Home Cryptocurrency CoinSpot Exchange Review: Fees, Safety & More (Updated for 2024)

CoinSpot Exchange Review: Fees, Safety & More (Updated for 2024)

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In our CoinSpot review, we assess what the exchange has to offer. It is among the biggest cryptocurrency exchanges in Australia. Known for its simplicity, wide variety of cryptocurrencies, and emphasis on security, CoinSpot is a popular choice among Australians.

Since its founding in 2013, CoinSpot has remained devoted to accommodating and growing its services for both inexperienced and experienced traders.

If you’re interested in Bitcoin investments, NFT marketplace ventures, or managing your SMSF with crypto, CoinSpot has a solution just for you.

This CoinSpot review examines the features, fees, security measures, and customer satisfaction to empower you to make informed choices about cryptocurrency investments.

About CoinSpot

source: coinspot

CoinSpot’s growth since 2013 has positioned it as one of Australia’s leading and most widely used exchanges.

It all started with Bitcoin, but the exchange gradually diversified its investments by including other major coins like Ethereum, Litecoin, Dogecoin, and even Shiba Inu.

When the crypto bubble of 2017 happened, Coinspot had to scale up its operations and increase its focus on compliance.

This is because they requested that AUSTRAC (Australian Transaction Reports and Analysis Centre) introduce additional KYC measures for AML purposes so as to give it the credentials of a secure exchange.

Since 2021, CoinSpot has been the first in the Australian market with various successful offerings, including more than three hundred fifty digital tokens and innovations like recurring buys, NFT marketplaces, and Self-Managed Super Funds (SMSFs).

A significant milestone was the completion of their independent external statutory financial audit in 2022, which confirmed a 1:1 reserve covering user funds. Today, CoinSpot’s instant trading service boasts over 2.5 million users who benefit from both basic and advanced trading features.

CoinSpot plans to continue expanding its features and educational resources in the future, making it one of the leading players in Australia’s cryptocurrency space.

CoinSpot’s top features

While crypto exchanges often have many features, below are the top 3 features of the exchange:

  • Self-Managed Super Funds (SMSFs): These funds allow investors to invest a portion of their retirement savings in cryptocurrencies, with dedicated accounts and specialist support.
  • Built-in NFT Marketplace: The platform allows users to buy, sell, and trade NFTs directly, simplifying the NFT experience.
  • CoinSpot Mastercard: Spend crypto globally using a Mastercard debit card linked to your CoinSpot account.

These features reflect CoinSpot’s commitment to providing market trading innovation and user satisfaction in the evolving crypto market.

Trading features

FeatureDescription
Limit and Stop OrdersSet a specific price for buying or selling crypto, above or below market price.
Recurring BuysAutomate crypto purchases at set intervals for dollar-cost averaging.
Trailing Stop-LossSecure profits during volatility with a dynamic stop-loss that adjusts automatically.
Order Book DepthAnalyze complete buy and sell pressure for informed decisions (Advanced).
Charting ToolsTechnical indicators and drawing tools for in-depth analysis (Basic on Mobile App, Advanced on Web).
Take Profit OrdersThis order type lets you exit the trade with a profit when the market reaches a predetermined price.
Price AlertsNotifications when a cryptocurrency reaches your desired price point (Mobile App).
OTC Trading (limited)Over-The-Counter (OTC) is for large crypto transactions without the need for public order books (0.1% fee).
Staking Rewards (limited)Earn passive income on certain cryptocurrencies held in your wallet (availability may vary).

Security and support

FeatureDescription
Multi-Signature WalletsEnhance security by requiring multiple approvals for transactions.
Address WhitelistingRestrict withdrawals to pre-approved addresses for added security.
24/7 Customer SupportGet help from CoinSpot’s customer support team (Reported delays) whenever you need it.
Cold StorageStore the majority of user funds offline in secure facilities.
Easy Account CreationSign up for a CoinSpot account quickly and conveniently.
Account VerificationEnhance account limits and access features through verification.

