Everything You Need To Know!

Share:

Share on facebook
Share on twitter
Share on linkedin

Table of Contents

CoinSpot Review

CoinSpot is the leading cryptocurrency exchange in Australia based on the number of users and volume. Currently, it has over 2 million subscribers or 10% of Australia’s population. 

 

Its impressive popularity among Aussies is most likely because it charges the lowest fee, offers the broadest range of cryptocurrencies in Australia and has exceptional features. 

 

This guide discusses everything you need to know about CoinSpot, including cryptocurrencies offered for trading and staking, bundle functions (or EFTs), and the NFT marketplace. 

Who Is CoinSpot Designed For?

CoinSpot may be used by novice and experienced traders; however, advanced traders may find it a little lacking in features. It contains a simple and effective charting system called TradingView, and the user interface is kept to a minimum.

 

There are stop loss and stop-limit orders, limiting your losses and overall risk exposure. 

 

Self-Managed Super Funds (SMSFs) and institutional investors, for example, have access to a dedicated SMSF crew and an Over the Counter (OTC) trading floor for trading greater values.

Pros and Cons of CoinSpot 

Pros

  • It offers over 360 cryptocurrencies
  • CoinSpot has a simple user interface
  • It’s the safest crypto exchange for Aussies
  • CoinSpot has a new NFT marketplace
  • It offers a 24/7 support through its help desk and lives chat

Cons

  • It doesn’t have advanced markets like derivatives
  • CoinSpot doesn’t support payments through credit or debit cards

Are CoinSpot Fees Expensive?

CoinSpot Deposit Fees

CoinSpot has a wide variety of deposit options; fortunately, the most popular ones are free of charge. It costs nothing to deposit with POLi, PayID, or Direct Deposit (OSKO). Deposit fees for BPAY transactions are 0.9%, whereas cash deposits at a newsagent require a 2.5% fee.

CoinSpot Transaction Fees

Let’s now dive deeper into the various transaction fees offered by CoinSpot. 

 

Market Trades (0.1% fee): Market trades allow you to specify a price at which you wish to purchase or sell your cryptocurrency. 

 

The order will be completed when another user accepts your price. However, CoinSpot doesn’t provide all its 360+ cryptocurrencies in market trades. 

 

Currently, there are just 15 options available:

 

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • XRP (XRP)
  • Cardano (ADA)
  • Gas
  • NEO

 

Instant Sell/Buy (1% fee): CoinSpot has a predetermined price for all coins it offers, so you don’t have to wait for another user to purchase your cryptocurrency. 

 

The transaction will be completed immediately by CoinSpot. The good news is that you won’t have to worry about price changes while waiting for your order to be completed.

 

Over The Counter Trades (0.1% fee): The OTC Trading Desk is available to members who trade large volumes. This is the preferred choice for transactions involving at least 50,000 AUD.

 

Advanced Trading Tools (1%): This option is suitable for seasoned traders who prefer using tools like take profit, recurring buy, limited orders, and stop loss. 

 

CoinSwap (1%): This allows you to purchase and sell cryptocurrencies on the platform with instant liquidity from one currency to another. CoinSpot offers several unique trading pairs you won’t find on many other exchanges.

CoinSpot Withdrawal Fees

CoinSpot will not charge you for withdrawing AUD to your Australian bank account, regardless of the amount you want to withdraw. 

 

However, you’ll pay a standardised transaction (mining) fee when depositing coins to wallets outside CoinSpot. The fees will vary with the currency and the network’s activity. You can find the fee list on your wallet page. 

Security: Is CoinSpot Safe?

One of the most important considerations when selecting a cryptocurrency exchange is how securely it can protect your assets. Since CoinSpot’s inception has been regarded as the most secure of all Australian cryptocurrency exchanges.

 

Furthermore, CoinSpot is the first and only exchange to receive ISO 27001 accreditation. It had to accept an external audit by SCI Qual International to attain this standard. The accreditation process necessitated a thorough study of their Information Security Management systems and policies concerning digital asset holding, contractor, employee, supplier, customer, commodities, procedures, and intellectual property protocols. 

