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CoinSpot Review 2022: Is it a Good Aussie Crypto Exchange?
CoinSpot Review: Our Opinion
CoinSpot is one of the most renowned cryptocurrency exchanges in Australia that meets several key criteria for cryptocurrency investors. The first distinguishing feature is its superior security measures. CoinSpot has not had a security breach since its inception in 2013 due to its advanced security architecture. This may not seem like much in comparison to older trading platforms, but given that the emerging industry is a target for highly skilled hackers, it is quite commendable.
Furthermore, the platform offers an impressive selection of 370+ digital currencies with significant liquidity. Aside from the incredibly low transaction fees, both retail and high-volume trades are charged 0.1% on the CoinSpot exchange.
Despite this, the CoinSpot exchange platform lacks the fundamental trading tools that sophisticated investors require. Individuals looking for peer-to-peer (P2P), margin, or crypto derivatives trading should look elsewhere.
In general, CoinSpot is a reputable cryptocurrency trading platform for investors.
An Overview of CoinSpot
CoinSpot, which was founded in 2013, is Australia’s leading Bitcoin exchange. The exchange caters to Aussie investors and allows users to buy, sell, and exchange over 370 cryptocurrencies, making it the only Australian exchange with one of the largest crypto lineups.
CoinSpot is specifically designed for new investors, as the cryptocurrency exchange trading interface is quite simple. With little to no guidance, cryptocurrency newcomers can easily buy, sell and swap their favourite crypto assets. Users can easily begin trading with as little as $1, depending on the deposit option they choose.
Our CoinSpot review found that CoinSpot offers a multi-coin wallet for storing, sending, and receiving digital assets. The platform also provides the best-in-class two-factor authentication to eliminate unauthorised access. There is also support for offline cryptocurrency storage.
Other platform features include a Bundles investment plan, SMSF, an over-the-counter (OTC) service, and Swap functionality. A CoinSpot app is also available for Android and iOS devices. This is especially useful for investors who want to keep an eye on their portfolio while they’re on the go.
The platform is home to over 2.5 million Australian customers, owing to its low trading fee of 0.1%. This fee structure also applies to over-the-counter trades, making it the most affordable Australian Bitcoin exchange. Online CoinSpot reviews have been mostly positive, with many customers praising the platform’s simplicity in purchasing cryptocurrency.
Many investors also described the cryptocurrency exchange as one of the safest platforms in the Australian market. The platform received the popular ISO 2700I security certification in 2020. The ISO 2700I certification is a key platform security metric developed jointly by the International Organisation for Standardisation and the International Electrotechnical Commission.
CoinSpot is a founding member of Blockchain Australia, a non-profit organisation dedicated to increasing blockchain and cryptocurrency adoption. The Australian Transaction Reports and Analysis Centre (AUSTRAC) regulates the platform as a Digital Currency Exchange.
Several websites have given CoinSpot positive reviews. According to Trustpilot, 69% of the 1,849 CoinSpot reviews gave the exchange an excellent rating. However, some customers have communicated dissatisfaction with the company’s services. Where has the CoinSpot platform excelled, and where does it need to improve? This section highlights the pros and cons of using CoinSpot
Key Features of CoinSpot
The CoinSpot exchange, as mentioned in our overview, is an Australian exchange that allows investors to buy, sell, and exchange over 370 cryptocurrencies. Besides crypto trading, the CoinSpot website provides much more in terms of utility and uniqueness. We’ll explore some of its standout features and services below.
CoinSpot caters to various investors, including those who enjoy trading investment options similar to the S&P 500. The Bitcoin exchange provides what it calls ‘Bundles,’ which allow a trader to invest in more than one coin simultaneously.
This allows an investor to diversify their portfolio while also investing in the most promising coins in the emerging industry in a single step. This comes with no extra charge as all coins would be individually purchased.
The Bundle product is divided into 12 categories covering popular coins, Bitcoin bundle, NFT bundle, Metaverse, and seven others.
Swap is another feature that sets CoinSpot apart from other Australian exchanges. With just a touch of a button, users may quickly switch between different coins. This allows investors to make coin trades without having to go through so many steps, as it is faster than using the ‘Sell’ feature.
The CoinSpot website claims that its CoinSwap feature supports over 9,000 coin-to-coin trading pairs, which is quite impressive. This comes at a cost, as swaps are charged 1% per trade.
3. Self-Managed Super Fund (SMSF)
CoinSpot, as one of the leading Australian exchanges, has developed a self-managed super fund (SMSF), which is essentially a crypto-focused retirement plan. Traders can invest directly into its 370+ crypto lineup while also receiving over-the-counter (OTC)-like services. This diversifies investments across multiple cryptocurrencies and provides the necessary coverage required by mitigating their losses when an asset loses value.
