Coinspot is one of the most well-known cryptocurrency exchanges in Australia. It offers a range of services for users who want to buy, sell, or hold digital currencies. This article provides a clear and simple review of Coinspot. You’ll learn how it works, what it offers, its strengths and weaknesses, and whether it’s the right choice for your crypto trading needs.
Key Takeaways
- Coinspot is a trusted Australian crypto exchange founded in 2013.
- Supports over 400 cryptocurrencies with both instant and market order options.
- Offers a simple interface ideal for beginners and casual investors.
- Strong security features with no history of hacks.
- Instant buy fees are higher (1%), but market orders are cheaper (0.1%).
- Limited to Australian users with some geo-restrictions.
- No margin or futures trading; best suited for basic and intermediate users.
- Mobile app, NFT access, and multiple payment methods add convenience.
Overview of Coinspot
Coinspot was founded in 2013. It is registered with AUSTRAC and follows Australian financial laws. The platform supports over 400 cryptocurrencies, including Bitcoin, Ethereum, and Solana.
Coinspot is designed for both beginners and experienced users. It provides simple buying options, a market trading feature, and tools for recurring buys.
Users can access Coinspot through its website or mobile app. The app is available for both Android and iOS. The interface is clean and easy to use. Account verification is quick, and most features become available once the user is verified.
Key Features
- Support for over 400 cryptocurrencies
- Instant buy and sell options
- Market orders for lower fees
- Recurring buy setup
- NFT marketplace access
- Multi-coin wallets
- Mobile app
- Two-factor authentication
Coinspot also offers features for businesses, such as OTC trading and SMSF support. Security is a top priority. The platform has never been hacked. It uses offline cold storage, 2FA, and other standard practices to protect user funds. You can find more information on their security measures here.
Pros and Cons of Coinspot
Pros
1. User-Friendly Interface
The platform is simple to use. Beginners can buy coins with just a few clicks.
2. Wide Range of Coins
Coinspot supports over 400 coins, which is more than most Australian exchanges.
3. Strong Security Record
Coinspot has never been hacked. It uses cold storage and two-factor authentication.
4. Multiple Payment Options
Users can deposit AUD using POLi, PayID, bank transfer, or BPAY.
5. NFT Marketplace
Users can buy NFTs directly using their Coinspot wallet. This feature is built into the platform, removing the need for external wallets.
6. Mobile App
The app is smooth and fully functional. Users can manage their portfolio, make trades, and set up recurring purchases on the go.
7. AUD Wallet Support
Users can store Australian dollars in their Coinspot wallet. This allows for quicker buys and withdrawals.
Cons
1. Higher Instant Buy Fees
Instant buys and sells carry a 1% fee. This is higher than the market order fee, which is only 0.1%. See the full fee breakdown here.
2. No Margin or Futures Trading
Coinspot does not offer leverage or futures contracts. Advanced traders may find the platform limiting.
3. Limited Global Access
Coinspot is mainly for Australian users. The platform has geo-restrictions that block some countries. View the list of supported countries here.
4. Slower Customer Support
Some users have reported delays in support responses. While most issues are resolved, the speed can vary depending on the time and volume.
5. No Live Chat Option
Support is available through tickets and email. There is no live chat, which could be frustrating for users needing quick answers.
FAQs
What is Coinspot and how does it work?
Coinspot is a cryptocurrency exchange based in Australia that allows users to buy, sell, and hold digital currencies. It supports over 400 different cryptocurrencies and offers features such as instant buying, market trading, and recurring purchases. Users can access the platform via a web browser or mobile app, complete ID verification, deposit funds, and start trading within minutes.
Is Coinspot safe for storing cryptocurrency?
Yes, Coinspot is widely regarded as one of the safest exchanges in Australia. It has never experienced a security breach. The platform uses offline cold storage for most assets, employs two-factor authentication (2FA), and complies with AUSTRAC regulations. You can read more about their security protocols here.
What fees does Coinspot charge?
Coinspot charges a 1% fee for instant buy and sell transactions. Market trades carry a lower fee of 0.1%. There are also minor fees for sending crypto to an external wallet. For full transparency, the platform provides a detailed trading fee breakdown.
Can I use Coinspot if I’m outside Australia?
Coinspot is designed primarily for Australian users. Due to compliance and licensing restrictions, it does not support all countries. You can check the list of supported countries and geo-restrictions for more details.
How do I deposit money into Coinspot?