 

These strict standards are in place to prevent unauthorised access, usage, damage, manipulation, or termination of the company’s IMS or information management systems.

 

CoinSpot is an industry leader in terms of security; it stores the majority of assets in highly secure offline locations and offers the following modification options in personal accounts to detect and prevent unauthorised access:

 

  • Two-Factor Authentication (2FA): If your password is compromised, the six-digit Authenticator code that refreshes every 30 seconds will prevent anyone from accessing your account.

 

  • Anti-phishing phrase: Using 2FA, you may choose a phrase that will appear anytime you log in, confirming that the CoinSpot site you’re about to log into is legit and not a phishing site aiming to steal your credentials and personal information.

 

  • Phone verification phrase: You can set a keyword to help CoinSpot confirm your identity whenever you need to contact their support team regarding your account.

 

  • Geo-lock logins: Enabling this setting will prevent overseas hackers from gaining access to your account.

 

  • Disable withdrawals: This feature allows you to prevent anyone from withdrawing AUD or crypto from your account. You can re-enable the setting by contacting the help desk. 

 

  • Session timeout: You have the option of determining how long it will be before you have to re-login to your CoinSpot account. This setting prevents anyone from accessing your account if you fail to log out.

Supported Cryptocurrencies

CoinSpot offers more cryptocurrencies on its site than any other Australian crypto exchange. They have a wide choice of digital assets such as stable coins, altcoins, meme coins, Metaverse coins, DeFi coins, and more. CoinSpot supports buying and selling of over 360 cryptocurrencies on its website.

CoinSpot Bundles

The CoinsSpot bundle is a feature that combines various crypto assets into a single transaction to simplify and ramp up the crypto investing process. They’re comparable to exchange-traded funds (ETFs), but they focus only on cryptocurrency. When you buy a bundle, your investment is shared evenly across all the assets in the bundle, allowing you to diversify your investments.

 

If you’re looking to invest in Decentraland and Axie Infinity, CoinSpot has a variety of bundles to choose from.

CoinSpot Staking

With 23 choices, CoinSpot boasts the most extensive number of crypto staking alternatives in Australia. What’s more, it gives the highest returns to Aussies compared to other Australian-based exchanges. 

 

The best part of their staking is the ability to stake assets without locking them up for a month or longer. CoinSpot, unlike Crypto.com and Binance, does not force you to risk your digital assets for a specific amount of time. If you want to, you can stake your coins in the morning and then take them off that same day.

 

Please see the list below for a detailed breakdown of CoinSpot’s crypto-staking Annual Percentage Yields (APY).

 

Crypto Currency 

Annual Percentage Yield (%)

Cardano (ADA)  5.1%
Crypto.com (CRO) 11.1%
Cosmos (ATOM)  10.9%
Algorand (ALGO) 6%
Avalanche (AVAX)  6.9%
Axie Infinity (AXS) 78%
BNB (BNB) 5%
Polkadot (DOT)  12.5%
Elrond Gold (EGLD)  12.1%
Flo (FLOW) 6.5%
Fantom (FTM) 4.2%
Kava (KAVA)  23.5%
Kusama (KSM)  18.5%
Terra (LUNA)  8.1% 
Polygon (MATIC)  12.8%
Harmony (ONE) 9.2% 
Solana (SOL)  6.6% 
TRON (TRX)  5.9% 
Verasity (VRA)  19.2% 
Wanchain (WAN)  6.3%
Tezos (XTZ) 4.2% 
Zilliqa (ZIL)  15% 

 

CoinSpot’s NFT Marketplace

CoinSpot recently launched its NFT Marketplace, allowing users to invest directly in famous NFT projects such as Cool Cats and Bored Ape Yacht Club. Regarding NFTs, CoinSpot users have an advantage over OpenSea users as they can buy them using any asset in their account, except Ethereum.

 

Another advantage of using CoinSpot when investing in NFTs is that you will pay less than you would on other platforms such as OpenSea. 