Other added features include tax-reporting assistance with end-of-fiscal-year (EOFY) reporting, which makes it simple for Australian investors to meet their tax obligations.
4. NFT Marketplace
CoinSpot also offers a non-fungible token (NFT) marketplace, which aligns with industry best practices. Investors can browse digital collectible collections and buy and sell over 30 NFTs here. Furthermore, a royalty system is in place to provide creators with a consistent source of income.
CoinSpot’s NFT Marketplace eliminates the need to visit secondary marketplaces such as OpenSea. Instead, CoinSpot account holders can easily access the collectible marketplace and purchase their favourite NFT using any digital currency of their choice. Payments are directly processed through the Multicoin wallet.
Creators can also list their NFTs for free, with a flat 0.9% fee applied to purchases and sales.
5. Over-the-Counter (OTC) Trading Desk
CoinSpot is not only for retail investors; it also provides high-volume traders with specialised OTC trading desks. This allows them to place market orders without having to rely on general order books, which may be unable to handle such a large volume of trades. On the other hand, investors who want to use the OTC feature must start with a minimum of $50,000 (AUD) and up. The exciting part is that using the OTC feature comes with a charge of only 0.1%.
6. CoinSpot Wallet
CoinSpot provides a standalone crypto wallet and a regular Bitcoin wallet, allowing users to store and receive coins easily. Not only does the Multicoin Wallet allow users to view their previous order history, but it also allows them to seamlessly transfer coins from one user to another on the CoinSpot app and track the performance of their portfolio.
7. Low Trading Fees
Trading fees are a distinguishing feature of various exchanges, with the ones with the lowest fees attracting the most users. This is true for CoinSpot, as the Australian exchange charges only 0.1% for both regular market orders and OTC trades. It’s no surprise that it has over 2.5 million satisfied customers in Australia.
CoinSpot should be suitable for those who are just getting started in the cryptocurrency market in Australia. This is because the platform is very beginner-focused and user-friendly. The CoinSpot website has a clean and simple trading interface with easy-to-use navigation.
As if that weren’t enough, CoinSpot has a 24/7 help desk and live chat customer support available every day of the week.
Cryptocurrencies Available on CoinSpot
CoinSpot has one of Australia’s most comprehensive cryptocurrency libraries. Investors can buy, sell, and swap over 370 coins and conduct over 9,000 crypto-to-crypto trades. Popular names include Bitcoin, Ethereum, Cardano, Binance Coin, Solana, XRP, XLM, ApeCoin, Dogecoin, Shiba Inu, Chainlink and Polkdaot are all available on the exchange. Polygon and Avalanche are also available for traders to make gains on their price movements.
Can You Buy and Sell NFTs on CoinSpot?
CoinSpot includes an NFT marketplace showcasing some of the Australian creators’ most impressive works. Investors can buy and sell digital collectibles here using any digital currency, and creators can earn royalties from secondary sales of their works.
The platform charges a flat fee of 0.9%. Although listing an NFT on CoinSpot is free, the NFT creator sets royalty fees. The CoinSpot NFT marketplace is easily one of the cheapest when compared to the hugely popular OpenSea platform. For instance, while purchases and sales are only charged 0.9% for NFTs, OpenSea charges 2.5% for the same task.
Looking for a low-fee crypto exchange to buy and sell cryptocurrency? CoinSpot is the place to be. The platform charges only 0.1% in trading fees.
However, these are not the only CoinSpot fees investors should be wary of. The crypto exchange charges 1% on orders placed to buy and sell cryptocurrency using the Instant Buy feature. Advanced features like the Stop Loss and the Take Profit orders also incur a 1% fee, along with recurring crypto purchases.
CoinSwap trades are charged a nominal fee of 1%, whereas NFT trades are charged a flat fee of 0.9%.
Deposits are largely free when using local payment options like POLi, PayID, or direct deposits. However, CoinSpot deposits initiated via BPAY, cash, or card are charged 0.9%, 2.5%, and 2.58%, respectively. There are zero fees attached to withdrawals or the generation of the EOFY report.
CoinSpot Payment Methods
On CoinSpot, the only supported fiat currency is the Australian Dollar (AUD). Traders can deposit funds using one of six major channels or payment methods. This includes cash deposits, card deposits, and direct bank transfer solutions such as POLi, PayID, and BPAY.
Each deposit method maintains its own set of fees, which users should be aware of before choosing one.
On the other hand, withdrawals are free and can only be made via a direct deposit method to a user’s Australian bank account.
