Coinspot Review 2024

Autor

Revisor

Last update: 6 months ago

Our veredict

CoinSpot has established itself as a strong contender in the cryptocurrency exchange market, particularly appealing to those who value a user-friendly platform and robust security measures. One of the most significant advantages of CoinSpot is its extensive selection of cryptocurrencies, which not only includes major players like Bitcoin and Ethereum but also offers a wide variety of altcoins. This diverse range of trading options makes it a preferred choice for users looking to explore different cryptocurrency investments.

However, it’s important to note that while CoinSpot excels in usability and variety, some users have pointed out that its fee structure can be on the higher side compared to other platforms. This aspect might detract from its appeal, particularly for more cost-sensitive traders. Despite this, CoinSpot’s commitment to security, evidenced by multi-layered security protocols including custom withdrawal restrictions and optional biometric logins, reinforces its reputation as a secure and reliable platform for cryptocurrency trading. Overall, CoinSpot presents a well-rounded option for traders looking for diversity in crypto options and a user-focused experience, albeit at a potentially higher cost.

Pros

Cons

Threenvest Score

Fees

0,10%/1%

U.S Legal

With the confidence of Threenvest

Year Founded Coinspot was founded in 2013, making it one of the oldest cryptocurrency exchanges in Australia. Its longevity in the market provides a level of reliability and trust that newer exchanges might not have established yet.

Number of Users Coinspot has built a substantial user base over the years, serving hundreds of thousands of users. This large user base indicates a strong level of trust and satisfaction among its customers.

Security Methods Coinspot employs robust security measures, including two-factor authentication (2FA), SSL encryption, and cold storage for the majority of its digital assets. These measures ensure that user funds are kept secure from potential cyber threats.

Reputation and Reviews Coinspot has garnered positive reviews from its users and is generally regarded as a reputable exchange. Its commitment to providing a user-friendly platform and responsive customer support has contributed to its favorable reputation in the cryptocurrency community.

Customer Service Coinspot offers comprehensive customer service, including live chat support and a detailed FAQ section to assist users with their queries. This level of support helps ensure that users can resolve issues promptly and efficiently, further building trust in the platform.

Best Crypto Exchanges

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About Coinspot

Introduction

Coinspot is a well-regarded cryptocurrency exchange based in Australia, known for its user-friendly platform and a wide selection of cryptocurrencies. It caters to both beginners and experienced traders, offering an easy and secure way to trade digital assets.

What is Coinspot?

Coinspot is an Australian cryptocurrency exchange that allows users to buy, sell, and trade a wide variety of digital currencies. It provides a simple interface and various payment methods, making it accessible for users to manage their crypto investments.

Background and History

Coinspot was founded in 2013 by Russell Wilson with the vision of making cryptocurrency trading accessible to Australians. Over the years, the platform has grown significantly, expanding its cryptocurrency offerings and integrating multiple payment options. Coinspot has also gained a reputation for its robust security measures and regulatory compliance, adhering to the guidelines set by the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Founders

The exchange was established by Russell Wilson, who continues to play a pivotal role in its development and operations. Wilson’s background in technology and finance has been instrumental in shaping Coinspot into a reliable and user-centric cryptocurrency platform.

Fun Facts and Headlines

Coinspot is one of the oldest cryptocurrency exchanges in Australia, launched in 2013.
It was one of the first exchanges in Australia to implement AML (Anti-Money Laundering) and KYC (Know Your Customer) procedures.
The platform has been recognized for its user-friendly design and has received positive reviews for its customer support services.
Coinspot’s secure wallet services ensure the safe storage of digital assets, which has significantly contributed to its popularity and trustworthiness among users.

Coinspot continues to evolve, aiming to provide seamless and secure cryptocurrency trading experiences for its users while maintaining a strong commitment to regulatory compliance and security.

Why Choose Coinspot?

Coinspot stands out as an excellent choice for both novice and experienced cryptocurrency traders due to its user-friendly interface and extensive range of supported cryptocurrencies. With over 300 digital assets available, users can easily diversify their portfolios and take advantage of a broad spectrum of investment opportunities. The platform’s intuitive design makes it easy for newcomers to navigate and execute trades efficiently, while experienced traders can appreciate the comprehensive market data and tools provided.

