Buy bitcoin and over 100 other digital currencies with Australian dollars on this popular cryptocurrency exchange.
CoinSpot is an Australian cryptocurrency exchange where you can buy and sell bitcoin, Ether, and 100 other digital currencies using Australian dollars (AUD). Founded in 2013, the platform is accessible from multiple devices and focuses on providing a straightforward user experience for cryptocurrency buyers.
Recent upgrades in early 2018 saw CoinSpot lower its fees and also achieve compliance with Australia's new anti-money laundering and counter-terrorism financing regulations. So, is this platform the right choice for you when buying and selling digital currencies?
To find out, let's look at the features it has to offer.
|Product Name||CoinSpot Cryptocurrency Marketplace|
|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|
Instant buy: 1%
Market order: 0.1%*
*Applies to BTC, XRP, LTC, DOGE, ETH, NEO, POWR, GAS
|Withdrawal Fees||None for Australian bank accounts|
- Buy with Australian dollars
- Huge selection of altcoins available to buy/sell
- Beginner-friendly interface
- Fund your account with cash, BPAY and POLi
- Compliant with AML/CTF laws
- High fees compared to other platforms
- Transaction limits for new users
- Verification required for AUD deposits and withdrawals
What is CoinSpot?
CoinSpot is a cryptocurrency trading platform that allows users to buy, sell and exchange more than 100 different cryptocurrencies.
Cryptocurrencies are digital assets exchanged around the world, but getting started usually means buying with fiat currency (ie, government-issued currency like AUD).
However, because CoinSpot is based in Australia, it can allow users to deposit AUD into a CoinSpot trading account, as well as to withdraw funds to an Australian bank account.
Which countries is CoinSpot available in?
Currently CoinSpot caters to the local Australian market only. Cryptocurrency is a borderless technology, but exchanges like CoinSpot are still subject to local laws and regulations. This can be both an advantage and a disadvantage.
Traders who want more flexibility might prefer a service that’s not subject to Australian law, but others might enjoy the peace of mind that comes from using a compliant exchange that also offers Australian-based customer service.
As of April 2018, CoinSpot also complies with new AML-CTF (anti-money laundering and counter-terrorism financing) rules monitored by the Australian Transaction Reports and Analysis Centre (AUSTRAC). This means the platform must verify the identities of its customers, report suspicious transactions and those that exceed $10,000, and keep transaction records for seven years.
Cryptocurrency regulation in Australia is subject to ongoing debate in Canberra. This is something all crypto traders should be mindful of when weighing investment risks. Nonetheless, it's clear the Australian Government is taking a progressive attitude towards cryptocurrency and blockchain technology. Future regulation may change how cryptocurrency is purchased, traded or taxed locally but, at least for the foreseeable future, Australia looks to remain a crypto-friendly environment.
Which payment methods are accepted?
CoinSpot offers you the following options for deposits, with various fees:
|Payment method||Fee||Minimum deposit||Maximum deposit|
|BPAY||0.9%||None||$1,000 per 24-hour period|
|Online bank transfer (using POLi Payments)*||None||$1||$20,000 per 24-hour period**|
|Blueshyft cash deposit||3%||$50||$8,000 per 24-hour period|
*Not available with ANZ
**You may contact CoinSpot to request a higher POLi deposit limit
Fees and charges
The exact transaction fees on CoinSpot can vary from coin to coin, but the breakdown of costs is relatively straightforward.
|Transaction type||Percentage of transaction total|
|Market orders (BTC, XRP, LTC, DOGE, ETH, NEO, POWR, GAS)||0.1%|
|Withdrawal of coins to a wallet outside CoinSpot||Varies*|
*This fee varies between coins, and depending on how busy that coin's network is. This fee will typically be almost identical across most exchanges worldwide.
Are there any transfer/withdrawal limits?
Each buy/sell order is capped at a maximum of $5,000 per transaction and additional restrictions apply to POLi deposits from new customers. There is no limit on how much you can withdraw at once.
|Buy order||$20,000 per transaction|
|Sell order||$5,000 per transaction|
|POLi deposit||$10,000 per 24 hours|
|BPAY||$10,000 per 24 hours|
|Cash deposit||$8,000 per 24 hours|
Additional restrictions apply to POLi deposits for new customers:
- There is a deposit limit of $2,000 per 24-hour period for the first week
- Seven days after depositing a total of $2,000 with POLi payment deposits, the limit is raised to $10,000 per 24-hour period.
How fast will my funds be available?
- Deposits. POLi Payments deposits clear almost immediately, while BPAY deposits can take up to 3 business days. If you're making a cash deposit, the funds will appear in your account as soon as you make your payment at a participating newsagent.
- Wallet transfers. CoinSpot indicates most transfers will be sent immediately, once a send action has been confirmed. However, the platform does say that this may take up to 12 hours when sending coins to a wallet outside CoinSpot. Manual approval is also sometimes required for certain wallets, so it’s important for you to keep this in mind when considering processing times.
- Withdrawals to AUD. All withdrawals from CoinSpot are processed within 1 business day of the withdrawal request being received. Once the request has been processed, the transfer should be in your account in 1-3 business days.
Is CoinSpot safe to use?
CoinSpot is registered under an Australian Business Number (ABN), and is a member of the Australian Digital Commerce Association. CoinSpot also complies with Australia's latest AML/CTF laws, which are enforced by AUSTRAC.
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 providing proof of your address.
CoinSpot also utilises a two-factor authentication (2FA) system requiring users to verify their identities via their emails and mobile phones. 2FA provides an extra layer of security against any viruses or attempts to hack your account
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.
How do I create a CoinSpot account?
Signing up to CoinSpot is similar to most exchanges, although verification requires some additional steps compared to other services.
CoinSpot verification requires you to:
- Enter your full name and current Australian address
- Provide an Australian mobile phone number
- Upload a photo of your driver’s licence, learner’s permit or proof of age card to provide proof of name
- Upload a photo of a utility bill or bank statement to show proof of address
- Set up two-factor authentication
You will also need to upload a photo of yourself with a signed statement saying: “I, [Your Full Name], submit this photo to apply for a CoinSpot account to trade digital currency and my code is [Your Code number]. [Your Signature]”
Your code number can be found under the Account > Verification section, as part of the verification process.
A CoinSpot representative may also contact you on the phone number provided to ask some questions and confirm certain details.
Pros and Cons
- A local exchange headquartered in Australia
- Allows users to buy directly in AUD
- Direct deposits available via bank account, BPAY and POLi
- User-friendly interface
- Wide selection of cryptocurrencies
- Compliant with AML/CTF laws
- Global traders may find the platform’s local Australia-only access frustrating
- Transaction fees higher compared to other exchanges