CoinSpot Review 2022: Features, Fees & Safety

Updated: Jun 23rd, 2022
Kevin Groves
Kevin Groves
CoinSpot Review 2022: Features, Fees & Safety

CoinSpot is a premium digital currency provider within Australia that is beginner-friendly and easy to use. The exchange is often regarded as one of the top cryptocurrency platforms in Australia and is well known in the local community. This CoinSpot review will assess and compare the main features such as its overall trading experience, deposit methods, fees, security and customer support. Our methodology for this assessment includes creating an account, depositing funds and trading crypto to experience the full features of the exchange.

This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

Quick Summary

CoinSpot is a reputable and safe exchange in Australia to buy cryptocurrencies. The platform provides a safe environment for individuals, companies, and Super Fund investors to buy, trade, and sell Bitcoin and over 360 cryptocurrencies. The Australian exchange is recommended for beginners due to its easy-to-use interface and mobile app.

Exchange NameCoinSpot
Fiat CurrencyAUD
Cryptocurrency350+
Payment TypePOLI, PayID, BPAY, Cash Deposit
Trading Fee0.1% & 1%
Deposit FeeBPAY: 0.9%, Cash Deposit: 2.5%
AUD Withdrawal FeeNone
Mobile AppYes

Pros & Cons

Overall, the advantages of using CoinSpot far outweigh the disadvantages. The strict compliance with AUSTRAC regulations provides peace of mind for new investors in the market that can use a beginner-friendly exchange to buy crypto. The wide selection of digital assets is appealing and can be purchased using dollar-cost averaging. However, the biggest negative with CoinSpot is the expensive trading fees to instant buy/sell, using advanced orders and recurring orders.

What Is CoinSpot

CoinSpot is an Australian cryptocurrency exchange based in Melbourne with more than 2 million customers that provide a safe and secure platform for buying and selling cryptocurrencies. Users are able to buy or sell Bitcoin or more than 360 digital currencies instantly or trade the open market to speculate and earn potential profits. 

Founded in 2013, CoinSpot is an AUSTRAC licensed and Blockchain Australia member that provides a safe and secure platform for digital currencies. Coinspot is a legitimate company that is licensed under Casey Block Services Pty Ltd ABN 19 619 574 186, trading as CoinSpot. The exchange is regulated by Australia's highly governed financial sector to ensure proper conduct and operations with investors' money. 

coinspot websitecoinspot websiteCoinspot website.

Is CoinSpot Legit?

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

Top Features & Services

Ease of Use

CoinSpot is best-suited for beginners that want to buy and sell cryptocurrency using Australian Dollars. The design of the platform is modern, intuitive and simple to use for newbies. The process of creating an account, completing ID verification, depositing funds, selecting an asset, buying and selling and withdrawing funds is fast and easy. For example, the top gainers for the day are shown at the top to quickly buy and sell after login. CoinSpot has also introduced a mobile app that is just as simple for its customers to monitor their crypto portfolio 24/7.

Coinspot quick buyCoinspot quick buyCoinspot quick buy & sell feature.

Wide Variety of Coins

Compared with the top exchanges in Australia, CoinSpot offers one of the largest selections of digital currencies that can be bought and sold using AUD. There are currently over 350 coins that are supported on the Instant Buy/Sell platform which includes the major assets, DeFi coins and exotic altcoins. The exchange is regularly adding new coins and projects to its marketplace.

Purchase Crypto In Bundles

For investors who want to quickly diversify their crypto portfolio, CoinSpot offers the ability to purchase digital assets in bundles. Since multiple cryptocurrencies can be acquired in a single transaction, the added advantage is that fewer transaction fees are incurred.

CoinSpot currently offers 12 crypto bundles that can be purchased with AUD. Investors are not able to create their own bundle and instead can choose from CoinSpot's offerings that consider the top digital currencies by their market capitalization. For example, the "Top 3 Market Cap" bundle contains Bitcoin, Ethereum, and Binance Coin at 34%, 33%, and 33%, respectively.

Earn Interest on Crypto

CoinSpot is one of the few exchanges that offers interest-earning services for 21 cryptocurrencies. Its users can generate interest on assets such as SOL, BNB, MATIC, and ADA at the time of writing. The interest rates range between 4.20% to 78% APY which is relatively competitive. While CoinSpot Earn does not have Bitcoin or Ethereum savings accounts, it is one of the best places to earn crypto interest using an Australian exchange.

There are no maximum or minimum deposits but is an overall earn cap depending on how many customers are currently loaning their coins. If a cryptocurrency reaches 100% of its earn cap, the earn wallet will no longer be available for that particular crypto.

