Coinspot Review 2022: Australia Cryptocurrency Exchange

Coinspot is the biggest Australian-based exchange with over 2 million users.

About Coinspot 

Coinspot is Australia’s most popular crypto exchange in Australia with 2.5 million users. Founded in 2013, Coinspot was one of the first Australian crypto exchanges to enter the market, trailing only behind Coinjar. With the crypto market having grown exponentially in the last few years, Coinspot has been able to capture a large portion of the Australian market due to its easy-to-use trading platform, large list of tradable cryptocurrencies and helpful customer support. Learn more about trading cryptocurrency on Coinspot below. 

Quick Summary

  • Website: coinspot.com.au/
  • Headquartered: Melbourne, Australia
  • Trading fees: 1.0%
  • Listed cryptocurrencies: 351
  • AUD Deposit and withdrawal fees: Free
  • Deposit limit: 100k
  • Fiat currencies: AUD
  • Deposit Methods: Bank transfer, POLi & PayID
  • Australian-based customer service: Yes
Open Coinspot Account

Pros

  • Easy to use app and desktop trading platform
  • Large range of cryptocurrencies
  • SMSF service and OTC trading desk
  • Wide range of deposit methods
  • Has a staking feature

Cons

  • Trading fees higher than the industry average
  • Does not offer futures, leverage or margin trading
  • Only available in Australia

Our honest thoughts on Coinspot exchange

Coinspot is considered one of the best crypto exchange options for Aussies. After using their trading platform and conducting thorough research on the exchange, it’s clear they have listened to what their customers want. Their trading platform is well designed and incredibly easy to use and navigate, making it a suitable exchange for beginner traders in Australia. We consider Coinspot to be one of the best options for the following 3 reasons:

Coinspot is one of the most secure exchanges in Australia. It is an AUSTRAC registered exchange and is the only Australian based exchange to receive the ISO 27001 certification which is a globally recognised specification for an information security management system (ISMS). 

Secondly, as previously mentioned Coinspot has a very well designed interface and its trading platform is easy to use. This is one of the reasons why we consider Coinspot to be a great choice for beginners. It is very simple to place buy and sell orders for one of the crypto assets listed on their exchange. 

Coinspot list of 300+ cryptocurrencies and this number is constantly increasing. They list popular digital currencies like Bitcoin, Ethereum, Cardano, Dogecoin, Solana, Shiba Inu,  whilst also listing lower cap altcoins that have potential to provide higher returns. In addition, we’ve also come across that Coinspot is quick to list crypto assets that their customers are requesting on social media, proving that they are keeping the customer at the forefront of their operations when making business decisions. 

Lastly, Coinspot prioritises customer support to assist their users with questions or concerns they may have. We find this is an important aspect of a cryptocurrency exchange especially if you’re a crypto beginner. Although buying and selling crypto on Coinspot is quite simple, there are other features of the trading platform that can be difficult to understand for beginners. For instance, sending crypto to an external wallet can be confusing and overwhelming. This is where Coinspots helpful customer service team can be very helpful.

Exchange Website Cryptocurrencies Fees Supported Visit Website
310+ 0.6% AUD, USD & NZD Join Swyftx
351 1.0% AUD Join Coinspot
250+ Varies AUD, USD, GBP & more Join Crypto.com
280+ 0.5% AUD Join Digital Surge
353 0.1% AUD, USD, NZD & GBP Join Binance
140+ Varies USD, NZD & GBP Join Coinbase
50+ Varies AUD & GBP Join Coinjar Exchange
40+ 0 USD, GBP & more Join Nexo

What is Coinspot? 

Coinspot is a trusted cryptocurrency exchange based in Melbourne that allows its users to buy, sell and trade over 300 cryptocurrencies. Launched in 2013, Coinspot has amassed a huge customer base of over 2 million users making it the biggest Australian cryptocurrency exchange. Currently, Coinspot only operates in Australia and isn’t available to international users. 

Coinspot has revolutionized the crypto industry in Australia by creating a secure trading platform that allows users to buy and sell crypto quickly, easily and cheaply. 

Below we have provided a detailed review of the Coinspot exchange that includes a review of its features and trading fees as well as answer some of the most frequently asked questions about the Coinspot exchange. 

Is Coinspot safe? 

Before signing up to a crypto exchange platform, it’s important to understand if that trading platform is secure, especially if you plan on leaving your funds within the exchange. Most exchanges need to meet a certain requirement when it comes to verifying their customers but it’s the additional security features that are most important. 

