data. The platform holds an ISO 27001 certification for its information security management, showing its commitment to maintaining a secure platform.

CoinSpot’s commitment to security extends beyond its platform. Through its HackerOne Bug Bounty Program, the company urges security researchers to disclose vulnerabilities responsibly.

Moreover, to set up an account with CoinSpot, Australian residents aged 16 or older must provide a valid ID to complete the necessary KYC verification. This process usually wraps up within just a few hours, but it might extend up to two full days on occasion. The rigour of this procedure safeguards the CoinSpot platform’s security and integrity.

Ensuring the Safety of Funds

CoinSpot prioritises the protection of its users’ funds by storing most digital assets in highly secure, off-the-grid storage solutions. This ensures that a large portion of the client’s assets will remain protected even if a security compromise occurs.

CoinSpot also strengthens its account defense mechanisms through the mandatory use of two-factor authentication (2FA). This measure serves as a verification tool to confirm user identities and block unauthorised entries. Also, to ensure safety, CoinSpot secures its data centers (where it keeps private keys and sensitive details) with top-tier security accreditations such as ISO 27001, 27017, 27018, and PCI DSS standards.

To all these measures, the company integrates biometric security features within its mobile app interface, designed with user convenience in mind. Such a system shows the company’s dedication to safeguarding clients’ funds, including bank account information and direct deposit bank transfer activities.

Compliance and Certifications

CoinSpot demonstrates its dedication to security by adhering strictly to regulations set forth by legal authorities. Since May 8, 2018, CoinSpot has been acknowledged as a Digital Currency Exchange registered with AUSTRAC and consistently maintained compliance with financial crime laws in Australia.

In its legal operation within Australia, CoinSpot ensures the following:

  • Its transactions are subject to capital gains and nation-wide income tax laws.
  • It carefully evaluates and routinely subjects its information security management systems to audits to preserve ISO 27001 certification standards.
  • External auditor SCI Qual International has confirmed CoinSpot’s commitment to upholding strict security measures and regulatory conformity.

CoinSpot Customer Support

CoinSpot has dedicated customer support and is accessible through various avenues. The support team stands ready day and night to address users’ issues or concerns.

For those seeking immediate answers on their own, CoinSpot also offers a detailed support page filled with FAQs and instructional guides to help quickly resolve common questions.

CoinSpot support

CoinSpot Support Channels

  • Facebook
  • Twitter
  • Instagram
  • Live Chat
  • Help Center Articles
  • Support Ticket

The CoinSpot App Mobile Experience

Recognising the importance of mobility in managing cryptocurrencies, CoinSpot offers its app on iOS and Android mobile platforms.

This app retains many features that are available on the desktop version. It facilitates real-time purchase and sale transactions, fund management, including deposits and withdrawals, and wallet control for tracking digital assets.

The CoinSpot mobile app lets you control your crypto investments wherever you are, providing convenience without compromise.

How to Sign Up on CoinSpot

  1. Create Account - Visit the CoinSpot website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
  2. Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
  3. Transferring Funds - Once your account has been verified, you'll be able to deposit using the deposit methods listed below.
  4. Start Trading Crypto - That's it! You should now have everything in place to start trading.

Deposit Methods

  • Bank Transfer
  • Debit Card
  • Credit Card
  • Cryptocurrency
  • Osko
  • PayID
  • Paypal
  • Apple Pay
  • Google Pay
  • BPAY

CoinSpot Alternatives

Swyftx logo

Swyftx

4.73
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
379+

Trading Fees
0.10% - 0.60%

Fiat Currencies Supported
USD, AUD, NZD

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Binance logo

Binance

3.23
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
392+

Trading Fees
0.10%

Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others

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Bybit logo

Bybit

3.25
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
510+

Trading Fees
-0.0050% - 0.1000%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 160 others

Visit Bybit

Final Thoughts

CoinSpot has established itself as a premier cryptocurrency exchange platform. It is characterised by an intuitive, user-friendly interface that caters to the needs of both novice and veteran traders. It boasts an extensive selection of cryptocurrencies and cutting-edge functionalities designed for various levels of trading expertise.

With its ISO 27001 certification and comprehensive security protocols, CoinSpot reassures users of high protection standards while also adhering to Australian regulations.

A strong proponent of the Australian crypto market, CoinSpot differentiates itself through innovative offerings such as Bundles and the convenience offered by a cryptocurrency Mastercard. Its competitive fee structure and proactive customer service also enhance its appeal among those interested or continuing their journey in the crypto space.

CoinSpot FAQs

Trustworthiness can be subjectively assessed by individual users, but CoinSpot is a well-known cryptocurrency exchange in Australia and has been operating since 2013.

It has built a reputation over time and is generally considered reputable within the Australian crypto community. CoinSpot also complies with Australian laws and regulations which adds a layer of trust for Australian users.

CoinSpot takes security seriously and has various measures in place to protect users’ funds. While no major publicised hacking incident has been reported against CoinSpot, it’s important for users to continuously monitor their accounts and use all the security features the platform provides to protect their investments.

Yes, CoinSpot is legal in Australia. It operates as a registered cryptocurrency exchange and complies with Australian laws, including those related to financial services and anti-money laundering (AML) regulations.

Avoiding fees entirely may not be possible as most exchanges charge for various services. However, CoinSpot offers different transaction methods, some of which have lower fees than others.

For instance, using Market Orders often incurs lower fees than Instant Buy/Sell. Additionally, depositing funds through certain means, such as PayID or direct deposits, may have less (or no) fees compared to other methods.

The minimum withdrawal amount from CoinSpot can vary depending on the cryptocurrency. For Australian dollars (AUD), the minimum withdrawal is typically set to a value that may change over time, so users should check the current terms on the CoinSpot platform.

CoinSpot charges withdrawal fees for transferring cryptocurrencies to external wallets, which vary depending on the blockchain network of the specific cryptocurrency. For withdrawing Australian dollars to a bank account, CoinSpot offers this service for free.

CoinSpot provides various order types for trading, but users should confirm directly on the platform whether stop loss orders are currently supported, as available trading features may be updated or changed.

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Methodology

At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.

About The Authors

James Headshot
Written by

Crypto Technical Writer

James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.

His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.

Check James out on:
Adam Headshot
Edited by

Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.

Check Adam out on: