Overview of CoinSpot
CoinSpot is one of Australia ‘s largest and oldest cryptocurrency exchanges. Since launching in 2013, the exchange has accrued over 2.5 million registered users, which is more than any other australian substitution. CoinSpot has become a popular choice for crypto newcomers thanks to its simple drug user interface, bombastic stove of cryptocurrencies and focus on security. CoinSpot has continually evolved since its launch. The platform now offers a number of singular features, including crypto “ bundles ” – which are a bunch like a traditional ETF – an NFT market and a native wallet for storing digital currencies.
CoinSpot is registered with australian regulative body AUSTRAC and is a member of Blockchain Australia, an constitution that focuses on the condom borrowing of blockchain engineering .
- If this is your first exchange: CoinSpot’s lack of security breaches, intuitive user design and wide range of cryptocurrencies make it a solid choice for beginners looking to build their crypto portfolios.
- If you’re switching exchanges: CoinSpot offers a number of features that other Australian exchanges may not, including an NFT marketplace, SMSF support and 300+ listed coins. CoinSpot’s fees are higher than some competitors, which may not appeal to high-volume traders.
Pros and cons of CoinSpot
- User-friendly interface
- Zero-fee options for deposits/withdrawals
- Large selection of cryptocurrencies
- Responsive customer service
- High instant-buy fees
- Customers have reported high spreads
- Lack of advanced options, like derivatives, for experienced traders
Verdict: Is CoinSpot any good?
CoinSpot is a upstanding choice for beginners and more experience cryptocurrency investors. The exploiter interface is clean and easy to navigate, and high-quality educational material is available for most support coins. The platform is feature-rich, including earning options, SMSF support and an NFT hub. however, CoinSpot ‘s fees for certain services, such as clamant and recurring buys, are higher than some of its competitors. This can make the platform ineffective for high-volume investors. overall, the wide range of cryptocurrencies, zero-fee AUD deposits and strong customer support means the exchange should help most novice investors get started building a crypto portfolio .
What to know about CoinSpot
CoinSpot is an exchange developed for beginners. Most modern cryptocurrency investors will find the features available more than desirable for their needs. Beyond the basics, the exchange besides offers access to cryptocurrency swaps, a trading platform, a multi-coin wallet to store funds and an NFT market. CoinSpot has besides implemented an in-built earn feature where you can stake your crypto in its multi-coin wallet to earn returns. The platform lacks certain advanced features, such as margin trading and borrowing/lending protocols, sol advanced investors are probable to seek alternatives .
CoinSpot is constantly adding new coins and tokens, so check out the wax list on CoinSpot ‘s clamant buy and sell cryptocurrency page .
- Supported fiat currencies:
- Supported cryptocurrencies:
Approximately 368 cryptocurrencies
hold cryptocurrencies include :
Transferring fiat and cryptocurrency
There are 4 different methods you can use to deposit AUD onto the CoinSpot exchange. Fiat deposits and withdrawals are typically instant through POLi, Osko and PayID. Bank and BPAY transfers normally take 1-2 business days. CoinSpot besides offers customers the choice of depositing cash at physical locations. Users just need to visit a support australian newsagency to fund their account in person. You can besides transfer cryptocurrencies to and from the multi-coin wallet on CoinSpot. Processing times for each transportation will depend upon the cryptocurrency and its associated blockchain net. Transactions typically take no more than 3 hours .
Fees and costs
CoinSpot ‘s fees are split between trade fees and AUD deposit and withdrawal fees .
- Market orders. CoinSpot charges a very competitive 0.1% trading fee on a small selection of cryptos, but other market orders attract a higher fee, depending on liquidity.
- Instant buy/sell. Trades made through the instant buy/sell hub incur a 1% fee. This is slightly higher than some other Australian exchanges.
