CoinSpot Review (Sep 2022): Why We Don’t Like It

June 1, 2022
Reviews

CoinSpot is a cryptocurrency exchange based in Australia that has developed and expanded to become one of the most well-known crypto exchanges in the country, with a wide range of supported cryptocurrencies as well as numerous features and payment alternatives.

However, even though CoinSpot provides a quick trading platform, it has very high Instant Buy/Sell order fees of 1%, which makes it impossible for us to recommend it as one of the top crypto exchanges in Australia. Instead, we suggest that you consider Capital as a viable alternative, mainly because of its simplicity of use, top-notch security, and because it's the only platform in Australia that doesn't charge any trading commissions.

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What Is CoinSpot?

CoinSpot is an Australian cryptocurrency exchange that aims to make it simple for Aussies to buy and sell a variety of cryptocurrencies. CoinSpot was founded in 2013, and originally, you could only use the platform to trade Bitcoin (BTC).

Since then, it has grown and evolved to become one of Australia's most well-known cryptocurrency trading platforms, providing a diverse range of supported cryptocurrencies as well as a plethora of features and payment alternatives.

CoinSpot Features

1. Easy-To-Understand User Interface

CoinSpot is a great place to start if you're unfamiliar with the world of cryptocurrency, as its straightforward and user-friendly design makes it simple for beginner crypto investors to get into the cryptocurrency game.

It also provides experienced crypto traders with an extra price chart window that they can easily access from the Dashboard at any time to conduct technical analysis. The feature is accessible through both the CoinSpot app and the desktop version.

2. CoinSpot Mobile App

CoinSpot also allows for both desktop and mobile trading. It can be accessed via a web browser or through their Android and iOS apps, which can be downloaded from the Google Play Store or the App Store. This is a must-have for serious traders who want to keep an eye on market prices and buy/sell cryptocurrencies quickly.

3. CoinSpot Customer Support

CoinSpot offers a Live Chat option so you can get assistance immediately during business hours. On weekdays, Live Chat is available from 9 am to 8 pm AEDT, and on weekends it's from 9 am to 5 pm AEDT.

Real people are right there to answer your queries, and you won't have to go through a bot to figure out what question you need assistance on. Also, you will not be placed in a queue to speak with a support employee, and the staff will be able to solve any concerns you may have pretty quickly.

Cryptocurrencies On CoinSpot

CoinSpot currently supports well over 300 cryptocurrencies, which is easily one of the largest arrays of supported crypto around. Here are some of the most popular tokens they currently support:

Bitcoin (BTC)Avalanche (AVAX)Cosmos (ATOM)VeChainThor (VET)Helium (HNT)
Ethereum (ETH)Polygon (MATIC)Algorand (ALGO)Axie Infinity (AXS)Aave (AAVE)
BNB (BNB)Shiba Inu (SHIB)Fantom (FTM)Sandbox (SAND)IOTA (MIOTA)
Cardano (ADA)NEAR Protocol (NEAR)Bitcoin Cash (BCH)Filecoin (FIL)PancakeSwap (CAKE)
USD Coin (USDC)Chainlink (LINK)TRON (TRX)Ethereum Classic (ETC)EOS (EOS)
Solana (SOL)Cronos (CRO)Stellar (XLM)Theta (THETA)Stacks (STX)
XRP (XRP)Wrapped Bitcoin (WBTC)FTX Token (FTT)Elrond Gold (EGLD)The Graph (GRT)
Terra (LUNA)Uniswap (UNI)Internet Computer (ICP)Harmony (ONE)Flow (FLOW)
Polkadot (DOT)TerraUSD (UST)Decentraland (MANA)Tezos (XTZ)Kusama (KSM)
Dogecoin (DOGE)Litecoin (LTC)Hedera Hashgraph (HBAR)Klaytn (KLAY)Gala (GALA)

CoinSpot Fees

CoinSpot has a low 0.1% trading fee and zero withdrawal fees, which is pretty good. The most popular deposit options (such as POLi, PayID, or Direct Deposit via OSKO)) incur in no fees either, but cash deposits at a newsagent result in a 2.5% deposit fee. BPAY deposits are subject to a 0.9% fee as well.

While trading fees are very low, Instant Buy/Sell orders (which allow you to make purchases or sales with minimal latency) incur a 1% fee, just like the advanced trading orders and CoinSwap trade orders (which enable you to buy and sell coins using simple liquidity from one coin to any other on the network) do.

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In Summary

CoinSpot is a cryptocurrency exchange based in Australia that has grown to become one of the most well-known crypto exchanges in the country, with a variety of supported cryptocurrencies and a lot of payment options available to you.

However, even though CoinSpot provides a quick trading platform, it has very high Instant Buy/Sell order fees of 1%, which makes it impossible for us to recommend it as one of the top crypto exchanges in Australia. Instead, we suggest that you consider Capital as a viable alternative, mainly because of its simplicity of use, top-notch security, and because it's the only platform in Australia that doesn't charge any trading commissions.

OPEN FREE ACCOUNT
Zero trading fees

CoinSpot FAQs

How To Withdraw From CoinSpot

To withdraw AUD from CoinSpot, you only need to follow these simple steps:

  1. Click on the “My Account” option. 
  2. Click on the “Withdraw AUD” option.
  3. Enter the amount you'd like to withdraw.
  4. Click on the “Withdraw Funds” option.
  5. Thoroughly check your bank details are correct.
  6. Make sure you have enough funds in your account as the withdrawal process completes. This process usually takes 1 business day.

Is CoinSpot Safe?

Yes, CoinSpot is a safe and secure cryptocurrency exchange to use in Australia. Having undergone the most audits, it's one of the few exchanges in Australia to receive the coveted ISO 27001 certification. It's also registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to prevent money laundering and terrorism financing, and most of its assets are held safely offline under cold storage.

Is CoinSpot Legal In Australia?

Yes, CoinSpot is a legal and legitimate crypto exchange. Considering it has received the ISO 27001 certification and it's registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), it's safe to say that this exchange is compliant with all of the country's laws and regulations.

CoinSpot Referral Code

Unfortunately, there are no CoinSpot codes available at this time.

Does CoinSpot report to the ATO?

Yes. Considering it is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), CoinSpot is required to report all cryptocurrency transactions to the ATO. This is so that they can ensure all taxes are paid on any profits made from trading cryptocurrencies.

Want to earn $50 in the next 6 minutes?

CoinSmart is a highly-rated, fully regulated Canadian crypto platform that’s giving new users $50 for depositing $200 or more. Trade with low fees and withdraw your money at any time.

Click below to claim your $50 bonus today. Offer ends October 1, 2022.
CLAIM MY $50 BONUS
Offer ends October 1, 2022.