Instant buys, recurring buys, sells and swaps—along with take profit, stop, and limit orders—all cost more than OTC and market order trades. Unlike many exchanges on the market, such as Binance and KuCoin, CoinSpot has no international focus. This means it does not operate in any country other than Australia. Therefore, my CoinSpot review is designed for Australian residents only. While it is frustrating to come across a company that does not offer its services within your own country or region, it is also deeply understandable as to why platforms like CoinSpot exist. For instance, in the US, the closest equivalent would be a Self-Directed IRA (Individual Retirement Account) or a Self-Directed 401(k) plan.
Very easy to set up
CoinSpot is a reputable and trustworthy exchange in Australia to buy cryptocurrencies. It has an approval rating of 4.5/5 stars on TrustPilot based on 1,872 reviews, which is quite exceptional. The exchange charges 1% trading fees for instantly buying and selling crypto – but there are no withdrawal fees when cashing out AUD to a bank account. Overall, the pros of using CoinSpot far outweigh the cons, and it’s a highly recommended crypto exchange in Australia for beginners due to its straightforward interface and mobile app. CoinSpot is Australia’s #1 cryptocurrency exchange, and has established itself in this position thanks to industry-leading security and the trust of 2.5 million Australian customers. CoinSpot is one of the original crypto exchanges in Australia, established in 2013, and is regulated by AUSTRAC and registered with ASIC.
These include 2FA, SMS security token, anti-phishing phrase, geo-lock logins, and more. The CoinSpot app gives you all of the core features of the desktop exchange. You can easily buy, sell and swap crypto, manage your portfolio and top up your account. You can set price alerts to help stay up to date with the market.If you have a CoinSpot card you can easily top up funds, link it to your Apple or Google pay or disable it. Coinspot is a Melbourne-based cryptocurrency exchange founded in 2013. They are one of Australia’s oldest platforms and have served over 1 million customers so far.
Still, best practices—like enabling 2FA and using private cold wallets for long-term holdings—remain essential for maximising safety. For the majority of users, CoinSpot has everything you need from a crypto platform. However, there is a small sector of experienced traders that like to trade using leverage, trade derivatives, or short-sell crypto.
Before jumping into my CoinSpot Australia review, I want to answer the all-important question of “What is Coinspot? ” This is by no means a household name in the crypto space, yet despite this, it has been making waves in the industry and building a relatively solid user base. That all being said I think CoinSpot is a great Platform and meets all the needs for me. As a Long term platform I will definitely consider using it, however I am also looking into other platforms such as digitalsurge for some shorter investments, as was referred to me by other Redditers. If the transaction involves a bank or another payment processor (e.g., PayPal), contact those entities immediately. The goal of a scam operation is to extract the maximum amount of money.
If your organisation plans to keep crypto long-term, transferring assets from CoinSpot’s multicoin wallet to a private cold wallet is recommended. CoinSpot stores most user assets in cold wallets—wallets that are completely disconnected from the internet. This critical step protects crypto from online threats, effectively reducing the risk of hacks and remote breaches. Unlike hot wallets, which remain online for fast trading but are more vulnerable, cold storage keeps your private keys out of reach from cyber attacks. Yet, should you encounter choppy waters, the Coinspot team stands ready. The verification link’s limited lifespan and the chance of follow-up calls for account confirmation show that CoinSpot takes both your security and their regulatory obligations seriously.
How do I get my money out of CoinSpot?
This adds a vital second layer of security beyond your password by requiring a code from your phone or authentication app. It drastically reduces the chances of unauthorised access even if your login details are compromised. The ISO certification requires independent audits not just for initial certification but on an ongoing basis, ensuring that CoinSpot consistently meets stringent security criteria. Join 500,000 people instantly calculating their crypto taxes with CoinLedger. In 2023, CoinSpot faced a hack where $2 million was stolen from the platform. David has been deeply involved with the cryptocurrency industry since 2017.
