CoinSpot Review 2022

CoinSpot was among the very first major Australian cryptocurrency exchanges out there to come up years ago. It became the most popular exchange in a short time as it was able to simplify selling and buying crypto until anyone could use it.

new coinspot logo

Although there are several powerful competitors in the market right now, CoinSpot still is one of the best methods to purchase cryptocurrency.

With over 350 different cryptocurrencies and an amazing application it’s impossible to be wrong!

Table of Contents

CoinSpot Pros:

  • An established track record as an honest company
  • A wide range of cryptocurrency options to make instant purchases and sales
  • Beginner-friendly design
  • Rapid withdrawals and deposits
  • NFT market available
  • Cold storage is used to keep the company’s and user’s funds inaccessible

CoinSpot Cons:

  • AUD withdrawals and deposits only
  • There is no option for credit or debit card deposits
  • Costs for purchase in a flash

What Is CoinSpot?

CoinSpot has a location in Melbourne. currency exchange which began operating in the year 2013. To be clear, it was quite a while before crypto was an increasingly popular investment strategy. It’s interesting to see how CoinSpot was able to survive all the crucial phases of the cryptocurrency industry and did not lose its impact in the Australian scene until the emergence of new crypto platforms such as SWYFTX or the Digital Surge.

Apart from the trustworthiness due to its status as one of the first cryptocurrency companies, I’m able to tell the fact that CoinSpot is a fully-regulated business as per the Australian financial framework. It’s registered with AUSTRAC, and is a participant in Blockchain Australia and the Australian Digital Commerce Association (ADCA). It is registered with the official name Casey Block Services Pty Ltd ABN (19 619 574 181) and its founder Russell Wilson as the company CEO.

The CoinSpot team provides a comprehensive platform that is focused on the ease of buying and selling, paired with a streamlined deposit system, and customer support that is available. The platform supports over 300 digital assets to make immediate purchases. It also provides an on-platform spot market as well as a handful of appealing crypto options that are popular in top markets across the globe.

How Does CoinSpot Work?

Like other exchanges for cryptocurrency, CoinSpot acts as an intermediary in the cryptocurrency trading. It connects sellers and buyers and charges a set amount to provide the service.

I love the method CoinSpot creates two distinct trading models for the same platform. You can purchase and sell cryptocurrency using the currency AUD at a retail level or be able to access an open market, and take care of more sophisticated types of orders in addition to the usual market orders.

Outside of both of these markets, I also found another OTC (over-the-counter) desk ideal for large-scale investment. This means that if you’re an existing CoinSpot customer and your expected amount is more than $50,000, you’ll be able to avoid the traditional public order books and instead get an individual broker to complete trades with the most favorable results.

Who is CoinSpot Created for?

The set of features offered by CoinSpot is available on an extremely user-friendly interface, and therefore, is the ideal choice for those who are hesitant to venture into the world of crypto. CoinSpot is a great exchange that includes everything you need to “boosting” elements to make you a more confident investor. I’ll add that CoinSpot is an ideal choice for corporate clients as well as Super Fund investors, given the strict regulations and flawless compliance with regulations.

In the end, the CoinSpot spot market comes with an excellent set of trading tools designed to meet the demands of traders who are intermediate. Professional traders who are searching for margin trading as well as the markets for crypto derivatives as well as the DeFi “hunters” will find a better protection on the more advanced platforms such as the Binance as well as Bittrex.

Supported Cryptocurrencies

From what I’ve seen, CoinSpot has the most comprehensive crypto-selection among all the exchanges based in Australia. It provides more than 350 different cryptocurrency assets which include Bitcoin (BTC) as well as other chart-topper altcoins such as Ethereum (ETH), Litecoin (LTC), Cardano (ADA), Neo (NEO), Eos (EOS), Tron (TRX), Ripple (XRP), BNB Coin (BNB), Solana (SOL) as well as Dogecoin (DOGE) and A wide selection of DeFi tokens, including Avalanche (AVAX) as well as Uniswap (UNI) as well as the most well-known cryptocurrency stablecoins Tether (USDT) as well as USD Coin (USDC).

The exchange is willing to expand the list of cryptocurrencies it supports and is the best place to discover new crypto projects that are on the Australian cryptocurrency future. If you’re new to crypto I would advise you to stick with the major players that have steady liquidity until you can sharpen your understanding of trading in crypto.

