What is CoinSpot?
CoinSpot is one of Australia’s oldest and most reliable crypto exchanges for digital currencies, with more than 2.5 million users. With an enormous variety of tradable coins, a simple fee structure, and robust security measures, CoinSpot is a solid choice for both novice and seasoned traders.
Let’s now dig into our CoinSpot review to see the key benefits and challenges of this top exchange in Australia.
CoinSpot Key Advantages
- Essential trading options
CoinSpot offers fundamental trading options that cater to the needs of both novice and seasoned investors, including spot trading, instant buy, and swap.
The platform also closely monitors the market and users’ interests to identify groups of carefully selected assortment of various digital currencies – called Bundles. This feature offers an effective tool to diversify your investment portfolio to hedge against risk.
For art lovers, CoinSpot is the first platform in Australia to enable users make purchases directly through its in-platform NFT Marketplace. The NFT marketplace has a carefully chosen list of reliable non-fungible token projects, including prominent artworks by Australian artist BossLogic and the Bored Ape Yacht Club.
- A variety of supported cryptocurrencies
At the time of writing, Coinspot users can choose over 480+ cryptocurrencies to trade on, with new coins and tokens updated every month depending on users’ demand.
The platform also supports 27 out of the top 30 cryptocurrencies with the highest market cap.
- User-friendly Interface
CoinSpot has been highly rated as one of the top solid choices for both novice and seasoned traders, thanks to its straightforward and easy-to-use and versatile interface. There are hundreds of praises for the platform’s UI on Trustpilot.com or authoritative websites like Forbes.
Forbes’s review about CoinSpot user interface
Compliment for CoinSpot’s user interface on Trustpilot.com
- Top-notch Security
CoinSpot is registered with AUSTRAC and is one of a few that has received the Blockchain Australia certification since 2014.
It is also the first Australian crypto exchange to be awarded the international recognised ISO 27001 certification for information security. The examination process requires the platform to fully adhere to the International Organisation for Standardisation’s requirements and pass an external audit conducted by SCI Qual International (an accredited JAS-ANZ certification body). Therefore, CoinSpot has proved stringently unrivalled in terms of security.
Specifically, the exchange keeps most assets in highly secure offline locations with customisable options for you to prevent unauthorised account access.
Some security measures that CoinSpot employs to protect users’ funds are: Two-Factor Authentication, Anti-phishing phrase, Geo-lock logins, Disable withdrawals, and Session timeout.
- CoinSpot Debit Card (Mastercard)
The CoinSpot prepaid debit card is compatible with Apple Pay® and Google Pay®, enabling clients to spend any cryptocurrency holdings on their mobile devices.
CoinSpot’s fee structure is very competitive, given that numerous crypto cards are reducing users’ benefits and charging new fees. CoinSpot MasterCard doesn’t require users to pay any monthly, annual, or activation fees, except for a minimal 1% conversion fee.
It is important to note that this crypto card is digital only since CoinSpot stated they have no plan of releasing any physical cards.
In addition, you can access several in-app security features, including the ability to set spending limitations, “freeze” your card, and switch the crypto card on and off. You can read our comprehensive CoinSpot review to learn more about the services of this well-reputed crypto trading platform.
CoinSpot Challenges
Lack of advanced trading options
Unfortunately, CoinSpot does not provide users with advanced trading options such as derivatives, leverage trading, and copy trading. However, for more seasoned traders, CoinSpot provides the option to establish pegged orders that are activated when a particular asset reaches a predetermined price, akin to a limit order. Ortherwise, if you want to stay informed about market movements before making investment decisions, you can easily set up the Price Alerts.
TradingView chart on CoinSpot. Source: CoinSpot
Fiat currency deposits
CoinSpot only supports fiat currency deposits and withdrawals for AUD. The deposit and withdrawal fees, however, are very reasonable.
If you choose to deposit via POLi, PayID, Direct Deposit (via OSKO). If you use Bpay or cards, you will need to pay 0.9% fee (for credit cards) or a 1.88% fee (for debit cards).
Withdrawals from CoinSpot using bank transfers like POLi or PayID will cost you nothing. The platform offers free AUD withdrawals. However, it’s noteworthy that you must pay a small mining fee (or blockchain network fee), depending on the token and the network traffic.
Deposit limits
CoinSpot acknowledges that security is the top priority for every exchange. The team has strike to maintain its top-notch security measures while ensuring customers privacy and complying with Australia’s government regulations.
Therefore, there are some deposit limits applied for accounts that are not fully verified (usually through 2FA and Know Your Customer – KYC)
