CoinSpot Review 2024: Details, Fees & Features

Significant Updates on CoinSpot

CoinSpot’s 10 for 10: A Decade of Celebrations and Big Wins

CoinSpot’s 10 for 10 promotion, commemorating its 10th anniversary, has achieved significant success. This celebratory campaign, embodying a decade of excellence, presents a unique Bitcoin treasure hunt with 10 hidden Bitcoins dispersed across Australia. Valued at over $400,000, this giveaway stands out as one of the most substantial cryptocurrency promotions globally in 2023.

The nationwide hunt has engaged a wide audience, showcasing the dedication and enthusiasm of supporters within the Australian crypto community. The 10 for 10 promotion not only marks a decade of accomplishments for CoinSpot but also anticipates ongoing innovation and success from this premier exchange platform.

By emphasizing community involvement and celebrating a remarkable journey, the 10 for 10 promotion underscores CoinSpot’s significance in the cryptocurrency industry. The success of this initiative reflects the trust and commitment of traders to the platform, further solidifying its position as a key player in the evolving crypto landscape.

Xmas giveaway with CoinSpot

CoinSpot recently wrapped up its Christmas promotion, a festive giveaway valued at over $700,000 for crypto enthusiasts. The event, which ran from December 15th to 21st, featured daily prizes, including cryptocurrencies, physical items, and tech gadgets like AVAX, Nespresso Vertuo, or Apple Tech. Participants also had the chance to win a luxurious 5-night holiday on the Great Barrier Reef. 

This initiative highlighted CoinSpot’s dedication to fostering a positive and rewarding environment within the cryptocurrency space. Whether users were seasoned traders or newcomers, the Christmas promotion aimed to make the holiday season memorable and joyful for the community. As the event concluded, participants had until the specified end date to seize the opportunity and potentially win fantastic prizes in this festive giveaway. The success of the Christmas promotion showcased CoinSpot’s standing as a platform that goes beyond transactions, actively engaging and enhancing the crypto experience for its users.

CoinSpot’s standout features & services

Amid hundreds of cryptocurrency exchange platforms available, there are plenty of unique features and services that set CoinSpot apart from the crowd. And if you are wondering how CoinSpot works, let’s take a look at the following features in detail.

440+ Cryptos Supported

In terms of the Australian market, CoinSpot undoubtedly offers the most extensive selection of cryptocurrencies available. CoinSpot supports over 440+ unique coins, including all major cryptos and those unavailable on smaller exchanges. Whether you want to purchase major coins such as BTC, ETH, ADA, XRP and BNB or unique ones, CoinSpot is the best location.

Remarkably, CoinSpot is also well-known for regularly introducing new cryptos to the exchange, with several new currencies/tokens added each month — often in response to customer requests. Each coin/token is thoroughly vetted before being added to the CoinSpot list, ensuring that the exchange is free of scammy projects.

Here are some of the cryptos available to buy & sell on CoinSpot:

While CoinSpot doesn’t currently offer a desktop or mobile wallet, you can always store your crypto on their online wallet and easily monitor it anytime you login. The Wallets page on their website will display your wallet’s balance, the current price, 24hr % change as well as the approximate AUD value. This feature is truly convenient for investors who wish to stay up to date on market moves. 

User-friendly Interface

CoinSpot has been highly rated as one of the top solid choices for both novice and seasoned traders, thanks to its straightforward and easy-to-use and versatile interface. For those first foraying into the crypto sphere, it is effortless to buy, sell or swap various crypto-assets, as the dashboard shows great details about coins, their current prices, and their volume.

Instant Buy & Sell

CoinSpot provides rapid crypto exchange, allowing you to buy and sell Bitcoin or any of the other 382+ cryptocurrencies in an instant. Investors can buy or sell crypto instantly using AUD or other supported currencies. Unlike peer-to-peer (P2P) exchanges, you don’t need to find another dealer or counterpart to negotiate a price before you can acquire the cryptocurrency you want. There is a set price determined by international order books for each coin you wish to buy/sell, and CoinSpot will help you complete your transaction instantly.

In-platform NFT Marketplace

CoinSpot is the first platform in Australia to enable users to make purchases directly through its in-platform NFT Marketplace. It’s a welcomed feature that simplifies buying and selling some of the most popular NFT collections. The NFT marketplace has a carefully chosen list of reliable non-fungible token projects, including prominent artworks by Australian artist BossLogic and the Bored Ape Yacht Club.