You can deposit Australian dollars (AUD) into Coinspot using several payment options, including PayID, POLi, bank transfers, and BPAY. Most methods are free and processed quickly, especially PayID and POLi, which are almost instant.
Does Coinspot offer a mobile app?
Yes, Coinspot has a mobile app available for both Android and iOS devices. The app allows users to view their portfolios, execute trades, deposit or withdraw funds, and set up security features like 2FA. The interface is user-friendly and mirrors the desktop experience.
What cryptocurrencies are available on Coinspot?
Coinspot offers over 400 cryptocurrencies, ranging from popular coins like Bitcoin, Ethereum, and Solana to smaller altcoins. Users can explore different projects and tokens directly through the search and filter tools available on the platform.
How long does verification take on Coinspot?
Verification usually takes only a few minutes if all the required documents are submitted correctly. Users must provide personal information, identification, and a selfie holding a verification code. Once verified, users can begin trading and accessing other features.
Can I set up recurring buys on Coinspot?
Yes, Coinspot allows users to set up recurring purchases for selected cryptocurrencies. This is useful for those who want to invest regularly using a dollar-cost averaging strategy. You can choose the coin, amount, and frequency directly from your dashboard.
Does Coinspot support NFT purchases?
Yes, Coinspot has its own NFT marketplace. Users can buy and sell NFTs using their Coinspot wallet without needing third-party wallets. This feature makes NFT trading accessible to those unfamiliar with platforms like MetaMask or OpenSea.
What is the difference between instant buy and market orders?
Instant buy allows users to purchase cryptocurrency immediately at a fixed price but carries a 1% fee. Market orders let users trade directly with others on the market and only incur a 0.1% fee. Market orders are best for users familiar with trading dynamics.
Is Coinspot suitable for beginners?
Yes, Coinspot is one of the most beginner-friendly exchanges. The platform’s layout is clean, and processes like verification, buying crypto, and using the app are simple. The site also offers educational resources to help users learn the basics. For younger users looking to learn, check out this guide on the best apps to buy crypto under 18.
Can I withdraw fiat currency from Coinspot?
Yes, users can withdraw Australian dollars (AUD) directly to their bank accounts. Withdrawals are usually processed the same day if requested during business hours. There are no withdrawal fees for AUD transfers to Australian bank accounts.
Does Coinspot offer customer support?
Coinspot provides customer support through a ticket system and email. While there is no live chat, most inquiries are answered within 24 to 48 hours. The platform also maintains a help center with detailed guides and FAQs.
Are there limits on how much I can trade?
Trading limits depend on your verification level. Once fully verified, users can access higher limits for deposits, withdrawals, and trades. Coinspot also allows OTC trading for large-volume users needing personalized assistance.
Does Coinspot offer tax reporting tools?
Yes, Coinspot provides downloadable reports that can be used for tax reporting purposes. Users can view their transaction history, capital gains, and account activity. This helps simplify the process during tax season. For extra help, you can use tools like Crypto Tax Calculator to automate your crypto tax reporting.
Can I use Coinspot for my SMSF (Self-Managed Super Fund)?
Yes, Coinspot supports SMSF accounts. Users can open a special account under their fund’s name and use the platform to invest in cryptocurrency as part of their superannuation strategy. The team offers assistance with setting up SMSF-specific features.
Does Coinspot have staking options?
As of now, Coinspot does not offer built-in staking on its platform. Users looking for staking rewards may need to transfer their coins to external wallets or platforms that support staking for specific assets.
Is there a minimum trade amount on Coinspot?
Yes, the minimum trade amount on Coinspot is $1 AUD. This allows users to start with very small investments, making it accessible to people who want to experiment without risking large sums.
How do I secure my Coinspot account?
Users should enable two-factor authentication (2FA), use a strong password, and monitor login activity. Coinspot also offers optional security features such as session timeout settings. Regularly reviewing your account’s security settings is highly recommended. If you’re comparing platforms, you can also read this Bybit review for alternative options.
Conclusion
Coinspot is a solid option for Australian residents who want a safe and easy way to buy and sell crypto. It has a good mix of coins, strong security, and a simple interface. The fees for instant transactions are higher, but market orders are cheaper.
Coinspot does not offer advanced features like margin trading, but for most users, especially beginners, it provides everything needed for basic and intermediate crypto activity.
If you are looking for a local exchange with strong regulation and a clean track record, Coinspot is worth trying. For more help and support, you can visit their help center.
