CoinSpot Review – Should You Use This Crypto Exchange?

CoinSpot Review

Is CoinSpot Australia’s most trusted cryptocurrency exchange as it claims to be? In this CoinSpot review, we’ll dive into what the crypto exchange has to offer from a-z.

Let’s get started, shall we?

At a Quick Glance

Pug Score4.6/5
Fees (Market Orders)0.1%
Cryptocurrencies Traded290+
Most Suitable ForBeginner and Intermediate Traders

Key Findings

CoinSpot has a great user-friendly platform that makes buying and selling a wide range of cryptocurrencies easier. Users can carry out such transactions directly from AUD.

Both on mobile and desktop, CoinSpot’s interface is simple, and overall, it is one of Australia’s safest and most trusted exchanges. There are more than 290 different cryptos listed on CoinSpot for its over 1 million users.

ProsCons
Lots of choices when it comes to coins, DeFi, and NFTs when compared to other Australian exchangesNo support for credit card deposits
Allows deposit funds via a credit card in AUD along with a processing feeThere’s a weekly limit on the volume of trade
Simple and easy-to-navigate interfaceThe only fiat currency for deposits is AUD
ISO-certified and AUSTRAC-regulatedMargin trading is unavailable
More than 290 available cryptos
24/7 support through live chat and help desk
Schedule automatic purchases daily, weekly, or monthly
Easily one of the most secure cryptocurrency exchanges in Australia.

What is CoinSpot Exchange?

CoinSpot began operations in 2013 as a cryptocurrency exchange and has since grown from one of the industry’s earliest exchanges to having over a million users. 

The Melbourne-based exchange gives users a secure platform to buy and sell crypto instantly and trade on the open market for profit.

In recent times, CoinSpot has been moving with the times in the crypto space and has added  DeFi and NFTs to the list of assets that users can trade on the exchange. 

Range of Offering

CoinSpot has been in the cryptocurrency exchange scene for a while, and it has made some impressive strides and added some cool features and products.

Let’s look at several features and products that make up CoinSpot’s impressive range of offers.

1. Over The Counter (OTC) Trading

Over-the-counter or OTC trading is a cool feature that Coinspot offers its users. OTC is most suitable for high net worth investors, whether or not traders are expert crypto traders or knowledgeable about trading.

Coinspot assists with their high-value withdrawals and deposits, helping customers with Business Account onboarding and Self Managed Super Fund (SMSF).

2. Market Trades

Market trades allow users to set a price they intend to buy or sell their cryptocurrency. The transaction gets filled when other users decide to meet that order.

Although Coinspot has 290+ listed on the platform, it does not offer all 290+ in the market trades. 

The exchange has at least 15 options covering most major coins, including BTC, ETH, ADA, LTC, XRP, NEO, and GAS.

3. Coinspot Bundles

Coinspot Bundles is another great range of offerings available to over one million Coinspot exchange users.

Coinspot bundles are useful, and they allow you to buy a wide range of digital assets with one transaction, helping you diversify your portfolio.

What’s more, doing so helps you spread risk, saving a lot of time that you would have spent buying individually. 

Coinspot bundles are also a smart way to save money on all the fees that come with transacting on Coinspot. It is more or less like buying a basket of various cryptos all at once, skipping their fees in the process.

5. Instant Buy/Sell

Users can find the instant buy/sell tab on Coinspot’s homepage. Coinspot gives a set price for every coin users want to sell or buy. Via this feature, you don’t have to wait for buyers somewhere in Australia to sell. 

The exchange helps complete the transaction at once, and users don’t need to worry about fluctuations in price as they wait for their order to get filled. All the 290+ cryptos listed on Coinspot are available here too.

Commission and Fee Structure

Coinspot does a great job keeping things relatively low and affordable regarding commission and fee structure. 

CoinSpot Transaction Fees

There are lots of transaction fees for the different range of offerings that Coinspot renders to its customers. Let’s take a look at some of them.

Market Trades Fee

Coinspot charges a 0.1% fee for all market trades transactions. 

Instant Buy/Sell Fee

Coinspot allows users to convert their crypto to cash in AUD without waiting for a peer-to-peer buyer. Coinspot completes the transaction for you and charges a 1% fee for doing that.

