CoinSpot cryptocurrency exchange review

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

  • Great for buying/selling crypto with Australian dollars
  • No margin trading available

4.3 ★★★★★ (291 reviews) Write a review

1

Fiat currencies

302

Cryptocurrencies

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Details

Product Name CoinSpot Cryptocurrency Exchange
Fiat Currencies AUD
Cryptocurrencies BTC, ETH, LTC, XRP, BCH, BSV, EOS, TRX, ADA, GRT & 290+ more
Deposit Methods Bank transfer
BPAY
Cash
Cryptocurrency
POLi
PayID
Trading Fee Instant buy: 1%
OTC: 0.1%
Market order: 0.1%*
*Applies to BTC, XRP, LTC, DOGE, ETH, NEO, POWR, GAS, TRX, EOS, XLM, RChain, RFOX
Deposit Fees POLi & PayID: None
BPAY: 0.9%
Cash: 2.5%
Direct Deposit: 0%
Direct bank transfer: None
Withdrawal Fees None for Australian bank accounts
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.

CoinSpot holds certifications under ISO27001 Standards for Information Security and Blockchain Australia's code of conduct demonstrating their commitment to security and customer support.

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: AUD
  • Supported cryptocurrencies: Approximately 302 cryptocurrencies

Which payment methods are accepted?

  • Bank transfer
  • BPAY
  • Cash
  • Cryptocurrency
  • POLi
  • PayID
Go to CoinSpot's website

What's it like to use CoinSpot?

Fees and limits

Platform trading fees

The fees below are accurate as of 15 December 2020.

Platform fee typeFee
Market order
(for BTC, XRP, LTC, DOGE, ETH, NEO, POWR, GAS, TRX, EOS, XLM, RChain only)
0.1%
Instant buy1%
Recurring buy1%
Bundle purchases1%
OTC trades0.1%
Deposit fees
Deposit methodFee
Online bank transfer (using POLi Payments)None
PayID/OskoNone
BPAY0.9%
Cash (via blueshyft) 2.5%
Direct deposit0%
Withdrawal fees
Withdrawal typeFee
AUD withdrawal (Australian bank accounts only)None
Cryptocurrency withdrawals to an external walletNetwork fees apply
Transaction limits
Transaction typeLimit
POLi or direct bank transfer limitNo minimum
PayIDNo minimum
BPAY deposit limitNo minimim

$10,000 per 24 hours maximum

Cash deposit limit$50 minimum

$8,000 per 24 hours maximum

WithdrawalNo limit

How fast will my funds be available?

Deposits

Clock icon for transfer speed

Instant

Bank Transfer (Osko deposits) & POLi can be completed in under a minute, while Non Osko transfers take 2-6 business hours. PayID deposits are also typically instant. BPAY deposits usually complete within 4 hours.

Cryptocurrency deposits are available for 160+ cryptocurrencies including BTC and ETH. This can take a few minutes depending on the coin.

Withdrawals

Clock icon for transfer speed

Same or next day

Fiat withdrawals can be completed on the same day if done early or the next day if initiated after 12pm AEST.

Cryptocurrency withdrawals take a few minutes depending on the coin.

Is CoinSpot safe to use?

  • Regulation. CoinSpot is a certified member of Blockchain Australia, member of the Australian Digital Commerce Association and is registered with AUSTRAC as an Australian Digital Currency Provider.
  • Year founded. CoinSpot was founded in 2013, making it one of Australia's earliest cryptocurrency exchanges.
  • Verification process. With instant verification you can be verified and trading in minutes with only a Passport or Drivers Licence. To increase deposit limits above $2,000 AUD per day you will need to complete an extended verification process requiring an additional photo to meet CoinSpot's Know Your Customer (KYC) requirements ensuring the safety of the platform
  • Safety features. CoinSpot maintains industry best-practice by securing a vast majority of assets in highly secure offline locations. CoinSpot has a suite of customisable account security settings such as Two-Factor Authentication, custom withdrawal restrictions and session timeout limit settings available to all users to improve the security of your account.

How do I create a CoinSpot account?

Go to CoinSpot's website
Back to top

In a nutshell

Pros

  • A local exchange headquartered in Australia since 2013.
  • 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
  • Additional services such as a mobile app, OTC trading and SMSF support.

Cons

  • Available only in AU
  • Margin trading not available

Ready to sign up?

Go to CoinSpot's website
Back to top

Compare CoinSpot against other exchanges

Name Product Deposit methods Fiat Currencies Cryptocurrencies
CoinSpot Cryptocurrency Exchange
Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID
AUD

302
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 290 cryptos.
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
AUD

278
cryptocurrencies

Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
CoinJar Cryptocurrency Exchange
Cash, Credit card, Cryptocurrency, Debit card, Bank Transfer (PayID/Osko/BPAY)
AUD, GBP

30
cryptocurrencies

CoinJar offers a simple way to buy, sell, or trade cryptocurrency with AUD. Enjoy free and instant deposits, fees start from 0.05% and withdrawals are free to your bank account
loading

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.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

28 Comments

    Default Gravatar
    Michelle
    September 5, 2019

    Can you lose more money than you have in your account? End up oweing more than you have?

      Default Gravatar
      Nikki
      September 6, 2019

      Hi Michelle,

      Thanks for getting your message. When using Coinspot, it would be a good idea to check the fees and limits such as deposit, withdrawal, and transaction fees of this account before you trade to see how much you’re paying.

      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. 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.

      Hope this helps!

      Best,
      Nikki

    Default Gravatar
    Ewen
    December 16, 2018

    My coins are in Coinspot wallet. I looked at “compare wallets.” These wallets do not support ADA. Is it better to just leave ADA in Coinspot wallet?

      Avatarfinder Customer Care
      Joshua
      December 20, 2018

      Hi Ewen,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      It would depend on your current and future needs whether you would leave your ADA in Coinspot wallet or not. However, if you are looking for wallets that handle Cardano (ADA), you may refer to our comparison table where you can compare your options based on deposit methods, fiat currencies, and supported cryptocurrencies. Click on the “Go to site” green button of your choice to learn more.

      I hope this helps.

      Joshua

    Default Gravatar
    Paul
    December 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?

      Avatarfinder Customer Care
      Jeni
      December 10, 2018

      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

    Default Gravatar
    Jennifer
    October 10, 2018

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

      Default Gravatar
      Joel
      October 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

    Default Gravatar
    Chris
    August 5, 2018

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

      Avatarfinder Customer Care
      Jeni
      August 15, 2018

      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

Go to site