If you are searching for a crypto exchange based in Australia, chances are you have encountered CoinSpot. Makes withdrawal and depsoit convenient too.Fee for spot orders is a bit high at 1%, and not all coins are available for market orders (0.1%), otherwise no complaints. It’s great to hear you’ve started your crypto journey, our team are available 24/7 if you need any assistance along the way. The platform is registered as a Digital Currency Exchange (DCE) with AUSTRAC, making it a compliant exchange.
Coinspot Review
It is registered with AUSTRAC and adheres to the regulations and standards established by the Australian regulator for anti-money laundering and counter-terrorism financing. Additionally, it meets high security standards, having received ISO certification. Security is a top priority at CoinSpot, as emphasized in this CoinSpot Review. The platform follows ISO standards, uses cold storage methods, and offers flexible security settings like two-factor authentication (2FA).
Lastly, the CoinSpot Mastercard supports 380 cryptocurrencies, but only a maximum of five can be stored on the card. CoinSpot’s been around since 2013, which makes it one of the oldest crypto exchanges in Australia — and over time, it’s built a reputation for being super secure, reliable, and beginner-friendly. Even with newer platforms like Swyftx popping up, CoinSpot has held its ground and is still the most widely used exchange in the country, with over 2.5 million Aussies on board. CoinSpot provides an instant buy feature for quick transactions and supports almost all deposit methods for funding accounts, ensuring a simple and streamlined user experience. It is recognised as Australia’s safest exchange due to its thorough security measures, including ISO certification and registration with Blockchain Australia.
Reviews from other users
- CoinSpot uses bank-level security though so the risk is minimal.
- People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active.
- For those seeking a global cryptocurrency exchange, Binance might be a better option.
- You can check how your withdrawal is going on the “Transaction Tab” of each wallet page.
Depending on their workload, the verification process may take up to two days. You can monitor the status of your withdrawal in the “Transaction Tab” of the wallet page. Additionally, if your withdrawal hasn’t been processed yet, you can cancel it at any time.
CoinSpot is one of the safest Australian crypto exchange platforms, with more than 250 cryptocurrencies. It has been available since 2013 and has earned its millions of users’ trust. When it comes to fees, Swyftx charges a 0.6% trading fee per transaction, which is more competitive compared to CoinSpot’s 1% fee for instant orders. Bybit, however, offers the lowest fee at just 0.1%, with the potential to reduce it further to 0.02% if you have a high trading volume over 30 days. After the funds have been successfully deposited, you can start buying and selling cryptocurrencies using AUD or other digital assets from CoinSpot’s extensive selection. As detailed in this CoinSpot Review, the platform supports over 400 cryptocurrencies, including both popular and emerging assets.
Swap
The company lists a wide array of NFT collections, including Bored Apes and Hashmasks. For people outside of Australia who are looking to make NFT trades, Binance also has a marketplace set up on their platform. For added autonomy, people can choose specifically which cryptocurrencies they want the card to use first as its financial source when making payments. This means that if you own Bitcoin, Ethereum, and XRP on your CoinSpot account, you can choose which of the three you want to use for payments and purchases. Thankfully, the company offers pre-created portfolios for people to engage in.
Customer Support at CoinSpot
This is an extremely steep rate, which makes it feel like beginners are paying a high premium for using a simplified interface. While many investors will appreciate a fully-fledged application (which the CoinSpot exchange also has), those who are new to crypto, often want to avoid these complexities1. 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. After that, your CoinSpot account verification will occur instantly, and you will be able to deposit up to $2000 per day.
Very easy to set up
However, processing times can vary and may take up to 12 hours, depending on factors like wallet operations, available funds, and email confirmation. CoinSpot provides several deposit options for fiat currency in Australia, including Bank Transfer, BPAY, POLi, PayID, Direct Deposits, or Cash. However, you cannot use credit or debit cards to fund your account for cryptocurrency purchases.
- CoinSpot will charge you a standard transaction fee when you send coins to external wallets.
- Since multiple cryptocurrencies can be acquired in a single transaction, the added advantage is that fewer transaction fees are incurred.
- While it feels unlikely that CoinSpot will ever aim for a more international audience due to its laser focus on Australia, it could definitely improve its fees at some point in the future.
- Users can earn rewards by staking more than 22 different cryptocurrencies on the platform.
- There is also a second affiliate program where you can earn 30% of their trading fees instead.
The team at CryptoVantage.com only recommends products and services coinspot reviews that we would use ourselves and that we believe will provide value to our readers. We advocate for you to do your own research and make educated financial decisions. Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape. CoinSpot takes security seriously by implementing strong measures to protect user accounts and data. The platform holds an ISO certification for its information security management, showing its commitment to maintaining a secure platform.
Overall, while CoinSpot’s interface is generally easy to use, some areas require improvement, especially in terms of providing comprehensive trading information and a more integrated wallet system. There are no order books or advanced order types to speak of, and this is expected since it’s not an exchange. CoinSpot provides instant liquidity, no slippage, and no waiting times for orders to be fulfilled, which means added convenience for the user. CoinSpot has decreased its credit and debit card fees to 1.88 per cent from 2.58 per cent, which was the historical fee. However, depositing AUD using PayPal or cash deposits at participating news agencies will incur minor fees of 0.5 per cent and 2.5 per cent, respectively.
Targeting exclusively Australian residents, CoinSpot stands out by customising its exchange services specifically for them. Like other exchanges that operate in Australia, CoinSpot reports transactions to the Australian Taxation Office (ATO). This means CoinSpot has gone through rigorous external audits to ensure its security measures meet industry best practices. CoinSpot is a safe and trusted exchange for Australian crypto investors. A wide-ranging and highly competent Australian-focused crypto exchange.
