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Coinspot Review 2023: Fees, Features, Pros & Cons
Swen Keller
- URL: https://coinspot.com.au
- Headquarter: Berwick, VIC, Australia
- Year Founded: 2013
- Platform App: Web, Mobile
- No. of Cryptos: 380+
- Fiats Available: AUD, GBP
- Withdraw Method: Bank Transfer, Crypto
- Payment Method: PayID, Direct deposit, BPay, Cash Deposit, Credit Card and POLi
CoinSpot Review: Our Opinion
Coinspot is an Australian cryptocurrency exchange that allows users to swap, buy and sell cryptocurrencies.
The crypto exchange is easy to use for Australians as it offers local deposit methods like bank transfer via POLi, PayID, and BPay to deposit funds.
Coinspot exchange also stands out for its low trading fees and instant buy/sell feature.
An Overview of CoinSpot
Founded in 2013, the Coinspot exchange is a cryptocurrency exchange that allows traders with a Coinspot account to buy and sell over 380 cryptocurrencies via local deposit methods such as bank transfer via POLi, PayID, and BPay. It even supports the direct deposit method.
The Coinspot platform is regulated in Australia under the Australian Transaction Reports and Analysis Centre (AUSTRAC) and is registered with ASIC. The cryptocurrency exchange is also a member of the Australian Digital Commerce Association. Founded in 2014, the Australian Digital Currency Commerce Association (ADCCA) comprises digital currency companies, service providers, and merchants that accept and trade digital currencies as payment.
Concerning its services, Coinspot offers its users the ability to swap, buy and sell cryptocurrencies instantly.
The crypto exchange Coinspot offers users an NFT marketplace, the Coinspot MasterCard, and local Australian bank account payment and withdrawal methods as well.
Currently, the Coinspot crypto exchange hosts over 2.5 million active traders via the Coinspot app available on iOS and Android and its web trading platform.
Pros
- Large selection of cryptocurrencies
- Easy sign-up and quick account verification
- Beginner-Friendly interface
- It offers few AUD withdrawals
- It has lots of features including a Mastercard, instant buy and sell, and a referral program
Cons
- It is only available to users in Australia
- It lacks advanced trading features
- Customer service complaints
- Confusing fee structure
- Previous hacking incidents
CoinSpot Review: Unique Features
CoinSpot Bundles
A CoinSpot bundle is a package containing different cryptocurrencies that can be bought in one single transaction. Instead of buying one cryptocurrency at a time, with bundles you can save money on trading fees by buying a group of cryptocurrencies at once.
CoinSpot Bundles contain multiple crypto assets, which makes it a great choice for crypto investors who wish to diversify their crypto portfolio.
There are different types of CoinSpot Bundles. Each bundle is named according to the common qualities of the crypto assets in the bundle. Available bundles on CoinSpot include;
- The Dominant Duo: This bundle contains Ethereum and Bitcoin split equally.
- Bitcoin Bundle: It contains all Bitcoin forks available on CoinSpot
- Gold/ Silver Ratio Bundle: The Gold/ Silver bundle contains Gold and silver on the blockchain
- Top 3 Market Cap: This bundle contains the top three cryptocurrencies by market capitalization.
- NFT Bundle: The NFT bundle comprises Top NFT related blockchain projects
- DeFi Bundle: This bundle contains top DeFi projects listed on CoinSpot
- Social Bundle: The social bundle contains social networking-related projects on the blockchain.
- Green Bundle: This comprises all environmentally friendly projects listed on CoinSpot
- Supply Chain Bundle: It is made up of supply chain-related projects on the blockchain
- AI Bundle: The AI Bundle contains all projects related to Artificial intelligence on the blockchain.
- Top 10 Market Cap: It is made up of the top ten cryptocurrencies by market capitalization
- Metaverse Bundle: The metaverse bundle contains all metaverse-related cryptocurrencies listed on CoinSpot.
CoinSpot Bundles can be bought in 3 simple steps. To buy a CoinSpot bundle, do the following:
Sign in to your account
Next, fund your CoinSpot wallet with fiat currency using any of the supported payment methods.
Finally, select the bundle you wish to buy, enter the amount you wish to spend on the purchase, and confirm the transaction.
Once you purchase a bundle, the cryptocurrencies in the bundle will be automatically separated and deposited in their designated wallet. You do not need to manually unbind the bundles.
All cryptocurrencies purchased in a bundle can be managed, sold, and swapped separately.
