CoinSpot - Quick Overview
CoinSpot is the largest Australian crypto exchange around, reaching over 2 million users in late 2021. It has been around since 2013, which has helped establish it as the most trusted and secure crypto exchange for Aussies, complete with ISO 27001 certification. It is extremely easy for beginners to use, and offers over 360+ different cryptocurrencies which is also great for more experienced crypto investors.
CoinSpot Pros & Cons
Perfect for Beginners
CoinSpot aims to make crypto easily accessible to everyday Australians and they have done a perfect job of meeting that goal. Right from the first steps of signing up, verifying your account, to making your first deposit and crypto purchase, the process is seamless. There is a very simple interface, so that users aren't confused by additional features that they don't understand. If you run into any issues, you can also receive responsive support via Live Chat or email.
CoinSpot has by far the largest coin selection of any Australian crypto exchange, with over 360+ cryptocurrencies, and they are continually searching for new additions. You will find all of the most popular coins just like you would on any other exchange, but the number of unique altcoins is amazing. You can almost always find the new coin that you have heard of, which is not possible on many other exchanges. This allows you to invest in a new coin before others can, if they don't have access to CoinSpot. When the coin is eventually listed on other exchanges, the price usually rises as there is suddenly a new influx of buyers, and demand pushes the price higher.
Staking on 22 Cryptocurrencies
CoinSpot is one of the first Australian cryptocurrency exchanges to add staking functionality to their platform, and they have offer it on 22 coins. This is an easy way for you to earn interest on your crypto as you hold it and invest in the long term.
Buy and sell NFTs
On CoinSpot you can easily browse NFTs and buy them using any cryptocurrency you like. Unlike OpenSea where you need to link an external wallet, and pay using ETH, with CoinSpot you can buy an NFT straight from your CoinSpot account, and choose with coin you want to pay with. CoinSpot has made it so easy for newcomers to get started with NFTs.
CoinSpot has an app which is available for iOS and Android devices, making it really easy to keep track of your crypto and make trades whenever you like. The mobile app has all the same features as the desktop version, so you are not missing out on anything when you access it from your phone or tablet.
Live Chat support
It's a terrible feeling when you don't understand something and you cannot get help. This is what some users feel when they sign up to a crypto exchange that lacks customer support. I have had readers tell me how they were put off cryptocurrency because they signed up to an exchange and couldn't figure out how to get their money off the exchange, and they had no one to turn to. CoinSpot has solved this issue by offering Live Chat customer support as well as email if you prefer that method of communication. I have tested out their Live Chat service, and it is very helpful, and there was no wait time, which was surprising for such a popular exchange with 2 million users.
CoinSpot Fees & Deposit Methods
CoinSpot charges 1% for instant buy and sell, but if you want to access lower fees, you can trade on the market, for just 0.1%. The only limitation is that only 15 coins can be purchased on the CoinSpot market. To buy the full range of over 360+ cryptocurrencies, you need to pay 1% transaction fee.
You can deposit AUD into your CoinSpot account using a variety of methods: Bank transfer, OSKO, BPAY, POLi, PayID, and Cash.
The deposit methods are all free, except for BPAY with a 0.9% charge, and Cash deposit with a 2.5% fee.
Withdrawing AUD from CoinSpot to your bank account is free, regardless of the amount.
CoinSpot shines above their competition when it comes to security. They have 2FA logins, geo-locking, anti-phishing codes, and store the majority of their cryptocurrency in offline cold storage, to prevent loss due to hacking. They are also the only Australian crypto exchange to meet the ISO 27001 certification standard, making them the most externally audited platform. They have been around since 2013, with over 2 million customers, and have never been hacked.
CoinSpot is a standout choice for any newcomer to cryptocurrency. Even with no prior experience with stocks or forex trading, a new user can easily get their hands on some cryptocurrency. You can deposit easily with AUD, and instantly buy and sell without needing to deal with the market. The huge range of 360+ coins means you can always find a cryptocurrency that you want to invest in. If you are still doing your research, I suggest looking at our list of the best crypto exchanges in Australia, which has a lot of in-depth information about a range of platforms.
Frequently Asked Questions
Is CoinSpot legal in Australia?
Yes, CoinSpot is fully licensed and registered with AUSTRAC in Australia. It is 100% legal to use CoinSpot in Australia. It is a certified member of Blockchain Australia and has ISO 27001 certification.
Is CoinSpot or Coinbase better?
When it comes to comparing these two exchanges, CoinSpot is a clear winner. Coinbase is a US-based exchange that hasn't transitioned well to the Australian market. Coinbase's fees are much higher, and you cannot withdraw AUD from the exchange.
Is CoinSpot trusted?
Yes, CoinSpot is the most trusted and secure exchange in Australia. CoinSpot has over 2 million users, and are frequently externally audited. They are the only Australian exchange with ISO 27001 certification.