CoinSpot Review: Is It Safe To Use?

We have used CoinSpot for several years and have built up a solid understanding of the platform, its trading fees, deposit limits, payment methods, safety & security and customer support that we will share with you in our Coinspot review.

While we aim to provide you with the most accurate information in this Coinspot Australia review, we suggest that you visit their website to keep updated with any changes that may occur afterward. 

P.S. Read our article 10 Best Cryptocurrency Exchanges In Australia to see if Coinspot made the list.

What Is Coinspot? 

Coinspot is a licenced and regulated cryptocurrency exchange based in Australia that provides a safe and secure platform to buy Bitcoin and popular cryptocurrencies. Coinspot was established in 2013 and is regarded as one of the best cryptocurrency exchanges in Australia. Users are able to buy Bitcoin instantly or trade the open market and speculate on prices to earn potential profits. 

coinspot login

Coinspot Compared

Bank transfer is one the most popular methods to deposit AUD on Coinspot. This comparison table lists other popular Australian cryptocurrency exchanges that allow investors to buy Bitcoin with a bank transfer.

Exchange

Fee

Rating

Website

swyftx

0.6% (low spreads)

5 / 5

independent reserve

0.5% (volume based)

4.5 / 5

coinjar exchange

0.1% - 1%

4.3 / 5

coinspot

0.1% - 1%

4.3 / 5

You might also be interested in reading these guides:

Is Coinspot Safe?

Coinspot appears to be a safe cryptocurrency exchange with state-of-the-art security measures to protect its users information and funds stored in wallets. The exchange has never been hacked and is also the first cryptocurrency exchange in Australia to receive an ISO information security accreditation on its security systems.  

Is Coinspot Legit?

CoinSpot appears to be a legit cryptocurrency exchange with thousands of users in Australia. The exchange is regulated and complies with Australia’s new Anti-Money Laundering and Counter-Terrorist Financing laws which is enforced by AUSTRAC.

Creating An Account With Coinspot

To create an account with CoinSpot, follow these easy steps (step-by-step commentary below):

Step 1 - Register with CoinSpot

Click here to go to the CoinSpot sign in page on the official website.

Once you have loaded the website, click 'Register' at the header of the page which will direct you to a new page to create an account. Simply fill in your details and click 'I'm not a robot'. Complete the puzzle then click 'Create Account'.

Step 2 - CoinSpot Verification

The next step before you deposit any funds is to verify your account. The CoinSpot verification process needs to be completed before being able to withdraw funds.

Before you ask 'is CoinSpot safe?' Just know that every exchange is required to complete a verification process so don't be concerned. Due to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 a full identity check is required in accordance with AUSTRAC to be able to deposit or withdraw AUD from CoinSpot.

The identity check is for your safety to prevent identify theft, fraud and is part of an exchange's due diligence procedure. To start, click the profile picture in the top right and go to 'Verification'. Then complete the fields which will take you to another form to enter in your personnel details:

  • Verify your email address & phone number
  • Enter in your personal details
  • Upload a photo of your drivers licence or passport

Step 3 - Activate Two Factor Authentication

While entering a strong password is generally secure, we recommend turning the Coinspot Google Authenticator security feature on to require multi-factor authentication. It will mean there is another step each time you login to your account. However, you will have peace of mind your funds and Bitcoin are secure.

On the dashboard, there will be a reminder at the top every time you login to activate 2FA. Simply click the link 'Enable 2FA' to get started.

To activate Coinspot 2FA on your account:

  • Download and Open the Google Authenticator App on your mobile
  • Enter the secret code or scan the QR code shown
  • Enter the current token (number) which is displayed on the Google Authenticator App into the 'token' box
  • Click 'Submit' and it's all ready to go!
coinspot google authentication

Step 4 - Link to Bank Account

The next step is to connect your bank account. To do this, click the profile picture in the top right and go to 'Bank Details'. This will take you to a page where you fill in your bank details and you're ready to fund your account.

Step 5 - Fund the Account

One of the great things about CoinSpot is that they accept AUD dollars and have multiple methods to fund your account, including instant Bitcoin purchase options:

coinspot cash deposit

To fund the account, simply click on the 'Fund Account' button which will take you to the screen below. This is where you select your preferred payment method and the deposit amount (AUD).

Step 6 - Buy and Sell Cryptocurrency

Now that your CoinSpot account is verified, 2FA enabled and funded, you are all set to make an instant Bitcoin purchase. You can find your Bitcoin wallet by clicking the link at the top of the page. 

