CoinSpot cryptocurrency exchange review

CoinSpot Cryptocurrency Marketplace
CoinSpot Cryptocurrency Marketplace
  • Buy/sell 100+ cryptocurrencies
  • Deposit AUD
  • Easy verification
Find out more Go to site

Easily buy and sell a wide range of cryptocurrencies, with fees as low as 0.1%.

Quick verdict

Great for:
  • Buying/selling crypto with Australian dollars
  • 100+ cryptocurrencies
  • Low or no-fee deposits
  • Beginners
Not so great for:
  • Advanced traders

Check out our full list of pros and cons or read on.

Product Name CoinSpot Cryptocurrency Marketplace
Fiat Currencies AUD
Cryptocurrencies BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, TRX, DASH, NEO, XMR, EOS, QTUM, BTG, LSK, ETC, XVG, SKY, NAS, LINK, GO & over 100+ more
Deposit Methods BPAY
Cash
Cryptocurrency
POLi
Trading Fee Instant buy: 1%
Market order: 0.1%*
*Applies to BTC, XRP, LTC, DOGE, ETH, NEO, POWR, GAS
Deposit Fees POLi: None
BPAY: 0.9%
Cash: 2%
Withdrawal Fees None for Australian bank accounts

Pros

  • A local exchange headquartered in Australia
  • Allows users to buy directly in AUD
  • Low and no fee deposits and withdrawals
  • User-friendly interface
  • Wide selection of cryptocurrencies
  • Compliant with AML/CTF laws

Cons

  • Lacks advanced trading features
  • Rates may vary, so it's important to check before you trade to see how much you're paying
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Learn more about CoinSpot

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: AUD
  • Supported cryptocurrencies: Approximately 123 cryptocurrencies

Which payment methods are accepted?

  • BPAY
  • Cash
  • Cryptocurrency
  • POLi
Go to CoinSpot's website

What's it like to use CoinSpot?

Fees and limits

Platform trading fees

Platform fee type Fee
Market order
(for BTC, XRP, LTC, DOGE, ETH, NEO, POWR, GAS only)
0.1%
Instant Buy 1%
Deposit fees
Deposit method Fee Minimum deposit Maximum deposit
Online bank transfer (using POLi Payments) None $1 $10,000 per 24-hour period

Request CoinSpot for a higher POLi deposit limit

BPAY 0.9% None $1,000 per 24-hour period
Cash (via blueshyft) 2% $50 $1,000 per 24-hour period
Withdrawal fees
Withdrawal type Fee
AUD withdrawal (Australian bank accounts only) None
Cryptocurrency withdrawals to external wallet Network fees apply
Transaction limits
Transaction type Limit
POLi deposit limit $2,000 to $20,000 per 24 hours
  • Initial limit of $2,000 per 24 hours
  • Limit raised to $20,000 per 24 hours if you have deposited at least $2,000 and 7 days have passed
BPAY deposit limit $10,000 per 24 hours
Cash deposit limit $8,000 per 24 hours
Withdrawal No limit

How fast will my funds be available?

Deposits

Clock icon for transfer speed

Up to 3 days

POLi Payments deposits are almost instant, while BPAY may take up to two business days.

Cash deposits at participating newsagents should appear in your account almost instantly.

Withdrawals

Clock icon for transfer speed

1-3 days

Withdrawals are processed one business day after you submit the request.

You should generally allow 24–36 hours for a withdrawal to be processed, or longer when accounting for weekends.

Wallet transfers

Clock icon for transfer speed

Up to 12 hours

It will vary depending on the cryptocurrency.

Wallet transfers will typically be sent immediately after confirmation, but it may take up to 12 hours to send funds to an external wallet address.

Is CoinSpot safe to use?

  • Regulation. CoinSpot is registered under an Australian Business Number (ABN). It's a member of the Australian Digital Commerce Association and complies with Australia's latest Anti-Money Laundering and Counter-Terrorist Financing laws.
  • Year founded. CoinSpot was founded in 2013, making it one of Australia's earliest cryptocurrency exchanges.
  • Verification process. You'll need to complete a strict verification process before you can start trading on CoinSpot. This includes providing and verifying your email address and phone number, as well as uploading a photo of your ID, a photo of yourself holding a signed statement and proof of your address. These strict Know Your Customer (KYC) processes help CoinSpot offer quick transfers and high limits.
  • Safety features. CoinSpot utilises a 2-factor authentication (2FA) system requiring users to sign off on transactions through their smartphones. This provides an extra layer of security against computer viruses or attempts to hack your account. CoinSpot also provides a series of tips for users to help keep funds safe.