Security is another significant advantage of Coinspot. The exchange employs industry-leading security measures, including two-factor authentication, SSL encryption, and the majority of funds held in cold storage. This commitment to security ensures that user assets are well-protected from potential threats, providing peace of mind for traders.

Additionally, Coinspot’s strong customer support system enhances the overall user experience. With live chat support and a detailed help center, users can quickly get assistance with any issues they encounter. This level of support, combined with the platform’s robust security and ease of use, makes Coinspot a reliable and trustworthy option for cryptocurrency trading.

Where it falls short

High Transaction Fees One of the most significant drawbacks of Coinspot is its relatively high transaction fees. These fees can deter cost-sensitive traders who are looking for more economical options. High transaction fees can eat into profits, especially for active traders who perform multiple trades daily. How to Improve: Coinspot could address this issue by introducing a tiered fee structure that rewards high-volume traders with lower fees. Additionally, implementing periodic fee discounts or promotional events could attract more users and provide a more competitive edge against other exchanges with lower fee structures.

Limited Advanced Trading Features While Coinspot offers a user-friendly platform that is excellent for beginners, it lacks some advanced trading features that more experienced traders might look for. These features include advanced charting tools, margin trading, and a wider variety of order types. How to Improve: To cater to a broader audience, Coinspot could enhance its platform by incorporating advanced trading tools and features. Introducing margin trading options, more sophisticated charting tools, and a wider variety of order types (such as stop-limit and trailing stop orders) would make the platform more appealing to experienced traders looking for a comprehensive trading experience.

Features	Explanation
Minimum Trade	Low minimum trade amount ensures accessibility.
Trading and Transaction Fees	0.1% for market trades, 1% for instant trades.
Number of Cryptocurrencies	Supports over 400 cryptocurrencies.
Crypto-to-Crypto Trading Pairs	Extensive crypto-to-crypto trading pairs available.
Website Transparency	Clear and detailed information, but some fees are high.
Credit/Debit Card	CoinSpot offers a digital Mastercard that allows users to spend their cryptocurrencies for in-store and online purchases, with support for over 380 cryptocurrencies. It provides real-time AUD conversion and integration with Apple Pay and Google Pay for easy transactions.
Storage Offering	Secure wallet services with multi-chain support.
Staking and Rewards	Offers staking for 23+ coins with competitive APYs.
Mobile App and Desktop	User-friendly mobile app available for iOS and Android.
Customer Service	24/7 customer support via live chat and email.
Deposit and Withdraw	Free AUD withdrawals; small fees for certain deposit methods.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert on our website, I recommend Coinspot for anyone entering the cryptocurrency market. Its intuitive interface and robust security measures make it an ideal platform for beginners. The variety of supported cryptocurrencies ensures ample opportunities for diversification, while its responsive customer service provides excellent support. Although the transaction fees are a bit higher, the platform’s reliability and ease of use make it a strong contender for your crypto trading needs.

Fees

Coinspot employs a straightforward fee structure that varies depending on the type of transaction. For market trades, the platform charges a competitive 0.1% fee, which is below the industry average. Instant buy, sell, and swap orders incur a higher fee of 1%, reflecting the convenience of immediate transactions. Over-the-counter (OTC) trades also attract a 0.1% fee, making them cost-effective for large volume transactions. Deposits via POLi, PayID, and Direct Deposits are free, while BPAY and cash deposits have fees of 0.9% and 2.5% respectively. Withdrawals in Australian dollars are free, but cryptocurrency withdrawals are subject to standard network fees.

Pros

Low Market Order Fees Coinspot charges a competitive 0.1% fee for market orders, which is below the industry average, making it cost-effective for traders who execute large volumes of market trades.
No Fees on AUD Withdrawals Withdrawals in Australian dollars (AUD) are free, which is a significant advantage as most exchanges charge a fee for fiat withdrawals.
Simple Fee Structure The fee structure is straightforward and transparent, making it easy for users to understand and anticipate their costs. This clarity helps users manage their trading expenses better.

Cons

High Instant Buy/Sell Fees Coinspot charges a 1% fee for instant buy, sell, and swap transactions, which is considerably higher than the fees for market orders. This can be a drawback for users who prefer the convenience of instant transactions.
High Fees for Certain Deposit Methods While many deposit methods are fee-free, using BPAY incurs a 0.9% fee, and cash deposits through BlueShyft attract a 2.5% fee. These higher fees can add up, especially for frequent deposits.