Earning interest on Cardano with CoinspotEarning interest on Cardano with Coinspot

Cryptocurrency Staking

CoinSpot has introduced staking of Proof-of-Stake coins to earn passive rewards. There are currently 22 digital currencies that can be staked on the platform which include the most popular staking assets like Cardano, Algorand, Cosmos, Avalanche, Solana and Tezos. Individuals can leave their coins in the secure wallet, however, there is a lack of information on the website on the pay-out frequency and other conditions.

Update 27/05/2022 - Coinspot has removed staking from its platform. For those that want to stake crypto, read this article on the best staking platforms in Australia for alternative providers.

Trustworthy & Reputable Exchange

Coinspot is a reputable and trustworthy exchange that has never been hacked since being founded in 2013. Coinspot is also the first cryptocurrency platform in Australia to receive the internationally recognized ISO 27001 certification for information security. This means there is a low risk that personal information that is stored on the exchange to comply with KYC requirements will be compromised.

CoinSpot Compared

Bank transfer is one of the most popular methods to deposit AUD on Coinspot. The comparison table below lists alternative exchanges like Coinspot that allow investors to deposit funds using a bank transfer to start trading.

ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
Swyftx Logo

Swyftx

290+0.6%
RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
4.8/5
StarStarStarStarEmpty Star
$20 Bitcoin for creating a verified accountVisit Swyftx

Swyftx Review
CoinSpot Logo

CoinSpot

350+1%
RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
4.7/5
StarStarStarStarEmpty Star
None available at this timeVisit CoinSpot

CoinSpot Review
Digital Surge Logo

Digital Surge

300+0.5%
RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
4.7/5
StarStarStarStarEmpty Star
$10 Bitcoin for creating a verified accountVisit Digital Surge

Digital Surge Review
FTX AustraliaFTX Australia

FTX Australia

3250.02% / 0.07%
RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
4.4/5
StarStarStarStarEmpty Star
5% off trading feesVisit FTX Australia

FTX Australia Review

Is CoinSpot Safe?

Coinspot cryptocurrency exchange complies with Australia's strict new AML/CTF laws enforced by AUSTRAC to ensure the safety of user accounts. The exchange features bank-like security measures to protect its customer's information and keep funds secure. Like other exchanges, CoinSpot uses the two-factor authentication (2FA) which requires a mobile phone code to access the platform and is now the security bench-mark for exchanges around the world.

Creating an Account

Like most cryptocurrency exchanges, to create an account with Coinspot, new users will need to go through a registration process to create a crypto trading account. To get started, visit the website and click 'Register' at the top of the page, fill in the details and click 'Create Account'.

Coinspot exchange will prompt for an email address to verify the user's access to the submitted email address. Verification of the email address completes the basic Coinspot account creation process for users to log in to Coinspot for the first time.

CoinSpot Verification

A basic Coinspot account allows the users to explore the features of the website but cannot deposit or withdraw funds until verification is completed. Coinspot verification is required to prove identification documents to allow deposits up to AUD $2,000 per day and withdraw funds from the Coinspot wallet. The following documents will be required:

  • Full name
  • Date of birth
  • Phone number
  • Residential address
  • Copy of a valid identification card or passport with proof of address
  • Selfie photograph holding up an ID document

This process is quite strict and adheres to the checks and balances as per AML policies and not to be concerned about. This is a standard process to protect the crypto exchange from involvement in money laundering or suspicious activity. The overall verification process takes less than 24hours to be approved before the users can perform buying/selling activities.

Depositing Funds

Coinspot supports several payment methods for users to deposit funds into an account to buy Bitcoin. The most popular choice to deposit funds into Coinspot is via bank transfer using a direct deposit, POLi or PayID. Each payment method does not incur trading fees.

AUD deposit options on CoinspotAUD deposit options on CoinspotAUD deposit options on Coinspot.

BPAY and Cash deposit methods are available however there is a small cost. Unfortunately, the exchange does not provide an option to buy Bitcoin with a credit card, AfterPay or PayPal. Each deposit method has various deposit limit per day and timeframes to clear as follows:

PaymentDescriptionLimitSpeed
POLiBank transfer from an internet banking account directly into CoinSpot account.$10,000 per dayInstant
PayIDInstant Bitcoin purchase method using the Australia wide New Payments Platform (NPP) which allows rapid bank transfers from a bank account.Depends on bankInstant
BPAYLog into a bank account and make payment using a Biller Code and Customer Reference number.$10,000 per day0-2 work days
Cash DepositCash deposit at 1300 news agencies across Australia.$8,000 per dayInstant

Supported Assets

CoinSpot supports over 350 cryptocurrencies on the exchange to buy, sell and swap in Australia such as Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, Cardano, NEO, EOS, Stellar Lumens, Tron and others. The exchange also supports popular DeFi tokens on it's platform such as Compound, Uniswap, Aave, Yearn Finance and Sushi. Australians that are looking to buy meme coins like Dogecoin and Shibu Inu are also listed on CoinSpot.

