CoinSpot Review 2023

CoinSpot At a Glance

Website: https://www.coinspot.com.au/
Country: Melbourne, Australia
Mobile app: Yes
Deposit Methods: Bank transfer, cash deposits, cryptocurrency, direct deposit, Blueshyft, OSKO, PayID, POLi, or BPAY.
Trading Fees: 0.1% (market orders) and 1% (OTC trading and instant buy/sell)
Fiat Currencies: AUD
Cryptocurrencies: 360+

List of Features

• Assets stored securely offline, following stringent security protocols
• The most secure and trusted cryptocurrency exchange in Australia
• Registered with the AUSTRAC
• 24 hours a day Helpdesk Assistance and Live Chat
• Android as well as iOS apps are now available which allows you to trade from anywhere, at anytime
• Costs as low as 0.1 percent when you place Market Orders
• NFT Marketplace
• Earn interest in crypto in 21 currencies
• Over 360+ cryptocurrency to purchase or trade
• Buy immediately using AUD with no deposit cost by using PayID or Transfer to a Bank Transfer
• 20 Bitcoin for FREEwhen You sign-up for CoinSpot using this hyperlink
• Simple and fast registration process, so you can begin trading within a matter of minutes

Pros

• Regulatory-compliant and secure trading platform
• Biometric user authentication and CoinSpot cold storage for user assets
• Free deposit methods
• A vast range of popular cryptocurrencies
• Low-fee trading
• CoinSpot offers over-the-counter trading
• Multicurrency wallet for safe storage of your diversified coins
• 24/7 help desk offering assistance through phone or email
• A live chat support team (not bots) during working hours

Cons

• The platform’s financial services are available to Australians only
• Supports only deposits in AUD fiat currency
• No option for minting NFTs
• No support for credit card deposits

What Is Coinspot Australia?

Since 2013, CoinSpot has been Australia’s largest and most trusted Bitcoin and cryptocurrency exchange, and is currently headed by Russell Wilson. CoinSpot is a centralised cryptocurrency exchange (CEX) that provides you with exposure to the widest selection of digital assets available in Australia, including over 360 currencies that you can buy, sell, and trade at a 0.1% fee.

This exchange, in my opinion, is ideal for everyday swaps or simple trades. However, CoinSpot also offers over-the-counter (OTC) trading if you want to trade cryptocurrencies in larger volumes.

For the more daring traders, the platform offers NFT trading, various DeFi projects, API solutions, staking, and a Self Managed Super Fund (SMSF) for those who’d like to increase their balance passively and secure their future with crypto.

How Does CoinSpot Work?

CoinSpot functions similarly to almost any other cryptocurrency trading platform. It acts as an intermediary between market participants who buy and sell digital assets and collects a trading fee (or spread) in exchange for its services.

Also, at the time of the initial registration, you’ll be prompted to fund your verified CoinSpot account through a bank wire or make a cryptocurrency deposit to start trading.

As a registered CoinSpot trader, you can instantly buy Bitcoin or some of the other supported altcoins, which I find to be one of the biggest perks of this user-friendly exchange. A hassle- and fuss-free crypto buys are what every trader dreams of, in my books.

Additionally, CoinSpot opens up numerous trading opportunities for you to speculate on the future value of different cryptocurrencies on public exchanges and increase your portfolio and balance multifold.

How Does Coinspot Work

CoinSpot makes it easy to buy, sell, store, trade, and exchange crypto assets without much labour. Namely, the development team behind this cryptocurrency project has created an intuitive user interface that enables simple and fast trading even for beginners.

To be more specific, CoinSpot simplifies everything about its trading interface to appeal to a larger group of crypto investors. Therefore, I think newcomers would be relieved to learn that the developers of this platform have done their best to help them feel crypto trading isn’t rocket science.

How Many Coins Does CoinSpot Support?

CoinSpot boasts one of the most extensive coin collections, with over 350 different cryptocurrencies like Bitcoin (BTC), Binance Coin (BNB), Dogecoin (DOGE), Ethereum (ETH), Ripple (XRP), EOS (EOS), Neo (NEO), 0X (ZRX), Loopring (LRC), Fantom (FTM), Wanchain (WAN), Tron (TRX), and Litecoin (LTC).

Coinspot Features

Instant Trading

As mentioned a few times before now, if you’re looking for a reputable cryptocurrency exchange where you can buy and sell cryptocurrency instantly without having to haggle over the price, I’d go no further than CoinSpot.

They’ve streamlined all trading processes so that you can instantly obtain your coins, regardless of whether you’re aiming at the CoinSpot OTC trading desk or simply want to buy some new coins for your portfolio.