Security is a major concern in the crypto space, and CoinSpot provides one of the most secure crypto trading platforms for Aussie users.
Our CoinSpot review, that the reputable exchange provides the well-known two-factor authentication (2FA) security protocol, which provides singular access to customers after receiving a one-time password (OTP) sent to their registered mobile number.
Taking this a step further, CoinSpot offers offline crypto storage support, which essentially means that customers’ crypto assets are stored in hardware wallets and offline. This reduces the possibility of hackers breaching the trading platform and gaining unauthorised access to the funds of investors. Other security protocols available include the anti-phishing phrase, phone verification, and geo-lock logins.
CoinSpot is also regulated by AUSTRAC, Australia’s financial watchdog, and has been an active member of the non-profit crypto adoption organisation Blockchain Australia since 2014. It is also the first Australian exchange to receive the International Organization for Standardisation’s highly coveted ISO 27001 standard.
CoinSpot Staking Rewards
Staking is a popular concept in the crypto space that involves users locking up their crypto assets for a period to secure the network. Investors who pledge their tokens are rewarded with newly minted coins of the underlying network, and this is peculiar to proof-of-stake (PoS) themed consensus blockchains.
The CoinSpot Earn service operates on the same principle, allowing users to earn more coins on their cryptocurrency holdings. However, the expected reward percentage depends on how much the blockchain network offers for staking and the staking duration.
CoinSpot Earn includes a sizable number of stakable coins, currently at 23 and rapidly growing. Tezos, Polygon, Harmony, Zilliqa, Fantom, Ethereum, and 18 other popular PoS coins are included.
Crypto users can access this lucrative income-generating tool by simply tapping the ‘Wallets’ button at the top of the dashboard and selecting the coins they want to lock up.
What’s more? Each stakable coin comes with its own blockchain-compatible wallet. For example, users who want to stake Cardano can do so easily by using the CoinSpot Multicoin wallet, which comes equipped with a Cardano wallet. They won’t have to choose a network because only Cardano’s ADA tokens will be stored in the wallet.
Then, users can start earning additional coins with their crypto holdings by entering how many coins they want to stake and confirming the transaction. Even more impressive is that CoinSpot Earn is completely free. This is an excellent option for Australian investors who want to grow their cryptocurrency portfolio while paying no fees.
Opening a CoinSpot Account
It is very simple to open a CoinSpot account. New users can easily start trading in as little as 10 minutes. Get started by following these detailed steps:
1 – Register on CoinSpot
The first step is to visit CoinSpot’s website and open a trading account. Once there, click the ‘Register’ button in the top right-hand corner and enter an email address, password, and any referral or affiliate codes possessed. To begin, solve the captcha puzzle and click ‘Create Account.’
2 – Verify ID
Before they can deposit or withdraw from their bank account, new CoinSpot users must complete their know-your-customer (KYC) process. They must upload a copy of their official passport, recent driver’s licence, or another government-issued ID card to verify their new account and unlock the full suite of services.
Users must also upload a selfie photo of themselves holding their ID card.
3 – Deposit Funds
CoinSpot accepts a variety of deposit methods, including bank transfer and cash deposits. To fund the account, investors should select a payment method and tap ‘Deposit.’ Keep in mind that each payment method has its own set of requirements. For example, POLi, PayID, and direct deposit are typically free, with a $1 minimum value.
Other deposit methods include BPAY, cash deposit, and card deposit, each with its own set of fees. However, no minimum deposit is specified.
4 – Start Trading
Investors can then execute their trade after making their deposit. To do so, enter the asset’s ticker symbol and click the ‘Buy’ button. To buy Bitcoin, for example, enter BTC into the search bar and click the ‘Buy BTC’ button.
Trading Experience on CoinSpot
Trading on CoinSpot is simple and easy, thanks to its intuitive layout. Customers can easily place trades by entering the asset’s ticker symbol and tapping on the appropriate result. Investors can also track an asset’s trade history and use technical tools to make market forecasts.
Coinbase Customer Support
The CoinSpot customer support team is always available to assist investors in trading and enjoying the diverse range of experiences they provide. The customer support team is easily accessible 24/7 via the help desk’s live chat option. This is CoinSpot’s main support option. Investors can also email the customer support team for more in-depth walkthroughs and inquiries by clicking on the ‘Submit a Request’ button at the top of the Help Centre articles.
Customer satisfaction appears to be high on the CoinSpot exchange’s priority list, as evidenced by the positive CoinSpot reviews. The crypto exchange offers an extremely appealing lineup of popular crypto names, as well as platform features such as NFT marketplace, Swap, Bundles, and even a retirement-focused crypto investment fund.
