Andrew Munro is the global cryptocurrency editor at Finder. After previously writing about insurance and other areas, he now covers the latest developments in digital assets and blockchain and works on Finder's comprehensive range of guides to help people understand cryptocurrency.
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.
What is 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.
Market order (for BTC, XRP, LTC, DOGE, ETH, NEO, POWR, GAS only)
Online bank transfer (using POLi Payments)
$10,000 per 24-hour period
Request CoinSpot for a higher POLi deposit limit
$1,000 per 24-hour period
Cash (via blueshyft)
$1,000 per 24-hour period
AUD withdrawal (Australian bank accounts only)
Cryptocurrency withdrawals to external wallet
Network fees apply
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
How fast will my funds be available?
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 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.
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?
Enter your email address in the main page signup box. You should receive a confirmation email. Follow the prompts in the email sent to you by CoinSpot to verify your address.
Follow the prompts provided after verifying your email.
You will need to provide some personal information throughout the signup process, including a selfie and other identifying information.
This is a common procedure for cryptocurrency exchanges that let you deposit Australian dollars. It's similar to opening a bank account.
You can deposit AUD or supported cryptocurrencies to fund your account.
To deposit Australian dollars, select the cryptocurrency you want to buy and your preferred deposit method.
To deposit cryptocurrencies, find your wallet details in the Wallets section. You may need to generate a wallet address prior to deposit.
Select the cryptocurrency you want to buy and choose your preferred payment method.
CoinSpot currently accepts an Australian driver's licence, an Australian learner's permit or the Australian proof of age card.
The platform currently only supports withdrawals to Australian bank accounts.
CoinSpot features a customer support service run through Zendesk, allowing you to submit support tickets whenever you need. It also offers the option for direct contact via email enquiry and there's a large selection of FAQs and answers available through the platform's help section.
There's no CoinSpot app, but the CoinSpot website is fully responsive, meaning it works well on mobile devices.
CoinSpot supports cryptocurrency deposits in BTC, LTC, DOGE, ETH and more than 50 ERC20 tokens on the Ethereum network. To send these currencies to your CoinSpot account, go to each of these wallets on the platform and generate an address. You can then send coins to these addresses.
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.
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