Ease of Use

The creative minds behind CoinSpot prioritised user-friendliness while designing the platform. As a result, their website has a clean layout and trading widgets that I find very easy to use. The user authentication procedure on the exchange has been streamlined, so it is much easier and faster to sign up for an account and verify it than on any other exchange.

Because all of CoinSpot’s functionalities have been tuned to provide the best possible user experience and make trading cryptocurrencies as easy as possible, using your bank account to deposit and withdraw Australian dollars is very simple and comes free of charge.

Purchase Crypto in Bundles

CoinSpot’s bundles is an extremely useful feature. This is by far the quickest and most convenient method of portfolio diversification. You can do this with one click and save time and money on trading costs when buying your preferred currencies in bulk.

To give you a better idea of what this product entails, let me tell you that you can buy several different crypto packages, such as the power duo bundle consisting of Bitcoin and Ethereum, the top 10 market cap currencies bundle, a bundle comprising all Bitcoin forks, DeFi or NFT bundles, and some more.

Each currency from the bundle will be demerged and added to the appropriate CoinSpot wallet upon purchase and automatically allocated to their respective wallets. You can monitor your balance at all times through the Wallets section on the exchange’s dashboard.

Cryptocurrency Staking: What Coins Can You Stake on Coinspot?

Staking your coins with CoinSpot can yield you up to 78% APY on around 30 different currencies, including Cardano (ADA), Polkadot (DOT), Ethereum (ETH), Solana (SOL), Polygon (MATIC), and Avalanche (AVAX), among others.

Since there are no lockup periods, you can stake and unstake your coins whenever you choose. There are no fees associated with using the staking feature of the site either.

To wrap this up, here’s a digest of CoinSpot’s staking T’s and C’s. For starters, I’d like to stress the fact that the annual percentage yield (APY) for staking is an estimate that may vary at any time according to market conditions and volatility.

The daily staking incentives on this platform are distributed at 10 AM AEDT, having been computed at midnight. To use your staked coins for trading, you need to unstake them first.

CoinSpot Wallet

CoinSpot’s Flexible Multicoin Wallet is the best way to keep and access your diverse portfolio of cryptocurrencies. If you sign up for a CoinSpot trading account, you’ll have instant access to this crypto wallet.

Furthermore, through CoinSpot’s multi-currency wallet interface, you can make instant purchases and swiftly sell or swap any digital asset on the site while keeping track of your transactions. These types of digital wallets that handle a variety of cryptocurrencies are the ones I personally find most convenient as they make it easier to manage your portfolio.

How Safe Is Coinspot Wallet?

Because CoinSpot is one of the most secure crypto exchanges in Australia, it’s a given that its native wallet is very safe and secure.

CoinSpot Mobile App

The intuitive design of the CoinSpot mobile app makes trading cryptocurrencies a breeze, no matter where you are. Whether you want to buy a small amount of Australian dollars or invest in many different cryptocurrencies, you can do so instantly and have the funds deposited directly in your CoinSpot wallet.

You can also send and receive coins directly from CoinSpot’s mobile app by using your CoinSpot wallet. The CoinSpot app android allows you to swiftly handle your assets in a handy spot, have instant access to your wallet, analyse your recent order records, or monitor your most recent trading activity.

The CoinSpot app for PC is compatible with both Android and iOS devices.

CoinSpot Affiliate vs Referral Program

CoinSpot recognises that its clients are paramount. That’s why the platform provides a competitive compensation rate for your efforts in bringing new users to the CoinSpot ecosystem. The best part is that the incentive is rewarded throughout the three years after the recruit has been verified, giving you the potential for a steady flow of revenue.

According to the revised incentive structure, CoinSpot affiliates now earn a financial reward equivalent to a percentage of the total amount paid by clients. As CoinSpot makes money through the buy and sell fees and spreads its users’ pay, you can expect to get 30% of those payments as a recruiter once they’ve been tallied up.

It is important to note that owing to legal constraints, SMSF Accounts cannot join CoinSpot’s affiliate program. You’ll need to sign up for the CoinSpot commission or affiliate program as either an individual or a business.

CoinSpot Fees: How Much Do CoinSpot Charge?

CoinSpot’s transaction fees are among the most competitive ones in the industry, starting at only 0.1% for OTC order CoinSpot trading or any of the market orders. However, the cost-effective trading with CoinSpot ends here, as every other trading operation on this platform will incur a hefty 1% cost of the trade.

These pricey trading features include recurring buys, limit orders, instant purchases, sales, as well as exchanges of cryptocurrency.

How Much Is Coinspot Deposit and Withdrawal Fees?

CoinSpot does not charge a fee for AUD withdrawals to Australian bank accounts. However, there is a blockchain withdrawal charge for sending digital currency to a standalone crypto wallet.