NFTs have been attracting a great deal of public attention these days, and whether you believe in them or not, they are here to stay. You can quickly get your hands on NFTs by purchasing them straight from your CoinSpot account, with any cryptocurrency currently traded on the platform. If you want to sell an NFT, it is also feasible to do so straight on CoinSpot. Gone are the days when you had to muck around on Opensea to set up a crypto wallet and load the specific crypto to place a bid. CoinSpot makes NFTs easy!

CoinSpot’s Bundles

If you’ve been trading crypto for a time, you can have an idea of which cryptocurrencies you want to invest in. But if you’re new to cryptocurrencies, you may want to take advantage of CoinSpot’s Bundles, a feature that can be likened to ETFs (Exchange Traded Funds). Essentially, CoinSpot’s Bundle is a combination of a variety of coins that are expected to suit the needs of a particular group of customers.

CoinSpot currently provides 16 Bundles on their website. The Bundles feature not only gives you an idea of the currency to invest in but also helps you diversify your portfolio to hedge against risk. In addition, you can cut down the fees by just paying one time for the whole bundle instead of paying the fee for each coin (in some instances 10 at a time).

CoinSpot OTC Trading

Crypto Over-The-Counter (OTC) Trading involves the direct exchange of crypto assets between two parties within a closed market, distinct from traditional exchanges with multiple listed prices. In essence, participants negotiate deals based on their private prices, with each party indicating their willingness to buy or sell assets at specific prices. Picture two individuals engaged in private trading negotiations, where one is offering assets for sale at a certain price, and the other is interested in buying at a specified price.

An OTC trade takes place when both parties agree on the trade price or exchange terms. This trade can involve crypto-to-crypto transactions, such as swapping bitcoin for tether, or fiat-to-crypto exchanges, like trading XAF or Rand for bitcoin and vice versa. Regardless of the transaction type, the involvement of a “trading market or desk” is crucial. OTC trading markets or desks serve as professional platforms facilitating direct transactions between crypto buyers and sellers.

CoinSpot’s specialised OTC Trading Desk allows members to perform high-volume transactions without the need of traditional public order books. Customers that perform high volume crypto trading through CoinSpot, can benefit from a wide range of cryptocurrencies and the ability to execute large orders with ease, compared to other exchanges.

Whether new to cryptocurrency or an experienced trader, the CoinSpot OTC team can assist you with lock-in pricing 24/7 with Australia’s lowest fee of 0.1%. To participate, users may follow these 3 steps:

#STEP 1 – Submit an OTC request with CoinSpot

#STEP 2 – OTC team replies via email with quote

#STEP 3 – Approve or Deny the quote our OTC team sends you

CoinSpot Wallet Review

Does CoinSpot have a wallet? Yes. All CoinSpot users are provided with a free, highly reliable multi-coin wallet that can store all coins and tokens. This software, custodial wallet is incorporated into the platform, and you can access it either through a web browser or the CoinSpot mobile app.

CoinSpot’s Australian wallet provides an address for each asset you trade on the exchange, supporting more than 300 distinct cryptocurrencies. Whenever you trade on CoinSpot, your assets are held on the CoinSpot internal hot wallet. 

Your Flexible Multicoin Wallet makes it easy to deposit, send, receive, and store your digital assets. You can fund your CoinSpot wallet using a variety of free and instant deposit methods, including PayID, POLi, and Direct Deposit. Alternatively, it’s possible to deposit via BPAY or currency at tens of thousands of BlueShyft locations across Australia for a nominal fee. 

The CoinSpot wallet Australia facilitates secure transfers to and from third-party wallets like Metamask. For instance, create a Receive Address using your hardware wallet, and then send your crypto holdings from CoinSpot wallet to this address. Remember that a different address is required for each coin, so don’t send ETH to your BTC address!

In addition, you can easily manage your entire portfolio of stored assets and their values in a single app view. The CoinSpot wallet page will display all necessary information, such as the balance, current price, 24hr change, and approximate AUD value for each wallet. You can access your wallet to view your recent order history, transactions, etc.

Is CoinSpot wallet safe and legit? Yes. CoinSpot is one of Australia’s most secure and reliable crypto platforms. When you use CoinSpot online wallet, you can set account-wide withdrawal restrictions and Two-Factor Authentication (2FA) as an additional security measure. This helps ensure that no one other than you can transfer assets from your wallet.

CoinSpot Mobile App

Does CoinSpot have an app? Yes. CoinSpot app features a clean and user-friendly interface that poses no challenges to even novice users to buy and sell coins. The CoinSpot mobile app is available on both Google Play and App Store, so you can easily download and install it on your smartphone. The app allows you to select coins and stay in front of the markets with the interactive coin list. You can swipe between coins/tokens and stay updated about the biggest gainers and losers over the last 24 hours.

