Overview
📲 Features | Header | 🔐 Security | Header |
|---|---|---|---|
Coins Mobile App Web App Beginner Friendly? Pro Trading Terminal Limit Orders Recurring Buys Bundles Staking or Rewards Margin Futures OTC 24/7 Support | 370+ Yes Yes Yes Yes Yes Yes Yes Yes No No Yes No | App 2FA Uses Cold Storage? AUSTRAC Regulated? Any Hacks or Incidents? Insurance Policy View Login History Address Whitelisting Crypto Withdrawals Allowed Year Founded Publicly Traded? | Yes Yes Yes No No No No Yes 2013 No |
💰 Fees | 0.0/5 | 🏦 Deposits & Withdrawals | 0.0/5 |
$100 Buy After All Fees $100 Sell After All Fees Best Deposit Fee Best Withdrawal Fee Trading Fee BTC Spread (Dec 17, 21) BTC Withdrawal Fee ETH Withdrawal Fee | $98.11 $100.76 Free Free 0.10% - 1% 0.92% Dynamic Dynamic | AUD Fiat Wallet? Direct Bank Transfer POLi PAYid Credit/Debit BPay Other Fiat Currencies | Yes Yes Yes Yes No Yes No |
- Total fees and spread was tested Dec 17, 2021 and is subject to change
Our Review
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.
3.7/5
🏆 Overall Better options available |
💰 Fees Above Average |
📲 # of Features Below Average |
🇦🇺Deposit & Withdrawals Above Average |
👍 Ease Of Use Above Average |
🔒 Security Above Average |
Where It Shines:
Where It Falls Short:
Coinspot Compared
We are tracking the 15+ most popular Australian crypto exchanges. Compare the entire industry below:
Coins | Total Purchase Fee | Trading Fees | $AUD Deposits | Beginner Friendly | Advanced Features | Website | |
|---|---|---|---|---|---|---|---|
600+ | 0.15% | 0.10% | Yes | No | Yes | ||
18 | 1.24% | 0.85% | Yes | No | Yes | ||
110+ | 4.50% | 2.90%* | No | Yes | No | ||
50+ | 1.09% | 0% - 2.00% | Yes | Yes | Yes | ||
30+ | 0.14% + $50 | 0.10% | Yes | Yes | Yes | ||
370+ | 1.89% | 0.10% - 1% | Yes | Yes | Yes | ||
280+ | 2.36% | 0.05% - 0.9% | Yes | Yes | No | ||
150+ | 1.30% | 0.00% | Yes | Yes | Yes | ||
270+ | 1.04% | 0.50% | Yes | Yes | Yes | ||
150+ | 1.45% | 1.00% | Yes | Yes | No | ||
30 | - | 0% | Yes | Yes | Yes | ||
27+ | 1.68% | 0.50% | Yes | Yes | Yes | ||
50+ | 0.43% | 0.16% / 0.26% | Yes | Yes | Yes | ||
700+ | 2.23% | 0.10% | Yes | No | Yes | ||
270+ | 0.41% | 0.08% - 0.1% | No | No | Yes | ||
320+ | 0.95% | 0.60% | Yes | Yes | Yes |
Screenshots
About Coinspot
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
Application Time |
|
KYC Verification | Yes |
Instant Verification | Yes |
Manual Verification | Typically within 24 hours |
Who Is Eligible? |
|
Verification Requirements |
|
Verification Levels and Limits
Level | Verification Type | Account Limits |
Email Only | Email only | No deposits or withdrawals |
Verified | Verify identity | $2000 deposited per day |
Fully Verified | 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.
Security
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
- Good track record since 2013
- Bug Bounty Program - Program that pays white hat hackers to find secutiy bugs
- See the rest here
User Security Features
- 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
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
PayID | Free | Near Instant | $1 - $20,000 |
POLi | Free | Near Instant | $1 - $20,000 |
BPay | 0.90% | 1-2 days | $1 - $10,000 |
Direct Deposit (OSKO) | Free | Near Instant | $1 - $100,000 |
Cash Deposits | 2.50% | Near Instant | $50 - $8,000 |
AUD Withdrawal Methods
Type | Fee | Time | Limits |
|---|---|---|---|
Direct Bank Transfer | Free | 0-1 business days | No limits |
Crypto Withdrawal Fees
Coin | Fee | Minimum Withdrawal |
|---|---|---|
Bitcoin | Dynamic (miner fees) | 0.0006 BTC |
Ethereum | Dynamic | 0.01 ETH |
Coinspot Fees & Spread
Fee Type | Amount |
|---|---|
Instant Buy, Sell, Swap | 1.00% |
Take Profit, Stop, Limit Orders | 1.00% |
Market Orders | 0.10% |
Recurring Buys | 1.00% |
OTC | 0.10% |
Staking Fees | 0.00% |
AUD Deposits | Free |
AUD Withdrawals | Free |
BTC Spread | 0.92% (Dec 17, 2021) |
Other Fees | N/A |
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.
Header | Amount | Ranking |
|---|---|---|
$100 Buy After All Fees | $98.11 (1.89% total fee) | 12th place |
$100 Sale After All Fees | $100.76 (-0.76% total fee) | 1st place |
BTC Spread | 0.92% | 11th place |
BTC Buy Price | $67,014 AUD | - |
BTC Sell Price | $66,401 AUD | - |
Ref. Price Difference | Buy: +1.79% Sell: +0.86% | - |
Reference Price (Google) | $65,837 | - |
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
- 370+ cryptocurrencies
- Instant Buy and Sell
- Market Trading Page
- Bundles
- Recurring Buys
- Staking
- NFT Marketplace
- OTC, SMSF, Personal accounts
- Refer a Friend Program
- and more
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.
4. Bundles
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.
5. Swap
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
- No minimum amount required
- Coinspot charges 0 fees
- Official FAQ
Other centralized platforms with earn and staking features include Crypto.com, Swyftx, eToro, OKX, Kraken, Coinbase and more. You can compare rates to get the best deals.
8. NFT Marketplace
- Purchase NFTs with any coin that is supported on Coinspot
- Fee is 0.9% plus gas fees. There is no fee to list your NFT
- Currently, 10+ NFT collections are available like BAYC, VeeFriends, Boss Beauties, World of Women and more
- Here is CoinSpots official FAQ for more info
9. Refer a Friend Program
Invite friends and you both get $10 worth of Bitcoin when they make their first AUD deposit. There is also a second affiliate program where you can earn 30% of their trading fees instead.
10. Other Coinspot Features
- Create watchlists
- Light/dark mode
- Custom price alerts
- OTC desk for large orders
- SMSF's
- EOFY statements
Customer Support
Updated: Sep 07, 2021
To contact Coinspot, there is a live chat customer support from 9am-8pm weekdays and 9am-5pm on weekends. There is also a help desk with some FAQs, articles, walkthroughs and more.