Coinspot Commissions Analysis

Coinspot offers a straightforward and competitive fee structure, designed to cater to both beginners and advanced traders. Here’s a detailed look at the various fees and commissions associated with using Coinspot.

Trading Fees

Market Orders:

Coinspot charges a flat fee of 0.1% for market trades. This is notably lower than the industry average, making it attractive for users who engage in frequent trading .

Instant Buy/Sell and Swap Orders:

For instant transactions, Coinspot charges a 1% fee. This higher fee reflects the convenience of immediate transactions but can be a drawback for users who prefer lower-cost trading options .

Over-the-Counter (OTC) Trades:

OTC trades also incur a 0.1% fee. This is beneficial for large volume trades (starting from AUD 100,000), offering the same low rate as market orders while providing personalized trading services .

Advanced Trading Tools:

Tools such as Take Profit, Stop & Limit Orders, and Recurring Buy orders also have a 1% fee. These tools help experienced traders execute sophisticated trading strategies, albeit at a higher cost .

Deposit Fees

Free Deposit Methods:

Deposits via POLi, PayID, and Direct Deposits are free, making it easy and cost-effective for users to fund their accounts .

Paid Deposit Methods:

BPAY deposits incur a 0.9% fee, and cash deposits through BlueShyft come with a 2.5% fee. These fees can add up, particularly for frequent deposits .

Withdrawal Fees

Free AUD Withdrawals:

Withdrawing Australian dollars is free, which is a significant advantage, especially compared to many other exchanges that charge for fiat withdrawals .

Cryptocurrency Withdrawals:

Cryptocurrency withdrawals are subject to network mining fees. These fees vary depending on the blockchain network’s current conditions, which is standard practice across most exchanges .

Staking and Rewards

Staking Services:

Coinspot offers staking for over 23 cryptocurrencies, allowing users to earn rewards on their holdings. The staking service is fee-free, which enhances its appeal to users looking to earn passive income without additional costs .

Conclusion

Coinspot’s commission structure is generally competitive, especially with its low market order and OTC trading fees. However, the higher fees for instant transactions and certain deposit methods might be a deterrent for some users. Despite these drawbacks, Coinspot’s overall fee transparency and the absence of fiat withdrawal fees make it a strong contender in the cryptocurrency exchange market.

Product selection

CoinSpot is a user-friendly cryptocurrency exchange ideal for beginners. It offers a wide range of cryptocurrencies, with over 360 coins available for trading. The platform is known for its intuitive interface, making it easy to buy, sell, and trade digital assets. CoinSpot also provides a secure environment, with features like two-factor authentication and offline storage for user funds. Additionally, it supports a variety of payment methods, including bank transfers and credit/debit cards, ensuring convenience for Australian users. However, CoinSpot has some drawbacks. Its trading fees can be relatively high compared to other exchanges, particularly for instant buys. While it excels in security and user experience, advanced traders might find the lack of sophisticated trading tools and features limiting. Despite this, CoinSpot remains a strong choice for those new to cryptocurrency trading, offering simplicity and a broad selection of assets.º

Pros

Wide Range of Cryptocurrencies Supports over 400 cryptocurrencies, offering extensive trading options.
User-Friendly Mobile App The mobile app provides full functionality for trading and account management on the go.
Secure Wallet Services Multi-chain support with robust security measures including cold storage.

Cons

Read more about product selection in Coinspot

Coinspot Services and Products

Spot Trading

Coinspot offers spot trading for over 400 cryptocurrencies, allowing users to buy and sell digital assets directly with Australian dollars (AUD). The platform supports various order types, including market orders, limit orders, and stop-limit orders, making it versatile for different trading strategies.

Instant Buy/Sell and Swaps

Users can instantly buy, sell, and swap cryptocurrencies with a 1% fee. This feature is designed for convenience, enabling quick transactions without waiting for market orders to be filled.

Staking and Earn Program

Coinspot allows users to stake more than 23 different cryptocurrencies and earn competitive annual percentage yields (APYs). The staking service is fee-free and provides rewards that are added to users’ wallets daily, enhancing the potential for passive income.

NFT Marketplace

The platform includes an NFT marketplace integrated with OpenSea, offering a wide range of digital collectibles. Users can explore, buy, and sell NFTs directly on Coinspot, expanding their portfolio beyond traditional cryptocurrencies.

