CoinSpot Review

Hedge with Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for educational purposes only. Hedge with Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

Bottom line:

CoinSpot is a reputable and trustworthy exchange in Australia to buy cryptocurrencies. It has an approval rating of 4.5/5 stars on TrustPilot based on 1,872 reviews, which is quite exceptional. However, the CoinSpot platform isn’t without its cons. The exchange charges 1% trading fees for instantly buying and selling crypto – but there are no withdrawal fees when cashing out AUD to a bank account. Overall, the pros of using CoinSpot far outweigh the cons, and it’s a highly recommended crypto exchange in Australia for beginners due to its straightforward interface and mobile app.

SPECIAL PROMOTION: CoinSpot and Hedge With Crypto have partnered to offer a FREE $20 Bitcoin bonus for new accounts. Read our Coinspot referral code guide for more information.

How We Rated CoinSpot

Review Criteria	Hedge With Crypto Rating
Features	4.5 / 5
Supported Fiat and Deposit Methods	5 / 5
Supported Crypto & Trading Pairs	4.5 / 5
Fees	4 / 5
Ease of Use	5 / 5
Customer support	4.6 / 5
Security Measures	5 / 5
Mobile App	5 / 5

Pros Explained

• Trusted Australian Exchange. CoinSpot is one of Australia’s most popular cryptocurrency exchanges, boasting well over 2.5 million customers. The platform is registered with AUSTRAC and has been operating for over a decade without a major incident.
• Suitable For Everyone. CoinSpot is an excellent first-up choice for Australian investors. It has an excellent user design and layout, with all the basic trading tools only a few clicks away. The “instant buy” feature is a great way for Aussies to quickly and easily buy Bitcoin and 380+ other crypto assets.
• Multiple Deposit Options. CoinSpot has one of the longest lists of AUD deposit options, including POLi, PayID, Bank Transfer and more. These are all fast and free, making it cost-effective to fund a CoinSpot account. Additionally, CoinSpot accepts cash payments (via a local newsagent) which can be great for investors who receive their paycheques in cash.
• Large Selection Of Assets. CoinSpot, as of writing this article, has the largest list of supported cryptocurrencies of any Australian crypto exchange. This makes a generally user-friendly exchange suitable for some more advanced investors who want to speculate on lesser-known coins. The ability to build a diverse portfolio is an excellent platform feature.
• Support for SMSF and OTC. Those wishing to add cryptocurrencies such as Bitcoin and Ethereum to their retirement funds can do so via a CoinSpot SMSF account. High-net-worth investors can also make OTC trades with fees of 0.1%.

Cons Explained

• High Fees. The platform’s fee rate of 1% on instant and recurring orders is quite high, even for Australian exchanges. Alternatives like Independent Reserve (0.5%) and Swyftx (0.6%) offer lower fees on most trades.
• Poor Liquidity. CoinSpot is one of Australia’s highest-volume exchanges – but in the grand scheme of things, Australia is still a pretty small market. This means that CoinSpot can suffer from high spreads and slippage, which can seriously eat into profit margins. Higher-volume traders will likely prefer an international exchange like Binance.
• Lack Of Advanced Trading Features. Although CoinSpot offers some basic order types (Stop-Loss etc.), compared to big players like Binance and ByBit, CoinSpot is lacking in advanced trading options. There is no ability to trade with leverage or utilize derivatives.
• Limited Trading Pairs. CoinSpot’s market order hub allows investors to purchase several digital assets with a transaction fee of just 0.1%. Unfortunately, there are only 15 trading pairs available, severely limiting the number of assets customers can buy with low fees.

CoinSpot Compared

Bank transfer is one of the most popular methods to deposit AUD on Coinspot. The comparison table below lists alternative exchanges like Coinspot that allow investors to deposit funds using a bank transfer to start trading.

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
Swyftx	422	0.6%	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.9 / 5	$20 Bitcoin for creating a verified account	Visit Swyftx	Swyftx Review
Binance	385	0.1% (spot) and 0.02% / 0.04% (Futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	Up to $100 welcome bonus	Visit Binance	Binance Review
ByBit	331 (608 trading pairs)	0% (spot), 0.06% / 0.01% (futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	0% trading fees for 30 days (spot only)	Visit ByBit	ByBit Review

Read these Coinspot comparisons against similar crypto exchanges in Australia that have comparable features:

• CoinSpot vs. Swyftx
• CoinSpot vs. Binance
• CoinSpot vs. Digital Surge
• CoinSpot vs. Coinbase
• CoinSpot vs. CoinJar

CoinSpot At A Glance

CoinSpot is an Australian cryptocurrency exchange based in Melbourne that provides a secure platform for buying and selling cryptocurrencies. The exchange is trusted by more than 2.5 million customers who are able to buy Bitcoin and more than 380 other digital currencies.

