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CoinSpot Review 2023: Is CoinSpot Exchange Safe & Legit?

Overall, the advantages of using CoinSpot far outweigh the disadvantages, and is a recommended crypto exchange in Australia for beginners due to its easy-to-use interface and mobile app. This Australian cryptocurrency exchange offers wire transfers as one of its deposit methods, but users cannot deposit funds to their CoinSpot crypto bank account via credit card. Other payment methods include POLi payments or PAYID payments, or instant AUD deposits.

Can you use CoinSpot in USA?

The main drawback to using Coinspot for your cryptocurrency needs is that the exchange only accepts fiat deposits and withdrawals from Australian residents. This means that you'll need to deposit funds with cryptocurrency if you're based elsewhere.

It is also the first-ever Australia-based cryptocurrency exchange conferred the globally accredited ISO certification for its robust information security mechanisms. It also requires a trader to upload a selfie photo that has him holding any of the IDs. If you want to do some more research about the best crypto exchanges for Aussies, I would suggest having a read here. I also conducted a comparison test using my personal accounts on CoinSpot and 3 of the other best Australian crypto exchanges .

CoinSpot also offers an NFT Marketplace where customers can acquire NFTs by any listed cryptocurrencies. As an Australian crypto user, both CoinSpot and Swyftx both make a compelling case. They are two options for Australians looking for stress-free crypto exchanges which offer low fees and highly convenient local deposit and withdrawal options. CoinSpot supports a lot more cryptocurrencies compared to any other Australian-based exchanges. It enables users to buy, trade, and swap many cryptocurrencies and regularly adds new coins to ensure that users will find the currency they are looking for. For fiat currencies, the Australian-based platform currently supports only AUD.

CoinSpot Product Features

Also swiping back when inside a coin should take us back to the last menu, however it now does nothing. Instant Buy – When you buy tokens through the ‘Buy/Sell’ tab, the fee is 1%. Market Buy – When you buy tokens through the ‘Markets’ tab, the fee is 0.1%. Trading FX/CFDs on margin carries a high level of risk, and may not be suitable for all investors. Buy Bitcoin, Ethereum & more with Instant Delivery and Easy Verification. However, that’s something that I got to know through a review rather than an upfront tour for a new user of website, and held back one star for that reason.

coinspot review

Enter the amount of Bitcoin you’d like to buy and the fiat currency you’d like to use. We’ll instantly convert your Bitcoin amount into your chosen currency. CoinSpot charges 1% for instant buy and sell, but if you want to access lower fees, you can trade on the market, for just 0.1%. The only limitation is that only 15 coins can be purchased on the CoinSpot market. To buy the full range of over 370+ cryptocurrencies, you need to pay 1% transaction fee.

CoinSpot Review – Safety Measures

Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with CoinSpot’s reporting is that it only extends as far as the CoinSpot platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of CoinSpot, CoinSpot can’t provide complete gains, losses, and income tax information.

Is CoinSpot trustworthy?

Yes, CoinSpot is a trusted cryptocurrency exchange and one of the few exchanges that has never been hacked since it was founded in 2013. It is also the first-ever Australia-based cryptocurrency exchange conferred the globally accredited ISO 27001 certification for its robust information security mechanisms.

Swyftx also offers 2FA, biometric authentication, anti-fraud, and anti-phishing user protections. Swyftx has mistakenly deposited $2.3 million AUD in random accounts due to an “administrative error”. Mistakes do happen of course, however when you’re thinking about who to trust your money with, it’s always recommended to go with the exchange that hasn’t had issues like this.

My Overall Thoughts on CoinSpot

Users using their referral code to register on the platform will earn them $10 in Bitcoin as soon as they make their first AUD payment. Additional price chart window that you can open easily from the Dashboard at all times to conduct technical analysis. The option is available both on the CoinSpot app and the desktop version. In other words, CoinSpot has gone the extra mile to protect its customers from fraud, data theft, and other security threats.

We’re pleased to hear that you find our platform easy to use and have had such a good experience with our support team. I was surprised at how quickly I got the hang of how CoinSpot functions. It’s easy to see what’s going on with my coins and their values and easy to deposit money and buy crypto with it. coinspot review We are pleased to hear you’re having a good experience on our platform and are finding our deposit methods easy to use. When trading on our Platform users are provided with a confirmation window containing information relevant to the transaction for the user to review before confirming the transaction.

coinspot review

The platform is a safe and reliable means for Australian users to buy and sell a large variety of cryptocurrencies. You owe it to yourself to explore the vast array of crypto exchanges. Australian Super Fund investors will enjoy over-the-counter trading desks and support. And all users can rest assured their funds will stay well-protected. Once you’ve integrated all of the other exchanges and wallets you are using, you will be able to lodge your crypto taxes with the click of a button. Alternatively, you can send your transaction data to your accountant.

