CoinSpot Review Australia: Is It The Most Reliable Crypto Exchange In Australia?
Does CoinSpot hit all the right spots to be a trustworthy exchange for Aussies? Read our CoinSpot review Australia to find out.
Recently, there has been a flood of new tokens, crypto coins, and crypto exchanges. It’s so overwhelming and brutally tiresome to pinpoint a crypto exchange that rings all the bells.
CoinSpot Review Australia – Do They Charge High Fee?
Incidentally, many Australians find solace with CoinSpot to fulfill their desire of raking millions in crypto assets.
But the real question remains – is CoinSpot worth it?
Does it have the potential to be in the ranks of top crypto exchanges in Australia? We took time for CoinSpot review Australia and hear what we found out.
Key Points On CoinSpot Exchange
◾ CoinSpot is a leading Australian crypto exchange with a million-strong user base.
◾ CoinSpot offers a massive selection of coins to trade. Around 350 digital assets are available – one of the largest portfolios amongst Australian crypto exchanges.
◾ CoinSpot exchange boasts the lowest exchange fees – trading fees are as low as 0.1%, while instant buy costs around 1%.
◾ CoinSpot brings to the fore a unique feature known as CoinSpot bundles. Similar to its name, the feature allows buying a bundle of cryptocurrencies in one go.
◾ CoinSpot is available via the web as well as a mobile app. Additionally, the CoinSpot app also includes a swap feature. You can swap one cryptocurrency with another for a fee of Q
|Payment Type||POLi, Direct Deposit, or PayID, BPay|
|Pros||The trading dashboard is all about convenience|
|Cons||There is an issue of liquidity|
What Is CoinSpot Australia?
CoinSpot crypto exchange is undeniably one of the most sought-after crypto exchanges in Australia
Its popularity can be attributed to its particular focus on Australian residents.
Its compliance with local Australian financial authorities like AUSTRAC further enhances its trustworthiness and boosts its popularity.
CoinSpot began its operation in 2013 and therefore boasts a long history of serving aspiring crypto geeks.
Russell Wilson is the man behind the CoinSpot platform, and since 2013, CoinSpot has grown considerably, now catering to over 1 million Australian users
Currently, the CoinSpot exchange is under the ownership of Casey Block Services Pty Ltd.
On top of that, CoinSpot is the only exchange with an ISO 27001 certification.
The certificate lends huge credibility to the exchange and helps further its claim to be the safest crypto exchange in Australia.
Moreover, the CoinSpot platform incorporates cutting-edge features and integrates them into a simple interface.
The core value is the ease of use, and CoinSpot seems particularly determined in this regard.
Its commitment reflects in its dashboard, which is a perfect amalgamation of simplicity, creativity, and usability.
Key Features And Advantages Of CoinSpot
The goodies that crypto exchanges offer have a determining role in attracting customers to that platform.
Thankfully, the CoinSpot exchange has an overwhelming number of them.
Below, we have listed a few that are the most appealing and allow CoinSpot to outdo its competitors.
Over 330+ Cryptocurrencies To Buy, Sell, Or Trade
How much you can earn is influenced by the trading opportunities available on that platform.
CoinSpot platform has over 330+ cryptocurrencies available to buy, sell, or trade to ensure that their users always have the best deals.
Even for smaller coins with a higher potential to multiply your investment, the CoinSpot exchange is the perfect place to find.
Android And IOS App Available
The cryptocurrency market is fluctuating every second. Those serious about their trade need to be aware of every little fluctuation.
An app comes in handy in such situations. Thankfully, CoinSpot cryptocurrency exchange offers an interactively designed app for Android and iOS users.
It places all the functionality of CoinSpot on your hands, and you can easily manage your trades, even on the move.
There is a key investment principle – diversify the portfolio to mitigate the risk. Given the highly volatile nature of cryptocurrencies, this principle takes a more central role.
CoinSpot understands this, and that’s why it offers the CoinSpot bundles feature. A handy feature that allows buying several assets in a single transaction.
It helps diversity portfolios, brings down transaction charges, and certainly saves time.
Staking is almost indispensable for crypto exchanges. CoinSpot exchange allows staking too and, in return, handsomely rewards users for their staked coins.
Also, CoinSpot is amongst the exchanges that offer the highest staking rewards. On the Coinspot platform, you get 1% to 8% interest for staking coins in the staking pool.
Who Is CoinSpot Designed For?
CoinSpot Exchange is designed mainly for users at the basic level of the crypto hierarchy.
The main emphasis is to ensure a safe trading environment and an interface that is principally crafted for novices.
Additionally, the bundle of features further adds to usability and simplicity.
However, TradingView charts, advanced order types, and many other advanced options will surely appeal to more experienced traders.
CoinSpot Supported Coins
CoinSpot currently lists over 330 coins on its platform. The portfolio is quite extensive.
You will find all the major names of the crypto world here( BTC, ETH, ADA, etc.). Additionally, smaller coins that most exchanges neglect also have a place here.