The CoinSpot platform provides a safe environment for individuals, companies, and SMSF investors to buy, trade, and sell Bitcoin and 360+ other cryptocurrencies. The wide selection of digital assets is appealing and each can be purchased using dollar-cost averaging – a particularly effective strategy for every day Australians.

Founded in 2013, CoinSpot is an AUSTRAC-licensed and Blockchain Australia member. It was one of the first Australian crypto exchanges to receive the coveted ISO 27001 certification for excellent security measures. CoinSpot is a legitimate company that is licensed under Casey Block Services Pty Ltd ABN 19 619 574 186, trading as CoinSpot. Australia's highly governed financial sector regulates the exchange to ensure proper conduct and operations with investors' money.

Exchange Name	CoinSpot
Fiat Currency	AUD
Cryptocurrency	380
Payment Type	PayID, Direct Deposit, POLi, BPAY, Card Deposit & Cash Deposit
Trading Fee	1% (instant), 0.1% (spot)
Deposit Fee	Free for bank transfers, BPAY: 0.9%, Cash & Card Deposit: 2.5%
AUD Withdrawal Fee	None
Customer Support	Live Chat, Email, Ticket System
Security Measures	ISO27001 Certification, Cold Storage, End-to-end Encryption
Mobile App	Yes

Review of the Top Features & Services

Ease of Use

CoinSpot is well-suited for anyone who wants to buy cryptocurrency using Australian Dollars. The platform's design is modern, intuitive, and straightforward to use. Creating an account, completing ID verification, depositing funds, selecting an asset, buying and selling, and withdrawing funds is fast and easy.

All the major features can be accessed with just the click of a button—for example, you can click the “Wallet” tab to instantly see your portfolio. The platform's landing page shows the top coin gainers for the day, letting customers quickly buy and sell these assets after login.

Wide Variety of Coins

Compared to the top exchanges in Australia, CoinSpot offers one of the largest selections of digital currencies that can be bought and sold using AUD. There are currently over 380 coins that are supported on the Instant Buy/Sell platform which includes major assets (BTC, ETH and so on), DeFi coins and exotic altcoins. The exchange is regularly adding new coins and projects to its marketplace.

Purchase Crypto In Bundles

For investors who want to diversify their crypto portfolio quickly, the CoinSpot platform offers the ability to purchase digital assets in bundles. Since multiple cryptocurrencies can be acquired in a single transaction, the added advantage is that fewer transaction fees are incurred. That said, the fee rate is still 1%, higher than the 0.1% customers can find when placing market orders on CoinSpot.

CoinSpot currently offers 11 crypto bundles that can be purchased with AUD. Investors cannot create their own bundle and can only choose from CoinSpot's offerings. For example, the “Top 3 Market Cap” bundle contains Bitcoin, Ethereum, and Binance Coin at 34%, 33%, and 33%, respectively. Other bundles are “themed,” comprising DeFi, environmentally friendly, or NFT assets, for example.

CoinSpot Card

CoinSpot launched its crypto debit card powered by Mastercard for its customers, who had verified accounts to apply for and use the card. The CoinSpot Mastercard is free and has no monthly charges, but a 1% transaction fee is applied to all purchases to cover the conversion costs. Lastly, the CoinSpot Mastercard supports 380 cryptocurrencies, but only a maximum of five can be stored on the card.

NFT Marketplace

CoinSpot is one of the few crypto exchanges in Australia that offers an NFT marketplace. For those who want to buy NFTs using crypto, CoinSpot provides a straightforward process to buy or mint NFTs. The collection includes some popular NFTs such as Board Ape Yacht Club. NFT purchases are made using an Ethereum wallet and safely stored in your CoinSpot wallet. Investors that deposit AUD must convert this into Ethereum before making a purchase and cover the gas fees.

Trustworthy & Reputable Exchange

CoinSpot is a reputable and trustworthy exchange that has never been hacked since it was founded in 2013. CoinSpot is also the first cryptocurrency platform in Australia to receive the internationally recognized ISO 27001 certification for information security. This means CoinSpot is a particularly secure exchange, and there’s a low risk that personal information stored on the exchange – to comply with KYC requirements – will be compromised.

Creating an Account

Like most cryptocurrency exchanges, to create an account with Coinspot, you will need to go through a registration process to create a crypto trading account. To get started, visit the website and click ‘Register' at the top of the page, fill in the details and click ‘Create Account‘.

Coinspot will ask for an email address that must be verified before logging in. Once this process is complete, customers will be able to access the CoinSpot exchange for the first time, although they cannot deposit fiat currency until KYC verification is completed.

