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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.
- 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
Meet Our Reviewing Team
General Overview
Pros
Buy over 150 cryptocurrencies with AUD
Easily trade assets using CoinSwap
Free withdrawals of AUD to bank account
Easy to use interface
24/7 client support and tax assistance
Cons
Only available to Australians
Limits for new users
How to Set Up Your CoinSpot Exchange Account
Setting up your exchange account on CoinSpot is easy, just follow these steps:
- Go to CoinSpot homepage
- Enter your email address and hit “Continue”
- On the next page choose a password and click “Create Account”
- Verify email address
- In order to verify your account you will then need to enter your personal information
- Upload required documents for identity verification and a selfie that includes you name, the date, and the secret code they provide you
- Once your account/identity are verified you can deposit funds through any of the available methods
- 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:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Chainlink (LINK)
- Bitcoin Cash (BCH)
- Bitcoin SV (BSV)
- Cardano (ADA)
- CRO Coin (CRO)
- Tezos (XTZ)
- Tether (USDT)
- Stellar (XLM)
- Cosmos (ATOM)
- EOS
- Litecoin (LTC)
- Tron (TRX)
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 CoinSpot’s 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
Yes. CoinSpot is exclusively for Australian citizens, or those with Australian bank accounts.
Yes! CoinSpot accepts AUD, with zero fees for direct deposit from your bank account and zero fees to withdraw to your bank account. In addition they have numerous pairs with AUD.
Technically yes, as with all exchanges the possibility to be hacked exists. CoinSpot uses bank-level security though so the risk is minimal.
CoinSpot is better than Coinbase for Australians, they offer more funding methods, more pairs, and more available cryptocurrencies. In addition you are able to sell you cryptocurrencies on CoinSpot whereas you are only allowed to buy on Coinbase.
CoinSwap is CoinSpot’s native crypto asset exchanging tool. You are able to lock-in pricing and execute instant trades for over 130 cryptocurrencies. The process is quick and easy.
CoinSpot bundles can be a good idea but it depends on your investment strategy. If you are only looking to get a specific asset then there is no point in getting a bundle, but it you would like a diverse portfolio or to buy a multitude of assets in one shot then the bundles are a good way to do that. They offer options such as the top 3 assets by market cap, top 10, top 20, all Bitcoin forks, and more.