Fiat withdrawal and deposit fees
CoinSpot does not charge any deposit or withdrawal fees when using POLi, PayID or lineal deposits .
|POLi, PayID and Osko||None||None|
Crypto withdrawal and deposit fees
CoinSpot does not charge extra fees for depositing or withdrawing cryptocurrencies from the exchange. Standard network fees will need to be paid when withdrawing funds from CoinSpot ‘s multi-coin wallet. These rates will vary depending on blockchain congestion .
|Network fees only||Network fees only|
What is it like to use CoinSpot?
CoinSpot offers an intuitive exploiter interface that should provide a comfortable environment for both raw and have investors. The buy/sell hub is easy to use and makes adding crypto to your portfolio a streamlined process. once you ‘ve created an report, most basic functions can be reached from the user dashboard. Customers can deposit funds, browse their portfolio ‘s performance or buy popular coins without having to navigate elsewhere. Getting started The first gradation to buying cryptocurrency from CoinSpot is registering an score. You will need to provide an e-mail address arsenic well as meet KYC requirements. Instant buy CoinSpot ‘s instant-buy sport allows you to purchase over 350 cryptocurrencies for a directly fee of 1 %. Trading platform CoinSpot ‘s “ markets ” tab key offers access to an advanced trade graph and order book for intercede traders and investors looking to analyse price action and liquid. CoinSpot bundles Access CoinSpot ‘s pile options to instantly diversify your portfolio. Choose from bundles focused on top market-cap cryptocurrencies, environmentally-conscious projects, DeFi platforms and cryptocurrencies linked to the NFT sector. Customer support CoinSpot ‘s customer back can be contacted 24/7 through the chopine ‘s help desk. alternatively, a be old world chat choice is available during operate hours.
Does CoinSpot have good customer support?
CoinSpot has a help center that contains guides and frequently asked questions for all aspects of the platform. If you ca n’t find answers within the help center, you can access CoinSpot ‘s 24/7 avail desk via a ticket system. You can besides reach customer back via CoinSpot ‘s live chew the fat application. Chat subscribe is available 24 hours a day on weekdays and between 9am and 5pm on weekends .
|Support offered||Wait times|
|Contact us form||✅||Wait times for CoinSpot’s ticketing system are unavailable, but the exchange aims to answer questions within 24 hours|
|Live chat||✅||Near instant within operating hours|
List of features on CoinSpot
Trading on CoinSpot
trade on CoinSpot is completed via the “ moment buy ” or “ markets ” page. Traders can make use of certain advanced options, including stop-loss, take profit, buy terminus ad quem and buy check. Most beginners should steer clear of these features until they are more know with trading crypto.
You can besides set up a “ recur buy ” order, which leverages a dollar-cost average scheme to mitigate against market volatility .
CoinSpot offers a multi-coin wallet that can store well over 300 different cryptos. From it, you can send and receive cryptocurrencies to and from third-party wallets like MetaMask or Ledger Nano X .
Earning on CoinSpot
You can venture cryptocurrencies on CoinSpot to earn give. CoinSpot will venture tokens on your behalf and then distribute rewards accordingly. This feature of speech is entirely available for a specify number of coins, including DOT, AVAX and MATIC .
CoinSpot has an NFT market that features a native NFT wallet. It offers a limited range of NFT markets, although it does include popular collections such as Bored Ape Yacht Club. Though NFTs are priced in Ethereum ( ETH ), you can use any coin in your CoinSpot wallet to purchase them .
CoinSpot offers support for adding cryptocurrency to self-managed super funds. The company employs a team of SMSF specialists to help advise and answer questions from interested customers. Setting up an SMSF can be a drawn-out and complicated process, and seeking professional advice first is recommended .
CoinSpot customers can entree an over-the-counter ( OTC ) desk for trades over $ 50,000. This provides traders with a direct channel for buying, selling and swapping cryptos without their orders being listed on an exchange .
CoinSpot offers a range of crypto “ bundles ”, which are baskets that track the price of one ( or multiple ) underlying assets. For model, customers can purchase a “ exceed 10 market Cap ” package, which comprises 10 coins, each making up 10 % of the bundle ‘s value. Bundles provide photograph to a broad number of cryptocurrencies and make portfolio diversification much elementary .
