CoinSpot Review for New Zealanders | Can you use CoinSpot in NZ?

Dominic Harper // August 9 // 0 Comments

CoinSpot was founded in 2013, and is the most trusted and secure crypto exchange in Australia. It has over 360 coins, and you can earn interest on 21, and even access other features like NFTs. Can you use CoinSpot if you live in NZ, or are there better crypto exchanges for New Zealanders?

If you live in New Zealand, you can access CoinSpot, however, there are some limitations. You will not be able to deposit or withdraw NZD - you can only make deposits and withdrawals in AUD, and they must come from an Australian bank account. If you are an Australian living in New Zealand, then you can happily use CoinSpot, but for the majority of Kiwis who do not have an Australian bank account, CoinSpot is not the best option for you. We suggest you look at our list of best crypto exchanges in New Zealand instead.

If you are able to access an Australian bank account, read our review to see everything that CoinSpot has to offer. We have also secured an exclusive offer for our readers: $20 FREE Bitcoin when you sign up with our link.

What is CoinSpot NZ?

CoinSpot is Australia's most trusted and secure crypto exchange, boasting over 2.5 million customers, and holding ISO 27001 certification, meaning it is regularly audited by a third party to ensure data protection systems are secure. It has a huge range of 360+ coins, and an extremely simple user interface. Here are some other top points to note:

  • $20 FREE Bitcoin promo bonus when you sign up with our link
  • More than 360+ cryptocurrencies
  • Earn interest on 21 cryptocurrencies
  • 24/7 Live Chat support to assist you at all times
  • NFT marketplace where you can purchase with any crypto you like
  • Assets stored securely offline in cold storage for additional security
  • Mobile app available
  • Low trading fees of 0.1% when you trade on the market or using OTC desk

Features

Experience and Trust

CoinSpot has built their reputation on providing a platform that’s easy to use for absolute beginners, as well as experienced crypto traders. Their platform is intuitive and well-designed so that everything you need is easily accessible and easy to find.

CoinSpot offers an outstanding amount of experience, as it is been around since 2013, and accumulated over 2.5 million users in that time. It is well-regarded in the crypto community, and you know when you sign up with CoinSpot that you are dealing with a legitimate exchange that is around for the long run. It is a certified gold member of Blockchain Australia, and is registered with ASIC and regulated by AUSTRAC, meeting all the KYC/AML rules. 

CoinSpot customers can access more than 360+ coins to instantly buy or sell directly from the exchange. This collection is so large that you will almost definitely find a cryptocurrency that you want to invest in. If you prefer trading on the market, as opposed to instant buying, then you can do so for around 16 coins, and access a much lower trading fee of just 0.1%.

Earn Passive Income

CoinSpot also offers crypto interest earning options, with the ability to stake 21 coins. It is an excellent way to gradually grow your crypto portfolio without risking anything. All you need to do is hold your crypto in your CoinSpot account and you can receive interest in return.

NFT Marketplace

CoinSpot has showed that they cater to all types of investors, as they have added an NFT marketplace, where users can easily view, buy, and sell NFTs straight from the exchange. You don't have to worry about the hassle of converting crypto to ETH to purchase an NFT, because on CoinSpot's marketplace, you can purchase the NFT with any cryptocurrency you like.

Excellent Customer Support

In case you find yourself in trouble, CoinSpot has live chat customer support available 24/7. No matter if it is during business hours, or in the wee hours of the night, you will be able to access assistance from the friendly and knowledgeable staff. This is a unique feature, as many other crypto exchanges have limited opening hours for live chat, and some platforms do not even offer live chat support at all.

CoinSpot Bundles

CoinSpot offers the simple buy and sell feature as mentioned above, but there are many other options to explore. For example you can purchase a CoinSpot bundle, which is a package of similarly grouped cryptocurrencies, that help you diversify your investment while saving you time and money. For example, if you want to purchase the 'Top Ten Market Cap' bundle, you simply purchase that, and you will receive all of the ten largest coins by market capitalisation. 

Swap Cryptocurrencies

CoinSpot also has a convenient Swap feature, which is great for trading one coin directly for another in an instant. Instead of selling one coin to AUD, then using AUD to buy the next coin, you can easily convert your current crypto the the new crypto you wish to own.

Crypto SMSF

CoinSpot knows that some investors want to save for the future, including into retirement, and they offer crypto SMSF options. If you’re interested in starting a crypto SMSF, or you already have one, CoinSpot can help you invest your cryptocurrency.

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.

