CoinSpot Review 2021 - Australian Cryptocurrency Exchange
Making Crypto Simple
Cryptocurrency trading is a very competitive but lucrative niche as the market itself is highly volatile. To maximize your profits and minimize potential losses, what you need is a reliable trading platform with high liquidity, tight spreads, and an impenetrable security model.
Today, we’re introducing CoinSpot, a renowned Australian crypto trading platform that has been in the business since 2013. Keep reading to find out what CoinSpot has to offer in terms of choice of cryptos, trading options, fees, and limits.
See how it compares to other platforms and decide which one works for you best!
Australian Crypto Exchange: CoinSpot
CoinSpot is a crypto trading veteran platform launched in 2013 in Melbourne that aims to make crypto investing and crypto purchases more accessible to both institutional and retail traders.
CoinSpot was originally a Bitcoin-only exchange but as the number of cryptocurrencies was growing, so did their demand by crypto traders, prompting CoinSpot to extend its list of supported currencies. Today, CoinSpot is one of the leading Australian crypto exchanges, known for its variety of trading features and convenient payment methods.
The platform’s founder, Russell Wilson, is a crypto enthusiast with a background in software engineering and cybersecurity. Throughout the years, he has been very vocal on social media and online forums, talking about and sharing the values his company cares about.
This transparent approach is one of CoinSpot’s main strengths and advantages because the crypto industry is full of anonymous platforms with a non-present governing team who would promote their services and ensure customers they’re to be trusted.
Bitcoin and Other Supported Cryptocurrencies
CoinSpot has an outstanding variety of over 200 altcoins, offering something even to the pickiest of traders. On their list, you’ll find the most prominent coins and some obscure attractive tokens, from Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ECH), Litecoin (LTC), and Ripple (XRP), to EOS, DASH, Dogecoin (DOGE), NEO, and Tron (TRX), to name just a few.
Moreover, Coinspot has a decent offer on decentralized finance or DeFi tokens such as ZRX, WAN, ALPHA, LRC, SXP, FTM, etc. These tokens are the driving force behind global banking and the fintech industry, unlocking numerous economic opportunities.
CoinSpot supports the following deposit methods: BPAY, POLi, PayID, cash, and direct OSKO bank transfers using your bank account.
OSKO deposits, PayID, and POLi payments are deposited instantly, the latter being fee-free. When using PayID, check the daily limits with your bank. Non-OSKO bank transfers and BPAY deposits take between 2-6 hours on business days.
Thanks to CoinSpot’s partnership with Blueshyft, you can even pay for cryptocurrency using cash. Blueshyft is an in-store payment gateway that has over 1,200 branches across Australia at local news-agencies. You simply need to deposit your cash at one of these branches and receive your coins in your crypto wallet address.
Fiat withdrawals are usually completed on the same day if you request them before 12 pm AEST. Moreover, CoinSpot allows you to make quick cryptocurrency deposits and withdrawals with whatever asset works for you.
Trading Fees and Limits
Let’s take a look at CoinSpot’s trading fees:
|Type of Order||Fee|
|Instant Buy, Sell, and Swap Orders||1%|
|Take Profit, Stop, and Limit Orders||1%|
|Recurring Buy orders||1%|
There’s no additional fee for AUD deposits made via POLi, PayID, and direct deposits. BPAY deposits incur a 0.9% fee, while cash is charged 2.5% for the added convenience. Withdrawals made through Australian bank accounts are free of charge.
POLi or direct bank transfers have a $1 minimum deposit limit and an initial $2,000 maximum deposit. If you have deposited at least $2,000, after seven days, you’ll be able to deposit up to $20,000. BPAY deposits have no minimum limits but they do have a $10,000 daily limit on the maximum amount you can deposit. You can deposit $50 minimum in cash and $8,000 maximum. There are no withdrawal limits.
The OTC desk is without doubt one of CoinSpot’s trump cards. It’s the perfect tool for institutional traders who want to place large orders without disrupting the market. Now, they can place their orders using the CoinSpot OTC desk to avoid slippage and reduce the risks of high volume trading.
Self Managed Super Fund (SMSF)
Nowadays, it’s quite popular for Australians to invest their superannuation in cryptocurrency because many of them see digital assets as a more reliable and profitable investment in the long run.
CoinSpot allows you to open an SMSF account where you can safely store your crypto savings. To open an account, you’ll need to provide the platform with the registered trust name and its address, a copy of the trust deed, and information on your beneficiary.
Referral and Affiliate Program
If you’re satisfied with CoinSpot and refer the trading platform to a friend of yours, you’ll both receive $10 Australian Dollars worth of Bitcoin as soon as your friend makes their first deposit. Such an easy way to earn some cash by spreading the good word.