Bundles

Coinspot offers pre-made crypto bundles that allow users to invest in a diversified portfolio of cryptocurrencies with a single purchase. These bundles are categorized by themes such as top market cap coins, DeFi projects, and more, making diversification straightforward and accessible.

CoinSpot Mastercard

The CoinSpot Mastercard is a prepaid debit card that lets users spend their cryptocurrency in stores and online wherever Mastercard is accepted. The card supports all cryptocurrencies available on Coinspot and can be added to mobile wallets like Apple Pay and Google Pay, providing a seamless bridge between digital and fiat currencies.

Over-the-Counter (OTC) Trading

For large volume trades, Coinspot provides OTC trading services with a low 0.1% fee. This service is tailored for traders looking to execute substantial transactions with minimal price slippage.

Mobile App

Coinspot’s mobile app is available for both iOS and Android devices, offering all the functionalities of the web platform. The app includes features like trading, staking, and accessing the NFT marketplace, making it convenient for users to manage their portfolios on the go.

Wallet Services

Coinspot provides a secure multi-chain wallet that supports all listed cryptocurrencies. The wallet includes features such as two-factor authentication, cold storage, and easy deposit and withdrawal options.

Recurring Buy Orders

Users can set up recurring buy orders to automatically purchase cryptocurrencies at regular intervals. This feature is beneficial for dollar-cost averaging strategies, helping users build their portfolios over time without manually placing each order.

Self-Managed Super Funds (SMSFs)

Coinspot supports SMSFs, allowing Australians to invest their superannuation funds in cryptocurrencies. This service includes tools for easy management and compliance with regulatory requirements, making it a unique offering in the Australian market.

Account opening

Opening an account with CoinSpot is straightforward and user-friendly, designed to cater to both beginners and experienced traders. The process is fully digital and can be completed in just a few minutes. To start, users need to sign up by providing their email address and creating a password. After that, they must verify their identity by uploading a government-issued ID and a proof of address, such as a utility bill. This KYC (Know Your Customer) process is necessary to ensure the security of all users on the platform. Once the verification is complete, users can deposit funds using a variety of payment methods, including bank transfers, POLi payments, PayID, and BPAY. CoinSpot offers a low minimum deposit requirement, making it accessible for new investors. The platform’s intuitive design makes it easy to navigate, allowing users to quickly find and trade their desired cryptocurrencies. Overall, the account opening process at CoinSpot is efficient, secure, and designed to provide a seamless onboarding experience for all users.

Pros

User-Friendly Registration The account creation process is straightforward and intuitive, making it accessible even for beginners.
Comprehensive KYC Process Coinspot’s Know Your Customer (KYC) verification ensures enhanced security and compliance with regulations, protecting user accounts from fraudulent activities.
Quick Verification The identity verification process is relatively quick, allowing users to start trading promptly after completing KYC.

Cons

Read more about account opening in Coinspot

Detailed Account Opening Process on Coinspot

How to Sign Up on Coinspot:

Visit the Coinspot Website:
- Navigate to Coinspot’s official website.
Click on ‘Register’:
- Locate the “Register” button at the top right corner of the homepage and click on it.
Enter Your Details:
- Fill in your email address and create a secure password. Enter a referral code if you have one, then click “Create Account”.
Verify Your Email:
- Check your email inbox for a verification email from Coinspot. Click the verification link within the email to confirm your email address.
Complete Profile Information:
- Log in to your newly created account and complete your profile by providing your full name, address, and date of birth.
Verify Your Identity (KYC):
- For security and regulatory purposes, Coinspot requires users to complete a Know Your Customer (KYC) process. Upload a photo of your government-issued ID (e.g., passport or driver’s license) and a selfie holding the ID. Follow the instructions to complete the identity verification.

Opening An Account:

Once your identity is verified, your account will be fully functional, allowing you to deposit funds and start trading. Coinspot ensures all personal information is encrypted and stored securely.

How to Buy Your First Cryptocurrency:

Deposit Funds:
- Go to the “Deposit Funds” section and choose your preferred deposit method (e.g., POLi, PayID, or bank transfer). Follow the instructions to deposit Australian dollars (AUD) into your account.
Navigate to the Market:
- Once your funds are deposited, navigate to the “Buy/Sell” section on the Coinspot dashboard.
Select a Cryptocurrency:
- Choose the cryptocurrency you wish to purchase from the list available.
Enter Purchase Details:
- Enter the amount of cryptocurrency you want to buy or the amount of AUD you want to spend. Review the transaction details and confirm your purchase.
Complete the Purchase:
- Click on “Buy” to complete the transaction. The purchased cryptocurrency will be credited to your Coinspot wallet instantly.

