CoinSpot Review

CoinSpot cryptocurrency exchange review

CoinSpot Cryptocurrency Marketplace

CoinSpot Cryptocurrency Marketplace

  • Buy/sell 100+ cryptocurrencies
  • Deposit AUD
  • Easy verification

Easily buy and sell a wide range of cryptocurrencies, with fees as low as 0.1%.

Quick verdict

Great for:
  • Buying/selling crypto with Australian dollars
  • 100+ cryptocurrencies
  • Low or no-fee deposits
  • Beginners
Not so great for:
  • Advanced traders

Check out our full list of pros and cons or read on.

Product Name CoinSpot Cryptocurrency Marketplace
Fiat Currencies AUD
Cryptocurrencies BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, TRX, DASH, NEO, XMR, EOS, QTUM, BTG, LSK, ETC, XVG, SKY, NAS, LINK, GO & over 100+ more
Deposit Methods BPAY
Cash
Cryptocurrency
POLi
Trading Fee Instant buy: 1%
Market order: 0.1%*
*Applies to BTC, XRP, LTC, DOGE, ETH, NEO, POWR, GAS
Deposit Fees POLi: None
BPAY: 0.9%
Cash: 2%
Withdrawal Fees None for Australian bank accounts
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Learn more about CoinSpot

Fiat & cryptocurrencies
Payment methods
Security
Fees & limits
How to sign up
Pros & cons
FAQs
Compare exchanges

Which payment methods are accepted?

  • BPAY
  • Cash
  • Cryptocurrency
  • POLi
Go to CoinSpot’s website 

What’s it like to use CoinSpot?

Fees and limits

Platform trading fees

Platform fee type Fee
Market order
(for BTC, XRP, LTC, DOGE, ETH, NEO, POWR, GAS only)
0.1%
Instant Buy
1%
Deposit fees
Deposit method Fee Minimum deposit Maximum deposit
Online bank transfer (using POLi Payments)
None
$1

$10,000 per 24-hour periodRequest CoinSpot for a higher POLi deposit limit

BPAY
0.9%
None
$1,000 per 24-hour period
Cash (via blueshyft)
2%
$50
$1,000 per 24-hour period
Withdrawal fees
Withdrawal type Fee
AUD withdrawal (Australian bank accounts only)
None
Cryptocurrency withdrawals to external wallet
Network fees apply
Transaction limits
Transaction type Limit
POLi deposit limit

$2,000 to $20,000 per 24 hours

  • Initial limit of $2,000 per 24 hours
  • Limit raised to $20,000 per 24 hours if you have deposited at least $2,000 and 7 days have passed
BPAY deposit limit
$10,000 per 24 hours
Cash deposit limit
$8,000 per 24 hours
Withdrawal
No limit

How fast will my funds be available?

Deposits

Clock icon for transfer speed

Up to 3 days

POLi Payments deposits are almost instant, while BPAY may take up to two business days.

Cash deposits at participating newsagents should appear in your account almost instantly.

Withdrawals

Clock icon for transfer speed

1-3 days

Withdrawals are processed one business day after you submit the request.

You should generally allow 24–36 hours for a withdrawal to be processed, or longer when accounting for weekends.

Wallet transfers

Clock icon for transfer speed

Up to 12 hours

It will vary depending on the cryptocurrency.

Wallet transfers will typically be sent immediately after confirmation, but it may take up to 12 hours to send funds to an external wallet address.

Is CoinSpot safe to use?

  • Regulation. CoinSpot is registered under an Australian Business Number (ABN). It’s a member of the Australian Digital Commerce Association and complies with Australia’s latest Anti-Money Laundering and Counter-Terrorist Financing laws.
  • Year founded. CoinSpot was founded in 2013, making it one of Australia’s earliest cryptocurrency exchanges.
  • Verification process. You’ll need to complete a strict verification process before you can start trading on CoinSpot. This includes providing and verifying your email address and phone number, as well as uploading a photo of your ID, a photo of yourself holding a signed statement and proof of your address. These strict Know Your Customer (KYC) processes help CoinSpot offer quick transfers and high limits.
  • Safety features. CoinSpot utilises a 2-factor authentication (2FA) system requiring users to sign off on transactions through their smartphones. This provides an extra layer of security against computer viruses or attempts to hack your account. CoinSpot also provides a series of tips for users to help keep funds safe.

How do I create a CoinSpot account?

  • Enter your email address in the main page signup box. You should receive a confirmation email. Follow the prompts in the email sent to you by CoinSpot to verify your address.

  • Follow the prompts provided after verifying your email.

    You will need to provide some personal information throughout the signup process, including a selfie and other identifying information.

    This is a common procedure for cryptocurrency exchanges that let you deposit Australian dollars. It’s similar to opening a bank account.

  • You can deposit AUD or supported cryptocurrencies to fund your account.To deposit Australian dollars, select the cryptocurrency you want to buy and your preferred deposit method.

    To deposit cryptocurrencies, find your wallet details in the Wallets section. You may need to generate a wallet address prior to deposit.

  • Select the cryptocurrency you want to buy and choose your preferred payment method.

Go to CoinSpot’s website 

What else should I know about CoinSpot?

CoinSpot is headquartered in Melbourne and was founded by Russell Wilson in 2013 as one of Australia’s earliest cryptocurrency exchanges.

As it grew it continued its mission of offering the most complete list of cryptocurrencies in Australia, and it now has hundreds of different coins available.

It’s designed to be easy, accessible and user-friendly for both beginners and experienced cryptocurrency enthusiasts


In a nutshell

Pros

  • A local exchange headquartered in Australia
  • Allows users to buy directly in AUD
  • Low and no fee deposits and withdrawals
  • User-friendly interface
  • Wide selection of cryptocurrencies
  • Compliant with AML/CTF laws

Cons

  • Lacks advanced trading features
  • Rates may vary, so it’s important to check before you trade to see how much you’re paying

Ready to sign up?

Go to CoinSpot’s website 

Related posts

Leave a Comment