Coinspot Cryptocurrency Exchange Review

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As we watch Bitcoin rebound, it might be time to get interested in trading a cryptocurrency once more. Whether you’re interested in the stable coins like Ethereum or Litecoin or other Altcoins like Ripple, you’ll be able to make use of Coinspot to buy and sell crypto with your Australian dollars. 

If you’re new to cryptocurrency trading or would like some more insight into Coinspot, their bank account support and whether they’re right for you, then take a look at our Coinspot review below. We’ll take a look at Australian bank support, trading features, payment methods and more.  

Our Overall Consensus

In short, at Extras, we would suggest that the Coinspot platform be used by cryptocurrency beginners or those new to trading in general. The trading platform is simple to use, has low fees and even offers instant buy features for those who would like to make quick buy/sell trades on the platform. Adding to the fluidity, there’s a smooth verification process, a customer support phone number and compliance with the Australian Digital Commerce Association so you’re able to rest assured there’s plenty of help and support when you need it. 

Key Features:

  • Australian Dollar Support
  • Over 100 Supported Cryptocurrencies
  • Very Low Fees or No-fee Deposits
  • Great for Beginners
  • 2-factor Authentication 
  • Support for All Major Coins, Monero, EOS, Litecoin, and more.

As you can see, a Coinspot account for beginners is going to be an ideal place to start trading Bitcoin or even Dogecoin in Australia. It’s easy to use, affordable and accepts AUD deposits through BPAY, cash, other cryptos, and POLi payments, so you’re not going to have any trouble making a payment on Coinspot. 

Some Insight on Coinspot

The Coinspot platform was founded in Melbourne by Russell Wilson in 2013, making the platform a rather trustworthy local-based cryptocurrency exchange that locals can make use of. With hundreds of coins now accepted and a strong track record of security, the exchange is one of the country’s best, so whether you’re trading Bitcoin Cash, Binance or any other coin in your cryptocurrency wallet, you can rest assured you’re in good hands on the platform. 

A good point to make is that the design of the platform is incredibly simple and easy to understand, so if you’re a new user, you’ll find that it’s hard to make an error on coinspot.com.au when using the platform. Two-factor authentication is also here to make sure you’re securely logged in and not allowing others to hack and steal your coins. 

Fees, Fiat Currency, Limits and Withdrawals

Where the perks of the platform really start to shine is when you begin to make deposits and trades since fees and limits are so ideally selected. Market orders for currencies including BTC and XRP are hit with a minuscule 0.1% fee, though instant buys are hit with a little more hefty fee at 1%. 

Deposits on the platform are also subject to optimal fees, limits, and minimums which make trading digital currency on the platform perfect for beginners. 

Exchange and Trading Fees

Market order fees for POWR, GAS, BTC, LTC, DOGE, XRP, ETH, NEO: 0.1%

All Instant Buys: 1%

Deposit Limits, Fees and Methods

POLi Payment Bank Transfers: No Fee | $1 Min. Deposit | $10,000 Max. Deposit in 24hrs 

BPAY: 0.9% Fee | No Min. Deposit | $1,000 Max. Deposit in 24hrs

Cash via Blueshyft: 2% Fee | $50 Min. Deposit | $1,000 Max. Deposit in 24hrs 

Withdrawal Types and Fees

Digital Currency to AUD Deposit: No Fee

Digital Currency Movement to Other Wallets: Network Fees

Limits on Transactions

POLi Deposit Limits: from $2,000 up to $20,000 within 24hrs. 

BPAY Deposit Limits: capped to $10,000 every 24hrs

Cash Limits: capped to $8,000 every 24hrs

Withdrawal Limits: no limits

Withdrawal and Deposit Speeds

The Coinspot trading platform is rather efficient when it comes to deposits and withdrawals, so wait times shouldn’t be too much of a hassle. Within 3 days you’ll have your currency available from a BPAY or POLi deposit and after 1 to 3 days you’ll have access to your coins after a withdrawal is made, though the platform touts 24 hours. 

Transferring from wallet to wallet is also quite quick, unlike most other Australian cryptocurrency exchanges, at just 12 hours maximum. Perfect if you’re looking to move digital currency to use on another exchange. 

Coinspot Safety

Rest assured that Coinspot is certainly safe to use and nothing like a scam. The platform often seems too good to be true, but with being founded in 2013, it’s had plenty of time to become the best blockchain trading platform out there.

All Aussie users will find Coinspot safe to use, and meeting all local regulations, having an ABN and boasting compliance to Anti-Money Laundering laws and more, you and your money are in good hands. A short Google search will let you know the views of other users and even comparisons to similar platforms, and Coinspot always comes out on top. 

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