CoinSpot Review 2022 | Fees, Comparisons & More

Dominic Harper // January 16 // 0 Comments

Starting out in cryptocurrency presents more than a few challenges. Beginners may not have any idea how to get started, which is why we have reviewed CoinSpot, Australia’s most trusted crypto exchange site, which is perfect for newcomers. They offer nine years' experience and boast over 2 million valued customers.

CoinSpot was one of the first Australian cryptocurrency sites, and they’ve built their reputation by serving the Australian crypto investor. That’s a big reason why we were so keen on this review, to see what hass made them so successful for so long.

What is CoinSpot?

While cryptocurrency has no borders, a cryptocurrency exchange still needs to understand their target market, and that’s where CoinSpot has thrived, catering to Australians from the beginning.

  • Award-winning safety
  • Operates in AUD
  • A member of the Australian Digital Commerce Association (ADCA)
  • OTC services for high-volume traders
  • 4.5 stars on Trustpilot, based on over 1,400 reviews
  • Over 330 cryptocurrencies supported, including BTC, ETH, LTC, BNB, ADA
  • Deep network of over 2 million customers
  • Mobile app available
  • Live Chat Customer Service with updated FAQs

Features

Experience and Reach

CoinSpot has made their reputation on providing a platform that’s as easy for the beginner as for the seasoned pro. And it’s as rewarding for both groups, as well.

One of the first features that CoinSpot offers is simply their experience. Whether it’s a trusted mechanic or a family doctor, having a good reputation is invaluable in any business. CoinSpot has grown into one of the oldest and largest cryptocurrency exchange sites in Australia, and they’ve done it while maintaining the highest standards of security and performance.

Having been in cryptocurrency for so long, and having developed such a large customer base, CoinSpot has delivered an amazing feature they call their CoinSpot Markets. Here you can trade directly with any of the other 2 million CoinSpot customers for an astonishingly low 0.1% trading fee. That means you’re not only getting the benefit of access to the largest customer base for crypto exchange, but you can do it for the lowest trade rate we’ve seen on the web.

Because they’ve been servicing such a large customer base for so long, CoinSpot recognises many of the needs and services that a crypto trader wants. Chief among those is usually a good wallet. With CoinSpot’s Multicoin Wallet, you get access to one of the most versatile wallets out there. 

If you’re new to crypto, the virtual wallet is where you can store your Bitcoin and other cryptocurrency, and CoinSpot’s wallet is one of the most secure there is. From the wallet, you can keep track of your balances, swap one coin for another, and even view your other recent activity.

Your wallet is available via CoinSpot’s mobile app, as well. That means you can keep track of your assets from wherever you are, and coin deposits to your wallet happen seamlessly and instantly.

Making AUD deposits to your CoinSpot account is also easy. You can make AUD deposits for free with PayID or POLi. For a small fee, you can make deposits with BPAY or cash at any one of the thousands of BlueShyft locations around Australia.

For some investors, all of these new terms can daunt, just a little. If that’s the case for you, CoinSpot links their website to social media channels, where you can join the conversation with their other 2 million customers. That means you’re not going to be in it alone. CoinSpot also has excellent Live Chat customer service that can help you through any of your complications.

Advanced Options

If you’ve been trading crypto for a while, you may already have an idea of which cryptocurrencies you want to invest in. On the other hand, if you’re new to cryptocurrency, you may want to take advantage of CoinSpot’s bundles.

You can think of the bundles like the S&P/ASX 200 for traditional stocks. If you’re unsure about which one coin to invest in, or if you want a diverse portfolio to protect against risk, then CoinSpot’s bundles are for you.

They list 10 bundles on their website, right now, and the list includes investing in all the Bitcoin offshoots, or investing in coins that relate to the supply chain. Buying in a bundle not only offers you the safety of diverse investments, but you can save money on the fees by only paying one fee for the whole bundle instead of paying each fee separately (in some cases ten at a time).

Once you’ve gotten the hang of investing, CoinSpot also gives you the option of sorting investment options by type of coin. For instance, you can look at separate indices of DeFi (Decentralized Finance) or NFTs (non-fungible tokens). This gives you the flexibility of investing in coins based on market trends, as well as individual coins.

As one example, if you are reading the news cycle and see that NFTs are trending up, but you don’t want to get caught in the wash of Ethereum or DigiByte, you can look up the entire NFT index on CoinSpot to research a hidden gem of your own.

Sometimes it makes more sense to swap one coin out for another, rather than taking it to the open market. For instance, if you want to make a big Bitcoin sale, but you have a lot of your assets tied up in another coin, rather than make two transactions, you can use CoinSpot’s Coin Swap, using their locked-in prices. This means you can make the transactions you want on the market, easier and faster.

Big Picture

The scope and experience of CoinSpot has given them insights into what investors may be looking for long-term. That has led them to feature resources for retirement. If you’re interested in starting an SMSF, or if you already have one, CoinSpot can help you get your cryptocurrency investing to help out.

CoinSpot has a specific SMSF team set up to answer your questions and help onboard your existing SMSF if you already have one. If you don’t, they can walk you through the process of getting your crypto investments set up to contribute to your SMSF.