Other features

Mobile AppManage your crypto portfolio and trade on the go (iOS & Android).
CoinSpot BundlesInvest in pre-selected baskets of cryptocurrencies for a diversified portfolio (Mobile App friendly).
CoinSpot MastercardSpend your cryptocurrency directly with a crypto debit card.
NFT Marketplace IntegrationBuy, sell, and manage NFTs directly within the CoinSpot platform.
SMSF Support (Australia)Execute basic buy orders at the current market price.
CoinSpot LearnAccess educational resources to improve your crypto knowledge.
API IntegrationIntegrate CoinSpot with your own trading bots or algorithmic strategies (for advanced users).

Is Coinspot suitable for beginners?

CoinSpot is a go-to launchpad for those new to cryptocurrency. Navigating the platform is a breeze thanks to its user-friendly interface, complete with clear instructions for buying, selling, and trading crypto.

Don’t worry; CoinSpot has many educational resources to help you if you get stuck. Beginners can find helpful articles, videos, and FAQs that simplify the complexities of the crypto market and provide guidance for their first steps.

You don’t have to worry about security either because CoinSpot prioritizes it by implementing 2FA to protect your investments.

Despite lacking advanced features, CoinSpot provides a safe and supportive environment for beginners to start their crypto journey confidently.

Our verdict: This CoinSpot review concludes that the platform is a secure and useful setting for novices to enter the exhilarating realm of cryptocurrency.

Is Coinspot an option for active traders?

If you’re an active trader searching for a platform with diverse features, CoinSpot might not be the most suitable option.

While it does have a user-friendly interface and supports popular cryptocurrencies, it fails to meet the expectations of active traders in terms of depth.

Margin trading, a commonly used method to increase returns (or losses), is not currently accessible. In the same vein, advanced order types for precise entry and exit points are not available; neither are in-depth charting tools for thorough technical analysis.

Although CoinSpot does provide basic order execution and an instant buy/sell option, these features may not be enough for active traders who require a robust platform to execute complex trading strategies.

Within the CoinSpot exchange, users can participate in a staking program for 23 cryptocurrencies, which enables them to earn a maximum annual percentage yield (APY) of 45% on their digital assets.

CoinSpot’s fees could potentially discourage high-volume traders when compared to their competitors.

Our verdict: CoinSpot may not be the most suitable choice for active traders who want a platform with a broader range of tools and potentially lower fees.

Is it safe to use Coinspot?

CoinSpot highly emphasizes safeguarding investors by enforcing strict security protocols and complying with regulations.

Implementing multi-layered security measures, such as 2FA and industry-standard cold storage for most user funds, greatly reduces the likelihood of hacking.

CoinSpot performs regular audits and actively prioritizes security by conducting penetration testing to detect and resolve any possible vulnerabilities in its system.

Additionally, the acquisition of ISO 27001 certification indicates their dedication to upholding a robust Information Security Management System.

Security: Coinspot emphasizes the industry’s best digital asset storage practices for security. They store most user funds offline in secure locations and offer features like two-factor authentication (2FA) and customizable withdrawal restrictions to enhance account security. Coinspot also undergoes regular audits and penetration testing to identify and address vulnerabilities.

Insurance: This CoinSpot review finds that while the platform doesn’t explicitly state they hold insurance on user funds, they do outline a custodial insurance policy that covers certain assets in case of theft or loss due to a breach of their hot wallet.

Proof-of-Reserves: Coinspot doesn’t currently offer public proof-of-reserves audits. Proof-of-reserves allows users to verify the exchange holds sufficient assets to back all user holdings.

Past Hacks: In November 2023, CoinSpot reportedly suffered a hack resulting in the loss of over $2 million worth of cryptocurrency. Investigators believe the attack stemmed from a compromised private key on at least one of CoinSpot’s hot wallets. This incident highlights the importance of considering an exchange’s past security breaches when evaluating its safety.

