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CoinSpot Review: Is it Safe and Legit Australian Crypto Exchange?

Crypto Nerd

June 2, 2024

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CoinSpot stands as one of Australia’s most established and trustworthy cryptocurrency exchanges, boasting over 2.5 million users.

In this CoinSpot review, we’ll delve into what makes this exchange unique. We’re referring to a platform that offers straightforward trading, an extensive selection of supported cryptocurrencies, and a robust security system to protect your investments.

 Key Takeaways: 

• In 2013, former software engineer and web developer Russell Wilson founded CoinSpot.
• This cryptocurrency exchange provides a variety of features for traders, including buying and selling, swapping, recurring orders, an NFT marketplace, an OTC desk, and SMSF accounts.
• CoinSpot is unable to offer margin, futures, and options trading services due to national regulatory restrictions.

CoinSpot Review: Overall

What is CoinSpot?

CoinSpot is a leading Cryptocurrency trading platform in AustraliaOperating since 2013, this platform provides access to more than 400 digital currencies. It includes various trading options like instant buy/sell, market orders, limit orders, and stop-limit orders. Furthermore, users can download Australian transaction reports from CoinSpot to monitor their trading activities.

You can set up recurring purchases or utilize the OTC trading service for handling large transactions. Additionally, you can make regular purchases—non-Fungible Tokens  (NFTs) on its marketplace.

CoinSpot is a recognized member of Blockchain Australia and boasts a robust customer support team. You can trade cryptocurrencies through its website or mobile app anytime and anywhere.

Pros & Cons of CoinSpot

Pros of CoinSpot

• It charges a mere 0.1% for market orders, which is considerably inexpensive compared to other Australian exchanges such as Swyftx.
• You can access more than 400 cryptocurrencies, including prominent ones such as Bitcoin, Ethereum, XRP, and others.
• The exchange utilizes the Australian Dollar (AUD) for purchasing, selling, swapping, and trading coins.
• CoinSpot features an easy-to-navigate and user-friendly interface, making locating and utilizing the features you need simple.
• It employs multiple techniques to safeguard your funds and information, including two-factor authentication, cold storage, encryption, and routine audits.

Cons of CoinSpot

• CoinSpot exclusively supports AUD for all deposits and withdrawals in fiat currency.
• CoinSpot operates as a market maker exchange, meaning it determines its prices based on the prevailing supply and demand. Consequently, this might lead to larger spreads and greater slippage than other exchanges relying on external liquidity providers.
• CoinSpot does not provide its users with advanced trading features such as margin trading or leverage options.

CoinSpot Fees

CoinSpot Deposit Fees

You can add AUD fiat money to CoinSpot without incurring any charges by using POLi, PayID, or Direct Deposits.

If you choose to use BPAY, a fee of 0.9% of the deposit amount will be charged. Alternatively, if you use cash, the fee will be 2.5%, and if you use cards, the fee will be 2.58%.

CoinSpot Deposit Methods

You have various methods to deposit fiat currency into CoinSpot Australia. These include Bank Transfer, BPAY, POLi, PayID, Direct Deposits, and Cash. However, the platform does not accept credit card deposits. debit cards to invest in the purchase of cryptocurrencies.

CoinSpot Trading Fees

The trading fees on CoinSpot vary based on the type of order you execute. For Market Orders and OTC transactions, you are charged a fee of just 0.1%.

The fee for Instant Buy, Sell, and Swap orders is 1%. Similarly, the fee for Take Profit, Stop and Limit Orders, as well as Recurring Buy orders, is 1% as well.

Here’s a comprehensive overview of CoinSpot’s fees:

•  Market Trades (0.1% fee) When you engage in a market trade, you select a price at which you want to buy or sell your cryptocurrency. The trade is executed when someone else agrees to that price. This type of trading isn’t available for all 400+ cryptocurrencies; only a few popular ones like BTC, ETH, ADA, and some others are supported.
•  Instant Buy/Sell (1% fee) CoinSpot offers a fixed price for the cryptocurrencies you’re interested in. There’s no need to wait for a buyer or seller to complete your transaction, as trades occur immediately. A great advantage is that you can trade over 400 different cryptocurrencies available on CoinSpot without the hassle of price fluctuations while you wait.
•  OTC Trades (0.1% fee) The OTC Trading Desk is available for large transactions (starting from AUD 100,000). It’s a specialized service geared towards substantial trades. The most appealing feature is its instant settlement with a minimal fee of just 0.1% per trade.
• Cutting-Edge Trading Instruments (1% Fee)If you are a seasoned trader, you can utilize features such as Recurring Buy, Take Profit, and Limit Orders. These tools assist you in making informed decisions during your trades.
•  Swapping (1% fee) Imagine you’re looking to exchange one type of cryptocurrency for another, such as trading BTC for ETH or ETH for XRP. CoinSwap facilitates these trades instantly. It allows you to swap between various cryptocurrencies that may not be available on other platforms. It’s essentially a unique exchange hub for your crypto needs.