Simply click on 'Buy Bitcoin' and enter the amount of AUD. The CoinSpot BTC price on the day will be displayed above or go to the graph for the live CoinSpot Bitcoin price.

User Interface

Coinspot's interface is a simple dashboard that allows you to monitor your different wallets. This is perfect for those that simply want to make a Bitcoin or cryptocurrency purchase or sell. 

To buy a cryptocurrency there is a simple order-entry form which gives an estimate of the AUD to pay for in exchange of the given amount of coins.

coinspot dashboard

For those that are looking to buy or sell using technical chart analysis, the trading interface uses charts by TradingView to visually display the live Bitcoin price. The CoinSpot price chart is more than adequate to draw trend lines, add indicators and draw patterns for the more advanced to time a buy or sell order.   

Although if you intend to be a Bitcoin speculative trader, the trading fees might accumulate so would not recommend CoinSpot if that is your intention. Short term Bitcoin traders that prefer to trade using leverage would be better suited to using a margin crypto trading exchange.

coinspot bitcoin chart

Deposit Methods

CoinSpot supports a number of deposit methods such as POLi Payments, PayID, BPAY and Cash. This feature involves going to a newsagent and using Blueshyft.

The exchange does not support instant Bitcoin purchases using credit / debit card or PayPal. If you prefer to purchase cryptocurrency with a debit or credit card, check out Changelly, SwapSpace and ChangeNOW

Payment Method

Fee

Deposit Limit

Deposit Time

Description

POLi

Free

$10,000 per day

Instant

Bank transfer from your internet banking account directly into your CoinSpot account.


PayID

Free

Depends on bank

Instant

Instant Bitcoin purchase method using the Australia wide New Payments Platform (NPP) which allows rapid bank transfers from your bank account.


BPAY

0.9%

$10,000 per day

0-2 business days

Log into your bank account and make a payment using a Biller Code and Customer Reference number.


Cash Deposit

2.5%

$8,000 per day

Instant

CoinSpot allows cash deposit at nominated news agencies across Australia. There is a good chance there is a branch near you to make a deposit using cash.


Coinspot Fees

Exchange fees are a important consideration when selecting a crypto exchange in Australia. It becomes even more critical when investing larger amounts.  Coinspot's fee structure varies on how the coins are bought and sold as follows:

  • Instant Buy, Sell and Swaping Coins: Flat 1% fee
  • Stop loss, take profit, buy stop and buy limit orders: 1% fee
  • Market Orders to buy and sell on the exchange: 0.1% Fee
  • Buy and sell through the Coinspot Over-The-Counter trading desk: 0.1% fee

Deposit & Withdrawal Fees

Coinspot does not charge a deposit or withdrawal fee if you use POLi or PayID deposit methods. Other payment methods such as BPAY carry a 0.9% fee and cash deposits at a supported newsagent a 2.5% fee. For a list of other exchanges in Australia that accept cash deposit, read this article.

CoinSpot OTC

Whether new to trading Bitcoin and cryptocurrency or an experienced trader, CoinSpot allows Over The Counter (OTC) trading for high net worth investors. The exchange offers assistance with high value deposits & withdrawals including supprt Self Managed Super Fund (SMSF) & Business Account on-boarding.

CoinSpot Buy / Sell Limits

CoinSpot buy and sell limits are:

  • BTC, XRP, NPXS, HOT - $100,000 per transaction
  • LTC, ETH, EOS, ADA, TRX, VET, DOGE, ICX, NEO, OMG - $50,000 per transaction.

How to Find the specific Buy and Sell limits for coins?

Navigate to the 'Buy/Sell' button at the top of the page and select the coin you want. Under the available CoinSpot funds the limit will be shown. You can find the sell limit in the same position if you click on sell instead of buy.

Supported Cryptocurrencies

CoinSpot allows its users to invest in fact over 200 cryptocurrencies that include:

CoinSpot wallet can store coins, convert back to AUD or swap to another cryptocurrency. CoinSpot regularly adds new coins which is great for altcoin investors and traders.

Coinspot Security

Coinspot takes security seriously and complies with the International Organization for Standardization for its security systems. Coinspot is the only cryptocurrency exchange in Australia to be accredited for its security systems. Funds stored on the Coinspot wallet are kept safe until transferred to a personnel hardware wallet.