Coinspot is considered to be one of the most secure crypto exchanges in Australia. This is due to a number of reasons. First of all, Coinspot is the only Australian exchange to achieve the ISO 27001 standard that is mandated by the International Organisation for Standardisation. This is an internationally recognised specification that is handed out for exceptional performance for Information Security Management Systems (ISMS).

Additionally, Coinspot has implemented advanced security features like Two Factor Authentication (2FA). This adds an additional layer of security to your account. 2FA requires you to download an app like (Google authenticator or Microsoft Authenticator). These apps generate random pass codes that are required when you are either logging into your account or withdrawing funds. This means if someone has gotten access to your password, they cannot enter your account without this code, which is only available on your smart device. Just be sure to back up your authenticator account, in case you lose your phone. 

Does Coinspot have a mobile app? 

Yes, Coinspot has a fully functioning mobile app allowing users to buy crypto instantly. Their mobile trading app can be downloaded via the app store and the Google Playstore, meaning both Iphone and Android users can trade from their mobile smart device. The Coinspot app lets you monitor your favourite cryptocurrencies, place instant buy, sell and swap orders, as well as tracking the progress of your portfolio. Gone are the days of having to log onto your account via your computer, you can now trade on the go through crypto exchange apps like Coinspot. 

Coinspot features and benefits 

Coinspot is a leading crypto trading platform for a number of reasons. They offer a number of useful features for their users to enjoy. They are constantly looking to upgrade their platform in order to stay ahead of other exchanges like Swyftx and Binance. Below we have detailed the many features of Coinspot and how they compare to other cryptocurrency exchanges in Australia. 

Trading fees and spreads 

Unfortunately, Coinspot doesn’t compare well to other cryptocurrency exchanges when it comes to trading fees. They have a flat fee of 1.0% for all instant buy and sell orders on the exchange. This is above the industry average and means trading frequently can cost users a lot in fees. If you’re someone who is likely to invest in crypto and then forget about it, then this is unlikely to affect you, however, if you have more of a short term trading strategy, then you could view this as a negative aspect of the trading platform. To put this in perspective, Binance has a trading fee of 0.1% and Swyftx has a fee of 0.6%.

Coinspot spreads are also on the higher side when compared to other crypto exchanges. Coinspot spreads are reportedly between 3-4%. The market spread is the difference between the buy and sell price that is listed on the exchange. Some people claim that spreads are more important than trading fees. 

Coinspot platform interface and app 

Coinspot is very well known for their well-designed trading platform and app interface. It’s simple interface makes it easy for newbies to get started on their cryptocurrency journey. The app is easily navigable and it isn’t overloaded with functions and buttons that are likely to overwhelm users. The main functions of the trading platform and app include depositing AUD, placing instant buy and sell orders and access integrated charts to allow users to track the prices of their favourite assets. 

Overall, the app is very user-friendly and we find this is a great starting point for beginners. More advanced traders may find there aren’t enough features to satisfy their needs, but this all comes down to personal preference. 

Coinspot staking

In November 2021, Coinspot launched their very own staking feature allowing users to earn rewards on certain cryptocurrencies there hold in their wallet. Recently, however, they have changed the name of this feature to ‘Earn.’ You can currently stake 22 coins on Coinspot with interest rates ranging up to 78% APY (on Axie Infinity).

to start staking on Coinspot, simply follow the steps below:

1. Sign up to Coinspot

2. Deposit AUD via the ‘Deposit AUD’ tab

3. Purchase one of the eligible cryptocurrencies via the ‘Buy/Sell’ tab

4. Choose the coin you wish to stake via the ‘Wallets’ tab, then click ‘Earn’ on the left-hand side

5. Click the ‘Stake’ button to confirm

Listed cryptocurrencies 

Coinspot has a network of global liquidity partners which allows them to list over 300 cryptocurrencies. This is a great benefit of the Coinspot platform as users have access to buy, sell and swap a huge range of digital assets, both with large and small market caps. Among the listed cryptocurrencies are well-known coins like Bitcoin, Ethereum, Cardano, Polkadot, Solana, USD Tether, Dogecoin, Shiba Inu. Most, if not all exchanges list these large-cap crypto coins, however, it is access to a diverse range of other altcoins that sets Coinspot apart from its competitors. 

A lot of investors like to invest in cryptocurrencies with smaller market caps as they are more likely to deliver higher returns than well-established assets like Bitcoin and Ethereum. The market cap is the total value of all the coins in circulation

Market capitalisation (cap) =  total number of coins × price of each coin

You can view the market cap of a crypto asset on the Coinspot trading platform and mobile app. 