CoinSpot Verification

A basic Coinspot account allows you to explore the features of the website, but you cannot deposit or withdraw funds until verification is completed. Coinspot verification is required to comply with AUSTRAC’s KYC and AML protocols. Once verified, you can deposit up to AUD $2,000 per day and access funds from the CoinSpot wallet.

This process is quite strict and requires a little more effort than verifying identity on some other exchanges. However, this is a standard process to protect the crypto exchange from involvement in money laundering or suspicious activity. The overall verification process normally takes less than 24 hours.

Depositing Funds

Coinspot supports several payment methods for depositing funds into an account to buy Bitcoin. The most popular choice to deposit funds into Coinspot is via bank transfer using a direct deposit, POLi or PayID. These payment methods do not incur trading fees.

BPAY and Cash deposit methods are available, but they come with a small cost. Unfortunately, the exchange does not provide an option to buy Bitcoin with AfterPay or PayPal, but it has recently introduced support for purchasing crypto assets with a Credit/debit card. Each deposit method has various deposit limits per day and timeframes, as shown below. When it comes to withdrawing AUD to a bank account, CoinSpot does not have a minimum or maximum limit per day.

Payment	Description	Limit	Speed
POLi	Bank transfer from an internet banking account directly into a CoinSpot account.	$20,000 per day	Instant
PayID	Instant Bitcoin purchase method using the Australia-wide New Payments Platform (NPP) for fast transactions.	Depends on bank, minimum deposit of $1	Instant
BPAY	Use a bank account to make a payment using Biller Code and Customer Reference Number.	$10,000 per day	0-2 business days0-2 business days
Cash Deposit	Deposit physical cash at 1,300+ newsagencies across Australia.	$8,000 per day, minimum of $50	Instant (once deposited at location)
Card Deposit	Fund a CoinSpot account using an Australian debit or credit card	$200 per day	Instant

Supported Assets

CoinSpot supports over 380 cryptocurrencies on the exchange to buy, sell and swap in Australia such as Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, Cardano, NEO, EOS, Stellar Lumens, Tron and many others. The exchange also supports popular DeFi tokens on its platform such as Compound, Uniswap, Aave, Yearn Finance and Sushi. Australians who are looking to buy meme coins like Dogecoin and Shiba Inu can also find them on CoinSpot.

Ease of Use

Coinspot's interface features a simple and easy-to-use dashboard with trading features that allow you to monitor multiple coin wallets in a single location. There are buttons next to each asset for quick buy or sell orders, or to view the live price chart. A visual chart of the portfolio with the allocation of coin holdings and their percentages is a nice feature for tracking overall performance.

Investors who rely on technical chart analysis are equipped with trading tools such as trend lines, indicators, and technical patterns to interpret an asset’s price action. The charting package is interfaced with TradingView, which is one of the more popular charting solutions. You should be aware the drawing tools and indicators will be removed after logging out. Those who want to perform technical analysis over multiple sessions should consider using a separate crypto charting website.

Buying Experience

Instant Buy & Sell

Coinspot provides the option to buy and sell cryptocurrency instantly to do so by clicking on the ‘Buy/Sell' link at the top of the page. There are over 200+ coins that can be purchased instantly or sold back to AUD.

The process to use the instant buy feature is simple. For example, if you want to quickly buy Ethereum, the asset is selected from the list and an order entry box is displayed. Here, you can enter the amount of AUD they want to spend buying Ethereum.

The equivalent amount of Bitcoin is displayed at the current market rate. The trading fee is not displayed with the transaction details and should be shown to provide clarity for the investor. Traders that use the instant buy or sell feature will incur a trading fee of 1% for convenience. This rate is considerably higher compared to the top cryptocurrency platforms in Australia like Swyftx (0.6%).

Exchange

Coinspot offers a more in-depth trading platform that has been designed to suit more experienced traders. The Coinspot “Exchange” can be accessed by clicking on the “Market” link on the top menu. The trading fees using the exchange differ substantially from the Instant Buy/Sell feature mentioned above (1% versus 0.1%), which is very cheap and on par with the top international exchanges like ByBit and Binance (0.1%).

The user interface features a price chart of the selected cryptocurrency asset to trade. This is useful to provide you with an overview of the recent price history using a candlestick or line chart.

Similar to the popular Bitcoin trading platforms, CoinSpot exchange includes an order entry box to buy and sell cryptocurrency against Australian Dollars (AUD). You can enter the amount of AUD to spend and choose the amount of crypto to purchase. There are only approximately 15 trading pairs available when using the CoinSpot exchange, and the interface is basic and orders need to be manually entered – which can result in errors.

An order book is positioned below the order boxes which can be useful to see the trading volume and asset liquidity. This is particularly important on altcoins that have low trading volumes.

