CoinSpot Review

Exchange Review

Summary: CoinSpot is the most trusted and affordable cryptocurrency exchange in Australia. The platform offers a broad suite of digital asset services including trading & staking cryptocurrencies, bundles, OTC desk and an NFT marketplace.

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CoinSpot is Australia's best and largest cryptocurrency exchange in terms of user base and volume. They have an impressive 2 million users which is 10% of Australia's entire population. It's no surprise that they dominate the Australian market as they have the lowest fees, most diverse selection of cryptocurrencies and extensive range of features.

In this guide, we will take a close look at what cryptocurrencies they support for trading and staking, their Bundles feature (similar to ETFs) and their new NFT Marketplace.

Relevant Guides: CoinSpot Staking AustraliaCoinSpot vs SwyftX | Buy Metaverse Cryptos

Table of Contents

Are CoinSpot Fees Expensive?

CoinSpot is one of the most popular exchanges in Australia because they offer cheaper trading fees than most platforms. When trading via their Market Buy feature, users are charged a low 0.1% fee to complete the transaction, this is the lowest trading fee available in Australia.

Their Instant Buy feature however will incur a 1% fee, which is still relatively cheap compared to exchanges like Coinbase who charge over 2.5%.

Is CoinSpot Expensive?
CoinSpot Markets page.

As for deposit and withdrawal fees, CoinSpot does not charge any fees whatsoever to withdraw FIAT currencies. For cryptocurrency withdrawals CoinSpot will charge anywhere between 0.0003 - 0.001%. When depositing via POLi, PayID or Direct Deposit you don't need to pay any fee but when depositing via BPAY you will incur a small 0.9% fee and cash deposits are 2.5%.

CoinSpot Fee Page
CoinSpot Fee Schedule

Is CoinSpot Safe?

CoinSpot is the most secure Australian cryptocurrency exchange and has been deemed the only high security exchange in Australia. It is the only exchange that has undergone an SCI Qual International security audit and to be awarded the ISO 27001 standard security certification.

The ISO 27001 standard certificate is proof that CoinSpot’s information security management systems are secure, eliminating unauthorised access, modification or use for malicious intent. In addition to the certificate, CoinSpot accounts have Two-Factor Authentication log in processes and they have layered security features such as geo-lock log-ins and session timeout limits.

CoinSpot is licensed by the AUSTRAC, abiding by the regulator's laws and guidelines. To this end, CoinSpot users have investor protections that shield them from actions such as criminal abuse of their capital. Every CoinSpot user has to undergo a variety of Anti-Money Laundering, and Counter-Terrorism Financing (AML/CTF) checks before using the platform.

Supported Cryptocurrencies

CoinSpot has the largest selection of cryptocurrencies available on their platform out of any Australian-based cryptocurrency exchange. They have a diverse range of digital assets including but not limited to stable coins, meme coins, alt coins, DeFi coins, Metaverse coins and more. CoinSpot currently supports over 360 cryptocurrencies to buy and sell on their platform.

CoinSpot Bundles

Bundles are a CoinSpot feature that packages a variety of crypto assets into one transaction to speed up and ease the crypto investments process. They are similar to ETF's but focused solely on cryptocurrencies. When you purchase a bundle, your investment will be equally split among all the tokens in the bundle,  diversifying your portfolio.

CoinSpot has multiple Bundles from NFT Bundles to Metaverse Bundles where you can invest in Decentraland and Axie Infinity.

CoinSpot Bundles page
CoinSpot Bundles

CoinSpot Staking

CoinSpot has the largest selection of cryptocurrency staking options out of any Australian-based exchange with 23 options available to choose from. In addition to having the most diverse staking options in Australia, they also offer the highest yields (returns) out of any centralised cryptocurrency exchanges.

The best feature of their Staking is the ability to stake tokens without needing to lock it up for a month or more. Unlike Binance and Crypto.com, CoinSpot does not require you to stake your digital assets for a certain period of time. You can stake your cryptocurrencies in the morning and unstake them later that day if you wish to do so.

For a full breakdown of CoinSpot's cryptocurrency staking APY (Annual Percentage Yields), please refer to the list below.

