Cryptocurrency trading is a highly profitable yet competitive industry. As such, investors need reliable exchanges with high liquidity, competitive spreads, as well as a high-security framework to maximise earnings and keep their assets safe. If you’re already in the crypto sphere, you will certainly have heard of Australia’s most popular exchange – CoinSpot.
But can you trust CoinSpot Australia? How secure is CoinSpot? And how much does CoinSpot charge per transaction? What are CoinSpot complaints (if any)? Does CoinSpot have a wallet? Keep reading this CoinSpot review to learn about CoinSpot trading fees, CoinSpot’s security, and CoinSpot complaints to know the answers to these questions.
What is CoinSpot?
CoinSpot is an Australian-based cryptocurrency exchange that opened its doors in 2013. Founded by cyber-security expert Russell Wilson, it was one of the country’s first major crypto exchanges. Since its inception, it has consistently provided broad selections of digital assets in the crypto market.
As of today, despite the introduction of smaller platforms such as Digital Surge, Swyftx, and other Australian crypto exchanges, CoinSpot Australia firmly retains its position as the clear leader in the market. The platform has over 360+ cryptocurrencies accessible for trade, multiple deposit methods and competitive trading fees for instant traders, OTC and SMSF investors. CoinSpot also has responsive 24/7 customer support, staking services, an in-platform NFT marketplace, and ISO accreditation for information security.
Web Address: www.CoinSpot.com.au
Main location: Melbourne, Australia
Mobile app: available on both Google Play Store and App Store
Deposit Methods: Bank transfer, POLi, PayID, OSKO, BPAY, Cryptocurrency, Cash
Trading Fees: Market order: 0.1%, OTC: 0.1%, Instant buy: 1%
Deposit Fees: POLi & PayID: 0%, Direct Deposit/Bank Transfer: 0%, BPAY: 0.9%, Cash: 2.5%
Fiat Currencies: AUD
Cryptocurrencies: BTC, BCH, ETH, LTC, XRP, BSV, EOS, GRT, TRX, ADA & 360+ more
Pros & Cons of CoinSpot
Before digging into our comprehensive CoinSpot review, let’s look at the pros and cons of the platform.
Supporting more than 360 different cryptocurrencies, more than any other Australian exchanges
Various deposit options are available in AUD through POLi, BPAY, PayID, cash via BlueShyft locations around Australia
24/7 live chart support, responsive and knowledgeable specialist local support team, new request-a-call feature for users to organise a call with support staff
The NFT marketplace – the first of its type in Australia to streamline NFT buying and selling, allowing customers to use any listed currency to buy NFTs with great ease!
Simple-to-use staking feature that requires NO LOCK IN periods for staked coins and pays staking rewards directly to users’ accounts
CoinSpot’s OTC offering, which allows larger trades for a low 0.1% fee with no extra costs
The only AUSTRAC-regulated and ISO certified cryptocurrency exchange in Australia. Security is indeed a forte for CoinSpot
Only supporting fiat currency deposits and withdrawals for AUD (though deposit and withdrawal fees CoinSpot charges are so competitive)
No advanced trading markets such as derivatives & leverage trading
Some deposit limits apply for accounts that are not fully verified
Overall Thoughts About CoinSpot
CoinSpot is widely regarded as the best-rated cryptocurrency exchange available to Australians. After trading on their site and doing extensive research on the exchange, we firmly believe that CoinSpot has all fantastic features and services to cater for customers of all levels, making it my top choice for Aussie crypto investors.
CoinSpot also has Australia’s highest level of security certifications and is Blockchain Australia certified providing multi-layered and advanced support systems. It is AUSTRAC-registered and the only one in Australia to have achieved ISO 27001 accreditation, a worldwide recognised standard for information security management systems (ISMS).
In addition, CoinSpot Australia features a list of over 360 cryptocurrencies, including popular digital currencies such as Bitcoin, Ethereum, Cardano, Dogecoin, Solana, and Shiba Inu, and lower-cap altcoins with the potential for bigger gains. The exchange is always fast to offer cryptocurrencies that its consumers request through social media, demonstrating that they keep the customers at their operations’ forefront when making business decisions.
Moreover, based on various CoinSpot reviews Reddit and Trustpilot, it’s obvious that the exchange prioritises customer support to help its users with any queries or issues. This is an essential aspect of a cryptocurrency exchange, even more so if you’re a Bitcoin rookie. When purchasing and selling cryptocurrency on CoinSpot, beginner investors may be unfamiliar with several aspects of the exchange. This is when CoinSpot’s friendly customer care staff comes in handy.
Finally, CoinSpot has a very well-designed user interface and a simple-to-use trading platform. This is a compelling reason why we believe CoinSpot is an excellent option for investors, especially those taking their first steps into the cryptoverse. CoinSpot’s fees are so competitive and it is such a breeze to place buy and sell orders for the crypto assets listed on the exchange or use their instant trade feature for the easiest experience
Swyftx is easy to use for new investors, and they even offer a free Demo Mode once you have created an account. You can practice trading cryptocurrency using their risk-free simulation, which provides you with $10,000 in play money. You can gain practical experience without risking your own money. Additionally, the Demo Mode mimics real-world events, such as how the market will react and the impact of investments on your liquid assets.
