CoinSpot Review – Australian Crypto Exchange

CoinSpot Overview

When making a transaction in Australia, residents originally had to purchase one of the few crypto coins available, including Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH). Then, they would have to use another country’s exchange, such as Bittrex or Binance, to trade those digital coins for ones they wanted. Similarly, to cash out, residents would have to revert their coins back to the ones they originally purchased, undergoing constant trading fees as these platforms charged them for each transaction.

With CoinSpot, the first exchange in Australia to offer over 200 different crypto coins to buy, sell, and trade, users no longer have to worry about something going wrong within their multiple transactions.

CoinSpot has been at the forefront of the blockchain revolution in Australia since 2013. Their stronghold continues today despite the arrival of top Australian cryptocurrency exchanges such as Digital Surge and Swyftx. Keep reading our CoinSpot review to see how CoinSpot stacks up against the competition.

What Is CoinSpot

CoinSpot is an Australian cryptocurrency exchange established in 2013 by Russell Wilson, a well-known personality who had acquired major experience in building online security programs. The company has its headquarters in Melbourne.

CoinSpot offers a reliable and safe trading platform for trading cryptocurrency. The CoinSpot platform has become the official member of the Australian Digital Commerce Association or ADCA, which is a non-governmental agency renowned for its remarkable commitment towards providing legal protection to its registered clients.

CoinSpot enables its registered users, be it companies, Super Fund investors, or individuals to instantly buy or sell digital assets, primarily Bitcoin. The CoinSpot platform enables their users to trade in the open market by speculating cryptocurrency prices and earning potential profits.

The Australia cryptocurrency exchange is licensed under the Casey Block Services Pty. Ltd. ABN 19 619 574 186 and regulated under the highly governed financial sector in Australia to protect the company’s operations with its users.

How CoinSpot Became a Top Crypto Exchange

When CoinSpot debuted as a new crypto platform in Australia in 2013, it closely mirrored other exchanges in the area. At the time, it only provided Bitcoin but quickly extended its digital coin list to keep its platform in high demand as cryptocurrency evolved. Now, CoinSpot is home to over 200 different digital coins and tons of trading pairs, helping users in Australia make effortless transactions.

Not only does CoinSpot provide more altcoins and trading pairs than any other Australian platform, but the team behind the exchange makes an effort to share their company’s goals and ideals with anyone willing to listen via social media.

Russel Wilson, the founder, believes in creating a cryptocurrency exchange where users feel safe because the governing team is visible. Most other platforms seem sketchy because no one is promoting the company’s services and is completely hands-off, leaving users to figure things out for themselves.

Wilson and his team, however, discuss CoinSpot in multiple online forums where the team and users communicate regularly to relay present concerns and hopes for the future.

Digital Coins and Payment Methods Available on CoinSpot

CoinSpot has made crypto exchanges as simple as possible by introducing more coins into its platform, keeping users from needing multiple exchanges. On CoinSpot, in addition to the original Bitcoin (BTC) currency, users will now find Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Cardano (ADA) Dogecoin (DOGE), TRON (TRX), EOS, DASH, and NEO, among many others.

Our CoinSpot review also wants to highlight the platform carries non-fungible tokens (NFTs) and decentralized finance (DeFi) tokens for global banking.

Trading Options and Transaction Fees

CoinSpot also accepts various payment options, most of which come with a below-average fee. For instance, if you’re looking to trade one cryptocurrency for another, an instant buy and sell option on this market will result in a 1% fee. Market orders, on the other hand, take a bit longer and may cause the price of coins to sway while you await the completion of your transaction but result in a smaller 0.25% fee.

Deposit Methods and Withdrawals

If you’re planning on making a deposit or withdrawal, POLi payments are popular for their limitless requirements. POLi doesn’t require a minimum deposit, although you may only deposit $10,000 per day. Other fee-free deposits include PayID, instant AUD deposits, and direct deposit (via OSKO) transfers to and from your bank account.