How do I create a CoinSpot account?

Go to CoinSpot's website
Back to top

What else should I know about CoinSpot?

CoinSpot is headquartered in Melbourne and was founded by Russell Wilson in 2013 as one of Australia's earliest cryptocurrency exchanges.

As it grew it continued its mission of offering the most complete list of cryptocurrencies in Australia, and it now has hundreds of different coins available.

It's designed to be easy, accessible and user-friendly for both beginners and experienced cryptocurrency enthusiasts


In a nutshell

Pros

  • A local exchange headquartered in Australia
  • Allows users to buy directly in AUD
  • Low and no fee deposits and withdrawals
  • User-friendly interface
  • Wide selection of cryptocurrencies
  • Compliant with AML/CTF laws

Cons

  • Lacks advanced trading features
  • Rates may vary, so it's important to check before you trade to see how much you're paying

Ready to sign up?

Go to CoinSpot's website
Back to top

Compare CoinSpot against other exchanges

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
BPAY
Cash
Cryptocurrency
POLi
AUD
BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, TRX, DASH, NEO, XMR, EOS, QTUM, BTG, LSK, ETC, XVG, SKY, NAS, LINK, GO & over 100+ more
CoinSpot is an Australian-based marketplace that allows you to easily buy, sell or trade more than 100 cryptocurrencies.
Credit card
Debit card
Neteller
PayPal
Yandex Money
USD
BTC, BCH, DASH, ETC, ETH, LTC, XRP, MIOTA, XLM, ADA, NEO, EOS, LCC, BNB
Copy the trades of leading cryptocurrency investors on this unique social investment platform.

Disclaimer: Highly volatile investment product. Your capital is at risk.
65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Cash
Cryptocurrency
POLi
AUD
BTC
Buy bitcoin with cash or bank transfer without deposit fees through this Australia-based platform.

Compare up to 4 providers

FAQs

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Andrew Munro

Andrew writes for finder.com, comparing products, writing guides and looking for new ways to help people make smart decisions. He's a fan of insurance, business news and cryptocurrency.

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24 Responses

  1. Default Gravatar
    PaulDecember 3, 2018

    I see there is a $100,000 limit per transaction for XRP. Is there a limit to the amount of transactions per day? i.e. could I make multiple $100,000 transactions in a 24 hour period?

    • finder Customer Care
      JeniDecember 10, 2018Staff

      Hi Paul,

      Thank you for getting in touch with finder.

      Limits are per 24 hours. For large transactions it will go through a verification process where a verification officer will review your answers and approve your submission.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    JenniferOctober 10, 2018

    2FA verification is proving a problem. Google authenticator does not seem to working correctly. Is there any help online?

    • Default Gravatar
      JoelOctober 11, 2018

      Hi Jennifer,

      Thanks for leaving a question on finder.

      Please check the phone settings and ensure it has time set accurate to the second or better yet that is synced with a time server. Follow these steps to re-sync:

      iPhone:
      https://support.apple.com/en-au/HT203483

      Android:
      https://android.gadgethacks.com/how-to/set-your-android-atomic-time-for-perfectly-synced-clock-0170500/

      Google Authenticator lets you manage many separate 2FA tokens, please pay extra attention to make sure you are using the correct token. The tokens expire quickly so also make sure you are entering the token quickly so that it doesn’t expire. If you need further assistance, please submit a request directly to Coinspot.

      Please send me a message if you need anything else. :)

      Cheers,
      Joel

  3. Default Gravatar
    August 5, 2018

    Why is the fee to transfer my coins to a hardwallet so high compared to other transactions?

    • finder Customer Care
      JeniAugust 15, 2018Staff

      Hi Chris,

      Thank you for getting in touch with finder.

      That is because hard wallet is a special type of bitcoin wallet which stores the user’s private keys in a secure hardware device. They have major advantages over standard software wallets: private keys are often stored in a protected area of a microcontroller, and cannot be transferred out of the device in plaintext. In addition, transaction fee is required because the fees go to the miners to incentivise them to keep mining, which in turn keeps the Bitcoin network secure.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  4. Default Gravatar
    BradApril 24, 2018

    I’m wanting to deposit cash (200-1000 approximately) and usually use the newsagent but since their system has changed it’s much more difficult and very glitchy. I believe you also take deposits via Westpac. Is this correct ? Is it just a matter of walking in to deposit cash ? Do I need your banking details ? What’s the process ?

    • Default Gravatar
      AshApril 25, 2018

      Hi Brad,

      Thank you for visiting finder.