In addition, the CoinSpot app provides streamlined access to your Bitcoin wallet to view your recent order history, send and receive funds directly, and track your recent send and receive transactions. It is also easy to access CoinSpot’s knowledge base and support team for any queries you have along the way. Remarkably, there are thousands of CoinSpot app reviews on the internet, with users highly appreciating its seamless user interface and other useful features.

Great Customer Support

CoinSpot has a Live Chat option that enables you to reach out for assistance immediately, 24/7. Therefore, when you encounter difficulties, you can contact the customer support team, who are professional, responsive, and competent in resolving customers’ issues. Many customers highly appreciate customer support, citing that it is a forte for CoinSpot Australia. 

If you cannot converse over live chat, CoinSpot provides alternative measures through their help desk, where you can respond whenever you are ready. The support staff will contact and help you address your problems within 24 hours.

Besides, CoinSpot features a comprehensive information centre with informative tutorials for beginners and a FAQ area to assist new investors in acquiring Bitcoin and other digital currencies.

The customer service team is also active on various platforms to answer any queries from their users. For instance, you can feel free to discuss everything about crypto and receive timely support from the official CoinSpot Reddit. There are also thousands of positive reviews on Trustpilot about their professionalism. 

Referral & Affiliate Program

If you’re happy with CoinSpot and want to earn some cash by spreading the good word, you can participate in the CoinSpot referral program. What you need to do is just share a unique referral code with your friends or family. When they register a CoinSpot account, get fully verified and make their first AUD deposit, you will both get AUD$10 worth of Bitcoin.

Similarly, if you want to promote CoinSpot’s services on your company’s website, you can go for CoinSpot’s affiliate program and earn up to 30% commission on fees paid by new members who join via your link. The commission rate is valid for one year since their accounts are validated. After one year, the commission you receive steadily decreases.

You can easily join the program by clicking on the blue line as in this below picture.

CoinSpot fees explained

Fees are how crypto exchanges and platforms earn money in the end, so investors need to understand “What are CoinSpot fees?”. Investors and traders typically need to pay the following CoinSpot fees.

Deposit Fees

The Deposit Fee is the first fee that crypto investors will encounter. Investors must first deposit funds before they can begin trading. CoinSpot Australia accepts a wide variety of deposit methods, with the most popular options charging no fees and being instant.

Regarding the deposit fee of CoinSpot, you don’t need to pay any fee when you make instant deposits via POLi, PayID, or Direct Deposit (via OSKO).

BPAY deposits are subject to a 0.9% fee charged by the provider. If you opt for physical cash deposits at Blueshyft newsagents, the deposit fee is up to 2.5%. We recommend using the free options as they cost nothing and are instant. 

Transaction Fees

How much are CoinSpot fees? There are a few different CoinSpot fees, as they offer multiple services. However, the exchange lays it out simply, so you only pay one transparent fee and avoid any hidden costs as on other platforms. Let’s look at CoinSpot market trading, OTC trading and advanced trading fees, CoinSpot buy/sell fees and swap fees.

• Market Trades: 0.1%– A 0.1% fee will be applied to all market trades. Market trades are when you set a price at which you want to buy or sell a cryptocurrency, and your order will be filled when another trader places an order at that same price. This implies that depending on what you enter as your market price, you could find yourself waiting anywhere from a few minutes to several days. CoinSpot’s market trade section does not include all 382+ coins. At the time of writing, it included 15 popular options, including the majority of the major coins. These include BTC, ETH, BNB, XRP, and ADA, among others. It’s worth noting this fee is the lowest in Australia.
• Instant Buy/Sell: 1% fee – If you want to buy cryptocurrency right away at whatever the market price is, CoinSpot will ensure that your purchase orders are processed immediately. The advantage of “Instant” purchasing is that, unlike market trades, you don’t have to worry about price fluctuations while waiting for your order to be filled. All 382+ crypto assets available on CoinSpot can be purchased instantly. Whilst this fee is slightly higher than the market fee, this is due to convenience, simplicity, and the fact you don’t have to set orders and potentially miss trades due to orders not being filled. This is their most popular trading option as customers are willing to pay for ease of use and time saved.
• OTC Trades: 0.1% fee – This one is only for the big boys. Users who conduct high-volume transactions can take advantage of CoinSpot’s OTC (Over-The-Counter) Trading Desk, which offers instant liquidity and settlement into your account. For transactions of $50,000 AUD or more, this is usually the best option. This feature also comes with the ability to utilise a CoinSpot Account Manager to call you and execute the trade on your behalf 7 days a week. This premium feature is definitely highly rated and recommended if you’re making bigger trades.
• Advanced Trading Tools: 1% fee – As you become more familiar with the intricacies of cryptocurrency trading, using tools like Recurring Buy, Take Profit, Stop Loss, and Limit Orders will all incur a 1% fee. Recurring Buy is popular for customers who want to set an amount of crypto to buy regularly and the system will automatically purchase it for you. This is a simple-to-use feature that is popular for those who prefer to set-and-forget their investments. Take Profit is also one of the most used features as it allows a customer to set a price they wish to sell at and then the CoinSpot system will automatically sell for you even if you’re not at your computer or phone. For more information on the other advanced trading tools, you can read more here.
• CoinSwap: 1% fee – “Swapping” refers to the act of purchasing and selling coins instantly from one coin to another on the platform. CoinSpot users can immediately “swap” their Bitcoin (BTC) for Ethereum (ETH), without having to convert back to AUD. CoinSpot, once again, provides a diverse range of unique trading pairs that are not available on other exchanges or platforms. This is a major feature that put CoinSpot on the map as an innovative exchange. Typically users would need to execute two trades with restrictive trading pairs and multiple fees on other traditional exchanges. However, with CoinSpot’s CoinSwap feature, with one click and one trade you can have the same result and save yourself time and extra fees.