List of supported coins on coinspotList of supported coins on coinspotList of supported coins on Coinspot.

User Interface

Coinspot's interface features a simple and easy-to-use dashboard with trading features that allow users to monitor multiple coin wallets in a single location. There are buttons next to each asset for quick buy and sell orders, or to view the live price chart. A visual chart of the portfolio with the allocation of coin holdings and its percentages is a nice feature to monitor overall performance.

Coinspot default dashboardCoinspot default dashboardCoinspot default dashboard once logged in.

Investors and traders that rely on technical chart analysis are equipped with trading tools such as trend lines, indicators and technical patterns to analyse the price action. The charting package is interfaced with TradingView which is a popular charting package. Users should be aware the drawing tools and indicators will be removed after logging out and should consider using a separate crypto charting website.

Coinspot Bitcoin price and chart in AUDCoinspot Bitcoin price and chart in AUDBitcoin price and chart in AUD.

Buying Experience

Instant Buy & Sell

Coinspot provides the option for users that want to buy and sell cryptocurrency instantly which can be accessed by clicking on the 'Buy/Sell' link at the top of the page. There are over 200+ coins that can be purchased instantly or sold back to AUD. 

coinspot buy and sell instantlycoinspot buy and sell instantlyBuy and sell crypto instantly. This feature has higher fees than the exchange.

The process to use the instant buy feature is simple. For example, if the user wants to quickly buy Ethereum, the asset is selected from the list and an order entry box is displayed. Here, the user can enter the amount of AUD to buy Ethereum.

The equivalent amount of Bitcoin is displayed at the current market rate. The trading fee is not displayed with the transaction details and should be shown to provide clarity for the investor. Traders that use the instant buy or sell feature will incur a higher trading fee of 1% for convenience. This rate is considerably higher compared to the top cryptocurrency platforms in Australia.

Buying bitcoin with AUD on CoinspotBuying bitcoin with AUD on CoinspotBuying Bitcoin with AUD.

Exchange

Coinspot offers a trading platform for traders that want to buy and sell cryptocurrencies which has been designed to suit intermediate traders. The Coinspot 'Exchange' can be accessed by clicking on the 'Market' link on the top menu. The trading fees using the exchange differ substantially from the Instant Buy/Sell feature mentioned above (1% versus 0.1%). Refer to the Coinspot Fees section.

The user interface features a price chart of the selected cryptocurrency asset to trade. This is useful to provide the user with an overview of the recent price history using a candlestick or line chart.

Coinspot live chart of BTCCoinspot live chart of BTCCoinspot live chart of BTC with Tradingview integration.

Similar to the popular Bitcoin trading platforms, Coinspot exchange includes an order entry box to buy and sell cryptocurrency against Australian Dollars (AUD). Users can enter in the amount of AUD to spend and choose the amount of crypto to purchase. The interface is basic and orders need to be manually entered which can result in making errors.

An order book is positioned below the order boxes which can be useful to see the trading volume and asset liquidity. This is particularly important on altcoins that have low trading volumes.

Coinspot exchange buying and sellingCoinspot exchange buying and sellingBuying and selling cryptocurrency using the exchange.

There does not appear to be an option to set a stop loss or take profit orders using the Coinspot exchange. This is really important to manage trade risk and preserve capital and would like to see advanced order types such as stop order, One-Cancels the Other (OCO) and Fill-Or-Kill included too.

Overall, trading on Coinspot using the 'Market' for buying & selling cryptocurrency lacks the advanced features compared to other reputable platforms such as Swyftx, Binance, Bybit and Plus500 which are available in Australia to use. 

CoinSpot Fees

Coinspot's fee structure depends on how the user places orders on the exchange. The trading fee to instantly buy, sell and swap crypto is a flat 1%. Similarly, the trading fee to place a take profit, stop-loss orders and recurring buys (dollar-cost averaging) is 1%. The trading fee to use the exchange or OTC desk is 0.1%.

Overall, the trading fees cater to beginners looking to make their first Bitcoin & cryptocurrency investment using AUD. However, the trading fees are too high for active buyers and cryptocurrency traders as the 1% fee will eat into any potential profits. 