There does not appear to be an option to set a stop loss or take profit orders using the CoinSpot exchange. These order types are really important to manage trade risk and preserve capital. The lack of these order types is particularly confusing when we consider that the Instant Buy service, intended for beginners, actually does offer them. Traders would like to see advanced order types such as stop order, One-Cancels the Other (OCO) and Fill-Or-Kill included too.

Overall, trading on Coinspot using the “Market” for buying & selling cryptocurrency lacks advanced features compared to other reputable platforms such as Swyftx, Binance, Bybit, and Plus500 which are available in Australia to use. However, those who are using the platform anyway may prefer trading on the Market to capitalize on the substantially lower fees.

CoinSpot Fees

Trading fees

Coinspot's fees depend on how you place orders on the exchange. The trading fee to instantly buy, sell, and swap crypto is a flat 1% and 0.1% on the OTC desk and exchange. Similarly, the trading fee to place a take profit, stop-loss orders and recurring buys (dollar-cost averaging) is 1% which is very expensive – a cheaper alternative for recurring Bitcoin orders is the Bamboo app based on our review.

Overall, the trading fees cater to people looking to make their first Bitcoin & cryptocurrency investment using AUD.

Transaction	Fee
Instant Buy, Sell and Swap Coins	1%
Take Profit, Stop & Limit Orders	1%
Recurring Buy	1%
Market Orders on the Exchange	0.1%
OTC	0.1%

Deposit and withdrawal fees

There are no deposit or withdrawal fees using bank transfer methods such as POLi or PayID or direct deposit. BPAY and cash deposit at a local newsagency will incur a 0.9% or 2.5% surcharge fee accordingly. Additionally, deposits made via credit or debit card incur a 2.59% fee. Coinspot withdrawals from a crypto wallet to another exchange or a hardware wallet will incur the standard blockchain network (mining) fee, which varies on the coin and network load at the time.

Transaction	Fee
POLi, PayID, Direct Deposit	None
BPAY	0.9%
Cash Deposit	2.5%
Card Deposit	2.59%
Withdraw AUD	None

CoinSpot Limits

CoinSpot’s buy and sell limits vary by deposit type (listed in the “Deposit Methods” section of this review), as well as the individual coin being purchased. For trading, major coins like BTC, ETH, XRP, BCH, EOS, LTC, BNB, HOT, TRX, ADA, and NEO all have limits of $100,000 per transaction.

All other coins have a variable limit, ranging from $100 and $50,000 depending on market liquidity at the time of transaction. To find the specific buy and sell limits for coins, navigate to the ‘Buy/Sell' button at the top of the page and select the desired coin. Under the available CoinSpot funds, the limit will be shown. Customers can find the sell limit in the same position if they click on sell instead of buy.

Over The Counter (OTC) Trading

Whether new to trading cryptocurrencies or a seasoned expert, CoinSpot allows Over-the-counter (OTC) trading for high-net-worth investors. The exchange offers assistance with high-value deposits & withdrawals including support for Self Managed Super Fund (SMSF) and business Account onboarding. OTC trades only come with a fee of 0.1%, but you need to be trading at least $50,000 for their trades to be accepted.

CoinSpot App

CoinSpot features a solid mobile trading app to buy, trade, sell, transfer from the wallet, view price graphs, display coin information and monitor a cryptocurrency portfolio in one place. The CoinSpot app can be downloaded from the Google Playstore or iOS Store. The ease of use of the app has been improved over time and is comparable to the top crypto apps in Australia for buying and sell digital assets with AUD.

CoinSpot Security

Coinspot takes security seriously and complies with the International Organization for Standardization for its security systems. CoinSpot is one of the only cryptocurrency exchanges in Australia to be accredited for its security systems, receiving the coveted ISO27001 award for excellence in security. Funds stored on the Coinspot wallet are kept safe until transferred to a secure hardware wallet.

To protect user accounts from fraudulent activity, CoinSpot uses two-factor authentication (2FA) which requires you to enter a code that is generated via Google Authenticator upon login. In short, CoinSpot has one of the best wallets for storing crypto in Australia with industry-leading safety measures. That said, the only way to truly keep funds safe is by utilizing a non-custodial crypto wallet.

Customer Support

CoinSpot provides a comprehensive Help Centre that contains guides and Frequently Asked Questions to assist beginners. Most users will be able to get started with CoinSpot to buy Bitcoin and other digital assets with the assistance of CoinSpot’s Help Centre.

Users who can't find help in the FAQ section can get in touch with the support team by using the help widget in the bottom right corner. The widget works like a form and a specific question can be asked which will be answered by the CoinSpot support team. After contacting the support team, a response was received in less than 24 hours on a business day.