CoinSpot Review: Features, Fees & Security

Its main goal is to provide a platform where users can easily buy, swap, and sell their investments in more than 360+ cryptocurrencies, including Bitcoin, Ethereum, and Solana. The CoinSpot exchange platform offers several unique features, such as crypto bundles (quite similar to ETFs), a native wallet for storing multiple cryptocurrencies and an NFT marketplace. The platform offers various services, including the innovative CoinSpot Mastercard, enabling users to spend cryptocurrencies like regular money. It also provides specialised investment options, like crypto SMSFs for retirement funds, broadening its appeal. CoinSpot’s commitment to customer support is strong, offering localised around-the-clock assistance, and highlighting its focus on user satisfaction and trustworthiness. 2FA (Two Factor Authentication) security adds an essential extra layer of protection on top of your email and password when logging into your CoinSpot account.

You can buy and sell Bitcoin and other cryptocurrencies instantly on CoinSpot. You can choose from over 200 coins and buy or coinspot reviews sell them against AUD. They offer a good range of over 300 cryptocurrencies and the exchange is relatively simply to use.

1. With the program, one can earn a commission of up to 30% on the trading fees of those who have registered using their referral link.
2. Users have a variety of deposit methods to choose from, including Poli, PayID, and Direct Deposits which are all free of charge.
3. More advances trades on coinspot such as instant trades, Take Profit, Stop loss, Limit orders and Recurring Buys sit right on this limit of mine, charged at 1.0%.
4. If the Coinspot servers were hacked, your funds could be at risk.

The most common choice is through bank transfer, using a direct deposit, POLi, PayID. BPAY and Cash deposits are not generally preferred as there is a fee. The customer service team is also active on various platforms to answer any queries from their users.

Cons of CoinSpot

You can use this option without KYC and swap currencies without giving any identity information. There is an order textbox to sell or buy cryptocurrencies against AUD. CoinSpot is a highly interactive trading platform, which is suitable for both beginner and advanced users. It does however offer some additional useful products for beginners such as bundles for those that want to invest in a cryptocurrency index in a simple way. Yes, CoinSpot is considered a trustworthy exchange and was the first crypto exchange in Australia to receive an ISO certificate for information and security. To make your life easier the CoinSpot platform has created a mobile APP for you to be able to manage your investments everywhere & anywhere you go.

CoinSpot Account Registration Process: How to Use it?

If you want to buy various cryptos in one go, CoinSpot’s Bundles are for you. They let you diversify your crypto holdings and explore different blockchain projects. You can check how your withdrawal is going on the “Transaction Tab” of each wallet page. CoinSpot does not specify a minimum or maximum withdrawal amount for coin and token withdrawals.

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They were particularly helpful when my bank tried to shut me down because of their new excessive crypto rules. If you are still having issues with your CoinSpot account, please contact our 24/7 Support Team via live chat or email to look into this further for you. Wait for CoinSpot to review your documents and email you the result.

Notable trading tools

This service also comes with access to a professional trading broker, locked-in pricing and instant trade settlements. Bear in mind that CoinSpot charges a 0.1% fee per OTC transaction. High-volume traders might also need to look elsewhere as certain CoinSpot services, such as instant and recurring buys, come with higher fees than other platforms. There are no deposit fees to pay if you are funding your account with a bank transfer.

CoinSpot offers a simple and secure crypto wallet where you can send, receive and store over 300 different currencies while keeping track of your wallet balances. There is also an option to set up a recurring buy order that should help you fight off some of the effects of market volatility. CoinSpot, launched in 2013, is one of Australia’s oldest cryptocurrency exchanges. If you want to trade at Coinspot on the move, then you will need to access the platform via your mobile web browser.

However, you will have to sell the coins individually if you’re going to sell all of the coins. After your friend has made the first AUD deposit, you both will receive $10 worth of Bitcoin. Overall, while Coinspot is a decent local exchange, it’s a much more limited trading venue compared to global exchanges such as Binance and OKX. Additionally, as Coinspot is a smaller exchange, it does not have as much volume and liquidity as bigger exchanges, resulting in larger spreads and more expensive trading.

When you have created your account for the first time and decided it is time to make your first purchase you head over to the buy&sell tab. There you will be able to access both normal charts and more advanced charts for the more experienced trader. Other than that we consider CoinSpot to be an excellent Australian cryptocurrency exchange for traders and investors at all levels. The only problem we see with this platform is for everyone outside of Australia that can’t join.

Overall it is an easy app to use…

One downside with Coinspot however is that they do not offer discounted trading fees for high volume traders. This makes Coinspot less relevant for high volume traders that will be looking for lower trading fees elsewhere. When it comes to trading fees, Coinspot charges a 0.1% spot trading fee for maker, takers and for those who buy and sell via their OTC desk. This is a very competitive spot trading fee and similar to many other big exchanges like Binance and OKX. The exchange is only available for Australian residents and aims to provide an easy-to-use platform for Australians to buy, sell, and trade over 400 cryptocurrencies. Like all other platforms that offer you the option to buy and sell cryptocurrencies with fiat, you need to verify your identity.

The Live Chat feature allows you to get immediate assistance 24/7. We have tested out this feature and were pleasantly impressed by the results. A real agent connected to us within 1 minute, significantly faster than any other exchange and the staff was highly supportive and professional.

However, if you’re only trading small amounts, you won’t be able to use this facility. We do this by providing a free comparison service as well as product reviews from our editorial staff. Jed, with his roots as a digital asset analyst since 2015, founded Datawallet to demystify crypto and decentralized finance. His journey includes research roles in top publications and a venture firm, underscoring his passion for making complex financial concepts accessible.

You can see the portfolio’s visual chart with the distribution of coin holdings as well as its percentages. Besides that, it also provides account-wide withdrawal bans and Two-Factor Authentication for the security of your assets. Therefore, we can say that CoinSpot Wallet is an efficient and safe solution for beginners and intermediate traders.

The exchange offers over 300 altcoins including some new coins that have just been released on the market. On the CoinSpot platform will you be able to utilize Stop-loss orders, Take-profit, and limit orders. This will allow you to make the most of the market opportunities. IG is an FCA-regulated broker in Australia, offering a wide range of trading services across various financial markets, including forex, indices, commodities, and shares. The Bundles feature not only gives you an idea of the currency to invest in but also helps you diversify your portfolio to hedge against risk. In addition, you can cut down the fees by just paying one time for the whole bundle instead of paying the fee for each coin (in some instances 10 at a time).