If your bank doesn’t accept POLi payments, BPAY payments offer the second-lowest fees on CoinSpot. Deposit and withdrawal fees are at a low of 0.9%, but you need a minimum cash deposit of $1 to make a transaction. Like with POLi, you may deposit up to 10,000 per day, but deposits take one to three business days to process.

Finally, in-store cash payments made to CoinSpot partnering companies like Blueshyft will allow you to pay with real money once you deposit at least $50 to any company branch. Unfortunately, this option requires a 3% fee and limits your deposits to a mere $2,000 each day.

CoinSpot Fees

Take profit, limit orders, stop loss, and recurring orders each consist of a 1% trading fee. To better understand what each of these processes entails, our CoinSpot review will explore them below.

• Take-Profit: Trades use the take-profit method of buying and selling to guarantee they’ll make their desired profit. Traders instruct for the automatic selling of orders after they’ve reached a set price.
• Limit Orders: A buy limit means a trader can only purchase cryptocurrency up to a pre-set price or less. A sell limit means the user can only sell their order once it reaches a set price or higher.
• Stop-Loss: Stop-loss, like take-profit, keeps users from undergoing major losses. However, instead of automatically selling an order once it reaches a specified high point, stop-loss limits losses to a certain percentage. For instance, creating a 15% stop-loss order means your order won’t dip below a 15% loss. 
• Recurring Orders: Users can now subscribe to buys and sells in cryptocurrency where they set aside a specific amount of money for automatic daily, weekly, monthly, or bi-monthly transactions. 

Popular CoinSpot Features

The OTC Desk for Institutional Traders

The OTC (Over-The-Counter) Desk helps with trades that are not exchangeable on the platform. Instead, it works out a transfer as a dealer for the trader. The OTC Desk is also ideal for anyone like institutional traders looking to place larger transactions at lower risks without upsetting the market.

The SMSF Account

An SMSF (Self-Managed Super Fund) is an account that you and five other members have access to and complete control over once you register for one on CoinSpot. With a valid trust name, address, trust deed copy, and beneficiary details during registration, you’ll be able to create a safe place to store your cryptocurrency.

Affiliate Marketing Strategies

CoinSpot reviews also note ways to make some extra money on the site, from referrals to taking part in affiliate programs.

Once you create a CoinSpot account and start making transactions, refer a friend to CoinSpot. When they make their first transaction, both you and your friend will obtain $10 Australian bucks in the form of Bitcoin.

Join CoinSpot affiliate programs to gain more rewards by promoting CoinSpot on your business pages or social media accounts. You’ll receive as much as 30% in commission for every click of your link that turns passersby into verified CoinSpot users. Your commission amount slowly descends at the one-year mark, but you’ll continue to receive incentives for promoting the platform.

How to Start Your Journey on CoinSpot

If you’re new to CoinSpot, our CoinSpot review will help you learn how to make a free account in minutes.

When you navigate to the CoinSpot website or download their app, first, you’ll need to enter a valid email address and password before moving on. The next step includes filling in your personal information in the Account Holder Details section. Here, the document will ask you for your full name, address, a copy of one of your utility bills for proof of address, a government-issued ID for proof of identification, birth date, and phone number.

Then, choose from available account types, including a personal account, business or trust account, or SMSF account. Choosing a business or trust account will require more information from you, such as authenticating your business in the system and adding appropriate shareholders, and providing legal trust documents, respectively.

To finalize your account, CoinSpot will ask you to create a sign with your name, signature, current date, and distinctive CoinSpot code, take a selfie with it, and upload it to the site. Afterward, it should take two days or less for CoinSpot to allow you to start trading.

Once your CoinSpot account has been verified, you can buy and sell cryptocurrency instantly with a broad range of fiat deposit options including debit cards, credit cards, BPAY, PayID, and POLi payments.

