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CoinSpot review
Easily buy and sell a wide range of cryptocurrencies, with fees as low as 0.1%.
- Secure and user-friendly cryptocurrency exchange for beginners
- High fees for instant transactions
See our full list of pros and cons below.
1
Fiat currencies
370
Cryptocurrencies
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Details
| Product Name | CoinSpot Cryptocurrency Exchange |
|---|---|
| Fiat Currencies | AUD |
| Cryptocurrencies | BTC, ETH, LTC, XRP, BCH, BSV, EOS, TRX, ADA, GRT & 350+ more |
| Deposit Methods |
Bank transfer BPAY Cash Cryptocurrency POLi PayID |
| Trading Fee |
Instant buy/sell: 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 and direct deposits: None BPAY: 0.9% Cash: 2.5% Direct Deposit: 0% Direct bank transfer: None |
| Withdrawal Fees | AUD withdrawals: $0 |
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.
Overview of CoinSpot
CoinSpot is one of Australia's largest and oldest cryptocurrency exchanges. Since launching in 2013, the exchange has accrued over 2.5 million registered users, which is more than any other Australian exchange.
CoinSpot has become a popular choice for crypto newcomers thanks to its simple user interface, large range of cryptocurrencies and focus on security.
CoinSpot has continually evolved since its launch. The platform now offers a number of unique features, including crypto "bundles" – which are a lot like a traditional ETF – an NFT marketplace and a native wallet for storing digital currencies.
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.
- If this is your first exchange: CoinSpot's lack of security breaches, intuitive user design and wide range of cryptocurrencies make it a solid choice for beginners looking to build their crypto portfolios.
- If you're switching exchanges: CoinSpot offers a number of features that other Australian exchanges may not, including an NFT marketplace, SMSF support and 300+ listed coins. CoinSpot's fees are higher than some competitors, which may not appeal to high-volume traders.
Pros and cons of CoinSpot
Pros
- User-friendly interface
- Zero-fee options for deposits/withdrawals
- Large selection of cryptocurrencies
- Responsive customer service
Cons
- High instant-buy fees
- Customers have reported high spreads
- Lack of advanced options, like derivatives, for experienced traders
Verdict: Is CoinSpot any good?
CoinSpot is a solid choice for beginners and more experienced cryptocurrency investors. The user interface is clean and easy to navigate, and high-quality educational material is available for most supported coins. The platform is feature-rich, including earning options, SMSF support and an NFT hub.
However, CoinSpot's fees for certain services, such as instant and recurring buys, are higher than some of its competitors. This can make the platform inefficient for high-volume investors.
Overall, the wide range of cryptocurrencies, zero-fee AUD deposits and strong customer support means the exchange should help most novice investors get started building a crypto portfolio.
What to know about CoinSpot
CoinSpot is an exchange developed for beginners. Most new cryptocurrency investors will find the features available more than suitable for their needs.
Beyond the basics, the exchange also offers access to cryptocurrency swaps, a trading platform, a multi-coin wallet to store funds and an NFT marketplace. CoinSpot has also implemented an in-built earning feature where you can stake your crypto in its multi-coin wallet to earn returns.
The platform lacks certain advanced features, such as margin trading and borrowing/lending protocols, so advanced investors are likely to seek alternatives.
Finder ratings
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Supported cryptocurrencies
CoinSpot is constantly adding new coins and tokens, so check out the full list on CoinSpot's instant buy and sell cryptocurrency page.
- Supported fiat currencies: AUD
- Supported cryptocurrencies: Approximately 370 cryptocurrencies
Transferring fiat and cryptocurrency
There are 4 different methods you can use to deposit AUD onto the CoinSpot exchange. Fiat deposits and withdrawals are typically instant through POLi, Osko and PayID. Bank and BPAY transfers usually take 1-2 business days.
CoinSpot also offers customers the option of depositing cash at physical locations. Users just need to visit a supported Australian newsagency to fund their account in person.
You can also transfer cryptocurrencies to and from the multi-coin wallet on CoinSpot. Processing times for each transfer will depend upon the cryptocurrency and its associated blockchain network. Transactions typically take no more than 3 hours.
Fees and costs
CoinSpot's fees are split between trading fees and AUD deposit and withdrawal fees.
- Market orders. CoinSpot charges a very competitive 0.1% trading fee on a small selection of cryptos, but other market orders attract a higher fee, depending on liquidity.
- Instant buy/sell. Trades made through the instant buy/sell hub incur a 1% fee. This is slightly higher than some other Australian exchanges.
Fiat withdrawal and deposit fees
CoinSpot does not charge any deposit or withdrawal fees when using POLi, PayID or direct deposits.
| Deposit | Withdrawal | |
|---|---|---|
| POLi, PayID and Osko | None | None |
| BPAY | 0.9% | N/A |
| Cash | 2.5% | N/A |
Crypto withdrawal and deposit fees
CoinSpot does not charge additional fees for depositing or withdrawing cryptocurrencies from the exchange. Standard network fees will need to be paid when withdrawing funds from CoinSpot's multi-coin wallet. These rates will vary depending on blockchain congestion.
| Deposit | Withdrawal |
|---|---|
| Network fees only | Network fees only |
What is it like to use CoinSpot?
CoinSpot offers an intuitive user interface that should provide a comfortable environment for both new and experienced investors. The buy/sell hub is easy to use and makes adding crypto to your portfolio a streamlined process.