CoinSpot Withdrawal Fees

You can withdraw funds from CoinSpot via bank transfers using methods such as POLi or PayID without incurring any fees. AUD withdrawals are offered free of charge.

However, when you transfer cryptocurrency to another exchange or a hardware wallet, you will need to pay a minor mining fee, also known as a blockchain network fee. Ledger or Trezor The amount of this fee depends on the specific token and the level of network traffic.

What is CoinSpot Withdrawal Limit?

CoinSpot does not have a set minimum or maximum limit for withdrawing coins and tokens.

However, your withdrawal process may take a while, potentially up to 12 hours. The duration depends on the available funds, the functionality of the wallet, and whether you have verified your email.

You can monitor the status of your withdrawal on the “Transaction Tab” located on each wallet page. If the withdrawal hasn’t been completed, you also have the option to “Cancel” it.

How to Withdraw from CoinSpot?

If you wish to withdraw your funds from CoinSpot, follow these steps:

1. First, log into your CoinSpot account and navigate to the “Account” section.
2. Then, select the “Withdraw AUD” option and enter the amount you wish to withdraw.
3. Next, choose your preferred method to receive your money, either PayID or Bank Transfer. PayID is faster and free of charge, while other Bank Transfer options may take up to two business days to process.
4. Next, enter your bank account information or PayID details and then click the “Confirm Withdrawal” button.
5. You will receive an email containing a link to confirm your withdrawal. Click the link and input your 2FA code to complete the procedure.
6. You will receive another email once your withdrawal has been completed and sent to your bank account or PayID.

CoinSpot’s Best Features Review

User-Friendly Interface

CoinSpot simplifies the process of buying, selling, swapping, and trading cryptocurrencies. Its user-friendly interface is ideal for beginners.

You can access your account, portfolio, wallet, and market data from any device with internet access. Additionally, you have the option to customize your dashboard and settings according to your preferences.

CoinSpot’s Staking and Earn Program

CoinSpot allows you to generate additional income by securing your coins on their platform. Staking is a method of backing the network, for which you receive rewards.

This cryptocurrency exchange allows you to stake more than 23 different coins, including popular ones like Bitcoin, Ethereum, Cardano, and Polkadot. You can potentially earn up to 45% annual percentage yield (APY) on your digital assets.

Coinspot provides a staking service for cryptocurrencies on their platform without any fees. Although there are fees for buying and trading cryptocurrencies on Coinspot, staking remains free of charge.

Staking rewards are calculated every day at midnight AEDT and credited to your wallet by 10 am AEDT. You can start staking with just $1 and benefit from compound interest without any lock-in period.

CoinSpot’s Referral Program

CoinSpot offers an excellent referral program that rewards you with a $10 worth of BTC as a free crypto sign-up bonus To invite new users, you can share your unique referral link or code with your friends and family to encourage them to join CoinSpot. You can also track your referrals and earnings directly from your account dashboard.

You can also participate in an affiliate program to receive a lifetime commission. CoinSpot provides this opportunity. 30%  of the trading fees from your referrals.

CoinSpot’s Bundles

If you’re looking to purchase multiple cryptocurrencies at once, CoinSpot’s Bundles are an ideal option. These bundles allow you to diversify your crypto portfolio and discover a variety of blockchain projects.

You have the option to select a package that aligns with your interests and objectives, such as ones focused on AI, Gaming, or the Top 3 Market Cap. DeFi CoinSpot will purchase separate coins and store them in your wallets, along with offering features like Bundles and NFTs.

When you purchase a bundle, each coin is allocated to its specific wallet within your account. You have the freedom to take any action with each currency, such as selling or exchanging them.

CoinSpot’s NFT Marketplace

CoinSpot’s NFT Marketplace features a variety of collectibles, including artwork, music, games, and more. It allows you to discover and explore well-known NFT collections such as Bored Ape Yacht Club, VeeFriends, and Meebits, and many more.

You can view their minimum price, trading volume, and price fluctuations. Additionally, you can explore the details of each NFT, including its title, description, creator, owner, and transaction history. To begin trading NFTs on CoinSpot’s Marketplace, you must register and complete identity verification.

CoinSpot App

CoinSpot offers a mobile application compatible with both iOS and Android devices, enabling you to access all the platform’s features from your smartphone or tablet. With this app, you can purchase, sell, swap, trade, stake, and manage your cryptocurrency while on the move.