Account Types:

Standard Account: Coinspot offers a standard account that provides access to all available services, including trading, staking, and the NFT marketplace. There are no special account tiers; all users benefit from the same features and security measures.

How to Use Coinspot:

Coinspot’s platform is designed to be intuitive. Users can easily navigate between the dashboard, trading sections, staking options, and other services. The mobile app mirrors the web platform’s functionality, ensuring users can manage their accounts on the go.

Registration and KYC:

Coinspot requires all users to complete the KYC process to comply with regulatory standards and ensure the security of the platform. This process involves submitting identification documents and personal information for verification.

How to Deposit Money:

To deposit funds, visit the “Deposit Funds” section, select your preferred method, and follow the instructions. Coinspot supports multiple deposit methods, including POLi, PayID, and bank transfers, making it convenient for users to fund their accounts.

By following these steps, users can easily open an account, verify their identity, deposit funds, and start trading on Coinspot. The platform’s user-centric design and comprehensive support ensure a smooth onboarding experience for all users.

Security

CoinSpot prioritizes security to ensure the safety of its users’ funds and personal information. The exchange employs industry-standard security measures, including two-factor authentication (2FA) and offline (cold) storage for the majority of its digital assets, significantly reducing the risk of hacking. Additionally, CoinSpot is a certified member of Blockchain Australia, adhering to strict regulatory standards and best practices in the cryptocurrency industry. These measures provide users with confidence in the platform’s ability to protect their investments. However, CoinSpot is not without its limitations. While it offers robust security for funds stored on the platform, it lacks advanced security features like multi-signature wallets and biometric authentication, which are available on some other exchanges. Despite this, CoinSpot’s commitment to security and compliance with regulatory standards makes it a reliable choice for cryptocurrency trading in Australia.

Pros

1. Two-Factor Authentication (2FA): CoinSpot employs 2FA to provide an extra layer of security, ensuring that user accounts are protected from unauthorized access.
2. Cold Storage: The majority of user funds are stored in offline (cold) wallets, significantly reducing the risk of hacking and theft.
3. Regulatory Compliance: CoinSpot is a certified member of Blockchain Australia, adhering to stringent regulatory standards and best practices in the industry.

Cons

Coinspot Security Overview

Is Coinspot Legit? Coinspot is widely regarded as a legitimate and secure cryptocurrency exchange. Established in 2013, it has a long-standing presence in the Australian market. It complies with Australia’s Anti-Money Laundering laws and is registered with AUSTRAC, ensuring it meets strict regulatory standards. Regulation and Licensing Coinspot is a member of Blockchain Australia and adheres to the Australian Digital Currency Industry Code of Conduct. The exchange has also achieved ISO 27001 certification, a global standard for information security management. This certification was awarded after a comprehensive external audit by Sci Qual International, highlighting Coinspot’s commitment to maintaining high security standards. Security Methods Coinspot employs a range of advanced security measures to protect user assets and data:

Two-Factor Authentication (2FA): Users are required to set up 2FA for an additional layer of security.
Cold Storage: A majority of user funds are stored in offline, cold storage wallets, minimizing the risk of hacking.
SSL Encryption: All data transmitted between users and the platform is encrypted using SSL technology.
Custom Security Settings: Users can customize their security settings, including withdrawal restrictions and session timeout limits.
Regular Audits: The platform undergoes regular security audits to ensure ongoing compliance with best practices.

Is Coinspot Safe? Coinspot has a strong reputation for safety. It has not experienced any major security breaches, largely due to its robust security protocols. The platform also participates in the HackerOne Bug Bounty Program, encouraging ethical hackers to identify and report potential vulnerabilities.

Conclusion

Coinspot is considered one of the safest cryptocurrency exchanges in Australia. Its adherence to regulatory standards, comprehensive security measures, and ISO 27001 certification ensure a high level of trust and reliability for users. While users are always encouraged to practice good security hygiene, Coinspot’s infrastructure provides a secure environment for trading and storing cryptocurrencies.

