CoinSpot Review: Is It Safe? (We Found Out)

Updated: Jan 19th, 2022
Kevin Groves
Kevin Groves
CoinSpot Review: Is It Safe? (We Found Out)

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. In this CoinSpot review, we 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.

CoinSpot

Trading Fees:1%
Country:Australia
Currency:AUD
Promotion:None available at this time

Key Features

  • Trusted Australian crypto exchange
  • Easy to use and suited for beginners
  • Competitive trading fees for OTC And SMSF investors
  • Multiple AUD deposit methods
  • ISO certified for information security
  • 4.6 rating based on 354 reviews
  • Responsive customer service and ticket system

With more than 1 million customers in the country, a well-known name in the cryptocurrency industry is CoinSpot. Founded in 2013, CoinSpot is an AUSTRAC licenced and Blockchain Australia member that provides a safe and secure platform for digital currencies. Its customers can buy, trade and sell over 260 coins using its Instant Buy/Sell or Exchange.

Key Features

  • Trusted Australian crypto exchange
  • Easy to use and suited for beginners
  • Competitive trading fees for OTC And SMSF investors
  • Multiple AUD deposit methods
  • ISO certified for information security
  • 4.6 rating based on 354 reviews
  • Responsive customer service and ticket system

With more than 1 million customers in the country, a well-known name in the cryptocurrency industry is CoinSpot. Founded in 2013, CoinSpot is an AUSTRAC licenced and Blockchain Australia member that provides a safe and secure platform for digital currencies. Its customers can buy, trade and sell over 260 coins using its Instant Buy/Sell or Exchange.

Ease of useStarStarStarStarEmpty Star
ReputationStarStarStarStarStar
Deposit methodsStarStarStarStarEmpty Star
FeesStarStarStarStarEmpty Star

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

What Is CoinSpot

Coinspot is a an Australian cryptocurrency exchange based in Melbourne that provides a safe and secure platform for buying and selling cryptocurrencies. Users are able to buy or sell Bitcoin instantly or trade the open market to speculate and earn potential profits. 

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 website

Quick Summary

Coinspot is a reputable and trusted cryptocurrency exchange in Australia. The platform provides a safe environment for individuals, companies and Super Fund investors to buy, trade and sell Bitcoin and over 260 cryptocurrencies. The Australian exchange is recommended for beginners due to it's easy to use interface and mobile app.

Exchange NameCoinSpot
Fiat CurrencyAUD
Cryptocurrency260+
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 to 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 which can be purchased using dollar cost averaging. However, the biggest negative with CoinSpot is the expensive 1% trading fee to instant buy/sell, using advanced orders and recurring orders.

CoinSpot Compared

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

ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
Swyftx Logo

Swyftx

280+0.6%
Overall 4.8/5StarStarStarStarEmpty Star
$20 Bitcoin for creating a verified accountVisit SwyftxSwyftx Review
Digital Surge Logo

Digital Surge

2700.5%
Overall 4.7/5StarStarStarStarEmpty Star
$10 Bitcoin for creating a verified accountVisit Digital SurgeDigital Surge Review
CoinSpot Logo

CoinSpot

320+1%
Overall 4.6/5StarStarStarStarEmpty Star
None available at this timeVisit CoinSpotCoinSpot Review

Features & Services

Coinspot is one of Australia's first Bitcoin & cryptocurrency exchanges in the country that has expanded its core offering to include platform features such as:

  • Designed to suit all investors with a user-friendly interface
  • Over 210 cryptocurrency coins available for buyers and sellers
  • Instantly buy & sell cryptocurrency in a few minutes
  • Exchange platform with TradingView charts and advanced order types
  • Wide range of fiat deposit options like POLi payments, PayID, BPAY and cash
  • High standard of security features to minimise account theft
  • Over-the-Counter desk and support for Australian Super Fund investors
  • 2-Factor Authentication to protect account for hackers and theft
  • Industry-leading security processes and ISO Accreditation for security
  • Affiliate program that rewards 30% of commissions for referred users

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.

Is CoinSpot Trustworthy?

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.

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 login 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.

coinspot depositing fundscoinspot depositing funds

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 200 cryptocurrencies on the exchange to buy, sell and swap in Australia such as BitcoinEthereum, Ripple, 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. Australian's that are looking to buy meme coins like Dogecoin and Shibu Inu are also listed.

coinspot defi tokenscoinspot defi tokens

User Interface

Coinspot's interface features a simple and easy to use dashboard with trading features that allows 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 accountcoinspot account

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 buying bitcoincoinspot buying bitcoin

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 instant buycoinspot instant buy

The process to use the instant buy feature is simple. For example, if the user wants to buy Bitcoin, 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 Bitcoin.

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 other cryptocurrency platforms in Australia.

coinspot buying bitcoincoinspot buying bitcoin

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 differs substantially from the Instant Buy/Sell feature mentioned above (1% versus 0.1%). Refer to 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 Bitcoin chartcoinspot Bitcoin chart

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 tradingcoinspot exchange trading

We also note 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, BinanceBybit 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 towards 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.

coinspot 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.

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 the 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 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. In our experience, we received an answer from the support team in 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 appears to be a legitimate 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.

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. Read this article for a list of crypto exchanges that have been hacked.

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.

Australian’s that wish to utilize their Self Managed Super Funds (SMSF) can create a CoinSpot account to invest using a SMSF to buy cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and many others.

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.

Conclusion

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.

Visit CoinSpot

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.

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Kevin GrovesKevin GrovesKevin Groves

Kevin is the founder and chief editor at HedgewithCrypto that he started in 2019 which has reached over 1.5 million visitors worldwide. He is passionate about cryptocurrency as an emerging technology and is heavily involved in the fast-growing fintech space. An experienced trader growing his portfolio since 2016, he has a strong understanding of investing in the crypto market using exchanges, brokers and derivatives platforms.

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