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.
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.
0.6% (low spreads)
5 / 5
0.5% (volume based)
4.5 / 5
0.1% - 1%
4.3 / 5
0.1% - 1%
4.3 / 5
You might also be interested in reading these guides:
- Best Websites To Sell Bitcoin For Cash In Australia [Instantly]
- 7 Ways To Buy Bitcoin With Cash In Australia
- 8 Best Zero-Fee Crypto Exchanges (Commission-Free Trading)
- 5 Coinspot Alternatives With Lower Fees
- Top 10 FAQ’s On Crypto Tax In Australia (That Could Save You Money)
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):
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'.
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
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!
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.
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:
- Cash Payment
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).
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.
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.
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 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.
$10,000 per day
Bank transfer from your internet banking account directly into your CoinSpot account.
Depends on bank
Instant Bitcoin purchase method using the Australia wide New Payments Platform (NPP) which allows rapid bank transfers from your bank account.
$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.
$8,000 per day
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.
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.
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.
CoinSpot allows its users to invest in fact over 200 cryptocurrencies that include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Stellar Lumens (XLM)
- Tron (TRX)
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 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.
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.
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.
The following alternatives to Coinspot are reputable and trustworthy cryptocurrency exchanges in Australia.
Bank Transfer (EFT)
0.05% - 0.5%
Bank Transfer (EFT)
Credit card / Debit card
Frequently Asked Questions
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.
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.
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.