CoinSpot Review 2023: Is it a Good Aussie Crypto Exchange?

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.