Total fees and spread was tested Dec 17, 2021 and is subject to change
Coinspot offers 370+ coins, free AUD deposit and withdrawals, rewards and beginner and advanced trading. It's also very reputable with over 1 million Australian customers since 2013. On the downside, the total purchase fee was 1.89% (12th place) for Bitcoin so many cheaper apps are available in Australia.
The bottom line is Coinspot has some great features but it's not our top recommendation because of its high fees. Australia has many great cryptocurrency exchanges that offer the same benefits (security, ease of use, beginner and advanced features, hundreds of coins), but with lower overall fees.
Better options available
📲 # of Features
🇦🇺Deposit & Withdrawals
👍 Ease Of Use
Where It Shines:
AUD Deposits: Great fiat on-ramp. There is free AUD deposits and 5 different options
Reputation: Very popular platform serving over 1 million Australians since 2013
Beginner + Advanced Features: 370+ cryptocurrencies with advanced charts and order types or use the quick swap for beginners
Coinspot Earn: Earn 3%-78% APY by lending your digital assets to Coinspot. About 22 coins available in the Earn program
Where It Falls Short:
Spread & Total Fee: 1.89% total purchase fee for buying Bitcoin when tested with a 0.92% spread. This was 12th most expensive
Expensive Trading Fees: Market orders and OTC have low 0.10% fees. Everything else is a 1% fee such as limit orders, recurring buys and more which make Coinspot even more expensive
Total Number of Features: Coinspot has good features like 330+ coins, staking and beginner and advanced trading. However, there are platforms with more features and services overall like KuCoin and Crypto.com
AUD Withdrawals: Only 1 withdrawal option which takes 0-1 business days
Coinspot is a Melbourne-based cryptocurrency exchange founded in 2013. They are one of Australia's oldest platforms and have served over 1 million customers so far. They make it very easy to buy crypto, regardless of your experience and their mobile app is one of the most popular crypto apps in the country.
When you open an account you'll find 370+ cryptocurrencies as well as beginner and advanced features.
Are They Legit?
Yes, Coinspot is a legitimate Australian crypto exchange that's been operating since 2013. They are registered with AUSTRAC and comply with Australia's strict laws and regulations.
Opening An Account
30 seconds (email only)
Under 5 minutes (to start trading)
Typically within 24 hours
Who Is Eligible?
Verify email address
Name, address, dare of birth
Australian phone number
Government-issued ID (drivers license or passport)
Verification Levels and Limits
No deposits or withdrawals
$2000 deposited per day
Provide extra personal info
$100,000 deposited per day
Coinspot lets you open an account and start trading in under 10 minutes. Like any Australian crypto exchange, Coinspot must verify your identity by law so have your documents ready. You'll need to upload a government issued ID and to deposit more than $2,000 you'll need to provide more info.
Overall, the process is straight forward and most users will be verified instantly once their documents are uploaded.
Can You Trust Coinspot?
Yes, Coinspot is considered a safe crypto exchange. They have a clean track record since being founded in 2013 and have multiple security layers like storing funds in cold storage and giving users 2FA for logins and withdrawals.
Coinspot is trustworthy however, no crypto exchange is 100% safe. There is always risks and potential for hacks. The safest way to keep your crypto secure is with a hardware wallet, especially for large amounts.
Company Security Features
Most crypto assets are held in offline storage (not stated how much)
Australian compliant company registered with AUSTRAC
2 Factor Authentication (via SMS or apps like Google Authenticator)
Custom Withdrawal Restrictions
Session Timeout (set from 20 minutes to 24 hours)
Optional Anti-Phishing Phrase for login (4-20 characters)
Disable Withdrawals button (must contact support to re-enable)
Phone Verification Phrase
Geo-Lock Logins (Australian logins only)
Deposit & Withdrawals
AUD Deposit Methods
Limits (24 hours)
$1 - $20,000
$1 - $20,000
$1 - $10,000
Direct Deposit (OSKO)
$1 - $100,000
$50 - $8,000
AUD Withdrawal Methods
Direct Bank Transfer
0-1 business days
Crypto Withdrawal Fees
Dynamic (miner fees)
Coinspot Fees & Spread
Instant Buy, Sell, Swap
Take Profit, Stop, Limit Orders
0.92% (Dec 17, 2021)
Coinspot Price Test (Dec 17, 2021 at 1:17pm)
We tested Coinspot and 10+ other platforms simultaneously to help you compare true fees on each platform. This data is subject to change as spreads and prices change daily.
$100 Buy After All Fees
$98.11 (1.89% total fee)
$100 Sale After All Fees
$100.76 (-0.76% total fee)
BTC Buy Price
BTC Sell Price
Ref. Price Difference
Reference Price (Google)
How We Tested This
The "$100 After All Fees" adds everything from when you deposit money to make your order plus the reference price difference.
The price test was conducted by logging into all platforms simultaneously and collecting buy/sell orders. We did this as quickly as possible (within minutes) in order to be as accurate as possible since prices can change rapidly. Find out more about our testing process.
From our test, Coinspot's best price to buy Bitcoin was 1.89% which was 12th place. This is with their 0.10% trading fee. If you use a limit order or instant buy, which has a 1% fee, the total fee is even higher.
On the other hand, for selling Bitcoin and cashing out AUD, the total fee was -0.76% which was first place. On this test, Coinspot is the best platform to sell Bitcoin for the best rate.
Overall, there are many cheaper platforms to buy crypto but Coinspot might be a good option for cashing out.
Platform & Features
List of Features:
iOS, Android and Web app
Instant Buy and Sell
Market Trading Page
OTC, SMSF, Personal accounts
Refer a Friend Program
1. iOS, Android and Web App
You can easily access Coinspot on all of your devices and overall, it's a user-friendly platform. However, both mobile apps on iOS and Google Play have relatively low ratings which is something to keep in mind.
2. Advanded Trading
On the "Markets" tab, Coinspot offers TradingView charts with technical indicators and features. You'll also see a live order book, depth charts and your open and completed orders on this page.
3. Instant Buy and Sell
The Instant Buy and Sell is the easiest and fastest way to trade cryptocurrencies. Get started in just a few clicks and you can also toggle beginner and advanced charts.
This section also offers more advanced order types like stop loss. take profit, buy limit and buy stop orders. These all have a 1% fee which is significantly more expensive than 0.1% fees for Market Orders.
Coinspot Bundles lets you easily purchase a basket of cryptocurrencies in one transaction. This feature includes a fixed 1% fee a you'll find many categories such as a Top 10 Market Cap, DeFi Bundle, NFT Bundle and more.
Swaps let you easily and quickly convert one cryptocurrency to another without having to covert to Australian dollars first. The fee is fixed at 1%.
6. Recurring Buys
Buy your favourite coins automatically by setting up recurring AUD deposits and recurring purchases. You can customize your purchases based on day of purchase, time of purchase and frequency (daily, weekly, monthly, etc). Unfortunately, this feature has a 1% fee which is higher than regular trades.
7. Coinspot Earn
Coinspot Earn currently offers rewards on about 22 cryptocurrencies. Here is how it works according to their FAQ:
Lend your coins to Coinspot for a fixed rate interest payment
APY ranging from 3%-78% depending on the cryptocurrency