Complying with Australian AML and KYC regulations enhances the platform’s security measures.

CoinSpot offers thorough documentation on its security practices to build trust, ensuring that users understand the protective measures in place for their investments.

Our verdict: With a strong emphasis on security, CoinSpot is an excellent choice for investors who prioritize the protection of their digital assets.

However, it is vital to thoroughly investigate the available insurance options for safeguarding user funds.

What are Coinspot’s fees?

If you prioritize cost-efficiency in cryptocurrency purchases, you may not find CoinSpot’s fees appealing.

While the platform ensures a secure and user-friendly experience, transaction expenses can affect profitability.

Deposit and withdrawal fees

TypeFee
PayIDFree
Direct DepositsFree
Cash2.5%
Card1.88%
PayPal0.5%
Withdraw AUDFree

Trading Fees

TypeFee
Market Orders0.1%
OTC0.1%
Instant Buy, Sell & Swap1%
Take Profit, Stop & Limit Orders1%
Recurring Buy1%

CoinSpot’s fees may be slightly higher than those of certain competitors when buying and selling cryptocurrencies. However, the costs can be substantial, especially for traders who engage in regular trading.

Moreover, it’s essential to factor in the potential fees associated with the crypto debit card, as they may impact your overall financial position.

Our verdict: CoinSpot may not be the most cost-efficient choice if your top priority is reducing fees. Before deciding, consider comparing fees across various exchanges for this CoinSpot review.

CoinSpot review: Pros and cons

Pros

  • Australian Focus: Caters to the needs of Australian investors with AUD trading pairs and support for Self-Managed Super Funds (SMSFs).
  • Instant AUD Deposits: Easily deposit AUD into your account via PayID for quick and seamless transactions.
  • Market Orders and Limit Orders: Stop loss, take profit, and limit orders are available like any other exchange.
  • Active Listings: CoinSpot frequenly adds new cryptos, indicating the exchange is tracking the market trends.
  • Staking Rewards: Earn passive income on your holdings by staking certain cryptocurrencies on CoinSpot.
  • Regular Promotions and Rewards: CoinSpot frequently offers promotions and rewards programs to incentivize users.

Cons

  • Limited Advanced Trading Features: Lacks features like margin trading and advanced charting tools, not ideal for seasoned traders.
  • Higher Fees on Instant Buys/Sells: Instant transactions incur higher fees than standard market orders.
  • Limited Customer Support Options: While available 24/7, support options might be limited compared to other exchanges.
  • Geographic Restriction: Services are currently limited to Australian residents, which means it is a local exchange rather than a global exchange.
  • Regulation Uncertainty: Regulations surrounding cryptocurrency are still evolving, which can impact the market.
  • Limited Staking Options: Staking options might be limited compared to other platforms for those who are looking for a variety.

CoinSpot app review

The CoinSpot app provides a smooth trading experience for beginners and experienced traders.

It’s available on both iOS and Android platforms and provides a user-friendly interface and several tools for controlling digital currencies and crypto portfolios.

CoinSpot app key features

Ease of Use: This application’s clutter-free and intuitive design makes it easily usable across different functionalities.

Wide Selection of Cryptocurrencies: This gives users access to over 360 cryptocurrencies, thus opening up greater investment opportunities.

Security: The app has advanced security features, including two-factor authentication (2FA) and biometric login, which help protect customer accounts from unauthorized access.

User ratings of CoinSpot

PlatformRatingNumber of reviews
Google Play4/511.5k
Apple Store4.8/527k
Trustpilot4.3/52K
CoinSpot’s Trustpilot reviews | Source

CoinSpot Customer Satisfaction

The review of CoinSpot shows that customer satisfaction with this exchange platform varies, with a mix of positive experiences and some areas of concern.

