CoinSpot, a reputable Australian cryptocurrency exchange, offers a user-friendly interface; support for instant AUD deposits via PayID; and an extensive list of cryptocurrencies to buy, sell and trade. The platform is tailored toward beginner to intermediate investors, however some more advanced features are available, such as crypto-to-crypto and NFT trading for experienced traders.
With a a simple fee structure, robust security measures, and a crypto credit card, CoinSpot is a solid choice for investors looking to start their journey into digital assets. Despite some drawbacks, such as limited advanced trading features and higher fees on instant transactions, CoinSpot remains a reliable and secure platform.
It’s worth noting that since the fall-out from the FTX collapse, many investors have become wary of holding their digital assets on exchanges. Others are simply being more cautious about the exchanges they choose. We have published a forensically researched guide to help you navigate the exchange landscape to help you pick the option most suitable for your situation.
Related: Kraken Review: Pros and Cons
Pros
- Simple, flat fee for OTC and market order trades
- Direct integration with OpenSea allows for NFT trading
- Instant AUD deposits via PayID
- A large number of available currencies
- Easy-to-use interface
- Crypto credit card available
Cons
- Limited advanced trading features available.
- Higher fees on instant buys and sells.
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Whom Does CoinSpot Suit?
CoinSpot may be an ideal choice for both beginners and intermediate traders who prioritise a simple, user-friendly interface, a large variety of tradable coins, and a secure platform. The direct integration with OpenSea gives investors access to some non-fungible token (NFT) collections, allowing users to access digital art. It caters particularly well to Australian users who prefer trading with Australian dollars and appreciate the added convenience of paying for goods and services with crypto using CoinSpot’s mastercard.
CoinSpot Features
Several factors make CoinSpot a solid option for cryptocurrency traders:
Simple, flat fee for OTC and market order trades: CoinSpot offers a flat 0.1% fee on all trades, making it reasonably cost-effective for both casual and frequent traders.
Direct integration with OpenSea: This allows for NFT trading, providing users with direct access to other types of digital assets beyond just typical cryptocurrencies.
Many available currencies: With 440+ tradable coins, CoinSpot offers a diverse range of cryptocurrencies for trading.
Easy-to-use interface: The platform features a user-friendly interface designed to accommodate novice and intermediate traders.
Crypto credit card: CoinSpot offers a crypto mastercard, making it more convenient for users to spend their crypto assets. The card is connected to your coinspot account and converts you designated crypto to fiat at the point of sale.
CoinSpot's Disadvantages
Despite its strengths, CoinSpot has some weaknesses that users should be aware of:
Limited advanced trading features: The platform lacks some advanced features that more experienced traders may desire, such as margin trading or advanced charting tools.
Higher fees on instant buys and sells: CoinSpot charges higher fees for instant buys and sells, which could be a drawback for some traders.
CoinSpot Features
Trading Fees
CoinSpot offers a competitive and straightforward fee structure. The fees are as follows:
- Market Orders: 0.1%
- OTC: 0.1%
- Instant Buy, Sell & Swap: 1%
- Take Profit, Stop & Limit Orders: 1%
- Recurring Buy: 1%
Security
In the world of cryptocurrency, safeguarding assets is a top priority for both users and investors. Selecting a cryptocurrency exchange demands a thorough evaluation of the platform’s security features, as insufficient protection may have disastrous repercussions. The notorious FTX disaster, a striking illustration of the severe consequences of inadequate security and mismanagement of user funds, led to a staggering loss of billions in digital assets. Evaluating the security protocols of an exchange is a critical step in ensuring the safety of your digital assets.
CoinSpot strongly emphasises security, with ISO 27001 certification achieved after completing an external audit by SCI Qual International. The certification process involves in-depth investigation and ongoing audits of Information Security Management processes and practices, including management of digital asset storage, employees, contractors, suppliers, clients, products, processes, and intellectual property.
CoinSpot maintains industry best-practice by securing a vast majority of assets in highly secure offline locations. The platform also offers customisable account security settings such as Two-Factor Authentication (2FA), custom withdrawal restrictions, and session timeout limit settings to improve account security. Additionally, CoinSpot participates in the HackerOne Bug Bounty Program, allowing users to report security vulnerabilities for investigation and resolution.
Opening a CoinSpot Account
Setting up an account with CoinSpot is a relatively simple and quick process. Users need to provide the necessary information and identity documents in order to complete the know your customer (KYC) verification process. Once the account is verified, users can fund it with Australian dollars or other supported fiat currencies and begin trading on the platform.