The application includes biometric security options like fingerprint and facial recognition to safeguard your account. You can download the CoinSpot app from the App Store or Google Play store.

Don’t miss out on CoinSpot’s latest promotions and offers! Visit their website now and discover the world of crypto.

Customer Support

CoinSpot offers a helpful and well-informed customer support team that’s available around the clock to assist you with any queries or problems you may have.

You can contact them through live chat or email available on the website or app. Additionally, the support page offers answers to common questions and helpful guides.

CoinSpot Contact Information

Supported Coins

CoinSpot supports over  400 cryptocurrencies You can find both well-known and new channels on its platform. It also allows you to request new coins You can add it by completing a form on the website.

Below is a selection of popular cryptocurrencies available on the exchange:

• Bitcoin (BTC)
• Ethereum (ETH)
• Ripple (XRP)
• Litecoin (LTC)
• Bitcoin Cash (BCH)
• Cardano (ADA)
• Polkadot (DOT)
• Chainlink (LINK)
• Binance Coin (BNB)
• Stellar (XLM)

CoinSpot Wallet

CoinSpot offers a secure and easy-to-use crypto wallet service for keeping your coins. You can check your wallet balances and transaction history through the website or the app. Additionally, you can send and receive coins using QR codes or addresses.

It is a multi-chain wallet You can deposit and withdraw any coins or tokens that CoinSpot supports and trade them. It accepts various payment methods including PayID, POLi, and Direct Deposit.

CoinSpot Security

CoinSpot is a highly secure cryptocurrency exchange that places great importance on security and adheres to industry-leading practices and standards. It has received certification from both Blockchain Australia and Sci Qual International, ensuring its compliance with the Australian Digital Currency Industry Code of Conduct.

CoinSpot employs a range of security measures to protect your account and data, including two-factor authentication (2FA), SSL encryption, firewall protection, anti-phishing techniques, and routine audits. Additionally, here are some of their other security protocols:

1.  ISO 27001 Standard This is an international benchmark for managing information security processes. CoinSpot has successfully undergone an external audit, demonstrating its adherence to top practices for safeguarding your data, coins, and tokens.
2.  Cold Storage Methods This indicates that the majority of assets on CoinSpot are stored offline in extremely secure locations or hardware wallets. Consequently, your funds remain protected from cyberattacks or system malfunctions.
3.  Flexible Security Settings You have the option to decide the level of security for your account. Enabling two-factor authentication requires a code from your phone or an app whenever you log in or complete transactions. Additionally, you can set withdrawal limits and session timeouts to ensure that no one can access your account without your consent.
4.  HackerOne Program CoinSpot encourages cybersecurity specialists and ethical hackers to identify and report any issues or vulnerabilities on its platform. The company compensates them for their assistance via its HackerOne initiative.

Self Managed Super Funds (SMSF)

CoinSpot SMSF is an excellent way to broaden your super fund portfolio Crypto offers a read-only API interface designed for accountants and fund managers to use. monitor your portfolio The exchange boasts a helpful and approachable SMSF support team based locally, always available to assist you with any queries or problems you may have.

CoinSpot also streamlines the management of your tax and audit obligations for end-of-year reporting, you can download all the necessary information to file your tax returns and comply with regulations.

Here’s what you’ll need to set up a Self Managed Super Fund (SMSF) account on CoinSpot:

• Registered Trust Name
• Registered Trust address
• Trust ABN
• A copy of the Trust deed
• Trust beneficiary details

Over the Counter (OTC) Trading

OTC stands for Over-The-Counter, allowing direct trading between individuals without utilizing a public order book. CoinSpot provides a platform to buy and sell large volumes of cryptocurrency at low fees, with minimal price variation and swift transactions.

CoinSpot offers Australia’s lowest fee of 0.1% for over-the-counter (OTC) trading. Additionally, you have two options to choose from: Order Enquiry or Instant.

To request an OTC trade, you need to complete a form. The CoinSpot OTC team will then send you a quotation via email. You have a set time frame to either accept or decline the quote. If you accept, you are required to make the payment and confirm the transaction. Once the transaction is finalized, the coins or tokens will be available in your CoinSpot wallet.

CoinSpot Mastercard

You can use your CoinSpot Mastercard to shop both online and in physical stores, as long as they accept Mastercard.

This card enables you to use any cryptocurrency you hold on CoinSpot, similar to how you would use fiat currencies, and you won’t incur any fees when you begin using it. Additionally, you can link your card to Apple Pay or Google Pay for secure mobile payments.

How to Register and Use a CoinSpot Account?