CoinSpot Mastercard
This is a prepaid debit card that allows you to use any crypto on CoinSpot like cash. The card needs to be topped up with any cryptocurrency on the CoinSpot cryptocurrency exchange. The card can be used anywhere Mastercard is accepted online and in-store.
The Mastercard enables instant real-time conversion of cryptocurrency to the Australian Dollar at the point of payment.
Cardholders can easily change their preferred cryptocurrency for payment using the CoinSpot App. Users are also allowed to pick up to 5 wallets to link with the card. All purchases with the card will come from the selected wallet in the order selected by the user. If the first wallet has insufficient funds or is empty, the funds will be taken from the second wallet.
The CoinSpot card is only available to users who have fully verified their CoinSpot account and have two-factor authentication enabled.
To get started with the Mastercard, log in to your account, activate the CoinSpot card, and finally select the wallet you wish to link to your card.
CoinSpot does not charge customers any ongoing fees or activation fees for using the card. They however pay a flat 1% conversion fee for using the card for a transaction. All transaction fees incurred using the CoinSpot card are charged as cryptocurrency. There is also a daily limit of AUD 4,999 per transaction.
The CoinSpot card can be used with both Apple Pay and Google Pay, but you will first need to activate the card and link it to any of the accounts.
To add your CoinSpot card to Apple Pay, do the following:
Login to your CoinSpot account and navigate to your Dashboard and select the CoinSpot Card.
Once the Card page opens, select “Add to Apple Wallet”. Your details and card details will be prefilled.
Select “Next” and Agree to the terms and conditions.
Once this is done the card verification page will open. Select either Email or SMS to confirm the verification and click “Next”
Enter the verification code for your preferred method and select “Next”
That’s it, your Apple Pay has been linked to the CoinSpot Card. If you wish to set Apple Pay as the default payment, select “Use as Default Card”.
CoinSpot OTC Trading Desk
The CoinSpot Over-the-counter Trading Desk allows CoinSpot users and high net-worth individuals to make high-volume transactions without the need for traditional public order books. The exchange gives OTC traders direct access to a professional account manager who helps the trader with all OTC and trading-related questions.
CoinSpot OTC has a high trading volume and fees are as low as 0.1%. Users can also use lock-in pricing to eliminate slippage. All assets are instantly available to traders after settlement.
The CoinSpot OTC service is automated, which means traders can get OTC quotes any time outside of the official OTC consultants working hours.
Traders who want real human support can contact the OTC team and can do so between 9 am to 5 pm every day via phone, live chat, and email.
To get started with CoinSpot OTC, you will need to first submit an OTC request after which the OTC team will send you an email with a quote. You can Approve or Deny the Quote. To start OTC trading, approve the quote.
CoinSpot Markets
CoinSpot markets give CoinSpot users the platform to buy/sell their cryptocurrencies to other CoinSpot users at the best available market price.
Users can automate the buy/sell process. They can set specific price targets and if the market reaches the set rate, CoinSpot will trigger to automatically execute the trade.
Trading fees on CoinSpot’s Market are the lowest in Australia. The exchange charges just 0.1% in fees. Frequent traders on the platform can also enjoy lower fees.
Since CoinSpot Markets is a peer-to-peer marketplace, CoinSpot monitors every transaction on the platform to ensure that both parties in a transaction keep their part of the transaction. If a party does not fulfill their part, the funds or crypto will not be released to them.
Cryptocurrencies Available on CoinSpot
CoinSpot users can buy, sell and swap over 380 cryptocurrencies. Crypto assets on the CoinSpot cryptocurrency exchange include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, Stellar Lumens, EOS, Terra Lunar Classic, Hedera Hashgraph, Solana, Tron, Cosmos, Polkadot, Shiba Inu, Ethereum Classic, Uniswap, Avalanche, Wrapped Bitcoin, USD Coin, Binance USD, Cronos, Uniswap, etc.
Can You Buy and Sell NFTs on CoinSpot?
Yes, the Coinspot crypto exchange allows you to buy and sell NFTs via the Coinspot NFT marketplace.
The NFT trading platform allows you to use any digital currency supported on Coinspot secure crypto exchange to buy NFT collections such as Bored Ape Yacht Club, Coolman’s universe, WonderPals, PUNKS Comic, Azuki, VeeFriends, World of Women, Meebits, etc.
Just like the crypto exchange, the NFT marketplace supports instant trading once you’ve deposited your funds.