- CoinSpot provides several deposit options for fiat currency in Australia, including Bank Transfer, BPAY, POLi, PayID, Direct Deposits, or Cash.
- Within this CoinSpot Review, the platform is recognized for its user-friendly interface, making it simple for users to buy, sell, swap, and trade cryptocurrencies.
- He started Hedge With Crypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.
- Simply visit the CoinSpot website, click ‘Register’, and follow the prompts to get started.
Login to Track Your Live Crypto Portfolio
CoinSpot is only for Aussies who have an Australian bank account and mobile phone number. The platform does not accept any other money or payment methods outside Australia. If you want a global cryptocurrency exchange, you may want to try Binance instead.
Opening An Account
You can have all the features and coins in the world, but if the platform bitit review isn’t secure, it’s just not worth the risk. The whole system is designed to block any unauthorised access or tampering, whether it’s digital or physical. Coinspot allows exchanges between coins, and also offers coin bundles, which are diversified offerings of multiple cryptocurrencies similar to a ‘fund style investment’. Coinspot conforms to ISO27001 Standards for Information Security, is AUSTRAC compliant and is one of Australia’s oldest crypto exchanges, making it one of the safest crypto exchanges. CoinSpot is ideal for beginners seeking a straightforward and secure platform to buy, sell, and exchange over 400 cryptocurrencies using AUD. It has similar trading fees to Binance for market trades (0.1% vs. 0.1%) but charges higher fees for instant transactions (1% vs. 0.1%).
Brokerage on standard trades (market orders and OTC) are a very attractive 0.1%. My personal rule of thumb for any brokerage transaction (such as shares) is that if its less than 1% then its OK in my book. More advances trades on coinspot such as instant trades, Take Profit, Stop loss, Limit orders and Recurring Buys sit right on this limit of mine, charged at 1.0%. Coinspot charge a number small fees and do charge brokerage on transactions. For BPAY you will pay .9%, and cash deposits you will pay a 2.5% fee – which is pretty hefty IMO so you would be best to avoid doing this. In this CoinSpot Review, it’s noted that CoinSpot doesn’t set specific minimum or maximum limits for cryptocurrency withdrawals.
You can also deposit with cash through Cash Payment, with a 2.5% fee and clears instantly once deposited cash is verified. You have complete flexibility as you can sell the coins in a Bundle separately or individually. If you only want to sell one of the coins from the Bundle, you can go ahead witHowever, you. However, you will have to sell the coins individually if you’re going to sell all of the coins. Intermediate and advanced traders have trading tools such as indicators, trendlines, and technical patterns at their disposal.
See all CoinSpot crypto assets
A list displaying all supported banks will appear when you begin the process of a POLi deposit. After that, your CoinSpot account verification will occur instantly, and you will be able to deposit up to $2000 per day. The final step is uploading a photo of your passport or driver’s license. There is an order textbox to sell or buy cryptocurrencies against AUD.
Majority of Funds Held in Cold Wallets
- After that, your CoinSpot account verification will occur instantly, and you will be able to deposit up to $2000 per day.
- We make every effort to provide accurate and up-to-date information.
- To limit exposure in case of a security breach, CoinSpot allows users to set custom withdrawal limits.
- Customer support can be reached through a support ticket or 24/7 live chat.
In addition, the CoinSpot affiliate program as users to earn a commission of up to 30% on the trading fees whenever the people use their referral link to get registered on CoinSpot. Coinspot offers a more in-depth trading platform that has been designed to suit more experienced traders. The Coinspot “Exchange” can be accessed by clicking on the “Market” link on the top menu.
For info it was under $1K US.Fair to say I no longer hold any funds with these idiots. This card lets you spend any cryptocurrency you have on CoinSpot, just like fiat currencies, and you won’t have to pay any fees when you start using it. You can also add your card to Apple Pay or Google Pay and pay securely from your mobile device. CoinSpot SMSF is a great way to diversify your super fund portfolio with crypto. It provides a read-only API interface for accountants and fund managers to monitor your portfolio.