Negatives about CoinSpot NZ

Does not support NZD

CoinSpot does not accept NZD deposits or withdrawals. It only accepts AUD deposits from an Australian bank account. If you want to deposit NZD you won't be able to use CoinSpot. We suggest Swyftx instead, which is one of New Zealand's best crypto exchanges, and accepts NZD deposits and withdrawals. If you sign up here, you also receive $20 FREE Bitcoin.

High instant buy/sell fees of 1%

CoinSpot's instant buy and sell fees are higher than other NZ crypto exchanges, such as Swyftx (0.6%). 

No advanced markets

CoinSpot is well-suited for newcomers to crypto, but serious traders will not be able to access advanced trading tools such as margin trading, and futures trading. If you are looking for an advanced crypto trading platform in New Zealand, we suggest Bybit. If you sign up here, you also receive $10 Bitcoin FREE!

Fees and Deposit Methods

CoinSpot does NOT accept NZD deposits into the exchange. You can only deposit AUD from an Australian bank account using PayID or POLi (free), or via BPAY (0.9%). If you do not have an Australian bank account, we suggest you use Swyftx, a crypto exchange where you can deposit and withdraw NZD. If you sign up to Swyftx here, you can also claim $20 FREE Bitcoin.

CoinSpot's instant buy and sell fees are 1% per transaction. If you want to purchase on the market, it is much cheaper, at 0.1% per trade, but that is only possible on around 16 coins. For the remainder of the 360 coins, you can only access it via the instant buy/sell feature.

Withdrawing crypto from CoinSpot will have a flat fee based on the individual coin you want to withdraw. NZD withdrawals are not accepted from CoinSpot, but you can withdraw AUD free of charge to an Australian bank account.

Security

CoinSpot excels when it comes to security, as the most trusted and secure exchange in Australia. It has 2FA on all customer accounts, and you can customise the security features to suit your needs, for example you can add an anti-phishing phrase, geo-locking, whitelisting withdrawals, and more.

Besides individual customer account security, CoinSpot has the highest level of certification in New Zealand - ISO 27001. 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 ISO 27001 certification, and is proud to retain it. 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.

Besides this, CoinSpot is also one of the few exchanges in Australia to be officially awarded the certification as a Blockchain Australia Certified Digital Currency Exchange provider. CoinSpot has long since been a proponent to the Australian Digital Currency Industry Code of Conduct and receiving this certification only solidifies CoinSpot’s position as Australia’s most trusted exchange. CoinSpot is also registered with ASIC, regulated by AUSTRAC, and is a gold certified member of Blockchain Australia.

Pros and Cons of CoinSpot NZ

  • P R O S
  • Well-established and trusted crypto exchange
  • Over 360+ cryptocurrencies
  • Earn interest on 21 coins
  • Customisable security features
  • Funds stored securely offline in cold storage
  • Easy-to-use interface for beginners
  • 24/7 Live Chat support
  • NFT Marketplace
  • C O N S
  • NZD is not supported
  • High instant buy/sell fees of 1%
  • No advanced trading markets

Conclusion

CoinSpot is definitely an excellent and secure crypto exchange, with plenty of coins, and excellent features. However, the problem for most New Zealanders is that CoinSpot does not accept NZD deposits or withdrawals. If you happen to have an Australian bank account then you can deposit AUD and use the platform. Don't forget to use our link here, to receive $20 FREE Bitcoin when you sign up to CoinSpot!

However, for the majority of readers who do not have an Australian bank account, you are better off finding a crypto exchange specifically designed for New Zealanders (read here). Our top recommendation is Swyftx, which has 320 coins, low fees of 0.6%, and supports NZD deposits and withdrawals. If you sign up here, you also receive $20 FREE Bitcoin!

Frequently Asked Questions

Can you use CoinSpot in NZ?

Yes, you can use CoinSpot in NZ, however you won't be able to deposit NZD. You can only deposit AUD from an Australian bank account. If this is not possible, we suggest you look at a different crypto exchange, one designed for NZ (read here).

Is CoinSpot available in NZ?

Yes, CoinSpot is available in NZ, however NZD is not accepted as a deposit method. You can only deposit AUD from an Australian bank account. For most Kiwis this isn't an option, so there are better options out there, such as the best crypto exchanges in NZ.

What is the withdrawal fee for CoinSpot?

It is free to withdraw AUD from CoinSpot to an Australian bank account. Crypto withdrawals will incur a fee based on the coin you want to withdraw.

Is CoinSpot trustworthy?

Yes, CoinSpot is a trusted and legitimate cryptocurrency exchange. It has been around since 2013, has more than 2.5 million customers, and is the most secure exchange in Australia.

To read our privacy statement follow the link.

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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