(ADA) Cardano - 5.1% APY*
(ALGO) Algorand - 6% APY*
(ATOM) Cosmos - 10.9% APY*
(AVAX) Avalanche - 6.9% APY*
(AXS) Axie Infinity - 78% APY*
(BNB) BNB - 5% APY*
(CRO) Crypto.com - 11.1% APY*
(DOT) Polkadot - 12.5% APY*
(EGLD) Elrond Gold - 12.1% APY*
(FLOW) Flo - 6.5% APY*
(FTM) Fantom - 4.2% APY*
(KAVA) Kava - 23.5% APY*
(KSM) Kusama - 18.5% APY*
(LUNA) Terra - 8.1% APY*
(MATIC) Polygon - 12.8% APY*
(ONE) Harmony - 9.2% APY*
(SOL) Solana - 6.6% APY*
(TRX) TRON - 5.9% APY*
(VRA) Verasity - 19.2% APY*
(WAN) Wanchain - 6.3% APY*
(XTZ) Tezos - 4.2% APY*
(ZIL) Zilliqa - 15% APY*

*APY is estimated and is subject to change.

CoinSpot Axie Infinity Staking
CoinSpot Axie Infinity Staking

CoinSpot's NFT Marketplace

CoinSpot has recently launched their NFT Marketplace which allows their traders to invest in popular NFT projects such as Bored Ape Yacht Club and Cool Cats directly on their platform. The unique feature that CoinSpot has over OpenSea when it comes to NFTs is the ability to buy NFTs with any token in their wallet, not just Ethereum.

If you would like to invest in any of the below mentioned NFT projects, we recommend doing so on CoinSpot. This way you can avoid the high gas fees that OpenSea charges and you can select which cryptocurrency to purchase the NFT with.

CoinSpot currently supports the following NFT projects: Bored Ape Yacht Club, Cool Cats, 3Landers, World of Women, VeeFriends, DeadFellaz, Coolmans Universe, Boss Beauties, Creature World, WonderPals, PUNKS Comic, The Heart Project, Gauntlets & AO Art Ball.

BAYC NFT CoinSpot Page
CoinSpot NFT Marketplace - BAYC

CoinSpot Mobile App

CoinSpot an iOS and Android compatible mobile app. On iOS they support both iPhone and iPad. Their mobile app is widely regarded to be the best Crypto app in the country thanks to their slick user interface and trading tools. They have 4.7 stars with 8.1K reviews on the App Store and are ranked number #17 overall for Finance.

CoinSpot's Mobile App Screenshot
CoinSpot's Mobile App iPhone Screenshot

CoinSpot Customer Support

CoinSpot has an impressive 4.5 rating on Trustpilot. This is after 1,671 reviews. 70% of its users rate its services as excellent. Only 5% of CoinSpot users report a negative experience on the platform. Most users give CoinSpot a five-star due to its ease of use and efficient plus prompt support.

Therefore, less crypto savvy investors can join CoinSpot with confidence that the customer support services will not leave them to flounder in the risky waters that are the cryptocurrency market. Their customer support services are available on Live Chat every weekday between 9 am and 8 pm AEDT.

You can also contact them on weekends between 9 am and 5 pm AEDT. Unlike other exchanges, CoinSpot does not direct inquiries to bots. Instead, it has human assistance in waiting, and there is no queue as well.

If you encounter a challenge during the off-hours, contact CoinSpot via Help Desk 24/7. This is a ticket system that has a 24-hour guaranteed response timeline. On top of that, the exchange has a comprehensive information centre that has lots of answers to most FAQs that a beginner might have.

CoinSpot Contact Page
CoinSpot Contact Page

OTC Trading Desk

The OTC counter serves large scale and institutional investors that perform high-volume transactions. It has benefits such as access to professional trading brokers, less slippage via lock-in pricing mechanisms and ease of access to assets after trade settlement.

Pros

  • Buy and sell over 360 different cryptocurrencies
  • Fast and free AUD deposits
  • Beginner Friendly iOS/Android Mobile App
  • Crypto Staking on over 30 supported tokens
  • NFT Marketplace

Cons

  • Instant Buy fees are 1%
  • No Futures Trading
Visit CoinSpot

Author Bio

Timothy Wilson was a former Prop Trader for a notable crypto trading fund based in Hong-Kong. He built BCA after deciding he wanted to focus his career on educating new users about Crypto and DeFi.

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