To create an account on CoinSpot, you must first go to the CoinSpot website and click on the “Register” button located in the page’s upper right-hand corner. After that, you can start the registration process immediately by selecting “Create Account,” which will open a registration form for you to fill in your personal information, such as a username, password, and email address. To validate the email address, an auto-generated link will be sent to your email addresses, which help you activate your account.
CoinSpot registration process. Source: CoinSpot
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 also required that you upload a selfie photo that has you holding a piece of paper with specific details.
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.
To place an order on CoinSpot, click on any cryptocurrency market to see current prices and access advanced charting. You can depend on this information to speculate and profit from a coin’s short-term price swings.
There is a textbox for placing orders to sell or buy cryptocurrencies against the Australian dollar. You must enter the amount of AUD required to purchase Bitcoin in the entry box. An equal amount of Bitcoin will appear at the current market rate. Then, click “Buy” or “Sell” to complete the transaction.
“Buy” and “Sell” on CoinSpot. Source: CoinSpot.
CoinSpot Fees Explained
Fees are how crypto exchanges and platforms make money in the end, so it’s critical for investors to understand how much they’re paying every time they make a trade. Some platforms frequently disguise hidden costs in the form of strange fees.
The following are the most common types of CoinSpot fees that CoinSpot users will need to pay attention to:
Fees for CoinSpot Deposits
The Deposit Fee is the first fee that crypto investors will encounter. This is due to the fact that investors must first deposit funds before they can begin trading. CoinSpot accepts a wide variety of deposit methods, with the most popular options charging no fees and being instant.
In terms of CoinSpot’s deposit fee, instant deposits via POLi, PayID, or Direct Deposit (via OSKO) are all free.
BPAY CoinSpot deposits are subject to a 0.9% deposit fee (charged by the provider, not CoinSpot), while physical cash deposits at Blueshyft newsagents are subject to a 2.5% deposit fee. We recommend using the free options as they cost nothing and are instant.
Transaction Fees on CoinSpot
How much are CoinSpot fees? There are a few different CoinSpot’s fees, as they offer multiple services. However, the beauty of CoinSpot is that they lay it out in a simple way, so you only pay one clear fee and avoid any hidden surprises like you can get on other exchanges. Let’s look at CoinSpot market trading, OTC trading and advanced trading fees, CoinSpot buy/sell fees and CoinSpot swap fee
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 360+ 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 0+ 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. Paying the CoinSpot swap fee of 1%, 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, thanks to CoinSpot’s CoinSwap feature, with one click and one trade, you can have the same result and save yourself time and extra fees.
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.
0+ Cryptos Supported
In terms of the Australian market, CoinSpot undoubtedly offers the most extensive selection of cryptocurrencies available. CoinSpot supports over 0 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:
CoinSpot supports over 360+ cryptocurrencies. Source: 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 CoinSpot 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.
But is the CoinSpot wallet safe? We believe that CoinSpot’s free managed wallet service is one of their best features with a high level of security. You won’t have to wonder if you should store your coins in a hard wallet (also known as cold or offline wallet) for extra security. CoinSpot has long been known for their top-notch information system, and they guarantee to safeguard your money with the best technology available.
Instant Buy & Sell
CoinSpot provides rapid crypto exchange, allowing you to buy and sell Bitcoin or any of the other 360+ cryptocurrencies in an instant. Investors can buy or sell crypto instantly using AUD or other supported currencies. Unlike 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.
CoinSpot is geared towards investors of all levels, 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, their volume, etc.
For experienced crypto traders, the price chart window that is opened easily from the Dashboard helps them conduct technical analysis. They can see their portfolio’s visual chart with the detailed distribution of coin holdings and percentages to track how their investments are trending.
CoinSpot user interface. Source: CoinSpot
CoinSpot Mobile App
Does CoinSpot have an app? Yes. CoinSpot app features a clean and user-friendly interface that poses no challenges to even the beginners’ users to buy and sell coins. This 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 also swipe between coins/tokens and stay updated about the biggest gainers and losers over the last 24 hours.
In addition, with the CoinSpot app, you can get 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.
CoinSpot – Buy & Sell Bitcoin app. Source: CoinSpot
CoinSpot is the first Australian cryptocurrency exchange platform to provide staking services. You can store your Proof of Stake (PoS) coins in a CoinSpot Staking wallet to grow your holdings in the long run. The exchange presently supports staking on 22 different cryptocurrencies, with more being added regularly.
CoinSpot’s staking feature is beneficial for users because it incurs no fees and has no minimum amounts required to stake. There is also no lock-up period for staking your holdings on CoinSpot. You are rewarded based on how long coins are staked for, and you have the flexibility to unstake your holdings at any time.