      Just to confirm, with Westpac, your option is to make an electronic funds transfer only through POLi payments. Meantime, the only way to make cash deposits to CoinSpot is at a participating newsagent. I sent to your email the process on how to make POLi payments from accepted banks as well as the guide on how to locate a participating newsagent.

      I hope this helps.

      Let us know if there is anything else that we may assist you with.

      Cheers,
      Ash

  5. Default Gravatar
    JoeFebruary 8, 2018

    I am a complete novice and need a ‘dummies’ explanation on how to use CoinSpot. For eg when I open a wallet it says:

    “We provide a managed wallet for xxxx which you can send coins to anyone at anytime. We don’t currently allow sending xxxx into CoinSpot.”

    What does this mean?
    (Maybe I’m too old a dog??)

    • finder Customer Care
      JhezelynFebruary 17, 2018Staff

      Hi Joe,

      Thank you for your comment.

      Just a bit of background, wallets can only store/hold certain coins it supports. So for CoinSpot, the coins available in it are mentioned above. With the wallet, you can use it to send and receive cryptocurrencies. Currently CoinSpot only support DOGE, BTC and LTC “inbound transactions.”

      Hope this helps.

      Regards,
      Jhezelyn

  6. Default Gravatar
    JoelFebruary 1, 2018

    Should we be careful with coinspot because when coins are having a hard fork most websites are telling me that exchanges can collect our coins?? It seems coinspot is not passing a lot of these on to us?? I know we should hold these in our own wallets but it would be misleading and false if exchanges are pocketing investors entitlements??

    • Default Gravatar
      AshFebruary 16, 2018

      Hi Joel,

      Thank you for reaching out to us.

      CoinSpot is safe to use as it is registered under an Australian Business Number (ABN), and is a member of the Australian Digital Commerce Association.

      About your coins from a fork, if you want a guarantee to receive these coins or tokens, you must send the coins or tokens to your own private wallet, but please note that CoinSpot does not provide guarantees that they will support private wallet initiatives.

      You can visit CoinSpot’s official website (by clicking the green “Go site” button above) if you need more information about coins having a hard fork.

      I hope this helps.

      Please do not hesitate to reach out to us again if you have additional questions.

      Cheers,
      Ash

  7. Default Gravatar
    ScotDecember 22, 2017

    Do the crypto coins expire? Example if I brought 500 Ripple coins how long can I hold them for? I’m looking for long term investment.

    • finder Customer Care
      HaroldDecember 22, 2017Staff

      Hi Scot,

      Thank you for your inquiry.

      Coins don’t expire you can hold them as long as you want. But storage method can be worth considering and you might want further details on this page for a better understanding of the different storage options.

      I hope this information has helped.

      Cheers,
      Harold

  8. Default Gravatar
    marioDecember 21, 2017

    does CoinSpot work like a stock exchange? Can you day-trade or trade often like Ton theASX? Is there enough stock (coins) always available to do that? Thankyou

    • finder Customer Care
      JudithDecember 23, 2017Staff

      Hi Mario,

      Thanks for your question. I hope you are having a great day today.

      CoinSpot is not a conventional trading platform no – it’s actually a broker. It allows you to buy and sell various cryptocurrencies using Australian dollars (although AUD deposits have been temporarily disabled), or swap one coin for another then withdraw to your cryptocurrency wallet or bank account.

      You may go to this page for more trading options and for a guide on how cryptocurrency trading works.

      Please note that it is always advisable to conduct a thorough research on any cryptocurrency or exchanges before buying or investing, because there are significant risks involved.

      I hope this helps.

      Cheers,
      Judith

  9. Default Gravatar
    taniaDecember 13, 2017

    how ridiculous you dont accept passports for id but u expect us to hold up a piece of paper with some number on it for verification? i think ive just dodged a bullet… going elsewhere! cheers

  10. Default Gravatar
    AereneNovember 30, 2017

    I heard that on ID verification you don’t accept scanned Driver’s license, only want picture from mobile phone? If yes why is that, & whats difference does it make.
    Thanks

    • finder Customer Care
      MayDecember 1, 2017Staff

      Hi Aerene,

      Thank you for reaching out. We are a financial comparison website and general information service designed to help consumers make better decisions.

      With CoinSpot, part of the verification process is to upload a copy of your driver’s license and photo of yourself. This actually a common approach for user verification across the cryptocurrency business, since you cannot start trading unless you’ve verified your ID. If you need further clarification or assistance in the verification of your ID with CoinSpot, best to contact them directly.

      Cheers,
      May

    • Default Gravatar
      taniaDecember 13, 2017

      good one!! that really answers the question doesn’t it!

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