Once you've created an account, most basic functions can be reached from the user dashboard. Customers can deposit funds, browse their portfolio's performance or buy popular coins without having to navigate elsewhere.
Getting started
The first step to buying cryptocurrency from CoinSpot is registering an account. You will need to provide an email address as well as fulfil KYC requirements.
Instant buy
CoinSpot's instant-buy feature allows you to purchase over 350 cryptocurrencies for a flat fee of 1%.
Trading platform
CoinSpot's "markets" tab offers access to an advanced trading chart and order book for intermediate traders and investors looking to analyse price action and liquidity.
CoinSpot bundles
Access CoinSpot's bundle options to instantly diversify your portfolio. Choose from bundles focused on top market-cap cryptocurrencies, environmentally-conscious projects, DeFi platforms and cryptocurrencies linked to the NFT sector.
Customer support
CoinSpot's customer support can be contacted 24/7 through the platform's help desk. Alternatively, a live chat option is available during operating hours.
Does CoinSpot have good customer support?
CoinSpot has a help centre that contains guides and frequently asked questions for all aspects of the platform.
If you can't find answers within the help centre, you can access CoinSpot's 24/7 help desk via a ticketing system. You can also reach customer support via CoinSpot's live chat application. Chat support is available 24 hours a day on weekdays and between 9am and 5pm on weekends.
| Support offered | Wait times | |
|---|---|---|
| Contact us form | ✅ | Wait times for CoinSpot's ticketing system are unavailable, but the exchange aims to answer questions within 24 hours |
| Live chat | ✅ | Near instant within operating hours |
| FAQ section | ✅ | N/A |
List of features on CoinSpot
Trading on CoinSpot
Trading on CoinSpot is completed via the "instant buy" or "markets" page. Traders can make use of certain advanced options, including stop-loss, take profit, buy limit and buy stop. Most beginners should steer clear of these features until they are more experienced with trading crypto.
You can also set up a "recurring buy" order, which leverages a dollar-cost averaging strategy to mitigate against market volatility.
Multi-coin wallet
CoinSpot offers a multi-coin wallet that can store well over 300 different cryptos. From it, you can send and receive cryptocurrencies to and from third-party wallets like MetaMask or Ledger Nano X.
Earning on CoinSpot
You can stake cryptocurrencies on CoinSpot to earn yield. CoinSpot will stake tokens on your behalf and then distribute rewards accordingly. This feature is only available for a limited number of coins, including DOT, AVAX and MATIC.
NFT marketplace
CoinSpot has an NFT marketplace that features a native NFT wallet. It offers a limited range of NFT markets, although it does include popular collections such as Bored Ape Yacht Club. Though NFTs are priced in Ethereum (ETH), you can use any coin in your CoinSpot wallet to purchase them.
SMSF support
CoinSpot offers support for adding cryptocurrency to self-managed super funds. The company employs a team of SMSF specialists to help advise and answer questions from interested customers. Setting up an SMSF can be a lengthy and complicated process, and seeking professional advice first is recommended.
OTC trading
CoinSpot customers can access an over-the-counter (OTC) desk for trades over $50,000. This provides traders with a direct channel for buying, selling and swapping cryptos without their orders being listed on an exchange.
Crypto bundles
CoinSpot offers a range of crypto "bundles", which are baskets that track the price of one (or multiple) underlying assets. For example, customers can purchase a "Top 10 Market Cap" bundle, which comprises 10 coins, each making up 10% of the bundle's value. Bundles provide exposure to a wider number of cryptocurrencies and make portfolio diversification much simpler.
Promotions on CoinSpot
CoinSpot runs a basic referral program for its customer base called "Refer A Friend, Earn BTC". Each registered account comes with a unique referral link that can be accessed via the platform's dashboard. Whenever a new customer signs up using that link and makes a deposit, both you and the referee will receive $10 in BTC.
CoinSpot also runs spot promotions from time to time. Check the CoinSpot website for the latest promotions on offer.
Trust rating
Signing up on CoinSpot
Step 1
To get started buying and selling crypto on CoinSpot, you'll need to register an account. Head over to the official CoinSpot website and click on the "Register" button in the top-right corner of the screen. Fill in your email, password and any referral code details.
You'll then need to verify your email address.
Step 2 (KYC)
You must provide know-your-customer (KYC) documentation before you can deposit AUD into your account. This process requires your full legal name, a photo of certain government-issued ID (such as a driver's licence) and a selfie. These documents can be uploaded through CoinSpot's mobile application or via the online platform. CoinSpot aims to verify these documents as soon as possible.
Step 3
After registration and KYC verification are complete, you should activate 2-factor authentication (2FA). Enabling 2FA will require you to input a time-sensitive 6-digit code that is created via a third-party application such as Google Authenticator or is sent to you via SMS. 2FA should prevent unauthorised access to your account. You can find the 2FA option within the security settings.
Compare CoinSpot against other exchanges
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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.
September 5, 2019
Can you lose more money than you have in your account? End up oweing more than you have?
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
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?
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
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?
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
October 10, 2018
2FA verification is proving a problem. Google authenticator does not seem to working correctly. Is there any help online?
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
August 5, 2018
Why is the fee to transfer my coins to a hardwallet so high compared to other transactions?
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