TransactionFee
Instant Buy, Sell and Swap Coins1%
Take Profit, Stop & Limit Orders1%
Recurring Buy1%
Market Orders on the Exchange0.1%
OTC0.1%

Deposit & Withdrawal Fees

There is no fee to deposit or withdrawal fee using bank transfer methods such as POLi or PayID or direct deposit. BPAY and cash deposits at a local newsagency will incur a 0.9% 2.5% surcharge fee accordingly. Cryptocurrency withdrawals to another exchange or a hardware wallet will incur the standard blockchain network (mining) fee, which varies on the coin and network load at the time.

TransactionFee
POLi, PayID, Direct DepositNone
BPAY0.9%
Cash Deposit2.5%
Withdraw AUDNone

CoinSpot 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.

Over The Counter (OTC) Trading

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 support Self Managed Super Fund (SMSF) & Business Account on-boarding.

CoinSpot App

Coinspot features a mobile trading app to buy, trade, sell, transfer from the wallet, view price graphs, display coin information and monitor overall cryptocurrency portfolio in one place. The Coinspot app can be downloaded from the Google Playstore or iOS Store. The ease of use on the app has been improved and is comparable to the top crypto apps in Australia for buying and sell digital assets with AUD.

Coinspot mobile appCoinspot mobile appCoinspot mobile app.

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. In short, CoinSpot has one of the best wallets for storing crypto in Australia with industry-leading safety measures.

Referral Program

CoinSpot has a referral program tat is eligible to all users of the exchange by sharing a referral code to friends and family. Both parties will receive $10 worth of Bitcoin after the referred user makes their first AUD deposit.

CoinSpot Affiliate

CoinSpot has an affiliate program that rewards 30% of commissions for promoting their services to the community for 12 months from the verification of each member. The commission rate decreases gradually every 12 months. 

Customer Support

Coinspot provides a comprehensive Help Centre that contains guides and Frequently Asked Questions to assist beginners to get started with Coinspot to buy Bitcoin and other digital assets. The section covers topics such as:

  • Coinspot verification and account login
  • Account security and activating 2FA
  • Depositing AUD to the platform
  • Withdrawing funds to a bank account
  • Buying & selling on the exchange
  • Sending and receiving coins

Users that can't find help in the FAQ section can get in touch with the support team by using the help widget in the bottom right corner. The widget works like a form and a specific question can be asked which will be answered by the Coinspot support team. After contacting the support team, a response was received less than 24 hours on a business day.

Frequently Asked Questions

Coinspot is an Australia cryptocurrency exchange that is based in Melbourne, Victoria. The exchange is often regarded as 'Australia’s most trusted exchange' due to its strict compliance with local regulations and laws.

Coinspot has never been hacked or compromised since it was established in 2013 as a cryptocurrency exchange. The exchange features high security standards to protect its users funds and information against malicious hackers and thefts. Coinspot is the first crypto exchange in Australia to receive an ISO information security accreditation.

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.

Australians that wish to utilize their Self Managed Super Funds (SMSF) can create a CoinSpot account to invest using an SMSF to buy cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and many others. When compared to other exchanges Coinspot provides one of the best crypto SMSF platforms in Australia.

Coinspot is a centralised cryptocurrency exchange that uses it's own order books and liquidity for users that buy, trade or sell digital assets using the 'Market' platform. The exchange does not provide public information on the daily trading volume or liquidity.

Coinspot does not allow the purchase of NFTs directly from the exchange. However, users can buy and sell NFT bundles which comprise of 11 cryptocurrencies that support the adoption of Non-Fungible Tokens (NFTs). To obtain digital items such as artwork, music, sports cards and rare collectibles, individuals will need to create an account with an NFT platform such as Rarible and Opensea.

Verdict

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

However, users should be careful not to use the instant buy/sell feature too frequently or for large orders, as it does attract a hefty fee. We would recommend placing orders on the market/exchange as the fees are 1/10th of the size. Alternatively, users can switch to another crypto exchange such as Swyftx which is our top-rated cryptocurrency exchange to buy Bitcoin in Australia.

Visit CoinSpot

For further reading, read these comparisons next against similar crypto exchanges in Australia that have comparable features to CoinSpot:

Review Methodology

HedgewithCrypto strives to provide independent, factual and unbiased reviews of cryptocurrency exchanges and trading platforms to help readers make an informed decision about picking the right crypto exchange. The review process includes examining the website and external sources, creating and funding an account, demonstrating and experiencing the features of the platform and calculating an overall weight-average rating.

A rating between poor (1 star) and best (5 stars) with 0.1 increments is given. For further information on the criteria and categories that are evaluated, read our full exchange review methodology.

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Kevin GrovesKevin GrovesKevin Groves

Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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