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Coinspot Review

Last Updated: Apr 14, 2024  |  Published: Sep 7, 2021


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Overview

πŸ“² Features

Header

πŸ” 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

πŸ’° 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 has 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. 

Coinspot

3.7/5

πŸ† Overall

Better options available

πŸ’° Fees

Above Average

πŸ“² # of Features

Below Average

πŸ‡¦πŸ‡ΊDeposit & Withdrawals

Above Average

πŸ‘ Ease Of Use

Above Average

πŸ”’ Security

Above Average

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

Best Coinspot Alternatives

Swyftx
  • Best overall in Australia 
  • 280+ coins, staking, bundles
  • Beginner-friendly
  • Limited pro tools
  • Low app reviews
  • Most features for Australians
  • 500+ coins, margin, futures, rewards and more
  • Limited KYC 
  • Expensive to fund AUD and can't Cashout AUD
  • Not licensed or regulated
Digital Surge
  • Best overall for beginners
  • 270+ coins
  • Fair pricing across the board
  • Limited features overall
  • Lack of professional tools
Binance
  • Lowest fees overall
  • 400+ coins
  • Advanced trading
  • Not beginner friendly
  • Many features restricted in AU

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

Coinspot Exchange

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

  • 30 seconds (email only)
  • Under 5 minutes (to start trading) 

KYC Verification

Yes

Instant Verification

Yes

Manual Verification

Typically within 24 hours

Who Is Eligible?

  • Australian address

Verification Requirements 

  • Verify email address
  • Name, address, dare of birth
  • Australian phone number
  • Government-issued ID (drivers license or passport)

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

-

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
  • 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.

Coinspot Mobile App

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.

Coinspot Advanced Trade

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.

Instant Buy and Sell

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.

Bundles Feature

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%. 

Crypto Swap Feature

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.

Recurring Purchases

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
Coinspot NFTs

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

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.

Coinspot Customer Support
Coinspot Exchange

Coinspot

Trade 370+ cryptocurrencies!

Best Crypto Exchanges 

Our top 4 apps based on 50+ exchange reviews:

Swyftx

Best Overall

Swyftx

Lowest Fees

Binance

Digital Surge

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Digital Surge

KuCoin

No KYC

KuCoin