A quick look online for Australian cryptocurrency exchanges will likely point you toward CoinSpot, where you’re able to buy and sell Bitcoin in Australia. It is one of the more popular platforms in use in Australia, and for a good reason; it’s simple, secure, and offers a smooth deposit and withdrawal process for easy day-trading.
If you’re new to crypto and want to learn a little more about how to buy and sell blockchain-based Bitcoin or altcoins, or just want to know a little more about CoinSpot and if it’s safe, then keep on reading.
Keep in mind that all the information in our post is as accurate as possible, however, it’s always suggested that for routinely updated content it’s best to head over to CoinSpot Australia for the most updated information or any FAQs.
That said, let’s take a look at our CoinSpot review of security and experience below.
What is CoinSpot
In short, CoinSpot is an Australian-based cryptocurrency exchange that gives you a platform to buy both Bitcoin and other cryptocurrencies with fiat currency. It is a safe, secure and trusted platform for buying crypto and being launched almost eight years ago, it’s a tried and true exchange that Aussies love to use.
You’re able to use CoinSpot for purchasing Bitcoin instantly, as well as trade the open market and a lot more.
In all, CoinSpot is a safe platform for earning potential profits from altcoin and Bitcoin trading.
Some Alternatives to CoinSpot
Although CoinSpot is a winner in our book for reliability, safety and ease of use, there are still a few other secure cryptocurrency exchanges that allow for crypto investment in AUD and these include:
Swyftx — with a low fee of 0.6%
CoinJar — with a fee of between 0.1% and 1%
Independent Reserve — with a fee of 0.5%
If you’re not sure whether CoinSpot is for you, or if you just want to take a look at other exchanges that are safe and secure, be sure to take a look at the ones above. For US-based variants, take a look at Coinbase, the world’s most popular platform.
Is CoinSpot Safe
Now to the focus of our post — is CoinSpot safe to use?
From a quick glance, CoinSpot does seem to be a safe and secure platform that you’re able to trust with your details and investments in cryptocurrency. It does boast a state of the art security process that ensures all funds, details and movements in the exchange are kept private.
It’s also good to note that this exchange is a secure and regulated one, which means there are regulatory bodies overlooking the processes undertaken.
The CoinSpot platform is also listed as the first crypto exchange in Australia to have received an ISO information security certificate based on the encryption and security systems that it makes use of for its users. That said, you should feel safe and secure when trading through CoinSpot.
Is it Legal to Use CoinSpot
With thousands of Australian users, the CoinSpot exchange does appear to be a legitimate and legally compliant crypto exchange that follows government regulation and other guidelines outlined by governing bodies.
For those concerned about Australia’s recently introduced Anti-Money Laundering Law and Counter-Terrorist Financing Regulation, the CoinSpot platform has made it known that it is, in fact, compliant with these regulations.
To add, there is an assurance that CoinSpot is compliant with the AUSTRAC regulatory guidelines as well.
Using the CoinSpot Interface
When it comes time to use the CoinSpot platform, the service is designed to be as simple as can be, and it’s clear that there isn’t anything that’s too ‘murky’ on the service. It looks to be a nice, clean and easy-to-stay-safe type of platform.
You’ll have a glanceable look at multiple different wallets on the dashboard as well as buttons that give you quick access to buy and sell Bitcoin or other altcoins.
If you what to purchase a coin, there is a super-straightforward order-entry document that you’ll be able to quickly fill out. It outlines your AUD price for the coin and the number of coins you’re expected to receive.
In all, the CoinSpot online app is a well-designed and secure one that you can trust. It is also quite simple to follow, and that means there’s less chance you’ll slip up in buying coins or accidentally over-spending for example.
For Bitcoin traders looking to get a little more in-depth when buying and selling, the CoinSpot platform also comes with a Technicals View to give you an insightful and real-time look at how the coins are doing.
In the TradingView page, there’s a live Bitcoin cost along with trend lines, charts and graphs for you to make use of. If you’re more inclined to spot your own rise and fall or bull and bearish patterns, this is the page for you.
There is also a buy and sell option within this view so you’re able to quickly and safely make a trade when your custom indicators signal you to.
Keep in mind, however, that CoinSpot does price fees in a way that will accumulate over time and may eat into your profits. This isn’t to say CoinSpot is a red flag or that it’s not safe, but rather you may want to find an exchange with reduced fees.
If you’re a short term trader, for example, CoinSpot might not be the best option for you.
Safe Deposit Methods
In keeping with the safety of CoinSpot, the depositing methods are all secure, and you’re able to choose from all major payment methods such as BPAY, PayID, POLi Pay and even cash.
For cash payments, it’s important to note you’ll need to duck on down to a newsagent for use of the Blueshyft service.
Another thing to note, CoinSpot doesn’t allow you to purchase Bitcoin or altcoins instantly with a credit card or a debit card, or even PayPal. You’ll need to load funds prior to making an investment. This isn’t too much of a big deal though, as there aren’t too many platforms nationally or internationally that seamlessly offer credit card services.