Therefore, you won’t be short of trading opportunities when it comes to CoinSpot.
Exchange fees are one of the most defining characteristics of crypto exchanges. It significantly influences how much profit you will be taking home.
Fortunately, the CoinSpot exchange takes a meager cut on trading and offers a fairly transparent fee structure.
There are multiple deposit methods available to fund your account on CoinSpot. Interestingly, most of them won’t incur any charges.
If you go with POLi, Direct Deposit, or PayID, the deposit fee is zero. Then there is the BPay option that will cost you 0.9% and cash payment via newsagent that will charge you the most – 2.5%
Many exchanges may charge you a minimum while onboarding the platform; however, they will take a huge cut on your way out.
Thankfully there is no such case with CoinSpot. Withdrawal in AUD has zero fees. However, a standard exchange fee applies for sending coins depending on the coin sent.
Trading fees are where the CoinSpot crypto exchange really outshines rivals. For market trades, users have to pay a 0.1% charge.
Similarly, OTC traders whose transactions reach $50 000 AUD or more also have to pay 0.1%.
There is an instant buy/sell option too, and it will cost 1%. Similarly, the CoinSwap facility will also incur a 1% charge.
CoinSpot User Interface Experience
CoinSpot particularly emphasizes trading experience and therefore integrates a beginner-friendly simple interface.
Moreover, the interface presents a simple structure with all the essential features rightly placed to enhance the trading experience.
Account creation, fund deposit, and trading are pretty straightforward, while there are above 330 assets available to choose from for trading.
Moreover, the multiple deposits option facilitates easy funding and further facilitates trading.
For a relatively new trader, easy funding and seamless trading functionality is a boon and significantly improve the user experience.
Lastly, customer support is robust and offers a speedy resolution of issues.
This goes a long way in enhancing the user experience as issues are inevitable and therefore need an adept infrastructure for the prompt response – thankfully, CoinSpot exchange doesn’t disappoint.
Funding Your CoinSpot Account
Follow the below-mentioned steps to fund your CoinSpot account.
Direct AUD Deposit
- Login to your CoinSpot account and choose the ‘deposit fund’ option.
- In the fund deposit menu, select the deposit option – POLi, PayID, or BPAY.
- Fill in the transaction details and proceed with the instructions to complete the process.
For Cash Deposit
- On the CoinSpot dashboard, choose the ‘Deposit Funds’ option.
- Choose the Cash deposit option from the menu and fill in the amount details.
- The dashboard will generate a QR code which you can take to the nearest Blueshift Newsagents to deposit the amount.
CoinSpot Buying Limits
As per many CoinSpot review Australia buying limits are quite flexible on Coinspot. Incidentally, CoinSpot does not restrict you to a per-day trade.
It means there are no buying limits on per-day trade. However, CoinSpot cap the amount per transaction.
It depends on the coin you are buying. In the case of Bitcoin, the buying limit is AUD 100,000 per transaction.
Likewise, other altcoins have varying buy limits ranging from 50,000 AUD to 500 AUD depending upon the liquidity.
The wallet is an essential part of the crypto ecosystem. CoinSpot exchange understands this and therefore provides a multi-currency wallet alongside its trading dashboard.
Most importantly, every time you make a purchase on CoinSpot exchanges, the asset will be automatically allocated to the wallet tied to the customer’s account.
Additionally, the CoinSpot cryptocurrency exchange allows the transfer of all the coins listed on its platform to the multi-currency wallet.
Besides that, you can easily manage all the operations directly from your wallet and effortlessly deposit or exchange cryptocurrencies.
CoinSpot Review Australia – Is CoinSpot Safe?
CoinSpot is amongst the safest crypto exchanges in Australia. Security is stringent, and its association with AUSTRAC makes it trustworthy
On top of that, it also holds an ISO 27001 certificate, which significantly enhances its safety rating. All these factors together make CoinSpot a safe crypto exchange.
CoinSpot Security And Safety
CoinSpot is the only ISO 27001 certified Australian exchange, which speaks volumes about its security commitment.
In terms of security, the CoinSpot platform employs industry-best security protocols to safeguard its user’s assets as well as privacy.
CoinSpot also follows the industry-relevant cold storage solution and keeps a significant portion of its assets in offline storage facilities.
Besides that, CoinSpot puts users in charge of their security and provides them with flexible control over their account’s safety.
CoinSpot calls it “Customisable Account Level Security.” Users can implement session timeout limits and custom withdrawal restrictions.
Furthermore, users can also enable two-factor authentication to boost security further and construct an additional security parameter for enhanced security.
CoinSpot Pros And Cons
Let’s have a quick overview of what’s excellent about CoinSpot exchange and what’s not via a simple CoinSpot Pros and Constable.
- The CoinSpot trading dashboard is all about convenience and flawless functionalities.
- The user interface is free from frills and provides a streamlined trading experience to both seasoned and aspiring crypto beginners.