Over The Counter Trades (OTC) Fee

Coinspot reserves over-the-counter trades for users that perform transactions with high volume via the OTC Trading Desk. OTC trade is great for transactions worth more than $50,000, and Coinspot charges a 0.1% fee.

Advanced Trading Tools

As the name suggests, advanced trading tools are for the more experienced and skilled crypto traders. If you use tools like limit orders, take profit, or stop loss, you will receive a charge of a 1% transaction fee.

CoinSwap

Coinswap allows the buying and selling of coins with instant liquidity. The platform charges its users a 1% transaction fee for all CoinSwap transactions.

Ease of Account Opening

Opening an account on Coinspot is a very straightforward experience, and it will take you less than five minutes to finish the whole process.

First, you need to click on the [Register] button close to the [Login] button at the top right side of the Coinspot homepage to register and create an account.  

Next, fill in your email, a unique and strong password, and a Referral or Affiliate code from your family or friend, if any. 

After that, complete the ReCaptcha validation to prove you’re not a robot, and then you can click on the “Create Account” button below.

If the process is successful, it should bring you straight to a verification page with a “Your account has been created!” message. You will need to verify your Coinspot account to enjoy the full features that the exchange offers.

You may decide to complete the verification later. If so, click on “Skip For Now” to take you to your dashboard that should look like this.

It is best to enable two-factor authentication before you begin using your account so you can further secure it.

Deposit and Withdrawal

One of Coinspot’s sweet perks is that it doesn’t charge any withdrawal fees when you need to withdraw AUD to an Australian bank account, irrespective of the amount.

However, there’s a standard transaction or mining fee for users who want to send coins to wallets outside CoinSpot.

Coinspot base the fee on both the coin the user is sending and how busy the network is at the transaction time. Coinspot lists the fees on the user’s wallet page.

Coinspot treats its users to a wide range of deposit methods. Despite these multiple options, most of them don’t incur any fees.

You can deposit via PayID, Direct Deposit, or POLi for free. Cash deposits with a newsagent carry a 2.5% deposit fee, while BPAY deposits have a deposit fee of 0.9%.

User Interface and Trading Experience

User experience is another of Coinspot’s advantages as a cryptocurrency exchange. The platform makes it easier for even newcomers to navigate through it. 

Coinspot has a simple, basic, but straightforward interface that seamlessly introduces crypto newcomers into the cryptocurrency space. 

Trading experience on the Coinspot exchange is made even better by an additional price chart window that users can easily access from their dashboard. 

Accessing this should lead to available technical analysis open to people using the desktop version and Coinspot mobile app.

Another way Coinspot makes the trading experience enjoyable is through the ease of selling or buying cryptos. 

The platform places the hotkeys in the dashboard to allow users to buy and sell quickly. What’s more, there is a live price next to the digital assets you are looking to buy. Users can also check their portfolios without navigating too much.

CoinSpot Multicoin Wallet

Coinspot has a Multicoin wallet it makes available for users to deposit any of the 290+ cryptocurrencies listed on the exchange they own.

The exchange doesn’t charge additional fees for withdrawals of coins or tokens, but users will need to pay mining or transaction fees.

The Multicoin wallet is a great place for newcomers and intermediate traders to track their coin balances and most recent transactions.

Mobile Application

Like other top cryptocurrency exchanges, Coinspot has a mobile application to help its 1 million users stay flexible on the go.

While users can access Coinspot through a web browser, they can also do so via the Coinspot app.

The Coinspot app is available to download through the iOS App Store or Google Playstore on iOS and Android devices. 

The Coinspot mobile app has a great UI and is perfect for serious traders who need to watch their investments and price changes.

Supported Cryptocurrency

Coinspot allows and supports the trade of at least 290 different unique coins and tokens. These supported currencies include some of the more popular cryptocurrencies like Bitcoin and Ethereum.

It also includes some up-and-coming tokens, including fan tokens from some soccer clubs in Europe. 

Educational Tools

What’s also cool about Coinspot is that they set out to help their customers and users get comfortable with their platform. 

The platform achieves this through a comprehensive info center with many resources to understand the crypto world better and how Coinspot operates. 