There are options for bank transfers and credit or debit card use though, and these are the SwapSpace, ChangeNOW and Changelly platforms that you might have already heard of. All are secure and offer a good means of investing in Bitcoin with your debit and credit cards. However, using a bank account directly is still a little complex when you want to buy Bitcoin.
If you’ve not found a way to transfer funds to your account, or need a little help with POLi Payments or trading fees, there’s always the option of reaching out to the customer support team.
Fees with CoinSpot
Arguably the next biggest consideration when choosing a safe cryptocurrency exchange, beyond safety, is the fees charged for depositing, withdrawals and the general use of the service.
On the CoinSpot platform, there is a fee structure that changes your total percentage paid to CoinSpot based on what activities you’re undertaking. Unlike other platforms that bundle all fees, the CoinSpot fee structure is as follows:
Take Profit, Stop Loss, Buy Stop and Buy Limit Fees: 1 per cent Fee
Instant Sell, Swap and Buy Fees for Coins: 1 per cent Flat Fee
All Buy and Sell Market Orders on Exchange: 0.1 per cent Fee
Using the Over-the-Counter Trading Desk to Buy or Sell: 0.1 per cent Fee
With those fees in mind, it is good to know that there isn’t a single flat fee, because if you’re undertaking only one type of trade, like the Buy and Sell on the Exchange, you’re not slugged higher fees.
Withdrawal and Deposit Fees
When it comes to fees for depositing and withdrawing funds, the CoinSpot platform is relatively affordable when compared to other platforms. This is somewhat surprising given the platform’s higher-end services.
Some good news for POLi and PayID customers is that there is no fee for these methods. For BPAY customers, there is a 0.9 per cent fee and cash deposits incur a 2.5 per cent fee from newsagents.
Buy and Sell Limits on CoinSpot
As with many currency exchanges, there are limits on buying and selling and these are as follows:
$100,000 per transaction for XRP, NPXS, BTC, HOT
$50,000 per transaction for NEO, VET, DOGE, OMG, ICX, ADA, TRX, EOS, ETH, LTC
CoinSpot has also made it easy to find quick buy and sell limits for specific coins.
You’ll need to head to the Buy/Sell button toward the top of the page and click the coin you’re looking for more information on. You’ll have a dropdown shown, and the current funds limit.
Current Supported Currencies
As of November 2020, CoinSpot accepts all major cryptocurrencies which include the top 200, making the service perfect for anyone looking to step into the crypto game at any stage.
The most popular supported coins include:
Stellar Lumens (XLM)
Bitcoin Cash (BCH)
To keep all of your coins organised, there is the CoinSpot wallet integrated with your CoinSpot Account which gives you the chance to safely and securely store your coins and easily convert them into Australian Dollars or any other currency of your choice.
It’s good to note that CoinSpot does work to add new coins on a routine basis, so if you’re looking to get into a cryptocurrency earlier than most other investors, the CoinSpot platform might be the safe, easy way to go.
Another thing to be wary of is that oftentimes a coin can become defunct if it’s a smaller or unpopular coin. Something that doesn’t happen too often in Forex, for example. CoinSpot will generally keep an eye on this type of issue for you to ensure you’re not investing in a dying coin, dead coin or unaware that part of your investment vanished.
Security on CoinSpot
When it comes to security, as we mentioned above, CoinSpot doesn’t take safety light when it comes to cryptocurrencies and their users. The platform is secured and keeps all of your wallet information, fund data, and personal information secure in a user-friendly way. That said, with the verification process at log-in and focus on encryption it is hard to make a mistake when it comes to securing your digital currency.
The service also falls in line with the rules outlined by the International Organization for Standardization. That said, you can expect to be in good hands on CoinSpot.
Another big point to note is that CoinSpot is Australia’s only cryptocurrency that has been explicitly accredited based on its security systems. That means that you’re likely in the best position and most secure position to trade cryptocurrency when you’re on the CoinSpot platform.
When it comes to funds, CoinSpot keeps all funds safe until they’re moved from the service into your personal hardware wallet.
Much like the Big Tech brands, CoinSpot also makes use of 2FA or two-factor authentication for users. That said, you’re required to enter a code that is shared to a secondary device before you’re able to log into your account on the CoinSpot platform.
With all things considered, and the CoinSpot commitment to privacy, we stand by the platform as being one of the safest — and if not, the safest cryptocurrency exchange in Australia for crypto trading.
Complying with all required regulations such as the Anti-money Laundering Laws as well as being accredited for such a strong commitment to user privacy, CoinSpot is a reliable, simple and trustworthy partner for your investment and trading in cryptocurrency.
One thing to note, and this may be as a result of investment in security, but CoinSpot’s fees are a little higher than some competing exchanges. Though, with security being the main priority, this shouldn’t be too much of a problem.
Use CoinSpot if you’re:
Looking for a reliable and established currency exchange to start trading with
After a real-time trading graph set with indicators and more
Wanting to invest in more than just the most popular altcoins
Focused on finding a secure platform with two-factor authentication with a phone number/s
Interested in OTC or Over-the-Counter trading for large transactions
Looking to make use of instant buy features that other platforms don’t offer
All that said, we would say that CoinSpot isn’t only safe, but one of the safest cryptocurrency trading platforms available for Australians.