CoinSpot checks several boxes for Australian investors looking for a traditional investment hub focusing on digital assets.
Education on CoinSpot
CoinSpot understands the mental shift required to succeed in the emerging cryptocurrency market. Given this, the platform provides a learning hub called CoinSpot Learn, where customers can be taught the basics of cryptocurrencies, NFTs, and DeFi ecosystems through videos, articles, and long-form guides. There is also a Crypto Glossary, which lists some of the key terms in the crypto space.
Is Coinbase Right For You?
The trader’s specific requirements largely determine this. CoinSpot ticks the boxes of user-friendliness, multiple deposit methods, platform functionalities, and overall trading experience for new crypto investors taking their first steps in cryptocurrency trading. It’s also suitable for experienced hands who want hassle-free trading and secure storage of their digital assets.
Even more so, its inclusion of a crypto retirement utility (self-managed super fund option) as well as tax reporting functionality makes it a one-stop shop for those looking for a more unified crypto trading experience.
On the other hand, more advanced investors may be eager to engage in more sophisticated trading. Because CoinSpot does not provide margin or futures trading, it may not meet these users’ investment needs.
Crypto trading platforms that cater to newbie crypto investors while also providing a diverse range of coins for trading are rare. CoinSpot handles both tasks easily and even includes an impressive array of investor-focused services.
The platform is very accessible, secure and simple to use. Furthermore, with a fee of only 0.1%, it is one of the cheapest cryptocurrency exchanges in the market and a leading crypto hub in the Australian hemisphere. For investors just getting started, CoinSpot is a great place to begin.
Our extensive analysis of the Australian Crypto Exchanges doesn’t stop here. You can also read about our Digital Surge review as an alternative to CoinSpot or you can check out our Guide on the best crypto exchanges available to Australians to choose the right crypto exchange for you among our picks.
Most frequent questions and answers
Yes, our CoinSpot review highlights that it is a top crypto exchange with an impressive suite of over 370 coins and top-notch services. The platform offers high liquidity for traded coins as well as a diverse set of platform features such as Bundles, NFT marketplace, SMSF, and Earn.
No, CoinSpot has one of the lowest trading fees in cryptocurrency and the Australian continent. However, users need to pay attention to the buy-sell spreads of each asset they are looking to acquire, as these are additional fees to consider. Users of its OTC service pay only 0.1% for regular and high-volume trades. However, it charges 0.9% for using its NFT marketplace. This is still significantly less than the 2.5% service fee charged by OpenSea.
The Australian Taxation Office (ATO) considers cryptocurrency to be an asset. As a result, when investors exchange crypto for AUD fiat currencies and other cryptocurrencies or use them to pay for goods and services, they are taxed. Although CoinSpot does not directly report to the ATO, investors are taxed in two ways. One is for personal investment, while the other is for trading or business income.
When investors receive coins from staking, forks, and airdrops, as well as trading cryptocurrencies, their personal investments are considered taxable in Australia at this stage. This is subject to capital gains tax (CGT). Coins held for more than a year receive a 50% CGT reduction in profit. Capital losses on subsequent transactions are also available and can be spread out over several years.
Yes, CoinSpot is regulated by the Australian Transactions Reporting Center (AUSTRAC) and institutes the necessary anti-money laundering (AML) as well as counter-terrorism financing (CTF) and fraud prevention measures. In addition, CoinSpot is a key member of Blockchain Australia.
Withdrawals on CoinSpot are typically made to the user’s bank account and take only a few minutes to complete once the approved withdrawal email confirms the transaction is received. This can take up to 12 hours if there are insufficient funds in the platform’s hot wallet.
CoinSpot reviews on top review platforms like Trustpilot are highly positive. Over 69% of Australian investors and users state that it is a great place to buy and sell cryptocurrencies.
Withdrawals are possible on CoinSpot and are generally free. Users must, however, fill out a withdrawal request, and fiat currency withdrawals can only be made to the recipient’s bank account.
There is a fixed 0.1% market order fee for CoinSpot investors. This applies to the buying and selling of cryptocurrencies. Coinspot’s fees to consider are also the buy-sell spreads of each digital asset.
The CoinSpot wallet, Multicoin wallet, is the best crypto Bitcoin wallet in Australia at the moment. It comes with a sizable chunk of digital assets as well as access to top-notch security for investors’ coins.
Investors looking to hold their own keys for a crypto wallet should consider a cold storage device (cold wallet) such as a Ledger Nano, D’Cent or Trezor wallet.
We always try to provide the most accurate information available, and make sure our team follow through.
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