Customer service

CoinSpot’s customer service is generally well-regarded for its responsiveness and helpfulness. The exchange offers multiple support channels, including email and live chat, which are available to assist users with their queries and issues. The live chat feature is particularly appreciated for providing real-time assistance, which can be crucial for resolving urgent matters. Additionally, CoinSpot’s comprehensive Help Centre offers a wide range of articles and guides to help users navigate the platform and troubleshoot common problems on their own. Despite these strengths, some users have reported occasional delays in response times, particularly during periods of high demand. While the support team is knowledgeable and friendly, the lack of 24/7 customer service can be a drawback for users who require assistance outside of regular business hours. Overall, CoinSpot provides solid customer support with room for improvement in terms of availability and response times.

Pros

24/7 Availability Customer support is available around the clock, ensuring users can get help anytime they need it.
Comprehensive FAQ and Help Guides The extensive help desk and FAQ section provide users with a wealth of information and self-help resources.
Live Chat Option Real-time support through live chat helps resolve issues quickly and efficiently.

Cons

Read more about customer service in Coinspot

Coinspot Customer Service Overview

Customer Support: Coinspot provides robust customer support available 24/7 to assist users with any questions or issues they might encounter. The support team is known for being friendly and knowledgeable, ensuring that users receive prompt and helpful responses. The availability of live chat support allows for real-time assistance, which can be crucial for resolving urgent issues quickly. Reputation and Customer Feedback: Coinspot enjoys a positive reputation among its users. It has garnered high ratings on review platforms such as Trustpilot and ProductReview, with users often praising its ease of use, security measures, and customer support. For instance, Coinspot holds a rating of 4.4 out of 5 on Trustpilot and 4.2 out of 5 on ProductReview, indicating a high level of customer satisfaction. Contact Methods: Users can reach Coinspot’s customer support through multiple channels:

Live Chat: Available 24/7 for real-time support.
Email: Users can contact support via email at support@coinspot.com.au.
Help Desk: The website features a comprehensive help desk and FAQ section where users can find answers to common questions and detailed guides on platform features.

Response Time: The response times for Coinspot’s customer support are generally prompt. Live chat typically provides immediate assistance, while email responses are also known to be timely. Users have reported positive experiences with the speed and efficiency of the support team, ensuring minimal disruption to their trading activities.

Additional Information

User Feedback: Customers frequently highlight the platform’s user-friendly interface and the professionalism of the support team. Issues are usually resolved quickly, contributing to a high level of trust and satisfaction among users. Support Documentation: The help desk and FAQ section on Coinspot’s website offer extensive resources. These include step-by-step guides, detailed explanations of platform features, and troubleshooting tips, enabling users to find solutions independently if they prefer. In summary, Coinspot’s customer service is comprehensive and user-focused, providing multiple support channels and maintaining a high standard of responsiveness and effectiveness. This strong support infrastructure significantly enhances the overall user experience on the platform.

Is coinspot Right for You?

You Value Security and Regulatory Compliance: Coinspot is a highly secure and regulated exchange. With ISO 27001 certification and registration with AUSTRAC, it adheres to stringent security and regulatory standards. If you prioritize the safety of your assets and want to trade on a platform that complies with local regulations, Coinspot is an excellent choice.
You Prefer a User-Friendly Platform: Coinspot is designed with ease of use in mind, making it accessible for both beginners and experienced traders. The intuitive interface, comprehensive help guides, and responsive customer support ensure that even those new to cryptocurrency can navigate the platform with confidence. If you’re looking for a straightforward and hassle-free trading experience, Coinspot is ideal.
You Need Comprehensive Customer Support: Coinspot offers 24/7 customer support through live chat and email, providing timely and effective assistance whenever you need it. The platform also boasts positive user feedback and a wealth of support documentation, making it easy to find answers to common questions. If reliable and accessible customer service is a priority for you, Coinspot meets that need exceptionally well.