While this may seem strange if you have never set up a crypto account before, it is standard practice and is actually a good sign, as KYC is a requirement for crypto exchanges operating in Australia.
Cryptocurrencies Available on CoinSpot
CoinSpot offers an extensive selection of cryptocurrencies, with 440+ tradable coins available on the platform. This wide variety ensures that traders have access to a diverse range of assets, catering to different trading preferences and strategies.
Top 30 Cryptocurrencies Available on CoinSpot
- Bitcoin (BTC)
- Ethereum (ETH)
- BNB (BNB)
- USD Coin (USDC)
- Ripple (XRP)
- Cardano (ADA)
- Polygon (MATIC)
- Dogecoin (DOGE)
- Solana (SOL)
- Polkadot (DOT)
- Shiba Inu (SHIB)
- Litecoin (LTC)
- Tron (TRX)
- Avalanche (AVAX)
- Uniswap (UNI)
- Wrapped Bitcoin (WBTC)
- Chainlink (LINK)
- Cosmos (ATOM)
- Ethereum Classic (ETC)
- Bitcoin Cash (BCH)
- Filecoin (FIL)
- Stellar (XLM)
- Aptos (APT)
- Lido DAO (LDO)
- Hedera Hashgraph (HBAR)
- Tether (USDT)
- Near Protocol (NEAR)
- Cronos (CRO)
- VeChain (VET)
- Internet Computer (ICP)
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Our Methodology
Our methodology involved a comprehensive analysis of nearly 25 international and Australian cryptocurrency exchanges, crypto trading apps, and brokerage platforms that offer crypto trading options.
The trading fees we analysed were based on the lowest trade volume and the most basic version of the platform for each brokerage or crypto exchange.
We assessed each platform using 11 key variables to determine their overall quality:
- Basic Trading Features: We evaluated the number of cryptocurrencies available to trade, the number of fiat currencies accepted, the exchange’s overall liquidity, and trading fees.
- Advanced Trading Features: We examined the availability of complex
trading features such as advanced order types and volume discounts for frequent trading. - Margin Trading: We assessed margin trading rates, if applicable.
- Platform Availability: We analysed the degree of accessibility to
different features by country. - Customer Service: We evaluated customer support options.
- Educational Resources: We assessed the educational content offered by each platform.
- Crypto Rewards Credit Card: We noted if any platforms offer crypto rewards credit cards.
- Security and Storage: We evaluated the types of storage options, security and insurance available, and any large-scale hacks of each exchange over its lifetime.
- Staking and Rewards: We evaluated whether some platforms allow users to stake selected cryptos and earn interest payments.
- Crypto Lending: We evaluated if some crypto exchanges allow users to lend out their cryptocurrency.
- Registration: We ensured that the exchanges we surveyed were registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to legally provide digital asset exchange services to Australians.
We then used a weighted average of these variables to calculate each platform’s overall score. Our methodology benchmarks the features and options across the crypto exchanges and brokerages we surveyed.
FAQs
How trustworthy is CoinSpot?
CoinSpot is considered one of Australia’s most trustworthy cryptocurrency exchanges. Established in 2013, CoinSpot has built a solid reputation in the industry. The exchange is registered with the Australian Securities and Investments Commission (ASIC) and is regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Additionally, CoinSpot has obtained ISO 27001 Certification, demonstrating its commitment to maintaining high standards of information security management.
Does CoinSpot report to the ATO?
Yes, CoinSpot is obligated to report certain transaction data to the Australian Taxation Office (ATO). As a cryptocurrency exchange operating in Australia, CoinSpot must adhere to the financial regulations set forth by the government. These regulations require exchanges to provide relevant information to the ATO, which has extensive authority to access documents, including digital records, for the purpose of administering taxation laws.
Is it safe to leave coins on CoinSpot?
CoinSpot has implemented various security measures to protect users’ funds, including ISO 27001 Certification for information security, industry-standard offline cold storage, and customisable account security features such as two-factor authentication and withdrawal restrictions. These measures demonstrate CoinSpot’s commitment to providing a secure platform for its users.
However, it’s important to remember that no exchange is entirely risk-free. CoinSpot has experienced a hack in the past, although no users were affected directly. As a general best practice, particularly for larger amounts of crypto, consider storing your funds in a personal hardware wallet. This approach helps minimise the risks associated with keeping significant assets on an exchange, a lesson underscored by the collapse of FTX back in 2022.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