You can find tutorials that are incredibly helpful for newcomers and a frequently asked questions (FAQs) segment to help Kickstart your crypto investment journey error-free.

Customer Support On CoinSpot

Customer support on Coinspot is quite extensive, and the exchange works towards resolving any issues customers have.

Coinspot’s Live Chat is one feature the exchange uses to assist customers as fast as possible and within operational hours.

With the live chat feature, you can chat with a human representative live instead of going through a bot. 

What’s more, Coinspot’s live chat has a standard of resolving issues as quickly as possible and, most times, with no queues.

The live chat is open to users on weekdays from 9 am to 8 pm AEDT and 9 am to 5 pm on weekends.

However, users can also reach out to Coinspot customer care out of business hours by messaging their Help Desk 25/7. Coinspot’s Help Desk typically responds within 24 hours.

Regulation and Security

Security is arguably one of CoinSpot’s greatest strengths, and the Melbourne-based crypto exchange is one of the safest in Australia. The platform prioritizes customer safety, and being the first Australian exchange for receiving an ISO 27001 certificate reinforces that stand.

Coinspot is also one of the first few exchanges that got registered with AUSTRAC. The exchange takes things up a notch by maintaining some of the best practices in the industry.

One of which is securing a lot of assets in very secured offline locations. Users can also utilize and personalize Coinspot’s security features such as Two-Factor Authentication, anti-phishing, go-lock logins, etc. Here’s a brief rundown on these security measures that Coinspot allows its users to use.

Coinspot’s Two-Factor Authentication

Two-Factor Authentication is a security measure that makes it impossible for outsiders to access your account even after hacking your password. 

With a Two-Factor Authentication or 2FA, you get a 6-digit authentication code each time you log into your account. The code could be sent to your email, phone number. 

2FA is secure in that the codes are refreshed after every 30 seconds, making it impossible for anyone to predict.

Phone Verification Phrase

With Coinspot’s phone verification phrase, users can choose a phrase of their choice. The exchange can verify their identity via the phrase whenever they require support or assistance accessing their account.

Session Timeout

Session timeout comes in clutch when you need to prevent unsanctioned access to your Coinspot account. You can choose the time duration from when you log in to the next time you expect to log in to CoinSpot.

It helps keep unauthorized persons from remaining logged in to your account if they get in through any form of negligence. 

Anti-phishing Phrase

The anti-phishing phrase makes it easier to spot a fake or phishing website when you want to log in to your Coinspot account. Users can choose any phrase they like, and this phrase will appear each time they sign in via 2FA. 

Doing so helps you know and confirm that the website you’re logging into is the legitimate or original Coinspot website. The absence of an anti-phishing phrase leaves you open to the risk of interacting with websites that will try to steal your password and information.

Geo-lock Login

With Coinspot’s geo-lock login features, users can limit logins to Australia-based IP addresses only. Doing so should reduce or prevent the chances of foreign hacks.

Disable Withdrawals

Disable withdrawals is another useful security protocol that can prove helpful and timely for Coinspot users. You can use it to prevent anyone from withdrawing AUD or cryptocurrency from their account. 

If you need to allow withdrawals eventually, you can contact Coinspot support for more information.

Is CoinSpot Safe?

Yes. Coinspot is safe and secure. It has a suitable array of security features, one of the pointers to a good crypto exchange. For one, the reputable and trustworthy exchange has not suffered a hack since 2013.

As stated earlier, Coinspot is also the first Australian crypto platform to receive the ISO 27001 certificate for information security, an internationally recognized certification.

If you thought this feat came easy, then think again. The exchange was required to carry out an external audit overseen by an accredited JAS-ANZ certification organization, SCI Qual International.

Conclusion

Coinspot is undoubtedly one of the top crypto exchanges to consider if you’re looking for a low-cost platform with efficient services and great UI.

Its vast number of supported cryptocurrencies puts it a step above other Australian exchanges like Independent Reserve. However, it’s no match to more sophisticated exchanges like Binance, with an endless list of features.

Frequently Asked Questions

CoinSpot Review 2021 - Should You Use This Crypto Exchange?

Cryptocurrency Exchange
4.6 5 0 1
4.6 rating
4.6/5
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    4.6 rating
    4.6/5 Very good
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