CoinSpot Review: Fees
Coinspot offers a clear structure for its trading fees. The Australian exchange charges arguably the lowest trading fees in comparison to other crypto exchanges in the country.
The Australian exchange offers the following fees:
Trading Fees
- Market Orders: 0.1%
- OTC: 0.1%
- Instant Buy, Sell & Swap: 1%
- Take Profit, Stop & Limit Orders: 1%
- Recurring Buy: 1%
AUD Deposits and Withdrawals
- POLi, PayID, Direct Deposits: Free
- BPAY: 0.9%
- Cash Deposit: 2.5%
- Credit and debit Card: 2.58%
- Withdraw AUD: Free
Cryptocurrency Transfer
When sending crypto assets from the Coinspot wallet to an external crypto wallet, CoinSpot charges a standard flat mining fee.
CoinSpot Review: Payment Methods
The Australian exchange offers several deposit methods including the following PayID, Direct deposit, BPay, Cash Deposit, Credit Card, and POLi.
All AUD deposit methods offer free payments excluding bank transfer via BPay, credit and debit card payments, and cash deposits.
CoinSpot Review: CoinSpot Security
CoinSpot is a trusted cryptocurrency exchange. It is a member of the Australian Digital Commerce Association and officially registered in Australia. The exchange holds an ISO27001 Certification for Information Security Management and Blockchain Australia Certification.
To achieve the ISO27001 Certification, the exchange was required to complete an external audit as well as an in-depth investigation and ongoing audits of the platform’s Information Security Management and practices and processes. All of these are geared towards the safety of the platform and users’ digital assets.
CoinSpot stores the majority of users’ funds in cold storage wallets offline. A small percentage of the funds are held in hot wallets. Both the hots and cold wallets are protected with several security features.
Users’ accounts are also protected with security features such as two-factor authentication and customizable restrictions and security. Asides from the activation of two-factor authentication, CoinSpot users have complete control over session timeout limits, accessibility (this includes biometric logins on the CoinSpot App) withdrawals, and geo-lock logins.
CoinSpot users can customize their account security from the “Security” page. To customize your security, login to your CoinSpot account via the CoinSpot website or the mobile app, scroll to the account menu, and click “Security”. A new page containing several customizable security features. You can activate any of the security features that suit your preference.
CoinSpot Review: Staking Rewards
The Coinspot Earn Program allows crypto investors to allocate their crypto coins to an Earn Wallet provided by Coinspot.
In return, the Australian exchange will give these investors a percentage reward on their held digital assets based on the number of their coin holdings over a specified period.
Received rewards are based on Coinspot’s earn rate offered for each eligible coin.
That said, Coinspot offers up to 46% APY on the following digital currencies: ETH, MATIC, SOL, LUNC, ADA, AXS, DOT, VRA, BNB, FTM, CRO, ALGO, ATOM, ZIL, EGLD, XTZ, KAVA, ONE, TRX, AVAX, WAN, KSM, and FLOW.
Currently, the highest-earning cryptocurrency eligible for staking is AXS with an APY of 45% for tier 1 holdings, which is between 0 to 110 range in the amount held.
Now, because Coinspot (like most centralized crypto exchanges) is under regulation in Australia, it is subject to the Australian Tax Laws, which state that rewards received via Coinspot Earn are subject to tax.
To help with the process, Coinspot has an Earn rewards history section on its website, which you can access via the Order History menu of your account.
Simply go to My Account Menu, choose Order History and you’ll see the option to download a CSV file including your EOFY statement.
Concerning fees, there are no fees associated with the Coinspot Earn platform. There are also no lock-up periods when using the platform. You’ll be rewarded based on how long you keep the coins in the Earn Wallet, and you can remove them at any point.
CoinSpot Review: Supported Countries
CoinSpot offers services to only users resident in Australia. The platform does not support users from any other country or jurisdiction.
CoinSpot Review: Opening a Coinspot Account
To create an account on the Coinspot crypto exchange platform, go to https://coinspot.com.au and click the Get Started button located in the middle of your screen.
This will take you to the dedicated registration page, where you’ll be required to enter your email address and password then click “Create Account”.
That’s it, you’ve created your account on the cryptocurrency exchange.
The next step involves account verification.
To begin, click the “Complete Verification” on the page that shows after clicking “Create Account”.
Check your email inbox and verify your email address. After verification of your email address, hit “Complete Verification”.
Next, choose your account type by selecting “This is a personal account” if you’re creating a profile for yourself, and then input your account holder details.
In the account holder field for the phone number, ensure that you input your Australian mobile number.