It is important to remember to mention that CoinSpot place market for trading spot is tiny compared to other cryptocurrency giants. It has about 15 pairs of trading that use USDT or AUD as the currency of base.

Features

Despite my experience with a variety of platforms, I’ve always been awed by the CoinSpot feature set. I’ve been on many feature-rich and more advanced exchanges, but CoinSpot truly knows how to enhance user experience. This is the reason I’ve listed the traits which make CoinSpot an attractive option for the Australian crypto-savvy community.

Purchase Crypto in Bundles

I’m a huge fan of this feature, and am thrilled to know it’s been adopted by CoinSpot. CoinSpot has already implemented this feature. Achieving diversification in your cryptocurrency portfolio is among the most difficult methods for beginners. It is simple, they will require time to realize that various cryptocurrency are serving various objectives.

Through the bundle option The exchange provides you with the possibility of a “meaningful cluster” of cryptocurrencies that you can purchase with the same transaction. For instance, you could purchase one of the “Top 3 Market Cap” cryptos as a bundle and pay the cost only once. But, I discovered that CoinSpot does not allow the creation of an individual bundle.

Ease of Use

The convenience of one-click purchase is the most important factor in making CoinSpot an intuitive platform however there are additional factors that contribute to the hard-earned reputation. For instance, the first thing I observe upon stepping onto a particular platform is how simple navigation is. CoinSpot does a fantastic job in this regard.

User interfaces are elegant although there are many directions you can go in after you’ve become an registered user. You have access to all of the major options through the Dashboard. You can purchase crypto, deposit money and learn about basic market indicators right there without having to navigate through multiple layers of CoinSpot’s website. CoinSpot website.

Instant Trading

I’ve mentioned before the two fundamental methods to buy crypto through regulated marketplaces. You can place an order via the order book on the platform and then wait for a seller who is able to fulfill your order. It could be the opposite that you are responding to an order that has already been placed.

In reality, the phrase “cryptocurrency exchange” falls within this category, even when we use it to describe any cryptocurrency-related service. It is my opinion that certain cryptocurrency services function as intermediaries that offer you crypto through their own reserve. We refer to as”instant purchase.

Instant purchase is the area where CoinSpot shines. All you need to do is visit the buy section. There, select cryptocurrency, type in your amount in Australian dollars you’d like to pay for it and select the most suitable payment method that fits your purchase way. CoinSpot will handle all the rest.

Cryptocurrency Staking

I recently came across the information I recently discovered that CoinSpot has eliminated the option of Staking or, more precisely the option has been redirected for passive earnings to its Earn program. Let me go over some details.
Staking is a method of trading which is similar to mining. It’s something that blockchains do. While some blockchains utilize mining as a way of making new coins, others use stakes. Participants in “proof-of-stake” (PoS) networks don’t invest computing power to create new cryptos, they simply put some of their blockchain-based coin (they already own) to prove the legitimacy of transactions.

In this system of reward cryptocurrency exchanges play an important role. They form pools and join the staking process by joining forces of all the participants and then divide the rewards according to the amount they deposit. In conclusion the exchange, CoinSpot allows you to the option of staking to earn an income stream that is only passive for cryptocurrency which are on PoS blockchains, such as Cardano as well as Solana.

However, Earn programs aren’t necessarily tied to stakes. You can loan your crypto to the exchange, and earn a handsome APY in the return. Based on the policy of the exchange it is possible to lend both well-known coins as well as experimental crypto projects ranging for example, from Bitcoin and Axie Infinity (AXS). Axie infinity (AXS).

CoinSpot Wallet

Once you have signed up for an account with CoinSpot accounts, you’ll receive an in-exchange wallet that is free to hold your newly acquired coins. I’m advising you that no expert would recommend this type of storage because custodial wallets store your private keys on their servers owned by the company.

But, I’d argue that putting your Bitcoins on exchanges isn’t so bad in the long run so long as the exchange is controlled by the local framework for protection of users. If you’ve purchased a huge sum of Bitcoin and aren’t planning to use it. In this scenario, you must consider a wallet that is a physical one as the most secure option for storing cryptocurrency.

In the end, the CoinSpot wallet is an efficient tool. It can be used with multiple currencies and allows you to transfer cryptocurrency funds from other wallets without additional charges.

CoinSpot Earn

CoinSpot has canceled the Staking option to go with its Earn Program. This means that the exchange lets you receive a bonus for your cryptocurrency holdings for a specified time. The reward amounts are calculated using an interest payment at a fixed rate that is paid to every kind of crypto that is that is listed in the Earn program.