Customer support

Coinspot uses Zendesk to deliver it’s customer support. Zendesk is a customer service messaging software platform designed to offer a seamless customer experience. As far as we know, the majority of Coinspot’s customer support is Australian based. The majority of their support is conducted via live chat. This live chat is available from:

If you have a query outside of these times then Coinspot also offers a 24/7 help desk. Our experience with the Coinspot customer support team was very good. When we submitted a query to their live chat, we received a lengthy and helpful response within 20 minutes. We consider this to be very timely compared to international exchanges like Binance and Coinbase where you can expect to wait anywhere between a few hours to a few weeks to receive a response. 

Referral program 

Coinspot has a healthy referral program that allows users to earn money by referring their friends and family to use the platform. Currently, if you refer a friend to Coinspot, you will both receive $10 AUD worth of Bitcoin after they deposit funds into their account. 

In addition to their referral program, Coinspot also offers an affiliate program, allowing people to earn a percentage of the trading fees from the people they sign up. Coinspot will pay you 30% of the fees that they collect from the people you sign up. Affiliate links are automatically generated when you sign up to an account. You can send this link to people looking to sign up to Coinspot and then earn revenue from their trading fees. This is particularly good when you sign up people who trade frequently. 

Coinspot bundles

One of the biggest benefits of the Coinspot exchange is the bundles available to its users. A bundle combines multiple crypto assets into the same order, saving you the convenience of putting through multiple orders. Buying a bundle is a great way of diversifying your portfolio. Everyone knows the crypto market can be highly volatile at times. Therefore, you can offset this risk of volatility by investing in multiple crypto assets. 

Coinspot offer a number of bundles including:

Our personal favourite at Coinware is the Top 10 bundle as it incorporates a wide range of well-established coins. 

Crypto Self Managed Super Fund (SMSF)

Did you know that you can include cryptocurrencies in your Self Managed Super Fund (SMSF)? Coinspot allows you to invest in 300+ crypto assets through your SMSF. This is becoming very popular amongst Aussies, as digital assets begin to gain more traction in mainstream media. To invest through your SMSF, you’ll first need to create a Coinspot account and then provide the following details:

How to get started with your Coinspot account

There are a few steps you will need to follow before you can buy and sell crypto on Coinspot. We have outlined these steps in detail below. 

Step 1: Register an account  

To create your Coinspot account, you will need to provide your full name, email address, phone number and create a secure password. 

Step 2: Verify your account 

Next, you’ll need to verify a few details like your email address, phone number and identity. You can verify your identity by sending an image of the front and back of your passport and driver’s license. This will need to be checked before it is approved. This verification process typically takes no longer than 10 minutes.

Step 3: Deposit AUD into your account 

Once your account is verified, the next step is to deposit AUD. You can deposit funds into your Coinspot account via one of the payment methods: POLi, PayID, bank transfer or credit or debit card. 

Step 4: Place an instant buy order

To buy a cryptocurrency, click the buy/sell button at the top of the page and select which crypto you would like to buy. Enter the AUD amount of crypto you’d like to buy and confirm your details. Once the order has been processed, the asset will be automatically stored in your own personal Coinspot wallet. This wallet is already integrated into your account when you sign up. 

Frequently Asked Questions

Is Coinspot better than Swyftx?

Coinware compared the top Australian crypto exchanges and came to the conclusion that Swyftx is the best overall exchange. Although Coinspot is a great exchange option for beginners, we feel that Swyftx is better in a number of fields including having cheaper trading fees, smaller spreads and better customer service.

Is Coinspot Australia based?

Yes, Coinspot is an Australia-owned and operated cryptocurrency exchange. They are based in Melbourne and they are yet to expand their operations overseas.

How quickly can you trade on Coinspot?

With Coinspot, you can buy, sell and swap crypto instantly just as long as you have funds or crypto in your account.

How old do you need to be to trade on Coinspot?

The minimum age to apply for a Coinspot account is 16 years of age.

Can you stake on Coinspot?

Yes, Coinspot have recently introduced a staking feature, allowing users to earn an Annual Percentage Rate (APR) on certain coins they own.

Does Coinspot offer tax reporting?

According to Coinspot, it is highly likely that the ATO monitors its users. Although Coinspot doesn’t offer comprehensive tax reporting, you can download a copy of all your transactions for the year which makes it easier to calculate your gains or losses for that financial year.

How can I deposit funds into my account?

Coinspot supports a number of different deposit methods including bank transfer, POLi, PayID and credit/debit card. Most of these deposit methods are instant, but you should leave for up to half an hour for your funds to arrive.

What currencies does Coinspot support?

The only fiat currency Coinspot supports is AUD. This is largely due to the fact that it is an Australian-only exchange.