Step 1: Account Creation

Go to the CoinSpot website and select “Register” located at the top right corner. Input your email, password, and referral code (should you have one), then accept the terms and conditions.

Next, select “Create Account.” After that, go to your email inbox and look for a verification link from CoinSpot. Click on this link to activate your account.

Step 2: ID Verification (KYC)

Access your CoinSpot account and navigate to the “Account” section. Next, select “Verify” to initiate the verification procedure. Provide your personal details, including your name, date of birth, address, phone number, and occupation.

You will also be required to upload a picture of your identification (such as a driver’s license, passport, or age verification card) along with a selfie holding a piece of paper that has “CoinSpot” and the current date written on it.

Hold off until CoinSpot has reviewed your documents and informed you of the outcome via email. Based on the workload, the verification process might take as long as 2 days.

Step 3: Start Trading

After your identity is confirmed, you can add money (up to AUD 2000) to your CoinSpot account using various payment options like bank transfer, PayID, POLi, cash deposit, or card payment.

Once your funds are in your account, you can begin purchasing or selling cryptocurrencies using AUD or other digital currencies. CoinSpot offers a vast array of cryptocurrencies available for trading.

CoinSpot Alternatives to Consider

1. Bybit Bybit offers the most options, boasting over 1000 cryptocurrencies. Swyftx provides more than 310, while Coinspot has over 400. If you’re interested in exploring a wide range of tokens, Bybit is your best choice.
2. Swyftx charges a 0.6% fee per trade, which is more favorable compared to CoinSpot’s 1% fee for instant orders. Bybit offers an even lower fee of 0.1%, which can be reduced further to 0.02% for high-volume traders (based on 30-day trading volume). Therefore, Bybit could be a better option if you engage in high-frequency trading.
3. CoinSpot vs Swyftx does not support “ Trading with leverage, such as margin trading and futures contracts“However, Bybit offers leverage support in Australia. It is also among the…”The top cryptocurrency exchanges for margin trading.

Conclusion: Is CoinSpot Safe?

In conclusion, CoinSpot is the leading option for Australians seeking a secure cryptocurrency exchange to buy, sell, and trade digital assets using AUD. The platform boasts a straightforward and intuitive interface, supports over 450 different coins—including NFTs and crypto cards—and operates within a secure and regulated environment.

However, it does have certain disadvantages, including steep fees for immediate transactions and the absence of sophisticated trading options like margin trading and futures.

Ultimately, you should conduct your research, compare different platforms, and choose the one that best fits your needs and objectives.

Click Here To Visit The Coinspot Website!

CoinSpot Australia Review: FAQs

Who is the Owner of CoinSpot?

Russell Wilson is the founder of CoinSpot, a platform he launched in 2013. He also serves as the head of Casey Block Services Pty Ltd, the company that operates CoinSpot.

He possesses extensive experience in web development and digital marketing, and he thoroughly enjoys it. blockchain technology and innovation.

Is CoinSpot Legit?

Certainly! Here is a paraphrased version of the paragraph: CoinSpot is a bona fide cryptocurrency trading platform. It is officially registered with AUSTRAC and complies with all the regulations and standards established by the Australian regulator for preventing money laundering and financing terrorism. Additionally, it adheres to top-tier security protocols, holding ISO 27001 certification.

Can I use CoinSpot outside Australia?

No, you cannot. CoinSpot is exclusively for Australians who possess an Australian bank account and mobile phone number. The platform does not accept funds or payment methods from outside Australia. If you are seeking a global cryptocurrency exchange, you might want to consider other options such as ByBit, Phemex, Bitget, Or Binance instead.

Is CoinSpot better than Binance?

Your choice depends on your specific needs and preferences. CoinSpot is ideal for newcomers looking for a straightforward and secure platform to trade, purchase, and exchange more than 400 cryptocurrencies using AUD. While it has comparable fees to Binance for market trades (both at 0.1%), it charges significantly higher fees for instant transactions (1% compared to Binance’s 0.1%).

Binance, on the other hand, is more suited for seasoned traders seeking advanced features like trading bots, dual investment options, a launchpad for new projects, and crypto initial exchange offerings (IEOs). crypto copy trading It also accommodates more than 11 different fiat currencies, such as Australian dollars (AUD).

Does CoinSpot require KYC?

CoinSpot mandates that all users seeking to deposit or withdraw AUD through their platform must go through KYC (Know Your Customer) verification is a process used to confirm the identity of a customer. This protocol is per the rules outlined in Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act of 2006.

Confirming your identity involves providing a valid ID, such as a passport or driver’s license, and a photo of yourself holding both the ID and a handwritten note.