CoinSpot security and safety

Security is CoinSpot’s forte. Due to CoinSpot’s early entry into the Australian cryptocurrency sector, it has become the most secure of all Australian platforms. It is the only exchange to have been awarded the ISO 27001 certification. The exchange also fully adhered to the International Organisation for Standardisation’s requirements and passed an external audit conducted by SCI Qual International (an accredited JAS-ANZ certification body).

It is worth noting that CoinSpot’s certification process is highly stringent, as it requires an in-depth assessment of Information Security Management systems and practices. This covers the management of digital asset storage, information about employees, contractors, suppliers, clients, products, processes, and intellectual property. 

CoinSpot is unrivalled in terms of security. It keeps most assets in highly secure offline locations with customisable options for you to prevent unauthorised account access.

• Two-Factor Authentication: Even if your password is compromised, hackers won’t be able to access your account without the 6-digit Authenticator code that is renewed every 30 seconds.
• Anti-phishing phrase: You can customise the phrase that appears each time you sign in with Two-Factor Authentication, ensuring that you are on the actual CoinSpot website and not a phoney one attempting to steal your information and password.
• Phone verification phrase: You can choose any phrase, and CoinSpot can verify your identity if you need to contact support about accessing your account.  
• Geo-lock logins: you can use this option to restrict logins to Australian IP addresses only, thus preventing hacking from outside Australia.  
• Disable withdrawals: This feature prevents anyone from withdrawing cryptocurrency or AUD from your account. You must contact support to re-enable withdrawals.  
• Session timeout: You can specify the time period between when you first log in to CoinSpot and the next time when you are required to log in again. This safeguards against unauthorised access in the event that you forget to log out of your account

CoinSpot’s registration process

Based on many CoinSpot reviews on social media and other platforms, it’s clear that the CoinSpot registration procedure is simple and can be completed in just a few minutes by following these steps:

# Step1 – Account creation

To create an account on CoinSpot, you simply navigate to the CoinSpot website. Immediately, users may find the “Register” button at the page’s right-hand corner, or they can directly enter their emails and click “Get started” and click on the “Register” button located in the page’s upper right-hand corner. 

After that, you will need to fill in your personal information, including your email, password, and a referral or affiliate code. The code is optional, but remember that by referring a friend, both of you may earn perks from CoinSpot as a little thank you. To validate your account, you will need to check on an auto-generated link sent to your email addresses. 

#Step2 – ID verification

You are not permitted to deposit or withdraw AUD funds from your CoinSpot account until having completed the ID verification process (as per CoinSpot’s anti-money laundering policies), which requires you to upload photographed documents. These include government-issued identification proofs such as your passport or driving licence with your full name, address, date of birth, and phone number. If you wish to increase your deposit limit, it is mandatory that you upload a selfie photo that has you holding a piece of paper with specific details. You may choose to “Skip for now” to explore the platform more, but remember that for a full trading experience, this step is necessary.

#Step3 – Start trading

After verification is fully completed, you can immediately deposit funds in AUD (Australian dollars) or other supported cryptocurrencies into your account via any accepted deposit method and begin trading without limitation. There are many to explore from your profile page, and the menu bar is straightforward. If you face any difficulties, however, just click “Support” and their team is ready!

What can CoinSpot improve from CoinSpot review?

In addition to CoinSpot’s forte, a few CoinSpot reviews on Trustpilot and Reddit mention some minor drawbacks that the exchange can improve.