Similarly, if you promote CoinSpot’s services on your business’s website, you can join their affiliate program and earn up to a 30% commission for each new member who joins by clicking your link. The commission rate lasts for one year, starting on the date their account has been verified. After one year, the commission starts decreasing gradually.
How to Create a CoinSpot Account and Start Trading
Creating a CoinSpot account is very swift and straightforward, and takes no more than a couple of minutes.
First, you need to provide an email address and create and verify your password. Next, the platform will ask you to fill in the Account Holder Details, i.e. to provide your full name, date of birth, address, mobile phone, and a photo from an identification document such as your driving license or passport, and a scanned copy of a utility bill as proof of residence.
You can choose between a Personal Account, Business/Trust Account, or Self-Managed Super Fund (SMSF) Account. If you want to register for a Business Account, you’ll need to provide additional information to verify your business and add any additional directors or shareholders. If your business is a Trust, you’ll be asked to provide the Trust Document.
Finally, you need to take a verification photo holding a piece of paper that has today’s date on it, your full name, unique code, and signature. CoinSpot verifies your account within 48 hours but it usually takes a lot less.
In order to provide seamless and on-time customer support, CoinSpot has partnered with the American customer service platform, ZenDesk. Their services are used by over 200,000 companies and small businesses worldwide, especially within the crypto industry. You can submit a support ticket via email and expect the support team to get back to you within a day or two.
Moreover, CoinSpot has a separate help center site with lots of general and specific articles that assist their users’ queries. Unfortunately, there’s no live chat or phone line to directly contact the team.
Is CoinSpot Safe to Use?
CoinSpot is a member of the Australian Digital Commerce Association and has been registered with an Australian Business Number. It’s also registered by AUSTRAC and abides by its guidelines and regulations. On top of that, CoinSpot is the only Australian exchange that has been awarded an ISO 27001 Certification after successfully completing an external audit undertaken by SCI Qual International.
As far as account security is concerned, CoinSpot registration includes an identity verification process and asks users to activate two-factor authentication that consists of a password and a security code sent to your device for all account’s actions. When you request a withdrawal, the platform sends you a confirmation link to approve the transfer.
Frequently Asked Questions
How to deposit from CoinSpot to Coinjar?
To make a deposit from CoinSpot to CoinJar or any other external wallet address, you need to visit the Wallets section and open the wallet of your target cryptocurrency. Once you specify the amount you wish to transfer, simply enter the destination address and enter your 2FA code. You’ll receive a confirmation email with a link to click on and approve the withdrawal.
Is it legal to buy Bitcoin in Australia?
Yes, since 2013, when Bitcoin was officially recognized as a legal currency by the governor of the Reserve Bank of Australia (RBA), you can legally buy Bitcoin or any other cryptocurrency. You’re also allowed to sell, trade, transfer, and even mine cryptocurrencies.
However, crypto transactions don’t fall under the jurisdiction of the Australian financial system and as a result, there’s a lack of user protection. To compensate for these irregularities, in the absence of a regulatory framework, the Australian Transaction Reports and Analysis Centre (AUSTRAC) has imposed certain regulations and requirements on local and international crypto exchanges that operate on the Australian crypto market. These businesses need to register with AUSTRAC and comply with Anti-Money Laundering (AML) policies.
Plus, since cryptocurrencies enjoy the status of a property, profits from any crypto holdings are subjected to Capital Gains Tax (CGT).
What countries does CoinSpot support?
CoinSpot is currently available to Australian traders only.
Does CoinSpot have a mobile app?
Yes, CoinSpot has a mobile app as well. However, for the time being, this app is only available on Google Store for Android users. This means that iOS users will wait a little longer to trade on the go. CoinSpot’s mobile app lets you follow the market trends, buy/sell assets, receive coins, and plenty more. No need to stay glued to your computer monitor out of fear you’ll miss a great crypto price.
Does CoinSpot provide a cryptocurrency wallet?
CoinSpot has its own cryptocurrency wallet called the Multicoin Wallet where you can store a great variety of digital currencies. The best thing about it is that you can easily link it to your trading account. However, regardless of how strong and impenetrable CoinSpot’s security measures are, online wallets are always at a risk of being attacked. That’s why we recommend investing in a hardware wallet such as Ledger Nano, a more secure alternative to store your coins long-term.
Summing It Up
To conclude our CoinSpot review, we believe this is one of the most trustworthy Australian crypto exchanges and encourage traders to give it a go.
You have a wide selection of altcoins and DeFi tokens at your disposal and all kinds of depositing methods with average fees. However, you should be mindful of CoinSpot’s daily limits and the fact that you can only deposit/withdraw in one fiat currency – Australian Dollars.
We believe this shouldn’t be a problem as CoinSpot is only available for the Australian crypto market, so by using your local currency, you also save on exchange rates. If you want to place high-volume trades, CoinSpot has its own OTC desk. You can also choose between a Personal, Business, or SMSF Account.