Once you’re through with that section and filled out your account holder details, you’ll need to upload your personal identification document. It’s important to note that you can only upload documents in either. PNG or. JPEG format.
After you’ve uploaded your identification documents, hit the “Submit for Verification” button.
Once that’s through, you will have to verify and confirm your mobile phone number.
To do so, enter the 6-digit code sent to your phone number and click “Verify”.
After submitting your identification document and verifying your phone number, you’ll see an instant notification on the website revealing your current verification status.
Coinspot usually verifies accounts within 24 hours of document submission.
That’s it!
CoinSpot Review: Trading Experience
Coinspot platform offers an easy-to-use trading platform that makes it seamless for complete beginners to buy, sell, and swap any supported cryptocurrency directly using the Australian dollar (AUD).
The trading interface is basic and simple in both the mobile app and web platform. The mobile app is available on both iOS and Android devices.
Coinspot provides 24/7 local live support with real agents on all trading apps.
However, because Coinspot was built with ease of use in mind, it does not support derivatives such as futures trading and margin trading, which are products typically targeted at advanced traders.
This means that if you’re an experienced trader you would find the trading platform lacking valuable trade options.
CoinSpot Review: Customer Service
CoinSpot offers customer support via Live Chat, support ticket, and email at support@coinspot.com.au. CoinSpot’s main support option is Live Chat. Information on the CoinSpot website shows that the customer support team responds to customer support queries in less than 30 seconds.
The exchange also has a Help Center with lots of articles and guides. Users with questions are encouraged to check the Help Center before contacting the customer support team.
CoinSpot Review: Customer Satisfaction
CoinSpot Customers are satisfied with the quality of service rendered by the exchange. The exchange has an excellent rating of 4.4 stars on Trustpilot and 4.2 stars on Product Review. The majority of customers attest to getting helpful customer support from the support team.
Does CoinSpot Offer Education?
Yes, Coinspot offers education via the Coinspot Learn program. On the platform, Coinspot posts articles, videos, and guides regularly to help users understand the crypto industry better as well as navigate the Coinspot exchange.
The education center includes resources on topics like:
- DeFi Terms You Need to Know
- What is Web3 and What You Need to Know
- Common Crypto Terms and What they Mean
Is CoinSpot Right For You?
Coinspot is right for you if you’re a crypto beginner residing in Australia and are searching for a quick way to buy and sell cryptocurrency.
It isn’t the best choice for you if you’re an experienced trader looking for advanced crypto products.
Final Thoughts
Coinspot is a trusted cryptocurrency exchange that caters particularly to Australian crypto traders looking for an easy-to-use crypto platform.
The platform offers a large selection of crypto assets alongside an NFT trading marketplace that hosts popular collections.
However, the primary downside of the exchange is that it does not support advanced trading features. So experienced traders will not find the platform useful.
Our extensive analysis of the Crypto Exchanges doesn’t stop here. You can also read about our Huobi review as an alternative to CoinSpot.
FAQ
Most frequent questions and answers
Coinspot is a trustworthy and reputable exchange as it has never been hacked since its founding in 2013.
It is also the first Australian crypto platform to get the internationally recognized ISO 27001 certification.
In terms of its services offered by Coinspot, the exchange is great for beginners starting trading in the crypto space as it is easy to use and offers a lot of instant options.
However, Coinspot does not accept users from other countries, so it is limited to Australian traders.
Coinspot offers lots of cryptocurrencies similar to Binance but that is about it. Binance is the world’s largest cryptocurrency exchange by trade volume and offers tons of crypto products like margin trades, futures, charts, graphs, and much more.
However, Binance is more suited to advanced users. Beginners require a steep learning curve to use the exchange adequately.
The eligibility and use of the Coinspot exchange are dependent on your country of residence. You need to reside in Australia to use Coinspot.
Coinspot is headquartered in Australia.
When compared to other crypto exchanges Coinspot charges low fees as most trades in the platform cost 0.1%.
The best cryptocurrency platform is dependent on which one satisfies your particular desire. However, some standard metrics to use include:
- Supported payment methods: The exchange has to support the deposit options you can use in your locality. Otherwise, you won’t be able to deposit funds to begin trading.
- Supported Cryptocurrencies: If you intend to buy a particular coin, then the exchange you sign up for needs to offer it.
- Supported Countries: Some exchanges are not available in particular countries so you need to confirm if it is available in yours.
- Security: You need to check if your desired exchange has the right security measures as well as their security history.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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