CoinSpot is the biggest Australian cryptocurrency exchange. It has been around since 2013, and has taken off since then, growing to over 2 million users by 2021. They have a very easy to use platform, over 360+ different coins, Live Chat customer support, and ISO 27001 certification.
The first point about CoinSpot is that it is very easy for beginners to use. The interface on both mobile and desktop is well-laid out, with a clear menu where you can access all the functions of the exchange. If you want to simply buy or sell crypto instantly, all you have to do is click the Buy/Sell button in the menu, and you are well on your way. If you run into any issues, you can reach out to Customer Support via live chat, and they are really responsive, as I have personally tested out.
Huge range of 360+ coins
CoinSpot easily has the largest range of coins of any Australian cryptocurrency exchange, with over 360 supported and they are always adding new ones. Whether you are looking for one of the popular coins, or a new coin that has just hit the market, CoinSpot is your best bet for finding it.
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Staking supported on 23+ coins
CoinSpot allows staking on 23 coins, and they are regularly adding more to their platform. This is a way that you can earn interest on your crypto while you hold it in your CoinSpot account.
CoinSpot has an app that can be downloaded from Google Play store and iOS App store. To stay on top of your crypto investments, it is handy to have access wherever you are. The app is just as easy to use as the desktop site, with all the same functionality.
CoinSpot has a way of streamlining your crypto purchases, if you like to diversify your crypto portfolio. For example, there is a bundle called 'top ten coins by market capitalisation', and when you purchase it, you will automatically receive crypto from each of the top ten coins. This is a time saver because you can quickly invest in all ten coins, without needing to go through and purchase each one. There are also other bundles, such as DeFi bundle and AI bundle, which help you diversify in those areas.
CoinSpot has an OTC (over-the-counter) desk that assists those that want to place large orders, over $50,000. This allows them to make trades off the market, to minimise slippage, and access low fees of just 0.1%.
Live Chat support
CoinSpot's customer service is top-notch, with their responsive Live Chat agents ready to attend to your needs. This is especially helpful if you are a newcomer to crypto, as you will likely find yourself with lots of questions. If it is after hours, you can contact CoinSpot via email, and they will reply at their earliest convenience.
Pros and Cons of CoinSpot
- Australia's largest crypto exchange
- Very easy to use, great for newcomers
- Over 360+ coins available
- Stake 23 coins to earn interest
- Instantly buy/sell crypto or trade on the market
- Live Chat Support
- Instant buy/sell fees of 1% are higher than competitors
- Credit card deposits not accepted
CoinSpot Deposit Methods
You can deposit AUD into CoinSpot using POLi, PayID, OSKO (direct deposit), BPAY, and cash deposit. You can also transfer cryptocurrency to your CoinSpot account.
CoinSpot has some fee-free deposit methods, which are POLi, PayID, and Direct Deposit (OSKO). If you want to use BPAY, you need to pay 0.9% for that privilege, and depositing cash at a newsagent will cost 2.5%.
When it comes to buying and selling crypto, it will cost you 1% when you purchase or sell instantly from CoinSpot.
If you prefer to trade on the market, you can access lower fees of just 0.1% but unfortunately you can only access a small range of less than 20 coins in this manner. To purchase the other coins, you will need to use instant buy/sell.
For OTC trades, the fees are a low 0.1%, but the minimum transaction amount is $50,000 so this is out of reach for the everyday Aussie.
Withdrawing AUD from CoinSpot to your bank is free of charge, regardless of the amount you want to transfer.
CoinSpot's security is the best you can find in an Australian exchange. Aside from the standard 2FA, anti-phishing codes, storage of crypto in cold wallets offline, geo-lock logins and session timeouts, they are also the proud recipients of the ISO 27001 certification. They are the only Australian crypto exchange to meet this standard of external auditing, making them the most trusted and secure platform. CoinSpot has also been awarded the certification of Blockchain Australia Certified Digital Currency Exchange provider, showing their commitment to the Australian Digital Currency Industry Code of Conduct.
CoinSpot is a top choice for any newcomer to the crypto market. With the beginner-friendly interface, huge range of 360+ cryptocurrencies, staking on 23 coins, and Live Chat support, new users will have no issues using this exchange. The fees are a little higher than other exchanges such as Swyftx or Digital Surge, but remember you are accessing Australia's largest crypto exchange, with the highest levels of security and auditing. If you want to compare some of the other top exchanges in Australia, click here to read our article.