What are CoinSpot's Key Features?
CoinSpot is the most feature-rich cryptocurrency exchange in Australia, boasting a wide range of services and products. Refer to the list below for a quick overview of the supported features and services offered on the CoinSpot platform.
- Instant Buy: Instantly buy, sell or swap over 380 cryptos with Australian Dollars.
- Market Buy: Buy and sell over 15 tokens on a CoinSpots P2P platform with fees from 0.1%.
- Crypto Staking: Earn interest on over 25 tokens including ETH, USDC, SOL, AVAX & more.
- NFT Marketplace: Buy the best NFTs from OpenSea directly on CoinSpot with zero gas fees.
- NFT Wallet: Secure and easy-to-use wallet for NFTs on the Ethereum network.
- Bundles: A Crypto ETF product that allows you to invest in multiple tokens in one transaction.
- SMSF Support: Premium support for investors looking to buy digital assets with their SMSF.
- 24/7 Support: The only Australian crypto exchange to offer live 24/7 customer support.
- OTC Desk: A place for institutional clients to buy and sell crypto with lock-in pricing for 0.1%.
- Swap: Swap between 380 cryptocurrencies for zero fees.
Is CoinSpot expensive?
CoinSpot is the most popular exchange in Australia because it offers significantly lower trading fees than most platforms. When buying or selling tokens via the Market Buy feature, users are charged a low 0.1% fee to complete the transaction, this is the lowest trading fee available in Australia. Additionally, the swap feature does not incur any fees, meaning swapping between tokens is free.
However, CoinSpot's Instant Buy feature will incur a 1% fee, which is still considered relatively low compared to exchanges like Coinbase who charge over 3%. The industry average is around 1 - 2%.
As for deposit and withdrawal fees, CoinSpot does not charge any fees to withdraw AUD. For crypto withdrawals, CoinSpot will charge anywhere between 0.0003 - 0.001%. When depositing via POLi, PayID, Osko or Direct Deposit there are zero fees, but when depositing via BPAY, Credit/Debit Card or Cash, there is a small fee. Refer to the photo below for a high-level overview of CoinSpot's fees.
CoinSpot Security, Regulation & Licensing
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 the SCI Qual International security audit and 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.
What Crypto staking options does CoinSpot offer?
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) Flow: 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: 2.8% 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: 5% APY*
*APY is estimated and is subject to change.
Supported tokens on CoinSpot
The platform supports the largest selection of cryptocurrencies out of any Australian-based cryptocurrency exchange. It offers a diverse range of digital assets including but not limited to; stablecoins, meme coins, alt coins, DeFi coins, Metaverse coins and more. CoinSpot currently supports over 380 tokens to buy and sell on its platform.
What are 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 currently offers 12 different bundles from NFT Bundles to Gold and Silver (precious metals) Bundles. Below you can find a list of the available bundles and what tokens are included in them.
- The Dominant Duo: Ethereum & Bitcoin
- Top 3 Market Cap: Ethreum, Bitcoin & Binance Coin.
- Top 10 Market Cap: Ethereum, Bitcoin, Binance Coin, Cardano, Ripple, Solana, Polkadot, Dogecoin, Polygon & Shiba Inu.
- Bitcoin Bundle: Bitcoin, Bitcoin Cash, Bitcoin Satoshi's Vision, Bitcoin Gold.
- Gold/Silver Ratio Bundle: Gold Standard & Silver Standard.
- DeFi Bundle: Wrapped Bitcoin, Avalanche, Shiba Inu, UniSwap & Chainlink.
- Green Bundle: Cardano, Ripple, Algorand, EOS.IO & Iota.
- NFT Bundle: ApeCoin, Decentraland, Sandbox, Axie Infinity, Theta Token, Chilliz, Enjin Coin, Wax Token, Illuvium & Chromia.
- Social Bundle: Decentraland, Ocean Protocol, Steemit, Numeraire, ReddCoin & Gifto.
- AI Bundle: Status, Fetch.ai, SingularityNET, Hive & Loom Network.
- Supply Chain Bundle: VeChain, Waltonchain, Wabi & AMBCrypto.
- Metaverse Bundle: Axie Infinity, Decentraland, Sandbox, Illuvium, MyNeighborAlice, Enjin, RFOX, UFO Gaming, ApeCoin & Metahero.
CoinSpot's NFT Marketplace
CoinSpot recently launched their NFT Marketplace which allows their traders to invest in popular NFT projects such as Bored Ape Yacht Club (BAYC) directly through its 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. Additionally, there are no gas fees on CoinSpot unlike OpenSea.
On CoinSpot, you can currently invest in the following NFT projects: Bored Ape Yacht Club, Azuki, Cool Cats, Meebits, Invisible Friends, Hashmasks, Adam Bomb Squad, tubby cats, The Doggies, Loser Club Official, Smilesss, Thingdoms, Trillionaire Thugs, Not your Bro, SlimHoods, Beans, The Humanians, The NFTeams, Dennis Rodman's Barbershop, 3Landers, World of Women, VeeFriends, DeadFellaz, Coolmans Universe, Boss Beauties, Creature World, WonderPals, PUNKS Comic, The Heart Project, Gauntlets, VeeFreinds Series 2 & AO Art Ball.
Does CoinSpot offer Cash Deposits?
CoinSpot does offer cash deposits through their partnership with BlueShyft. This enables Australians to go to any one of the thousands of participating newsagents to deposit cash, which will arrive on your CoinSpot account.
The current fee to deposit cash onto CoinSpot is 2.5% per deposit. The daily deposit limit via Cash is $8,000 AUD per day. You can read more about how to do this in the CoinSpot FAQs.
CoinSpot Mobile App
You can download the CoinSpot app on both iOS and Android devices. For Apple users, the application is supported on iPhone and iPad. The mobile app is widely regarded to be the best Crypto app in the country thanks to its slick user interface and trading tools. It has an impressive 4.8 stars from 13K reviews on the Apple App Store and is ranked number #17 overall in the Finance category.
How to contact CoinSpot's customer support team
CoinSpot has an impressive 4.5 rating on Trustpilot out of 1,800 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. The customer support team is available 24/7 via Live Chat. Additionally, support can be reached via email (firstname.lastname@example.org) and through its online ticketing system on Zendesk.
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. All OTC trades are charged a small fee of 0.1%.
CoinSpot is an all-encompassing cryptocurrency platform for Australians to buy, sell and invest in digital assets. It's the number one exchange down under thanks to its intuitive user interface and reliable customer support service. Its partnership with BlueShyft also allows users to deposit cash directly into their CoinSpot wallet without any extra hassle.
The platform also offers a comprehensive collection of NFTs, ranging from Bored Ape Yacht Club to Azuki's and more. CoinSpot provides an OTC trading desk for institutional investors and traders looking to perform large transactions without the need for extra hassle. Finally, its mobile app allows users to stay connected with their investments wherever they go. All in all, CoinSpot is the perfect platform for anyone looking to make their first foray into the cryptocurrency market.