- Includes multiple deposit options to effortlessly meet the trading requirements of both small-time and veteran traders.
- Extremely low trading fees of 0.1% are pretty encouraging to crypto novices with small pockets.
- The instant buy option with AUD is a cherry on top for Australian users
- There is an issue of liquidity that is often low compared to other Australian crypto exchanges.
- There is no way to short coins, limiting trading opportunities, particularly for expert traders.
CoinSpot Customer Reviews And Complaints
CoinSpot enjoys primarily positive customer reviews left by its happy customers.
In our Coinbase review Australia quest, we scoured several public forums where crypto geeks usually delve.
Most were pleased with the clutter-free interface, seamless functionality, and flexibility.
But there were also some concerned voices about delays in fund withdrawals – especially when dealing in Bitcoins.
Additionally, people also complained that sometimes the buy prices displayed on the CoinSpot platform are significantly higher than other platforms; when they have to be comparable.
One remarkable thing we noticed is that CoinSpot supportively replied to all those who had concerns about the platform and ensured that they would promptly look into the matter.
It proves their commitment to providing an excellent crypto trading solution.
Is CoinSpot Legitimate?
One million Australians trust the CoinSpot crypto trading platform and regularly trade on the platform.
In our test, we couldn’t find a single incidence of hacking or compromise, which means that CoinSpot is committed to providing a safer trading environment.
Furthermore, it’s an AUSTRAC authorized crypto exchange – the Australian regulatory body that keeps a keen eye on all financial transactions to prevent money laundering and financial fraud.
All of these point out that CoinSpot is a legitimate crypto exchange.
CoinSpot Contact And Customer Service
You can reach out to CoinSpot customer support via their helpdesk or live chat support.
The catch here is that the helpdesk is available 24/7, but the live chat support is only available from 8 am to 9 pm AEDT.
During our research for CoinSpot review Australia we found out that live chat support is speedy; however, raising tickets via the help desk may take time and generally involve long queues of customers.
Besides that, CoinSpot is quite active on social media platforms. You can quickly get in touch via these channels and sort out your issues with the CoinSpot trading platform.
Additionally, there is an FAQ section too, that includes almost all the common questions related to the features, functionality as well as issues pertaining to CoinSpot.
Overall the CoinSpot customer support is good and does everything to speedily resolve its customer’s concerns.
How To Use CoinSpot?
Getting involved with CoinSpot is a pretty straightforward process, and you will be up and running in no time.
However, there is a short registration process that users need to complete to align everything in line and begin a bump-free trading journey.
Here in this CoinSpot review Australia we will tell you what you have to do in order to create a CoinSpot account.
Step 1: Open a CoinSpot Account
The first thing you need to use CoinSpot is an account. Registration is simple and requires an email on your part.
Open CoinSpot official website and type in the relevant information and click the register now button to finish the process.
Step 2: Verify Identity
CoinSpot is a regulated exchange; therefore needs KYC verification. Once you are over with account registration, the screen will prompt you to verify your identity.
You have to upload a pic of your verification documents (Passport, driver’s license)
Next, proceed with the instructions on the CoinSpot dashboard to complete the verification process.
Step 3: Deposit Funds / Instant Buy
Newly verified users can deposit a maximum of $2000 a day.
You can opt for BPAY, Australia Post Money Order, Online Bank Transfer, and Cash deposit at Westpac to deposit funds.
For Instant buy;
- Choose Buy/sell option on the CoinSpot dashboard.
- Simply find the coins you want to purchase and click on the buy button next to it.
- The screen will move to the Buy page; here, type in the amount and click the ‘Buy’ button.
Step 4: Storage
CoinSpot includes an integrated multi-currency wallet. You can quickly secure anything you purchase on CoinSpot in the integrated wallet for safekeeping
You can also easily exchange digital assets and manage your trading operations.
CoinSpot Review Australia – Conclusion
In our CoinSpot review Australia, we found out that the CoinSpot crypto exchange is a safe and reliable crypto exchange with top-notch security and cutting-edge features.
For Australian locals, the platform offers a well-crafted platform with all the essential tools to deal with cryptocurrencies securely.
Moreover, its vast selection of coins ensures enough investment opportunities. And its unique feature, not available on other platforms, such as CoinSpot bundles, makes it an interesting trading platform for Australian residents.
Overall a worthy contender for the top Australian crypto exchange with the right mix of features and functionalities.
Compare CoinSpot with other leading crypto exchanges in Australia here
Frequently Asked Questions
It’s a reliable platform with no incidence of hacking since its inception in 2013. Additionally, it also holds the ISO 27001 information security certification, which hugely boosts its credibility.
CoinSpot takes the smallest cut amongst the top crypto exchange in Australia and the World – a mere 0.1% per trade. However, for instant buy, a 1% charge is applicable.
No. Coinbase is an Australia-based crypto exchange that caters to around one million Australian users.