The most popular cryptocurrency that CoinSpot provides the most popular is Ethereum (with the upper limit being 6 Ethereum) with an APY that ranges from 5% to 5.12 percent. Other supported cryptos do not have a limit on the amount however they differ to an enormous amount in the APY. For instance, Cardano comes with 5.10% APR, BNB with 5% while The Verasity (VRA) rate can go as high as 18.25 percentage.

CoinSpot Mobile App

If I were you I think the CoinSpot mobile app is an absolute delight. It’s got the same clarity that was inherited from the first platform built on browsers. I am impressed that you can utilize the app for more than just alerts and timely portfolio reviews but as well for all the trading functions that are available beneath CoinSpot. CoinSpot umbrella. It is no surprise that the CoinSpot app is available on each of iOS and Android devices.

CoinSpot Fees and Costs

Everything seems to be fine Everything is fine with CoinSpot until we reach the charges. CoinSpot charges a trading cost of 1 percent on all sales and purchases made in the instant and is significantly more than its closest rivals Swyftx (0.6 percent) as well as Digital Surge (0.5%).

If no one has mentioned it that, in the world of crypto trading, there’s an obvious difference in the buy/sell price also known as spread that is calculated into your purchase price at the counter for processing. Spreads on CoinSpot are not small -they vary between percent and 2percent. In comparison to Swyftx or Digital Surge, the difference is quite striking. The spread of the two Australian exchanges could drop to 0.4 percent.

However, the charges of 0.1 percent of CoinSpot’s CoinSpot marketplace are a bit less than industry standards. If you decide to opt for Recurring Buy or other advanced type of order will cost you an additional one percent.

In the case of deposits, fees can differ based on the method of payment. Transfers to banks via Wire, PayID, and POLi are completely free. BPAY is accompanied by a infamous cost of 0.9 percent per transaction. for those who prefer cold cash prepare to pay 2.5 percent at one or the Blueshyft terminals. The exchange also doesn’t charge withdrawal fees for withdrawals made in AUD.

Affiliate Program

Its Affiliate program offered by CoinSpot is one of the best offers in the Australian cryptocurrency sector. It works this way:For every new customer who signs up with CoinSpot with the affiliate hyperlink, you’ll earn 30% of any commissions that they receive for trading through CoinSpot’s platform. The percentage will be in effect for the first year and then it’ll slowly start declining. It’s an excellent opportunity to earn cash, particularly if you are able to collect a significant number of new members, like.

Security

Let me put it this way — CoinSpot has been operating since 2013 without a hacker attack or any other identity-compromising scam. To myself, that’s sufficient to trust my funds in the exchange’s hands having seen how cybercriminals could alter the crypto landscape in the beginning of the Bitcoin time.

With an AUSTRAC-licensed business, CoinSpot strictly complies with the AML/CTF regulations in order to provide the highest level of security for its users’ accounts. The exchange employs industry-leading security measures to safeguard the data flowing and to make sure that the funds of users are safe. This includes whitelisting and the support for two-factor verification (2FA) to increase security. Additionally, Coinspot undergoes external audits every year, that monitor every aspect of its internal processes like customer information storage, information management personnel, intellectual property.

Then, CoinSpot was the first cryptocurrency service in Australia to be awarded the internationally acknowledged ISO 27001 certificate for information security.
Customer Support

I was able to get an impression from the CoinSpot support team takes great care of its customers. One of the first things that caught my attention was ZenDesk gadget, that allows users to provide specific feedback to their helpdesk. The response time isn’t often last longer than 24 hours.

In addition to the widget which is accessible at all times it is also possible to write an email or use live chat bots to seek help. However, I believe it would be ideal to have an open phone line.

Before you turn to professional help, make some time and effort to read the extensive guides as well as the distinct FAQ sections. They can be extremely useful to for the beginning stages of your career in crypto.

How To Get Started With Coinspot

Here’s how to create accounts on CoinSpot and start trading cryptocurrency within less than 10 minutes:

  1. Visit the CoinSpot website and click REGISTER.
  2. Input your email address, and create an extremely secure password using the combination of numbers and letters.
  3. Be sure to input your affiliate or referral code if it’s there and verify that you’re human by clicking the checkbox on the lower right at the bottom of your screen.
  4. Click on Create Account.
  5. The next step is to verify your account prior to being able to begin trading. Hit the Complete Verification button to initiate the verification process.
  6. You’ll receive an email confirmation. Click the link within the email to confirm the authenticity of the email.
  7. Choose the Personal Account option in the Account Type menu.
  8. Complete all personal information requested by the trading platform.
  9. Upload the image of your government-issued identification document during the following step. It’s recommended to upload a passport Australian ID card or driver’s license, and ensure that the image isn’t blurry.
  10. Complete the registration process by submitting your account for your verification. It shouldn’t take longer than 10 minutes. And when you’re done you’re now ready to begin trading with CoinSpot.

