CoinSpot is one of Australia’s oldest and most trusted cryptocurrency exchanges. Founded in 2013, it allows Aussies to easily buy, sell, swap, and trade over 400 digital currencies.
Here’s our detailed CoinSpot review to explore its features, fees, security, verification process, supported coins, and more.
Key Metrics
- Global rank: #13,398
- Country rank in Australia: #205
- 2.5+ million registered users
- Over 400 supported cryptocurrencies
- 0.1% fee for market trades
- Processes over $4 million in transactions daily
- Has traded over $5 billion worth of crypto since launch
- Ranked as the #2 investing website in Australia
CoinSpot Review: Pros and Cons
| Pros | Cons |
| Easy to use interface for beginners | Only supports AUD fiat currency |
| 400+ coins including popular ones like BTC, ETH, XRP | No margin or futures trading |
| Very low 0.1% fee for market trades | 1% fee for instant buy/sell orders |
| Free AUD deposits via PayID/POLi | Lacks advanced trading features |
| Secured platform with 2FA and cold storage | Higher spreads than other exchanges |
| 24/7 live chat support |
CoinSpot’s Referral and Affiliate Programs
CoinSpot offers users a way to earn free crypto through its referral and affiliate programs:
- Get a $10 BTC bonus for each friend you invite to CoinSpot
- Earn up to 30% lifetime commission on trading fees from referrals
- Track your referrals and earnings through your account dashboard
CoinSpot Fees
CoinSpot has low trading fees compared to other Australian exchanges. There are no deposit fees for AUD via PayID, POLi, or bank transfer.
For market trades, the fee is only 0.1%, which is very cheap. However, instant buy/sell orders have a higher 1% fee.
Withdrawals also have no fees for AUD. But you need to pay blockchain network fees when withdrawing crypto to an external wallet.
CoinSpot Security
CoinSpot utilizes high security standards such as two-factor authentication, SSL encryption, cold storage of funds, and regular external audits. It is also certified by Blockchain Australia for following cybersecurity best practices.
CoinSpot Verification Process
To deposit and withdraw AUD, users must complete a 3-step verification process:
- Email verification
- Phone verification
- ID verification – upload ID selfie and documents
The process is quick and usually takes 1-2 days for approval.
CoinSpot Customer Service
CoinSpot offers 24/7 live chat and email support. Users report quick response times and helpful assistance from the support team.
CoinSpot User Experience
The exchange has an easy to use interface suitable for beginners. Traders can access their portfolio, buy/sell crypto, and manage everything through the website or mobile apps.
Available Tokens on CoinSpot
CoinSpot supports over 400 cryptocurrencies including popular ones like Bitcoin, Ethereum, Cardano, XRP, Dogecoin, and smaller cap altcoins. Users can also request new coin listings.
CoinSpot App and Web Experience
CoinSpot Web Experience
The website has a clean and intuitive interface for trading, managing your account, staking coins, and accessing customer support.
CoinSpot App Experience
CoinSpot’s iOS and Android app enables users to trade crypto on the go. It has an easy to use mobile interface with helpful charts, order books, and security features like 2FA.
Final Recommendation
Overall, CoinSpot is a secure and regulated Australian exchange suitable for beginners. It makes buying, selling, and swapping crypto easy with AUD. However, the 1% fee for instant trades is high compared to competitors.
CoinSpot Alternatives
| Platform | Key Features |
| Swyftx | Low 0.6% fee, AUD & NZD, staking |
| Independent Reserve | Low 0.5% fee, high liquidity |
| Binance | 100+ coins, 0.1% fee, futures trading |
FAQs
How many Australians use CoinSpot?
CoinSpot has over 2.5 million registered users from Australia. It is one of the largest Aussie crypto exchanges.
How do I get a CoinSpot statement?
You can download your full account statement from the CoinSpot website under the ‘Reports’ section. It contains your transaction history, capital gains/losses, and trading activity.
Is CoinSpot financially safe?
Yes, CoinSpot is a financially safe exchange backed by insurance policies and reserves. User funds are protected in case of bankruptcy or a hack.
Who is CoinSpot owned by?
CoinSpot was founded by Russell Wilson in 2013. He started the company Casey Block Services Pty Ltd, which operates CoinSpot.
