CoinSpot Exchange Review

CoinSpot is an Australian cryptocurrency exchange founded in 2013 by Russell Wilson. They have become one of the leading cryptocurrency exchanges in Australia due to the ability to purchase over 150 different digital currencies and assets with the Australian Dollar (AUD). They offer a built-in multi-currency crypto wallet along with a CoinSwap feature which allows you to easily swap any of your coins for any other they support, and you can do this in one transaction to save time while also locking in your prices. It is a powerful exchange to use for Australian users. Our CoinSpot review will help you decide if it is right for you.

Coinspot Overview

Coinspot Logo

CoinSpot

  • Premier Australian cryptocurrency exchange
  • Over 150 different cryptocurrencies available
  • Very safe and complies with several different Australian financial law agencies
  • Supports POLi for buying cryptocurrency

General Overview

The Benefits PRO's
  • Buy over 150 cryptocurrencies with AUD
  • Easily trade assets using CoinSwap
  • Free withdrawals of AUD to bank account
  • Easy to use interface
The Downside CON's
  • Only available to Australians
  • Limits for new users

CoinSpot Funding Methods

Method Deposit Withdrawal Speed
POLi Payments Yes No Instant Deposit
PayID Yes No Instant Deposit
BPAY Payments Yes No 1-3 Business Days
BlueShyft Cash Payments Yes No Instant Deposit
Direct Deposit Yes Yes Instant Deposit, 1 business day withdrawals

How to Set Up Your CoinSpot Exchange Account

Setting up your exchange account on CoinSpot is easy, just follow these steps:

  1. Go to CoinSpot homepage
  2. Enter your email address and hit “Continue”
  3. On the next page choose a password and click “Create Account”
  4. Verify email address
  5. In order to verify your account you will then need to enter your personal information
  6. Upload required documents for identity verification and a selfie that includes you name, the date, and the secret code they provide you
  7. Once your account/identity are verified you can deposit funds through any of the available methods
  8. Start trading! Once your identity is verified and your account is funded you can buy, sell and trade any of their supported assets.

Types of Crypto You Can Buy

CoinSpot has one of, if not the largest selection of cryptocurrencies available of any Australian-based cryptocurrency exchange, boasting support of over 150 coins and tokens. Here are some of the assets available to buy, sell and trade on CoinSpot:

For a full list of supported cryptocurrencies please click here.

Is CoinSpot Safe?

CoinSpot is one of the safest cryptocurrency exchanges available in Australia. They comply with Australia’s new Anti-Money Laundering laws enforced by AUSTRAC. They are also a member of the Australian Digital Commerce Association. They require a fairly strict verification process before you are able to trade on the platform, but this results in you being able to do quick transfers and have higher limits.

CoinSpot uses a multi cryptocurrency wallet system meaning they provide a wallet for each and every crypto asset they offer and use bank-level security meaning the risk of a hack is low. We would still recommend storing your assets in a hardware cryptocurrency wallet when you are not trading. CoinSpot also offers two-factor authentication (2FA) which requires users to sign off on transactions using their phone as an extra layer of security.

What are CoinSpots Fees?

CoinSpot has some of the most competitive rates for fees of any exchange. For trades, the maker fee is 0.1% and the taker fee is 1%. Over the Counter (OTC) trade fees are also just 0.1%.

For deposits there are no fees for POLi payments, PayID and Direct Deposits. Using BPAY has a 0.9% fee and Cash payments through BlueShyft have a 2.5% fee.

For withdrawals there are no fees apart from network mining fees when withdrawing crypto assets. Likewise there are no fees when withdrawing Australian Dollars to you bank account. No fees on fiat withdrawals is an extremely rare sight in the world of cryptocurrency exchanges, regardless of country, and makes CoinSpot very appealing to all Australian crypto traders.

CoinSpot Frequently Asked Questions

About the Author

Evan Jones CryptoVantage headshot

Evan Jones

Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos. He bought his first hardware wallet shortly thereafter. He has a keen and vested interest in cryptos involving decentralized backend exchanges, payment processing, and power-sharing.