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 in-platform NFT marketplace. Source: CoinSpot
Great Customer Support
CoinSpot has a Live Chat option that enables you to reach out for assistance immediately 24/7. Therefore, when you encounter any difficulties, you can contact the customer support team, who are professional, responsive and competent in resolving customers’ issues. Actually, many customers highly appreciate the customer support, citing that it is a forte for CoinSpot Australia.
CoinSpot’s live chat support. Source: Coinculture
If you are unable to 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, typically within 24 hours.
Additionally, CoinSpot has a comprehensive information centre with insightful tutorials for newbies and a frequently asked questions section to aid new investors in purchasing Bitcoin and other digital currencies.
CoinSpot’s dedicated customer service team is also active on various platforms to answer any queries from their users. For instance, you can feel free to discuss all things about crypto and receive timely support from the official CoinSpot Reddit. There are also thousands of positive reviews on Trustpilot about their professionalism.
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 12 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’s Bundles. Source: CoinSpot
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.
CoinSpot Security and Safety
Is CoinSpot safe? Is CoinSpot legit? Is CoinSpot trustworthy? The answers to these questions are a big YES. Due to CoinSpot’s early entry into the Australian cryptocurrency sector, it has grown to be the most secure of all Australian platforms. It is the only exchange to have been awarded the ISO 27001 certification. The exchange also fully adheres to the International Organisation for Standardisation’s requirements, and it 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 extremely 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 as well as products, processes, and intellectual property.
CoinSpot is truly unrivalled in terms of security; it stores the vast majority of assets in extremely secure offline locations and offers a multitude of customisable options in your personal account 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.
What Makes CoinSpot Stand Out From Other Exchanges
As shown by most CoinSpot reviews on Reddit, Trustpilot and other platforms, I believe customer service is among the most important criteria when we assess a trading platform. Some exchanges receive terrible reviews on Trustpilot because of how unresponsive they are to customers’ questions. Well, if you choose to invest with CoinSpot, you won’t have to worry about this problem.
CoinSpot’s customer service is top-notch. They offer a Live Chat feature that allows you to get immediate assistance 24/7. I tested out the feature and was pleasantly impressed by the results. I was connected to a real agent within 1 minute, significantly faster than any other exchange and they were extremely eager to help.
If you are not available to start a live chat , you can also send a message to their Help Desk, which is open 24 hours a day, seven days a week. They will get back to you as soon as they are able to process your ticket, allowing you to respond whenever you are ready.
Aside from that, CoinSpot features a comprehensive information centre that includes tutorials for newbies as well as a FAQ section to aid new investors in the purchase of Bitcoin and other digital currencies.
What CoinSpot Can Improve from CoinSpot Review?
In addition to CoinSpot’s forte, a few CoinSpot reviews Trustpilot and Reddit mention some minor drawbacks that the exchange can improve.
No advanced trading options such as derivatives or margin trading: This is because CoinSpot is designed for beginners, they don’t offer derivatives such as futures trading that are usually more suitable for experienced traders.
Credit and debit cards are not supported: CoinSpot accepts a variety of deposit options, but unfortunately, you cannot pay using a debit or credit card.
All in all, from our detailed CoinSpot review, this Australia-based exchange platform is without a doubt one of the best cryptocurrency exchanges for Australians. For me, it boils down to three primary considerations:
1. Security: CoinSpot is unquestionably the safest and most reputable cryptocurrency exchange in Australia, allowing you to invest and trade with confidence.
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: On Trustpilot, this exchange platform received a rating of 4.5 from thousands of reviews, with many of them praising the Support team for being timely, knowledgeable, and capable of resolving our concerns quickly.
FAQs About CoinSpot Australia
With respect to CoinSpot’s office address, according to CrunchBase, CoinSpot’s headquarters is in Berwick, Victoria, Australia. But based on Zoominfo.com, CoinSpot’s headquarters is Level 13-114 William St, Melbourne, Victoria, 3000, Australia.
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 CoinSpot registration guide above. Then, you can trade multiple coins on CoinSpot with competitive transaction fees.
Note: Some users register a CoinSpot account but forget to upload an Authorisation photo, which disables the CoinSpot account. To unlock your CoinSpot account, remember to upload your photo (including yourself, your photo ID, and a handwritten authorisation statement).
Many novice investors ask, “Does CoinSpot have fees?” and the answer is YES. CoinSpot has diverse fees, but generally, CoinSpot fees (deposit fees and transaction fees) are low and very competitive compared to other exchanges. For instance, CoinSpot’s deposit fees via POLi, PayID, or Direct Deposit are free, while BPAY CoinSpot deposits incur a 0.9% deposit fee (charged by the provider, not CoinSpot).
CoinSpot does not 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 the wallet page.
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 CoinSpot 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 CoinSpot wallets or simply the wallets in which you have coins.
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, it’s easy to do a CoinSpot reset password.
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. CoinSpot is secure 100%, so you don’t need to worry about CoinSpot security features when trading on the platform. CoinSpot is AUSTRAC-registered and the only one in Australia to have achieved ISO 27001 accreditation, an internationally recognised standard for information security management systems (ISMS).