CoinSpot review

By   |   Verified by David Boyd   |   Updated 13th September 2021

CoinSpot Review

CoinSpot is an Australia-based cryptocurrency exchange. More than 1 million Australians use it to buy, sell, and swap cryptocurrencies.

Are you interested in joining? Read on for our in-depth review.

What is CoinSpot?

CoinSpot has been at the forefront of the blockchain revolution in Australia since 2013.

Their mission? To provide a hassle-free service that encompasses everything a trader needs to buy, sell, and manage a variety of cryptocurrency accounts.

Users can trade more than 300 cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin to name a few. More recently, CoinSpot added NFTs and DeFi to their list of tradable assets.

Who is CoinSpot designed for?

CoinSpot is suitable for traders of all levels, although more seasoned traders may find it a little lacking in functionality. It has a minimalist user interface with excellent charting using TradingView that is relatively easy to use.

In terms of order types, users can set up stop loss and stop limit orders, which are useful to de-risk trades.

Those wishing to trade higher values — SMSF and institutional investors, for example — are privy to a devoted SMSF team and OTC (Over The Counter) trading desk.

Is CoinSpot safe?

CoinSpot has been a Certified Digital Currency Business and a member of Blockchain Australia since 2014. In addition to this, they are the only Australia-based exchange to be accredited with ISO 27001 and is regulated by AUSTRAC.

On top of their noteworthy accreditation, they have strict offline cold security processes in place, including customisable account-level security.

Notable trading tools

CoinSpot boasts an abundance of tools and customisable trading options. Having said that, their approach seems to be to focus on and excel at a core set of functions. Compared to the likes of Binance, CoinSpot is streamlined and relatively pared back.

Once your account has been verified, you can buy and sell cryptocurrency instantly with a wide range of fiat deposit options including POLi payments, PayID, BPAY, credit and debit cards. They are not the only Aussie exchange with a similar range of account funding options.

Users also get access to stop loss, take profit, and stop limit orders where they can make the most out of the market opportunities.

If you are looking to invest large sums of money, like for your SMSF, CoinSpot has a dedicated OTC trading desk and SMSF team to assist.

Fees

With fees starting at 0.1% and no hidden costs, CoinSpot is one of the cheapest exchanges for traders in Australia. A 1% fee applies to instant buy and sell. Take profit, stop loss, and recurring orders also attract a 1% fee.

It’s worth noting that when sending digital currency to an external wallet, a standard bank transfer fee will be applied.

Compared to an exchange like Coinbase, whose fee structure is notoriously opaque, CoinSpot’s fee structure is a breath of fresh air.

Why choose CoinSpot over competing exchanges?

With so many exchanges to choose from, it can be difficult to know which to use.

If you’re looking for a no-hassle, low-cost, and efficient service that does what it needs to and gets out of the way, CoinSpot is a great option.

The fact that it is Aussie-owned and operated will be reassuring to some, particularly should you ever have reason to complain.

It doesn’t offer much other than trading coins, NFTs, and DeFi. If you are an advanced trader, CoinSpot lacks some of the more advanced tooling and features you would find on the likes of Binance such as futures trading and so on.

Pros and cons

Pros

  • Deposit funds using a credit card in AUD, with a processing fee.
  • Instant buy and sell trades once you’ve been verified.
  • Considerable choice of coins, NFTs, and DeFi compared to other Australian exchanges.
  • Schedule automatic purchases on a weekly, monthly or daily basis so you can dollar cost average.
  • Easily switch between the value shown from USD to AUD and vise-versa.
  • AUSTRAC-regulated and ISO certified.

Cons

  • Weekly limit on volume, which increases over time.
  • Margin trading is not available.
  • Doesn’t have the ability to pay bills using crypto.

Alternatives

Whether you want a change from CoinSpot or an exchange with extra functionality, there are plenty of alternatives including the following.

  • Swyftx. Trade more than 260 assets. Access to a secure wallet where they can hold onto the assets they end up purchasing on the platform.
  • Binance. Currently one of the largest crypto exchanges in the world in terms of daily trading volume. Trade a huge variety of cryptocurrencies. Suitable for advanced traders looking for more exotic pairs.
  • Coinbase. One of the most well-known exchanges in the world. Trade a variety of different cryptocurrencies. Coinbase Pro provides even more functionality and tools for more active traders.
  • eToro. Commission-free crypto trades with the added bonus of social and copy trading.
  • Cointree. An Aussie-operated exchange and fully AUSTRAC-regulated. Offers a set of features that are similar to those of CoinSpot.
  • Digital Surge. Trade more than 200 cryptocurrencies using AUD, including many altcoins, with quick verification. Australian.

Comparisons

Want to see how CoinSpot’s fees and features compare to other exchanges?

FAQs

Do you need to be older than 18 for CoinSpot?

You need to be at least 16 years of age to register.

Is CoinSpot trustworthy?

CoinSpot is a reputable as well as a trustworthy exchange that has not been hacked since it was founded originally in 2013. It is the first cryptocurrency platform in Australia to ever receive the internationally recognized ISO 27001 certification for information security.

Who is CoinSpot owned by?

The website as well as the mobile applications, in other words, the entire CoinSpot platform, is operated and controlled by Casey Block Services Pty Ltd. (ABN 19 619 574 186).

Can I use CoinSpot outside Australia?

No.

Do you own the coins in your own digital wallet?

When you sign up for CoinSpot, you are given a wallet, which you can access at any time via your CoinSpot account.

As a cryptocurrency broker, any digital tender purchased is stored directly on your device and not within a centralized exchange.

How quickly can you trade crypto?

Once you have verified and funded your account, you can start trading instantly.

Does CoinSpot have a mobile app?

CoinSpot has a native app for Android and iOS.

Is it easy to deposit and withdraw funds?

With their Multicoin Wallet, you can load and withdraw any digital currency listed on the CoinSpot platform, without having to pay extra fees.

It is free to deposit funds via POLi and PayID. Deposits via BPAY and cards attract fees. Withdrawals are free.