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

February 17, 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 CoinSmart as a viable alternative, mainly because of its simplicity of use, top-notch security, and because it has the lowest fees across crypto exchanges in Australia.

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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.

Our Recommendation: CoinSmart

Although CoinSpot has several unique and useful features, it has one key disadvantage that prevents me from wholeheartedly recommending it: its fees.

Although crypto trading fees only incur a 0.1% fee, if you use Instant Buy/Sell orders, advanced trading orders, and CoinSwap trading orders, your investment returns will be significantly reduced (especially in larger trades where you may lose thousands of Australian dollars in fees alone).

Because of this, we suggest looking into a crypto exchange like CoinSmart instead. Here are a few more reasons why we suggest it over CoinSpot:

#1 Lowest Fees In The Industry

CoinSmart’s trading fees are just 0.20%, the lowest of any crypto platform in Australia. And those savings add up quickly: if you trade $100,000 worth of Bitcoin in a given year (buying and selling $25,000 worth twice), you’ll save $800 in trading fees compared to an exchange charging 1% ($200 vs. $1,000).

Perhaps more important than trading fees, though, are spreads: the difference between the Buy price and the Sell price. CoinSmart has razor-thin spreads, which makes day trading possible and keeps more money in your pocket.

#2 Bank-Level Security

CoinSmart maintains a 95% cold storage policy, which means at least 95% of its users’ crypto is always held offline. This is a security measure that only the most advanced exchanges employ, and CoinSmart is leading the charge.

CoinSmart is also a publicly traded crypto exchange in Australia, which means it’s subject to far more financial scrutiny than any other platform. It’s regulated by AUSTRAC (the Australian Financial Transactions and Report Analysis Centre), and its financials are audited by external professionals at least once per year.

#3 Excellent Customer Support

CoinSmart offers 24/7 customer support via phone, live chat, and email, and their customer service reps are actually helpful rather than just following a script. I’ve never had to wait more than about 60 seconds on hold, and they’re very responsive via live chat and email, too. 

The only time I ran into an issue with CoinSmart, I called them and had it sorted out within 5 minutes. Keep in mind that telephone and live chat support is only available for registered users, so if you have a question for CoinSmart, the best way to get it answered is to open an account

However, considering its high trading fees of 1%, we simply can’t recommend CoinJar as one of the top crypto exchanges to use in Australia. Instead, we recommend that you consider using CoinSmart. With its ease of use, its top-notch security, and the lowest fees across crypto exchanges in Australia, we simply can’t recommend CoinSmart enough.

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Offer ends May 19.

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.

Despite the fact that CoinSpot has a fast trading platform, though, it charges high Instant Buy/Sell order fees of 1%, making it hard for us to recommend it as one of the top cryptocurrency exchanges in Australia. Instead, we suggest that you use CoinSmart: with its simplicity of use, excellent security, and the lowest fees across crypto exchanges in Australia, we can’t recommend it highly enough.

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.

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