 

CoinSpot currently supports the following NFT projects:

 

  • 3Landers
  • Cool Cats
  • VeeFriends
  • DeadFellaz
  • Wonderfalls
  • Boss Beauties
  • Creature World
  • PUNKS Comic
  • World of Women
  • The Heart Project
  • Coolman’s Universe
  • Bored Ape Yacht Club
  • Gauntlets & AO Art Ball

CoinSpot Mobile App

CoinSpot is a mobile app that works on both Android and iOS. Thanks to its straightforward user interface (UI) and remarkable trading features, the CoinSpot app is considered the top crypto app in Australia. They score 4.7 stars on the App Store with over 8.1K reviews and are rated 17th overall in the finance sector.

Does CoinSpot Allow Cash Deposits?

Yes, CoinSpot has a partnership with BlueShyft, so they allow cash deposits. To deposit cash into your CoinSpot account, go to any of Australia’s registered newsagents.

 

CoinSpot currently charges a 2.5% per deposit fee for cash deposits. However, cash deposits are limited to a daily maximum of 8,000 AUD. 

CoinSpot Customer Support

On Trustpilot, CoinSpot has a steller rating of 4.5 out of 5 stars from over 1,600 reviews. Its services are rated excellent by 70% of its customers. Only 5% of CoinSpot consumers reported a bad experience using the platform. CoinSpot is also well praised for its user-friendliness, efficiency, and quick response time.

 

As a result, less-experienced crypto-investors can confidently join the CoinSpot exchange, knowing the customer support team will not abandon them in the uncertain cryptocurrency market. 

 

Their customer support team is available for a live chat on weekdays from 9 a.m. to 8 p.m. AEDT and during weekends from 9 a.m. to 5 p.m. AEDT. Unlike most exchanges, CoinSpot does not rely on bots. They solely use human assistance, and there are no queues when you want to chat with an agent. 

 

You can contact CoinSpot’s Help Desk for assistance at any time of the day if you run into problems. You can count on a 24-hour response time guarantee with this ticketing system. The exchange has an extensive FAQ section with answers to the most common questions to assist newbies who need help with anything.

OTC Trading Desk

OTC counters are recommended for large-scale investors who trade high-volume crypto assets. It has benefits like accessibility to expert trading brokers, lock-in pricing, and easy access to assets after transactions. 

 

Let’s have a quick look at the pros and cons of the OTC counter. 

Pros

  • It offers over 360 cryptocurrencies
  • AUD deposit is easy and free
  • It is user-friendly
  • It supports over 30 tokens for crypto staking
  • It has an NFT marketplace

Cons

  • It charges a 1% instant buying fee

Final Verdict

CoinSpot is the ideal exchange for Aussies who want to trade cryptocurrencies. This is based on these three key considerations:

 

Security: CoinSpot is the safest and most trusted cryptocurrency exchange in Australia, which will give you peace of mind while trading on the platform. 

 

User-friendly: CoinSpot has a beginner-friendly interface and features such as an NFT marketplace and staking on 22 coins, which seasoned investors may explore. What’s more,  deposits and withdrawals are free and easy. 

 

Customer support: Many people do not think much about this; however, customer support is a critical aspect to consider when choosing a trading platform. 

 

Imagine the stress you can undergo when trying to get an exchange’s contact information because you can’t figure out how to deposit money. 

 

You’ll wish you could talk to customer support. With CoinSpot’s top-notch customer service, it’s no surprise they are a leading exchange in Australia.

YOU MAY LIKE

Crypto Trading as a Business

Crypto trading can deliver some great results as a business in Australia. The big question is, do you qualify as a cryptocurrency trading business? If you trade crypto regularly,

Read More >

How to Mine Bitcoin in Australia

Since its inception in 2009, Bitcoin (BTC) has come a long way. When BTC began trading, it went from approximately $0.0008 to 0.08 per coin. Currently, it’s the gold

Read More >

CoinSpot Review

CoinSpot is the leading cryptocurrency exchange in Australia based on the number of users and volume. Currently, it has over 2 million subscribers or 10% of Australia’s population.   

Read More >