To protect user accounts from fraudulent activity, CoinSpot uses two-factor authentication (2FA) which requires users to enter a code that is generated on the registered mobile device to login into the platform.

Referral Program

CoinSpot's referral program is eligible to all users of the exchange by sharing a referral code to friends and family to both receive $10 worth of Bitcoin after they complete their first AUD deposit. The exact amount of Bitcoin (BTC) credited will be the equivalent value of $10 at the time the referred party completes their first AUD deposit. The referral link can be found in the dashboard area.

Affiliate Program

CoinSpot has an affiliate program that rewards its users for promoting their services to the community. The commission rate starts at 30% and is effective for 12 months from the verification of each member.

Users that refer customers using an affiliate link and is verified from January 1st 2020 will be entitled to 30% commission on trading fees until January 1st 2021. The commission rate decreases gradually every 12 months. 

Coinspot Alternatives

The following alternatives to Coinspot are reputable and trustworthy cryptocurrency exchanges in Australia.

Exchange

Deposit Method

Fees

Website

Coinspot

PayID

POLi

BPAY

Cash Deposit

1%

Swyftx

PayID

POLi

BPAY

0.6%

Independent Reserve

Bank Transfer (EFT)

PayID

POLi

Swift

0.05% - 0.5%

Coinjar

PayID

BPAY

Cash Deposit

1%

Binance

Bank Transfer (EFT)

Credit card / Debit card

2.5%

Frequently Asked Questions

Has Coinspot Been Hacked?

Coinspot has not been hacked or compromised since it was established in 2014. The exchange features a high security standard to protect against malicious hackers and thefts. Coinspot is the first crypto exchange in Australia to receive an ISO information security accreditation.

How Long Does It Take To Verify My CoinSpot Account?

Coinspot's verification process has been streamlined and takes a few minutes to complete. Once verification of user's identity documents have been approved, they can buy and sell crypto using Australian dollars on the exchange.

Is CoinSpot A Wallet?

CoinSpot includes a secure online wallet to store your recently purchase cryptocurrencies. This wallet can be used to send and receive your coins to other exchanges or a hardware wallet. The CoinSpot wallet is easy to use and a great way for beginners to keep their coins safe.

Does CoinSpot allow investing in Bitcoin using SMSF?

Yes, Australian’s that wish to utilize their Self Managed Super Funds (SMSF), there is an option to create a CoinSpot account to specifically invest with your SMSF. This allows you to buy cryptocurrencies with your Australian Super such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and many others.

Conclusion: What's Our Verdict On CoinSpot?

To conclude our CoinSpot review, we believe the exchange is a safe to buy Bitcoin due to its compliance with Australia’s new Anti-Money Laundering and Counter-Terrorist Financing laws. It appears to be a well trusted Australian Bitcoin exchange that is highly respected in the local cryptocurrency community. 

However, we have found the trading fees are a bit too high and are much better options with lower trading fees such as Swyftx. We encourage you to read our article on the best crypto exchanges in Australia too.

In summary, you should consider using Coinspot if:

  • You want an established, well trusted and reputable fiat-to-crypto exchange
  • You want an exchange that offers a wide variety of cryptocurrencies
  • You are looking for a regulated cryptocurrency exchange in Australia
  • You want a safe and secure exchange to deposit AUD
  • You like using TradingView charts and advanced tools
  • You want to buy crypto using a SMSF

Exchange fees are a very important consideration for any prospective cryptocurrency investor. The following exchanges - in addition to the above exchange - provide very competitive trading, deposit and withdrawal fees (with no hidden charges) with a wide variety of deposit methods that will suit all types of investors in Australia. 

  1. Swyftx
  2. Independent Reserve
  3. Zebpay
  4. Digital Surge
  5. Cointree
  6. BTC Markets
  7. ZipMEX
  8. CoinJar
  9. Bitcoin Australia
  10. Easy Crypto
  11. Binance Lite

Coinspot

4.3

Ease of use

4.5/5

Reputation

4.8/5

Fees

3.5/5

Deposit methods

4.3/5

Security

4.5/5

Pros

  • Beginner friendly
  • Well established
  • Over 100 crypto coins
  • Variety of deposit methods
  • Security accredited

Cons

  • No mobile app
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Kevin
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 after discovering it's potential as an alternative to fiat currency. He is also a trader with over 8 years of experience and is now trading crypto using various platforms. Now, he is focussed on helping others learn about cryptocurrencies via hedgewithcrypto.

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