CoinSpot review 2024: Fees, features, pros and cons (2024)

CoinSpot review 2024: Fees, features, pros and cons

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. Moreover, it is the first Australian exchange to hold ISO 27001 certification, which means it has undergone regular and stringent external audit procedures. For CoinSpot users, there is undeniable peace of mind that your crypto and fiat assets are safe on the platform, because CoinSpot is not in a position to run off with customers' money like other unreputable exchanges have done.

Key points about CoinSpot:

What does CoinSpot Offer?

Extremely easy to use platform

CoinSpot makes it easy for everyday Australians to get involved with crypto, no matter who you are. It has a user-friendly interface, more than 430+ coins on offer, a mobile app, and a live chat support team on hand. This means that you can access almost any coin you can imagine, wherever you are, and if you experience any troubles, their staff will be able to assist.

CoinSpot review 2024: Fees, features, pros and cons

Buy and sell 430+ cryptocurrencies easily with AUD

It is very simple to buy and sell any of the coins found on CoinSpot. With an instant buy option, you just need to select how much AUD you want to spend on your coin of choice, and click the Buy button. No need to understand complicated charts, or placing market orders. This means that even complete beginners to crypto will be able to invest without having to worry about making any mistakes. If you want a step-by-step guide on how to buy crypto, you can read this article.

CoinSpot review 2024: Fees, features, pros and cons

Trade on the market for only 0.1%

CoinSpot is not just suited for newcomers to the crypto world, but it also caters to more experienced traders too. Instead of simply making an instant purchase of crypto, you can trade on the market, at low fees of just 0.1%. The only thing to note is that you can only access about 16 different cryptocurrencies on the market.

CoinSpot review 2024: Fees, features, pros and cons

Extremely secure platform

One of CoinSpot's biggest drawcards is their industry-leading level of security, as the first Australian exchange to receive ISO 27001 certification for information security. To be awarded this, CoinSpot was required to undertake an external audit by SCI Qual International (an accredited JAS-ANZ certification body).

SCI Qual conducted an in-depth investigation into CoinSpot's Information Security Management processes and practices. This covers a multitude of processes in relation to the management of digital asset storage, information relating to employees, contractors, suppliers, clients, products, processes, and intellectual property. These stringent policies are designed to eliminate unauthorised access, use, destruction, modification or closure of the organisation's information management systems.

CoinSpot is also one of few exchanges in Australia to be officially certified as a Blockchain Australia Certified Digital Currency Exchange provider. CoinSpot has long since been a proponent to the Australian Digital Currency Industry Code of Conduct and receiving this certification only solidifies their position as Australia's most trusted exchange.

CoinSpot has been around since 2013 and has never been hacked, and it maintains industry best-practice by storing the vast majority of cryptocurrency in highly secure cold storage. There are also a wide range of customisable security features that users can implement to ensure their account is always safe. These include 2FA, SMS security token, anti-phishing phrase, geo-lock logins, and more.

Excellent customer support

There is nothing more frustrating than being stuck in an endless loop with a bot, or having to wait days between email replies. Fortunately, on CoinSpot you won't have to worry about either of these issues as they have responsive Live Chat support that is available 24/7. In fact, CoinSpot ranked #1 in Marketplace Fairness' real-world test on customer support.

Whether you are a beginner trying to understand the platform, or you are an experienced trader who has a complicated issue, CoinSpot's support team will quickly resolve your problem. This means you can get back to trading crypto as soon as possible.

NFT marketplace

NFTs have risen in popularity in the last few years, but it can be confusing figuring out how to buy them. On other platforms you need to connect an external wallet, buy ETH, then use ETH to purchase an NFT, which incurs high gas fees.

CoinSpot decided to make things easier for their users, and have created an NFT marketplace which is easily accessible from a user's account. There are many NFT collections you can browse, including the extremely popular Bored Ape Yacht Club. The best part is that you can buy NFTs using any cryptocurrency of your choice. There is no need to waste time or fees exchanging one coin for another before getting your hands on an NFT.

CoinSpot review 2024: Fees, features, pros and cons

CoinSpot Bundles

CoinSpot offers packages of cryptocurrencies that you can purchase in one single transaction, and calls these Bundles. There are currently 16 Bundles available, and they are useful for diversifying your portfolio, spreading out risk, and saving you time and fees. They are a great option for investors who want to invest in a certain sector, eg: Artificial Intelligence or Meme Coins, without picking an individual cryptocurrency to buy. Once you buy a Bundle, the coins are separated into their separate wallets in CoinSpot, so you can sell each one of them individually at a later date.

CoinSpot review 2024: Fees, features, pros and cons

Over-The-Counter Trading Desk

For high-volume traders, CoinSpot offers a specialised Over-The-Counter (OTC) service. This allows users to make large transactions at a locked-in price, eliminating slippage and reducing the risks that are inherent with high-volume trades. This OTC service is available 24/7, so you can receive a quote and make your large trades of $50,000 or more at any time. There is no need to wait till business hours before you can complete your transaction.

Negatives of CoinSpot

While CoinSpot is suitable for many Australian crypto investors, consider any disadvantages before deciding if it's the right exchange for you.

No advanced trading options, such as derivatives or margin trading

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. Unfortunately CoinSpot does not offer these services at the time of writing, so if you are looking for a margin trading exchange, click here, or you can have a look at this article on the best crypto exchanges in Australia.

CoinSpot Fees

CoinSpot Deposit Fees

PayID, Direct Deposit: FREE

Card: 1.88%

Cash: 2.5%

CoinSpot Transaction Fees

Market Trades: 0.1%

Instant Buy, Sell & Swap: 1%

OTC Trades: 0.1%

Recurring Buy: 1%

Take Profit, Stop Loss, Limit Orders: 1%

CoinSpot Withdrawal Fees

AUD withdrawal: FREE

Crypto withdrawal: Standard mining fee, based on the coin and how busy the network is. The current fee for each coin will be listed on the wallet page.

The Verdict

CoinSpot is the #1 cryptocurrency exchange in Australia, and it comes down to a few main things: the highest level of security, easy-to-use platform with over 430+ cryptocurrencies, and the best customer support.

Whether you are starting out with crypto, or you have been trading for some time, CoinSpot is an excellent choice for Australians.

Disclaimer: Marketplacefairness.org has provided this content for informational purposes only. This should not be taken as financial advice to buy, trade, or sell cryptocurrency or use any specific exchange. This is not intended for use as investment, financial or legal advice as each individual's needs will vary. This story may include affiliate links with Marketplacefairness.org partners who may provide compensation. ACM advises readers to consider their own circ*mstances and obtain their own advice. You should also verify the nature of any product or service, and consult with the relevant regulators' website before making any decision.