Support for CoinSpot Users

Currently, CoinSpot doesn’t have a direct helpline where you can reach a team member for assistance. However, their website articles cover a vast area of concerns CoinSpot users have about the site, their cryptocurrencies, requirements, limitations, and account disruptions, and answers to those problems.

Partnering with ZenDesk, a customer support service system in the US, also allows users with unique queries to voice their concerns to real representatives despite their location. All you have to do is fill out a support form and send it via email to ZenDesk, and the support team will respond as soon as possible.

Should Users Trust CoinSpot?

Not only is CoinSpot the only Australian-based exchange to offer hundreds of digital currencies, but it’s also the only Australian platform to complete the SCI Qual International external audit, awarding them with the ISO 27001 Certification. AUSTRAC has also registered the company, meaning CoinSpot must follow strict guidelines as part of the Australian Digital Commerce Association.

CoinSpot is also a custodial crypto platform. Users must undergo intricate security measures like two-factor authentication alongside temporary codes, passwords, and ID verification process. It prevents fraud and theft on this platform that stores personal information.

With its 2FA, even if someone hacks your password, they won’t be able to access your account without the six digit authenticator code which is refreshed every thirty seconds.

Also, take note that CoinSpot is registered with AUSTRAC to prevent terrorism financing and money laundering, and most of its assets are held safely offline in cold storage.

CoinSpot Pros

• Easy and user-friendly interface for beginners
• Ability to use automatic features
• Staking on 22 coins to earn interest
• Offers the largest variety of cryptocurrencies in all of Australia
• Ability to create trust accounts with SMSF
• Free deposits and withdrawals with POLi
• Buy instantly with AUD; no deposit fee using Bank Transfer or PayID
• Easily switch between the value shown from AUD and USD, and vise-versa.

CoinSpot Cons

• $2,000 and $20,000 limits on all transfers and withdrawals
• Larger fees when using methods like Blueshyft for cash payments
• Available only in Australia
• Accepts one fiat currency (i.e. Australian Dollars (AUD))
• Deposit funds using a credit card in AUD, with a processing fee.

Frequently Asked Questions

How can I deposit cryptocurrencies from CoinSpot into a wallet?

When you’re ready to deposit cryptocurrency into a digital wallet, open the Wallets page of CoinSpot and click on the wallet you want to use for your deposit. Then enter your wallet code after specifying the amount you wish to deposit and your 2FA code for security measures.

Once you submit that, you’ll receive an email with a confirmation link to verify your transaction.

Does CoinSpot supply a wallet once you make an account?

CoinSpot grants all users access to Multicoin Wallet, CoinSpot’s unique wallet that stores most, if not all, of their digital currencies. Still, because third-party or hardware wallets are safer, CoinSpot recommends using the latter for long-term storage.

Can I use CoinSpot in my country?

Unfortunately, this nine-year-old company currently only allows Australian users on its platform.

Does CoinSpot have a mobile app?

CoinSpot has a native app for iOS and Android. With the CoinSpot app, users can convenient and easily buy, trade, transfer, and sell different cryptocurrencies from the CoinSpot walelt. Users can also view graphs, price charts, and track their crypto portfolio under one single platform.

Can I trust CoinSpot?

CoinSpot is a trusted and reputable cryptocurrency exchange that has not been h acked since it was established originally in 2013. It is the first crypto platform in Australia to ever receive the internationally recognized ISO 27001 certification for its robust information security systems.

Final Notes on Our CoinSpot Review

As our CoinSpot review shows, CoinSpot offers an abundance of benefits, such as automatic features, having their own platform wallet, and providing more than 200 cryptocurrencies. Although they limit their users to Australian residents solely and may have slightly larger fees than some other platforms, they make up for it by giving their users crypto variety, tons of pairing options, safety, and effortless transfers.

To make high-volume exchanges with low exchange rates, try CoinSpot for your cryptocurrency needs.

Want to learn more about exchanges in Canada? Here’s our guide about the best crypto exchanges to buy and sell Bitcoin in Canada.

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