• No advanced trading options like derivatives or margin trading: CoinSpot is designed for average users and novice traders, so they don’t offer derivatives such as futures trading that only serve a limited number of seasoned traders.
• Credit and debit cards are not supported: Although the exchange accepts a diversity of deposit options, you cannot pay using a credit or debit card.

What makes CoinSpot stand out from other exchanges

As shown by most CoinSpot reviews on Reddit, Trustpilot and other platforms, customer service is among the most important criteria when assessing a trading platform. Some exchanges receive terrible reviews on Trustpilot because they are unresponsive to customers’ inquiries. However, if you want to invest with CoinSpot, there’s no need to worry about this issue.

The customer service is top-notch. The Live Chat feature allows you to get immediate assistance 24/7. We have tested out this feature and were pleasantly impressed by the results. A real agent connected to us within 1 minute, significantly faster than any other exchange, and the staff was highly supportive and professional.

Even if you aren’t available to start a live chat, you can send a message to their Help Desk 24/7. The support team will get back instantly to process your ticket, allowing you to respond whenever you are ready.

In addition, CoinSpot’s information centre includes helpful tutorials for newbies and a 

FAQ section for new investors to buy Bitcoin and other digital currencies.

FAQs about CoinSpot

How to trade on CoinSpot?

To start trading on CoinSpot Australia, you must first have a CoinSpot account. The CoinSpot registration procedure is relatively simple, and you can follow our registration guide above. Then, you can trade a wide range of coins on CoinSpot with very reasonable transaction fees.

Note: Some users register an account but forget to upload an Authorisation photo, which disables the account. To unlock your CoinSpot account, you must upload your photo and a handwritten authorisation statement.

How much is the CoinSpot fee?

Many novice investors ask, “Does CoinSpot have fees?” and the answer is YES. CoinSpot fees (deposit and transaction fees) are competitive compared to other platforms. The deposit fees via POLi, PayID, or Direct Deposit are free, while BPAY deposits incur a 0.9% fee. To know more, you can read CoinSpot’s fees explained. 

What are CoinSpot transfer fees?

This crypto exchange doesn’t charge a transfer fee when transferring your crypto to another CoinSpot account. CoinSpot transfer to bank accounts in AUD is also free of charge. But when sending coins to wallets outside CoinSpot, you will be charged a standard transaction (mining) fee. The fee will vary per coin based on how busy the network is. You can see the current CoinSpot fee listed on its website.

Is CoinSpot a hardware wallet?

No. CoinSpot is an Australia-based cryptocurrency exchange that offers free CoinSpot online wallets for any crypto listed on the platform. (There is no CoinSpot cold wallet or hot wallet). Each time you make a purchase, the coins will be instantly deposited into the associated CoinSpot wallet. On the Wallets page, you can browse all wallets or simply the ones where you keep your coins.

Is there a CoinSpot app?

The exchange has just released the CoinSpot app for iPhone and Android users. The app allows users to effortlessly conduct most operations of the desktop site, such as instant buy and sell, depositing and withdrawing funds, and tracking digital assets in the wallet via the CoinSpot portfolio tracker. If users forget the account’s password, resetting the account’s password is easy. 

Is CoinSpot safe in Australia?

The answers to such questions as “Is CoinSpot reliable?”, “How safe is CoinSpot” or “Are the CoinSpot safety features the best in Australia? “would be YES. As said in our CoinSpot review Australia, security is indeed a forte for CoinSpot. It’s secure 100%, so there’s no need to worry about its security features when trading on the platform. CoinSpot is AUSTRAC-registered and the only one in Australia with ISO 27001 accreditation for information security management systems.

Does CoinSpot support dark mode? 

Yes. You can set CoinSpot dark mode or light mode on the CoinSpot website. You can adjust the icon “Night” or “Day” at the bottom of the website. 

Final verdict

All in all, from our CoinSpot review, it’s clear that CoinSpot is among the best cryptocurrency exchanges for Australians for three primary reasons.

1. Security:Security is undoubtedly a forte for CoinSpot. The exchange is the safest and most reputable crypto exchange in Australia, letting you invest and trade confidently.
2. User-friendly:CoinSpot’s easy-to-use interface is intuitive for newbies, and depositing and withdrawing funds are both free and simple. While the UI is basic, CoinSpot combines a number of features that experienced traders look for in a crypto exchange, like staking on 22 coins and an NFT marketplace.
3. Customer support:According to Trustpilot reviews, CoinSpot received a rating of 4.5 from thousands of reviews, with many praising the Support team for being timely, knowledgeable, and capable of resolving issues quickly.