CoinSpot cryptocurrency exchange – October 2018 review

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
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

  • 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

Cons

  • High fees compared to other platforms
  • Transaction limits for new users
  • Verification required for AUD deposits and withdrawals
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 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
Instant buying/selling 1%
Market orders (BTC, XRP, LTC, DOGE, ETH, NEO, POWR, GAS) 0.1%
Withdrawal of coins to a wallet outside CoinSpot Varies*
AUD withdrawal Free

*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.

Transaction type Limit
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

Customer support

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.

CoinSpot exchange

Pros and Cons

Pros
  • 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
Cons
  • Global traders may find the platform’s local Australia-only access frustrating
  • Transaction fees higher compared to other exchanges

Frequently asked questions

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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22 Responses

  1. Default Gravatar
    JenniferOctober 10, 2018

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

    • finder Customer Care
      JoelOctober 11, 2018Staff

      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

  2. 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

  3. 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 ?

    • finder Customer Care
      AshApril 25, 2018Staff

      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

  4. 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

  5. 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??

    • finder Customer Care
      AshFebruary 16, 2018Staff

      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

  6. 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

  7. 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

  8. 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

  9. 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!

  10. Default Gravatar
    LeaneNovember 3, 2017

    Can I use a Trezor wallet with CoinSpot? I am becoming extremely frustrated trying to open an account with CoinBase & a friend recommended CoinSpot so I will probably give this a go.

    • Default Gravatar
      ArnoldNovember 3, 2017

      Hi Leane,

      Thanks for your inquiry

      Yes, Trezor is compatible with CoinSpot. Please check this page out for more information on Trezor. If you want more info on CoinSpot, you can refer to the page above. If you want to open an account, please click the ‘go to site’ button to be redirected to their site.

      Hope this information helps

      Cheers,
      Arnold

    • Default Gravatar
      SteveJune 24, 2018

      Hi Arnold,

      I hope you’re well.

      I have a Ledger Nano S cold storage wallet.
      Will I be able to use it to withdraw my cryptocurrency coins on CoinSpot website? If so is there a charge involved to withdraw to my Ledger Nano S wallet?

      Also is there any ongoing fees to keep an account open with CoinSpot or is it just the “Trading fee” percentage of what you buy and sell?

      Kind regards,

      Steve

    • finder Customer Care
      JoshuaJune 25, 2018Staff

      Hi Steve,

      Thanks for getting in touch with finder!

      Yes, you can transfer your cryptocurrency coins from CoinSpot to Ledger Nano S. All you need is enter the destination address in the Payment Address field.

      You will know about the charge or fee under the subheading “Fees and Charges” on this page. However, to give you a general idea, the fee for buying and selling coins for AUD is 1%. When trading between coins the fee is also 1%.

      There’s no mention of ongoing fees to keep your account open. Fees and charges are primarily charged when you do a trading transaction.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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