For example, a few registered users find the platform’s user-friendly interface and the diverse selection of cryptocurrencies for trading quite appealing. Users also love how the support team is always there to fix problems and answer questions.

However, specific criticisms that affect CoinSpot’s reputation need to be acknowledged. Certain users perceive the platform’s fee structure as sneaky and difficult to understand.

Despite the competitive nature of the market and OTC fees, users are often surprised to find higher fees tagged onto instant transactions and even certain deposit methods, ultimately leading to dissatisfaction.

Opinions are split, though, with more users raising concerns about transparency, specifically regarding security. Some users are unhappy with CoinSpot for not disclosing information about a previous hack.

Openness is crucial for maintaining trust, and if Reddit’s opinions are anything to go by, the absence of it has damaged customer confidence.

CoinSpot’s customer support and user experience are outstanding, but they still confront significant obstacles.

To improve overall customer satisfaction, the team must address issues related to higher fees for specific transactions and enhance transparency regarding security incidents.

How to sign up on CoinSpot

Coinspot app | Register to CoinSpot
Register to CoinSpot

CoinSpot offers a user-friendly sign-up process for anyone with an Australian bank account looking to trade cryptocurrency. Here’s a breakdown of the steps in 2024:

1. Get into the CoinSpot website to sign up as follows:

To begin the registration, look for “Register” button at the top right hand side of the official CoinSpot homepage and click on it.

2. Fill in your details:

Input a valid email address you can access and then create a strong password. There may also be CAPTCHA verification that proves you are not a robot.

3. Verify your email:

CoinSpot will send an email confirming your registration to the address you provided above. Open this mail in your inbox and click on the link provided within it, to confirm your account.

4. Complete your identity verification:

You must complete identity verification to enjoy all the features of CoinSpot.

  • Account holder details: Australian full name, date of birth, residential address
  • Contact information: Additional security phone number
  • ID verification: Clear photo; government-issued ID such as driver’s license or passport
  • Selfie verification: Take a photo holding your ID and paper with “CoinSpot” written on it and today’s date.

Wait for approval:

Once completed, they will review your information and documents submitted for authenticity check. This often takes little time, meaning you’ll receive a notification that the opening is successful.

7. Start trading!

Once the account is verified, you’re in – deposit funds and start buying, selling, or swapping crypto on CoinSpot.

Useful pointers:

  • For added security, enable two-factor authentication (2FA) on your account after verification.
  • Regarding contacting customer support, CoinSpot has a helpful center with resources to guide you through the sign-up process.

This article is part of a series of reviews covering various crypto exchanges. Check out our reviews on KuCoin and Bybit, or read our articles comparing Coinbase vs. Kraken, KuCoin vs. Binance, and Binance vs. Bybit.

Methodology: How we scored CoinSpot

Our CoinSpot review compares CoinSpot with other competitors in its field using a meticulous and systematic approach and a few key pointers.

Since the primary objective of our research was to analyze the fundamental aspects of the exchange, we proceeded as follows.

  • Fee Structures: We looked at all the costs of trading, depositing/withdrawing, and explored unique platform features such as the OTC services.
  • Customer Support: We tested how well they respond to their support channels and their overall customer service.
  • Security Measures: Compare security protocols, past incidents, and regulatory compliance.
  • Platform Features: Reviewed unique offerings, including educational resources, advanced trading options, and additional services.

Sources included official websites, user reviews, and industry reports, ensuring an objective and up-to-date analysis.

This approach helps us compare CoinSpot to other major crypto exchanges fairly and accurately.

FAQs

Is CoinSpot legitimate?

Does CoinSpot use KYC?

Is CoinSpot only for Australia?

Is Binance safer than CoinSpot?

How long does CoinSpot take to verify?

How do I put money into my CoinSpot account?


References:

Our Editorial Standards

At ValueWalk, we’re committed to providing accurate, research-backed information. Our editors go above and beyond to ensure our content is trustworthy and transparent.

Sal Miah
Editor

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