CoinSpot review
- Regulator registration
- AUSTRAC
- Supported assets
- 447
- Fiat currencies
- 1
Our verdict
Easily buy and sell a wide range of cryptocurrencies, with fees as low as 0.1%.
CoinSpot is one of Australia's largest and oldest cryptocurrency exchanges with over 350 coins available. Since launching in 2013, the exchange has gathered over 2.5 million registered users.
CoinSpot is a solid choice for beginners. The user interface is clean and easy to navigate, and high-quality educational material is available for most supported coins.
The platform offers useful features like recurring buys, a crypto spending card, SMSF support and an NFT hub.
AUD can be deposited for free using bank transfer, PayID or POLi. Physical cash and card deposits include a fee.
Customer support can be reached through a support ticket or 24/7 live chat.
Pros
-
Local customer support. CoinSpot's customer support team is based in Melbourne and available 24/7. We received a response time of under 1 minute when using the live chat.
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Transparency. CoinSpot was the first Australian Cryptocurrency Exchange to complete an External Statutory Financial Audit, conducted by an independent auditor in accordance with Australian Auditing Standards.
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Complies with the Australian Transaction Reports and Analysis Centre regulations in Australia. AUSTRAC is the peak body for regulating cryptocurrency exchanges in Australia which requires CoinSpot to comply with laws and regulations that are intended to provide certain protections for users.
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Over 409 cryptocurrencies supported. CoinSpot supports 409+ assets, which should give you a good range of industries and asset types to invest in without needing to hop between multiple exchanges.
Cons
-
Limited NFTs. CoinSpot's NFT marketplace is limited to about 50 collections of popular artworks, making it much smaller than dedicated NFT marketplaces.
Details
Product details
| Product Name | CoinSpot |
| Fiat Currencies | AUD |
| Cryptocurrencies | BTC, ETH, BNB, SOL, DOGE, ADA, AVAX, TON, SHIB, BCH & 437 more |
| Deposit Methods |
Bank transfer Credit card Cryptocurrency Debit card PayID |
| Trading Fee |
1% |
| Deposit Fees |
Bank transfer and PayID: None Cash: 2.5% Card: 2.58% |
| Withdrawal Fees | AUD: None |
Ratings breakdown: How we scored CoinSpot
| Supported cryptocurrencies | ★★★★★ |
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Features | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
How we rate our crypto exchanges and platforms
Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology for more information.
Our score and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.
About CoinSpot
CoinSpot is an Australian exchange based in Melbourne. It was founded in 2013 and is a member of Blockchain Australia, which is an industry body that helps design and implement best practices in Australia.
CoinSpot was the first Australian cryptocurrency exchange to complete an External Statutory Financial Audit, conducted by an independent auditor in accordance with Australian Auditing Standards. It is a voluntary member of the Australian Financial Complaints Authority (AFCA).
CoinSpot supported assets
CoinSpot supports over 446 cryptocurrencies. In total, CoinSpot carries 19 of the top 20 cryptos by market cap.
Popular assets on CoinSpotCoinSpot fees review
Deposit and withdrawal fees
| Transaction type | Fee |
|---|---|
| Deposit funds | Bank transfer and PayID: None Cash: 2.5% Card: 2.58% |
| Withdraw funds | AUD: None |
CoinSpot uses a maker taker fee structure for spot market trading. Instant purchases incur a separate fee.
| Type | Fee |
|---|---|
| Maker | 1% |
| Taker | 1% |
Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.
Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.
CoinSpot deposit methods
- Bank transfer
- Credit card
- Cryptocurrency
- Debit card
- PayID
How to sign up on CoinSpot
Before you can get started trading on CoinSpot, you'll have to go through a Know Your Customer (KYC) verification process (which usually involves proof of identification).
- Get started
Visit CoinSpot's site. After selecting the Get Started button, fill in the create account form. - Set up payment
Before you can start trading, you have to add your bank account to your CoinSpot account. There are several options to choose from, so choose the option most compatible. - Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this. - Start trading
After all that is processed, you're ready to trade on CoinSpot.
About the CoinSpot app
The CoinSpot app gives you all of the core features of the desktop exchange. You can easily buy, sell and swap crypto, manage your portfolio and top up your account. You can set price alerts to help stay up to date with the market.
If you have a CoinSpot card you can easily top up funds, link it to your Apple or Google pay or disable it.
There is a dark mode available.
| App store | Rating | Total reviews |
|---|---|---|
| Google Play | 4.0 stars | 8.3k reviews with 500k downloads |
| Apple Store | 4.8 stars | 17.5k reviews |
Is CoinSpot safe?
CoinSpot is registered with Australian regulatory body AUSTRAC and is a member of Blockchain Australia, an organisation that focuses on the safe adoption of blockchain technology.
Past hacks. No hacks of CoinSpot have ever taken place.
Security audits. CoinSpot was the first Australian exchange to receive ISO 27001 certification in 2020. To obtain this certification, the exchange was audited by SCI Qual International (an accredited JAS-ANZ certification body). The platform has been audited by multiple entities throughout its history, and its data centre has obtained an ISO 27018 certificate. This audit track record sets them apart from other Australian exchanges.
The majority of assets held with the exchange are stored offline in cold storage and the platform advises users to activate security features such as 2-factor authentication for added protection.
Insurance. CoinSpot does not offer insurance for either fiat or cryptocurrency funds held on the exchange.
Financial audit. CoinSpot was the first Australian cryptocurrency exchange to complete an External Statutory Financial Audit, conducted by an independent auditor in accordance with Australian Auditing Standards.
Keeping your crypto secure
All centralised exchanges, including CoinSpot, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 9,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $179 |
Price (USD) $49.99 |
See more of the best crypto wallets
CoinSpot customer support
Live Chat Support is available 24/7. When we tested this it took less than a minute to be put in touch with a human customer service agent.
You can also lodge a ticket through their support system or browse FAQ articles.
How to reach CoinSpot customer support
- Live chat
- Support ticket
Alternatives to CoinSpot
James Finder
Editor
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Nikki Angco
September 06, 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
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Ewen
December 15, 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?
Joshua Finder
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
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Paul
December 03, 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?
Jeni Finder
December 09, 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
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Jennifer
October 10, 2018
2FA verification is proving a problem. Google authenticator does not seem to working correctly. Is there any help online?
Joel Marcelo
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
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
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Chris
August 05, 2018
Why is the fee to transfer my coins to a hardwallet so high compared to other transactions?
Jeni Finder
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
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Michelle
September 05, 2019
Can you lose more money than you have in your account? End up oweing more than you have?