Promotions on CoinSpot
CoinSpot runs a basic referral program for its customer base called “ Refer A Friend, Earn BTC ”. Each registered account comes with a unique referral connection that can be accessed via the platform ‘s dashboard. Whenever a new customer signs up using that connect and makes a sediment, both you and the referee will receive $ 10 in BTC. CoinSpot besides runs spot promotions from time to clock time. Check the CoinSpot web site for the latest promotions on put up .
No hacks of CoinSpot have ever taken plaza .
CoinSpot was the first gear australian exchange to receive ISO 27001 certification in 2020. To obtain this authentication, the exchange was audited by SCI Qual International ( an accredited JAS-ANZ authentication body ). The platform has been audited by multiple entities throughout its history, and its data kernel has obtained an ISO 27018 certificate. This audit track record sets them apart from other australian exchanges. The majority of assets held with the substitution are stored offline in cold storehouse and the platform advises users to activate security features such as 2-factor authentication for add security .
CoinSpot does not offer indemnity for either decree or cryptocurrency funds held on the switch over .
Signing up on CoinSpot
To get originate buy and selling crypto on CoinSpot, you ‘ll need to register an account. principal over to the official CoinSpot web site and suction stop on the “ Register ” button in the top-right corner of the shield. Fill in your e-mail, password and any referral code details .
You ‘ll then need to verify your electronic mail savoir-faire.
Step 2 (KYC)
You must provide know-your-customer ( KYC ) documentation before you can deposit AUD into your report. This process requires your full moon legal diagnose, a photograph of certain government-issued ID ( such as a driver ‘s license ) and a selfie. These documents can be uploaded through CoinSpot ‘s mobile lotion or via the on-line chopine. CoinSpot aims to verify these documents adenine soon as possible.
After adjustment and KYC verification are arrant, you should activate 2-factor authentication ( 2FA ). Enabling 2FA will require you to input a time-sensitive 6-digit code that is created via a third-party application such as Google Authenticator or is sent to you via SMS. 2FA should prevent unauthorized access to your account. You can find the 2FA option within the security settings.
Compare CoinSpot against other exchanges
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Frequently asked questions
CoinSpot has never experienced a major security breach and holds the majority of its assets in cold storage. The party was the first australian substitution to receive ISO 27001 documentation and undergo regular third-party audited account. CoinSpot is registered with australian regulative body AUSTRAC .
CoinSpot and Coinbase support unlike cryptocurrencies, features and trade fees. Each platform offers unique advantages, and you may find yourself using different features from both. The “ better ” substitute will be whichever suits your specific crypto needs. To learn more, read our wide comparison of CoinSpot five Coinbase .
CoinSpot ‘s fees are relatively high gear, by both global and australian standards. CoinSpot ‘s spreads, while variable, are besides on the higher end of the scale. That said, a limit number of democratic trade pairs like BTC and ETH attract a tip of 0.1 %, which is a very competitive rate .
CoinSpot offers an “ earn ” have on a limit number of cryptocurrencies. Users can stake certain tokens from within the platform ‘s multi-token wallet in return for crypto rewards. CoinSpot besides runs a referral program, where customers can earn $ 10 BTC for each successful referral who makes a deposit .
All cryptocurrency exchanges are susceptible to hacking. CoinSpot ‘s australian industry-leading security measures, including holding most of their assets in cold storage and acquiring ISO 27001 authentication, may help mitigate these risks. To date, no major overwork or hack has been recorded on the CoinSpot chopine .
Disclaimer: Cryptocurrencies are inquisitive, complex and involve significant risks – they are highly volatile and sensitive to secondary activeness. performance is unpredictable and past performance is no undertake of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should besides verify the nature of any merchandise or service ( including its legal condition and relevant regulative requirements ) and consult the relevant Regulators ‘ websites before making any decision. Finder, or the generator, may have holdings in the cryptocurrencies discussed .