Because CoinSpot has had experience handling retirement business, they also know the importance of easy tax reporting. That’s why they support fast and essay EOFY reports, to take the guesswork and worry out of the process.

For some investors, success has smiled on their efforts, and in that case, they may find themselves in need of different services. In crypto, they call them OTC, or Over-the-Counter account services. CoinSpot offers some of the best OTC account management for high-volume trading. 

OTC account management is available with an industry-low 0.1% fee and CoinSpot offers an “Instant” option with a minimum AUD amount of $50,000.

Negatives about using CoinSpot

High fees of 1% compared to competitors

Instant buy and sell fees on CoinSpot are 1% which is high compared to Swyftx (0.6%) and Digital Surge (0.5%). You can access lower fees by trading on the market, for just 0.1%, but unfortunately you can only trade 14 coins there. For all other coins, you can only purchase it instantly.

No advanced markets

While CoinSpot is excellent for beginners to crypto, experienced traders may not like the lack of advanced markets. If you compare CoinSpot to Binance, you will see that they lack markets like futures, margin trading, P2P and NFT marketplace. Binance is a great option if you are a more experienced trader. Click here to read the full review on Binance Australia.

Fees

CoinSpot does have one of the higher fees, at 1.0%. But we do recommend the customer bear a few things in mind when comparing fees.

The first thing to keep in mind is security. We have devoted an entire section below to CoinSpot’s security and auditing history. They are one of the most impenetrable exchanges in Australia, and providing that level of security comes at a cost.

The second thing to keep in mind is that if you use the CoinSpot Markets you can trade with any one of the other 2 million customers for 0.1% — an extremely competitive rate. However, it is important to note that you can only access a limited range of 14 coins on the market. For all of the other coins, you can only buy and sell directly from CoinSpot.

Security

CoinSpot offers 2FA security for all its accounts, meaning you’re getting the leading technology in account safety. In addition to that, once you’ve established your account, you can customise the security features there to any level you feel best about.

Outside of individual security, it’s good to know how a company handles its own security. After all, If your PIN is secure at the bank, but the bank itself is hacked, the PIN doesn’t matter.

In the cryptocurrency world, each transaction is secure by the nature of what blockchain technology is, but a crypto exchange itself still needs to be secure. There are several ways to gauge security in online business, but the highest industry standard is the ISO 27001 certification. This standard was developed jointly by the International Organisation for Standardisation and the International Electrotechnical Commission.

CoinSpot is the first and only Australian crypto platform to hold SO 27001 certification, and is proud to retain it. In order to meet the ISO 27001 standard, CoinSpot submitted to an external audit that probed all of their processes, including customer data, data storage, supply chain, information management, storage, and retrieval, intellectual property, and employees.

In addition to their layered security for the consumer, they’ve also been recognised by Blockchain Australia as an official provider of digital currency. That means the industry’s leaders have noted that CoinSpot has taken all the steps necessary, and many more steps, to ensure security.

Pros and Cons of CoinSpot

  • P R O S
  • Experienced and long-running Australian exchange
  • Secure mobile app
  • Integrated, multi-coin wallet
  • Easy-to-use interface for beginners
  • Most secure and robust safety features
  • 4.5 star average reviews
  • C O N S
  • A tad more expensive than other exchanges
  • No advanced markets to trade

Conclusion

Finding a cryptocurrency exchange that operates right here in Australia and understands the needs of the Australian consumer, can be difficult. But CoinSpot is leading the way, and has been since 2013.

With certifications and recognition for nearly every association related to cryptocurrency and online business, we can’t find a more reputable option for Australian crypto investing than CoinSpot. We recommend it to anyone trying cryptocurrency for the first time.

Frequently Asked Questions

Is buying Bitcoin safe?

Yes, and right on their website CoinSpot addresses this issue. Not only are they committed to conducting your business safely, they’re committed to your understanding of the business, as a whole. That’s why they offer an extensive list of tips for conducting your Bitcoin business safely.

How can I sell my cryptocurrency? 

With CoinSpot, you can safely and instantly transfer your Bitcoin assets into AUD at any time. You can easily withdraw your AUD from your CoinSpot dashboard to your Australian bank account for absolutely no charge, and with no withdrawal limits.

What happens after I buy a coin? 

After you buy any cryptocurrency in CoinSpot, it is immediately available to see in your wallet. This wallet is also where you can track your purchases and sales, and see the current value of any of your digital assets. You can also see all of this from the CoinSpot app, available for Android or iOS.

What happens when I buy Bundles?

When you opt to invest in coins in a bundle, or index, then you get to decide how much AUD you invest, rather than having to purchase a set amount of any one given coin. So if you invest $500 in a bundle, you’ll receive a percentage of each coin in the bundle, based on the market price of that coin. Then, each partial coin you’ve purchased will go into your wallet separately, filed under its individual coin name.

About the Author: Dominic Harper

Dominic has a background in finance and is passionate about cryptocurrency, blockchain technology and NFTs. He has been investing in crypto since 2017, and is excited about the potential for innovation and creative uses for NFTs in the near future.

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