CoinSpot Alternatives

I’m aware that an unintentional review could lead users into making a bad choice. I’ve tried to emphasize throughout the entirety of my article that CoinSpot is easy to use, but it’s also the Coinbase. I also mentioned that I’m pleased with the CoinSpot capabilities, but it’s just a fraction of the features Binance provides under one roof. The final result is that tiny factors can be a crucial aspect when choosing the best cryptocurrency exchange.

Which is better? CoinSpot or Binance more reliable?

The two exchanges have various options for setting up which is why we aren’t able to be discussing the two exchanges with a generalization. Like Coinbase, Binance targets international clients, yet its mission is much more than buying items in a flash.

Binance offers a wealth of trading options and an incredible array of trading pairs. As such, it naturally is popular with experienced traders. CoinSpot however, on the other side, offers a relaxing experience and, therefore, is more suitable for novices.

Are Coinbase or CoinSpot more reliable?

It’s legitimate to say it’s true that CoinSpot can be described as an Australian equivalent of Coinbase that has been in existence for years and regulated, it’s user-friendly, and costlier as compared to other marketplaces similar to brokers. But, Coinbase has evolved into an international brand, offering the ability to tailor its offerings for Australian customers, whereas CoinSpot remains focused on local users.

Clearly, Coinbase is only able to accept debit card transactions under however, the Aussie brand offers a variety of alternative payment choices for merchants in Australia. This means that CoinSpot is an more friendly solution to the need both exchanges are able to serve that is instant cryptocurrency purchases to exchange fiat.

Frequently Asked Questions (FAQs)

Is CoinSpot Regulated In Australia?

Crypto-currency exchanges are considered legal entities in Australia and are required to comply in accordance with Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF 2006). CoinSpot is a seasoned player in the industry, CoinSpot operates in full conformity with Australian laws.

What kinds of NFTs are offered on CoinSpot?

CoinSpot isn’t very closely linked with CoinSpot isn’t closely linked to DeFi part of the cryptocurrency world , but it does have a selection of the hugely popular art tokens known as NFTs. You can locate about twenty NFT collection on sale on CoinSpot which includes Decentraland (MANA), ApeCoin (APE) along with Sandbox (SAND)

Are CoinSpot the best exchange to purchase Bitcoin?

It depends. CoinSpot is always the preferred option for Bitcoin transactions (and trading generally) for those who require the assurance of the services they utilize. Its attractive design and a highly efficient customer service which make CoinSpot among the most reliable Australian exchanges. If you’re an Bitcoin trading day-to-day, you might want to look for a less expensive and more diverse option.

How do I withdraw my money through CoinSpot?

To withdraw funds from CoinSpot it is necessary to trade them to fiat. It’s as easy as buying. All you need to do is click the Sell tab, type in the amount of cryptocurrency you wish to withdraw, then enter the bank details required. The exchange will calculate immediately the exchange rate at the moment and deposit the cash into your bank account once you’ve confirmed the transaction.

What are the acceptable payment methods on CoinSpot?

In a nutshell, nearly every thing you can think of as a legitimate payment method across Australia other than credit and debit card, ApplePay and PayPal. Its CoinSpot list of payment options that are accepted includes cash deposits, bank transfer (Blueshyft), BPAY, Osko, POLi, PayID and, of course cryptocurrency.

Conclusion

Overall, I’ve been pleased with the duration I’ve spent using CoinSpot. CoinSpot platform. Through the years they’ve developed an elaborate plan of action to offer high-quality customer support with speed and efficiency in a safe manner.
If I was planning to start my crypto venture today, I’d think carefully before placing my cash on CoinSpot. The charges are excessive for anyone who wants to become a trader.

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About The Author

Gareth Johnson
Gareth Johnson

Gareth is incredibly passionate about sharing his knowledge in the crypto industry. It's important to make informed decisions in crypto and it's Crypto Wisdom's goal to make this information widely accessible.

This page was last updated on August 4, 2022