Coinspot compared to other crypto exchanges

Threenvest score

Fees

0,10%/1%

US Legal

Security

High 4,9/5

On the exhange website

Threenvest score

4,9

Fees

0,40%/0,60%

US Legal

Yes

Security

High 4,9/5

Coinbase

Threenvest score

4,9

Fees

US Legal

Yes

Security

High 4,9/5

Available cryptocurrencies and countries available

Available Cryptocurrencies and Countries on Coinspot

Coinspot offers an extensive selection of over 400 cryptocurrencies, providing traders with a wide variety of digital assets to choose from. This includes popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many altcoins like Cardano (ADA) and Polkadot (DOT). However, some notable cryptocurrencies, such as Binance Coin (BNB) and certain privacy coins, are not available on the platform. Coinspot primarily serves the Australian market and is exclusively available to Australian residents. This means that users must have an Australian bank account and a mobile phone number to open an account on Coinspot. The platform does not support users from other countries, including the United States and many others. Therefore, if you are an international user, you will need to look for alternative exchanges that cater to your region.

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Bitcoin Cash (BCH)
Cardano (ADA)
Polkadot (DOT)
Chainlink (LINK)
Stellar (XLM)
Litecoin (LTC)
Dogecoin (DOGE)
Solana (SOL)
Uniswap (UNI)
Binance Coin (BNB)
Tether (USDT)
Avalanche (AVAX)
Tezos (XTZ)
Cosmos (ATOM)
VeChain (VET)
Tron (TRX)
Shiba Inu (SHIB)

Main countries where you can open an account

CoinSpot only allows Australian residents to open accounts.

FAQs

What is CoinSpot?

CoinSpot is a leading Australian cryptocurrency exchange founded in 2013. It offers a platform for users to buy, sell, and trade over 400 cryptocurrencies with Australian dollars (AUD). The platform is known for its user-friendly interface, robust security measures, and various trading options .

Is CoinSpot safe to use?

Yes, CoinSpot is considered one of the safest cryptocurrency exchanges in Australia. It complies with Australian financial regulations, holds ISO 27001 certification for information security, and uses robust security measures including two-factor authentication (2FA), SSL encryption, and cold storage for the majority of its assets .

What is CoinSpot's CoinSwap feature?

CoinSwap is CoinSpot’s native tool for exchanging one cryptocurrency for another. It allows users to execute instant trades for over 130 cryptocurrencies with locked-in pricing, making it a convenient option for users looking to quickly swap their assets without using the main trading interface .

Can I use CoinSpot outside of Australia?

No, CoinSpot is exclusively available to Australian residents. Users need an Australian bank account and mobile phone number to register and use the platform. It does not support international users .

What fees does CoinSpot charge?

CoinSpot charges a flat 0.1% fee for market trades and OTC trades. Instant buy, sell, and swap orders incur a 1% fee. Deposits using POLi, PayID, and direct deposits are free, while BPAY and cash deposits have fees of 0.9% and 2.5%, respectively. Withdrawals to Australian bank accounts are free, but withdrawing cryptocurrency incurs a network mining fee .

What payment methods are supported by CoinSpot?

CoinSpot supports multiple payment methods for deposits including POLi, PayID, BPAY, cash deposits, and bank transfers. However, it does not support credit or debit card deposits. Withdrawals can be made to Australian bank accounts or as cryptocurrency transfers .

Does CoinSpot require identity verification?

Yes, CoinSpot requires users to complete a Know Your Customer (KYC) verification process to deposit or withdraw AUD. This involves providing personal information, a photo ID, and a selfie holding a handwritten note. The verification process can take up to two days .

Final opinion on Coinspot

In conclusion, CoinSpot stands out as a premier choice for Australian cryptocurrency enthusiasts, thanks to its comprehensive offerings and commitment to security. With over 400 cryptocurrencies available for trading, CoinSpot provides one of the largest selections in the market, making it an attractive option for both beginners and experienced traders. The platform’s user-friendly interface, coupled with its advanced security measures, ensures a seamless and secure trading experience. CoinSpot’s adherence to Australian financial regulations and its ISO 27001 certification further bolster its reputation as a reliable and trustworthy exchange. Features like the CoinSwap tool and various deposit methods add to the convenience, making it easy for users to manage their crypto assets efficiently.

However, CoinSpot does have some limitations when compared to other global exchanges. Its exclusivity to Australian residents restricts its accessibility, and the higher fees for instant transactions might be a deterrent for some users. Additionally, the absence of credit or debit card deposit options can be inconvenient. Despite these drawbacks, CoinSpot remains a solid choice for Australian users seeking a secure and diverse trading platform. At Threenvest, we recognize CoinSpot’s strengths in offering a wide range of cryptocurrencies and maintaining top-notch security, making it a recommended option for those eligible to use its services.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.