This Australian exchange will also not charge you any deposit fees for making direct deposits or online bank transfers when using payment providers such as PayID, OSKO, or POLi. On the other hand, there is a 0.9% fee for using BPAY to fund your account and a 2.5% fee for using the Blueshyft payment platform to fund your account with AUD.

CoinSpot Security: Is Coinspot Safe?

CoinSpot’s design is based on a variety of tried and tested security features to prevent unauthorised access and manipulation of user accounts. These include two-factor authentication (2FA) protocol, customisable CoinSpot withdrawal limits, and session runtime constraints.

Because of its membership in the Australian Digital Commerce Association and Blockchain Australia, CoinSpot is required to follow stringent KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures to prevent fraudulent transactions and the financing of terrorist organisations.

Last but not least, SCI Qual International performs frequent audits and inspections of Coim Spot to ensure its security infrastructure and transparency in delivering financial services.

If you want to learn more about this exchange’s safety, then you might want to check Coinspot Trustpilot reviews.

Customer Support

CoinSpot’s customer service department is available 24/7 for any of your questions and has an average response time of an astounding 30 seconds (to 4-5 minutes if we want to be objective). In addition, there is a Live Chat function that puts you in direct communication with the representatives of the CoinSpot staff.

If using social networks is something that interests you, the exchange also has a significant presence on social media, which means that you can communicate with the customer care team through channels, including CoinSpot Forum, Facebook, Instagram, Twitter, and CoinSpot Reddit. For CoinSpot complaints, it’s best to reach out to them via live chat.

In addition, you can find a wealth of general information about CoinSpot and the blockchain industry on the platform’s extensive learning centre and blog.

Creating a CoinSpot Account

To establish an investment portfolio on the CoinSpot platform, you must be at least 16 years old, provide a confirmed email address, and have a mobile phone number. Even better; If you are a new user, you can receive FREE $10 worth of Bitcoin when you sign up using our CoinSpot referral code.

To successfully complete the identity verification process, you must additionally submit government-issued photo identification.

After you’ve verified your CoinSpot business account, you’ll have access to a number of fast, low-cost ways to deposit funds to your balance. Once the payment has been processed, you can easily purchase the digital assets supported on this platform by clicking the Buy/Sell option on the instrument panel.

CoinSpot Alternatives

Is Coinbase or CoinSpot Better?

I’m willing to bet that you picked out the answer on your own, even before reading mine. Although you probably opted for the globally most popular exchange, I’m not that convinced that the American Coinbase (voted the best beginner-friendly platform in the world) can compete with the Australian CoinSpot, and I’ve got several facts to back up my position.

One of the first things you should know is that both of these exchanges are highly recommended as some of the best places for novices in the trading world. The user-friendliness is also where the parallel between these two exchanges more or less stops. When comparing the two platforms, CoinSpot is superior to Coinbase because of its much lower trading costs, a wider selection of supported coins, greater security, and outstanding customer support featuring live chat with real people instead of bots, and more regular audits of its financial working. Not much more to be said, right?

Is CoinSpot or Binance Better?

Binance is most likely the first cryptocurrency exchange that was brought to your attention as you considered venturing into the world of cryptocurrencies. The largest and most liquid exchange in the world is widely used for good reason. Compared to other exchanges, Binance has the largest number of trading pairs, the widest selection of cryptocurrencies, as well as the widest variety of payment methods.

As you’ve already read in this Coinspot.com.au review, even though CoinSpot can’t compare with all this, what the exchange can do (and did) is to provide a safe and regulated platform with no security breaches since its launch – something the unregulated and previously hacked Binance cannot brag about. But when it comes to liquidity, CoinSpot liqudity is not better compared to Binance’s.

Conclusion

Even though there is a long string of new Australian exchanges that are just as good as the earlier ones (like Digital Surge, Swyftx, CoinJar, and Independent Reserve, to name a few), the veteran CoinSpot exchange has been able to successfully maintain its firm standing as one of the best crypto exchanges in Australia since its establishment in 2013.

What I really like about this exchange is that it not only offers exposure to a wide variety of markets, but it also spares your time by enabling you instant trading operations on a highly secured platform. At the same time, be mindful of the pricey fee that comes along with the fast processing of your transaction.

And, given that inexperienced traders seldom make huge monetary commitments, CoinSpot’s modest trading fees might further pique the curiosity of new investors, thus making their inaugural crypto trades through this Australian platform a successful and enjoyable trading experience.

Start Trading with Coinspot

Related:

• Coinspot vs Coinjar
• Binance vs Coinspot Australia Review
• Digital Surge vs Coinspot Review Australia
• Swyftx vs Coin Spot Review
• Coinbase vs Coinspot Review 2022

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