Coinspot Review 2022: Australia Cryptocurrency Exchange

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

Our honest thoughts on Coinspot

It’s no wonder why Coinspot is Australia’s biggest crypto exchange. Their trading platform is well designed and incredibly easy to use, making it a suitable exchange for beginner traders in Australia. 

They list over 360+ cryptocurrencies for users to buy, sell and trade and also offer staking on 23 coins where users can earn interest on certain cryptocurrencies they hold in their wallet. 

Coinspot’s NFT marketplace is a feature not offered by any other Australian exchange. Here, users can invest in a number of popular NFT collections like Bored Ape Yacht Club. 

Unfortunately, Coinspot charges high fees for instant buy and sell orders, which are higher than most of the exchange options in Australia. 

Overall, Coinspot is a good option for beginners looking to start building their crypto portfolio due to their helpful customer support, wide range of cryptocurrencies and intuitive mobile app.

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About Coinspot 

Coinspot is Australia’s most popular crypto exchange in Australia with over 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
  • Has an NFT marketplace

Cons

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

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. We’ve also answered some of the most frequently asked questions about the Coinspot exchange. 

Is Coinspot safe? 

Security is one of the most important factors to consider when choosing a crypto exchange. Most exchanges need to meet a certain requirement when it comes to verifying their customers but it’s the additional security features they employ that is 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 ISO27001 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 from their smart phone. 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 into 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%.

It must be noted that Coinspot does have 0.1% fee for market orders. Market orders allow Coinspot users to buy and sell cryptocurrencies directly, with other Coinspot users. Unfortunately, there are only about 15 assets available for trading through market orders.

Coinspot spreads are also on the higher side when compared to other crypto exchanges. Coinspot’s average fee (inclusive of spread) is around 2.13%, however customers have reported spreads up to 4%. The market spread is the difference between the buy and sell price that is listed on the exchange. For instance, the listed buy price for Bitcoin could be $35,000 AUD, where as the sell price could be $34,500. Simply put, the closer the buy and sell prices are together, the more money you’ll save. Some people claim that spreads are more important than trading fees. 

Coinspot platform interface and app 

Coinspot has well-designed trading platform and app interface. It’s simple interface makes it easy for newbies to get started on their crypto journey. The app is easy to navigate 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 to integrated charts that allow users to track the prices of their favourite assets and conduct technical analysis.

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/Earn

In November 2021, Coinspot launched their very own staking feature allowing users to earn rewards on certain cryptocurrencies they hold in their wallet. Recently, however, they have changed the name of this feature to ‘Earn.’ You can currently stake 23 coins on Coinspot with interest rates ranging up to 78% APY (on Axie Infinity).

You can now earn rewards on Ethereum (ETH) via Coinspot. There are three tiers of APY% depending on the volume of ETH that you commit to the Earn feature.

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 350 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 have the potential to deliver huge returns in a short amount of time compared to 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 has a very strong reputation for customer support which one of the factors that sets it apart from large competitors like Binance and Crypto.com.

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:

  • Monday – Friday: 9am – 8pm AEDT
  • Saturday – Sunday: 9am – 5pm AEDT 

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.

NFT marketplace

Coinspot has recently launched a feature allowing users to buy NFTs directly through its platform. You can buy from some of the the most popular NFT collections such Bored Ape Yacht Club, World of Women and Vee Friends. This is a feature that sets it apart from other Australian exchanges like Swyftx, Coinjar and Digital Surge. Buying NFTS through Coinspot is simple, and a lot easier than purchasing through popular NFT marketplaces like OpenSea. We’ve summarised the step-by-step process below:

  1. Click the NFT tab in the Coinspot platform.
  2. Choose the NFT collection you’d like to buy from
  3. Choose which NFT you’d like to purchase
  4. Choose which cryptocurrency you’d like to buy the NFT with
  5. Confirm your order

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 can be particularly lucrative when you sign up multiple 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:

  • Top 3 Bundle (BTC, ETH, BNB)
  • Top 10 Bundle (BTC, ETH, BNB, ADA, DOGE + 5) 
  • Bitcoin Bundle (BTC, BCH, BCG)
  • Defi Bundle (CAKE, MKR, AAVE, LINK, UNI +5) 

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 continue to gain widespread adoption in Australia. To invest through your crypto 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 following payment methods: POLi, PayID, bank transfer or credit/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. 

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.

Check out our Swyftx vs Coinspot comparison.

Frequently Asked Questions

What are Coinspots fees

Coinspot has a fee of 1% for instant buy and sell orders which is available on al coins. Market orders incur a fee of 0.1%, though this is only available on 15 coins.

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.

Can Coinspot be hacked?

All exchanges are susceptible to online hacks. Coinspot employs industry leading security measures to mitigate the risk of hacks and cyber crime. They were awarded the ISO27001 certification for their efforts in security. To date, Coinspot has experienced zero major hacks or exploitations.

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 (APY) 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 allow for up to half an hour for your funds to arrive.

What fiat 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.