One of the criticisms of CoinSpot in Coinspot review is that there are no advanced markets such as derivatives trading. They focus on a user-friendly experience for new and intermediate crypto investors. If you are an experienced trader, check out Bybit or MEXC Global. CoinSpot Australia services are restricted only to Australian citizens. However, if the user is based outside the Australian jurisdiction, they need to deposit funds only via cryptocurrencies. Yes, CoinSpot is a trusted cryptocurrency exchange and one of the few exchanges that has never been hacked since it was founded in 2013.

While CoinSpot Earn does not have Bitcoin or Ethereum savings accounts, it is one of the best places to earn crypto interest using an Australian exchange. Compared with the top exchanges in Australia, CoinSpot offers one of the largest selections of digital currencies that can be bought and sold using AUD. There are currently over 370 coins that are supported on the Instant Buy/Sell platform which includes the major assets, DeFi coins and exotic altcoins. The exchange is regularly adding new coins and projects to its marketplace. This is a comprehensive review of the Australian cryptocurrency exchange, CoinSpot. Learn more about the platform’s fees, features, security, assets, and more.

How Cryptocurrency Taxes Work

Another benefit of using CoinSpots marketplace is that you don’t need to cover the cost of gas as the platform is a centralised exchange, therefore it is off-chain. Coinspot is a digital multi-currency exchange and wallet platform in Australia. It has an intuitive interface that makes it easy-to-use for all type of consumers. They offer a wide range of Cryptocurrencies and Australian dollar support. The Australian exchange supports more than 200 cryptocurrencies available for trade, exchange, and swap.

coinspot review

Their platform has been designed in a way that is easy to navigate and quite intuitive, which adds to the customer appeal. Another advantage that the CoinSpot platform offers is the ability to easily and instantly purchase cryptocurrencies through the use of your credit or debit cards. Essentially what they do is package a variety of crypto assets into one transaction to speed up and ease the crypto investments process.

Features of CoinSpot

CoinSpot acts as a broker, selling cryptocurrencies directly to the user. When we tested it out, we were able to buy Bitcoin in less than 1 minute, which shows just how simple the process is, even if you are a complete beginner. CoinSpot is one of the earliest cryptocurrency exchanges in Australia, established in 2013, and has built up its reputation over the past decade of being the most secure and trusted platform. Despite the arrival of Swyftxand other top Australian crypto exchanges, CoinSpot remains the largest and most popular crypto platform, with over 2.5 million users.

  • Funds stored on the Coinspot wallet are kept safe until transferred to a personnel hardware wallet.
  • On the Google Play Store, it is rated 3.8 stars from 6.6K reviews.
  • The equivalent amount of Bitcoin is displayed at the current market rate.

Thus, the exchange engineered an affiliate program for users to encourage them to bring in more users. With the affiliate program, one can earn a commission of up to 30% on the trading fees of those who have registered using their referral link. Thus, users can decrease their trading fees by bringing in more users and earning commission on their trading fees.

Our CoinSpot Review – Quick Verdict

Coinspot is the first crypto exchange in Australia to receive an ISO information security accreditation. Similar to the popular Bitcoin trading platforms, Coinspot exchange includes an order entry box to buy and sell cryptocurrency against Australian Dollars . Users can enter in the amount of AUD to spend and choose the amount of crypto to purchase. The interface is basic and orders need to be manually entered which can result in making errors.

Is CoinSpot Trustworthy?

Yes, CoinSpot is a trusted cryptocurrency exchange and one of the few exchanges that has never been hacked since it was founded in 2013. It is also the first-ever Australia-based cryptocurrency exchange conferred the globally accredited ISO 27001 certification for its robust information security mechanisms.

This works out to be 20% higher than CoinSpot’s flat 1% fee for swaps. CoinSpot’s Live Chat function enables you to contact customer assistance immediately and is accessible 24/7. Hence, if you encounter any difficulties, their support team is highly competent, responsive, and educated in resolving client concerns.