CoinSpot Review - Australian Cryptocurrency Exchange
If you’re at all into the ever-expanding world of Cryptocurrencies, you may have come across or heard about CoinSpot – an Australian cryptocurrency exchange site that has gained some massive popularity. But with all things crypto-related, it’s best to do some research before diving in and trading and exchanging on a site without knowing too much about it.
Read our CoinSpot review where we give you an unbiased and intensive look at the exchange, what they’re all about and what they have to offer.
Basic Details
Name: CoinSpot
Product Type: Australian Cryptocurrency Exchnage
Established: Founded in December 2013, Melbourne Australia
Fiat Currencies Available: Australian Dollars (AUD)
Cryptocurrencies Available: Bitcoin, Ethereum, Litecoin, Ripple and 100+ more.
What is CoinSpot?
CoinSpot is an online cryptocurrency exchange that aims to make it very easy for users to buy and sell a wide range of cryptocurrency coins and tokens. CoinSpot opened its virtual doors in the first half of 2013, with the original focus being on Bitcoin trading.
Since then it has expanded and evolved to become one of Australia’s most well-known Bitcoin and crypto trading sites, offering a wide array of Cryptocurrencies with an astounding amount of features and different payment options.
The founder and director of the company is a man who goes by the name of Russell Wilson, who has remained active in the media and on internet forums speaking about the company since its inception. The fact that the founder of CoinSpot is active at all is a major point in CoinSpot’s favour – putting it ahead of cryptocurrency exchange platforms with faceless or non-existent leaders.
CoinSpot list their physical offices at 114 William Street, Melbourne, Australia.
Creating a CoinSpot Account
Creating an account with CoinSpot is very straightforward, and it is one of CoinSpot’s very best features.
The most complicated part of the sign-up process is getting verified. To get verified you’ll need to provide CoinSpot with: your full name; Australian street address; Australian mobile phone number; a photo of some form of identification, such as a driver’s card or learner’s card; A photo of a utility bill to prove your address.
After you’ve done this, you’ll have to set up your two factor identification, which uses your email and phone number to verify your identity.
Do not be alarmed by the information that CoinSpot requests, this is the same as any large cryptocurrency exchange and is a requirement of the Australian government and their anti-money laundering laws.
This may seem like quite a lengthy process just in order to get verified, but at the end of the day this process does an excellent job in protecting the CoinSpot community against scammers and hackers so we can definitely say that it’s worth the effort – especially considering the fantastic services you’ll be provided with once your verification is complete.
Verification usually takes place within 48 hours of you submitting all your documents and photos, although in many cases it is done within a couple of hours.
Once this is complete, you’ll be able to log in to your CoinSpot account and start trading!
Buying & Selling on CoinSpot
Once you’re officially registered and verified with CoinSpot, you can start buying and selling! There are a myriad of options available, and you may want to do some research into Bitcoin and other cryptocurrencies if you’re a beginner, before you get caught up in the process of buying and selling different coins.
You can make trades at any time of the day or night – whenever suits you best.
Buying or selling is as simple as clicking on Buy/Sell in the top panel, then choosing your desired coin and entering the amount of cryptocurrency, or the amount in AUD you wish to spend.
The panel will automatically calculate the cost of the coins you wish to purchase.
For example, if you were to enter $1000 AUD, it will automatically tell you how much Ethereum you are able to afford. In this example with Ethereum costing $540.81, you would be able to purchase 1.79520321 ETH tokens.
It also works in the opposite way – if you were to enter how many ETH tokens you wish you purchase, it will automatically calculate how much that would cost in AUD.
Having internet banking will make things a whole lot easier for you in order for bank transfer transactions to take place. You have the option to store your funds in your CoinSpot account or at any time you please you can exchange your crypto funds into AUD and withdraw them into your regular bank account.
Each time you want to buy or sell, you’ll need to log in to your CoinSpot account. For this, you’ll need to enter your email address and unique password. From there you can go about buying and selling as you please.
As with any cryptocurrency exchange, it’s recommended you log out once you have finished trading.
What are the Accepted Payment Methods?
So you’re all set to make your first bank transfer deposit with CoinSpot, but how exactly? Well, CoinSpot has a great array of payment methods to choose from, and there should be something to suit everybody. CoinSpot’s payment methods include:
POLi Pay:
A tried and tested bank transfer method that is owned by Australia Post and has been around for years which has gained the trust of thousands of establishments and individuals. POLi payments are deposited instantly and are fee-free. This makes it a highly favourable option.
BPAY:
BPAY is another proudly Australian brand that is accepted at over 45,000 different vendors. With numbers like that, it’s guaranteed to be a trusted payment method. But what is it, exactly? It is a e-wallet system that processes payments within a day- which is pretty good considering industry standards.
Blueshyft Cash Deposit:
Blueshyft keeps things old school by providing an avenue for you to directly deposit cold hard cash for your online needs-in this case CoinSpot. Blueshyft has over 1,200 branches all over Australia at selected news-agencies . So chances are that there is a branch just around the corner from you.
PayID:
Like POLi Pay, PayID is another instant bank transfer deposit method that CoinSpot offers and uses the using the Australia wide New Payments Platform (NPP). Deposits are completely free, but you’ll have to check with your banking provider for the daily limits, as they can vary.
Direct Deposit (instant with Osko):
The direct deposit method is simply a bank transfer which you can do with your chosen online banking provider. If your bank supports Osko, then the good news is that these bank transfer deposits are instant. There are no fees using the direct deposit method to get your funds into CoinSpot.
| Payment Option | Fees | Maximum Daily Deposit | Time Until Available |
|---|---|---|---|
| POLi | Free | Up to $20,000 | Instant |
| BPAY | 0.9% | Up to $10,000 | 0-2 Business day |
| Cash Deposit (BlueShyft) | 2.5% | $8000 | Instant once cash is deposited |
| PayID | Free | Varies (check with your bank) | Instant |
| Direct Deposit | Free | Unknown | 1-3 days (instant with Osko) |
While there are many exchanges that offer more payment methods than what CoinSpot provides, you can rest assured that your money is in truly safe hands with CoinSpot as they only use the very best and most secure payment methods out there to make sure you are given the very best security.
What are CoinSpot’s Best Features?
There are hundreds of Bitcoin and cryptocurrency exchange sites out there, so there must be something that makes CoinSpot special and unique in order for it to stand out from the crowd.
CoinSpot’s stand-out feature is the fact that their site is very simplistic – making it exceptionally user friendly and even those who are technologically impaired and new to all things Bitcoin and crypto can easily navigate their way through CoinSpot’s site.
Some of CoinSpot’s best features are that it is extremely easy to use, there are low fees for buying, selling and trading, there are a large amount of altcoins and cryptocurrencies available to buy and sell with Australian dollars.
CoinSpot has great customer service and is a safe and secure Bitcoin and crypto exchange.
Keeping things basic has really worked in CoinSpot’s favour as the sites of its competitors are mostly cluttered, crowded and confusing.
Of course, users will need to decide for themselves how much they want to buy and sell on the site but once that decision has been made, things really couldn’t be more straightforward – just follow the prompts, and there you have it!
Obviously, CoinSpot has some other positive features that make it great, but we’ll learn more about those as this review progresses.
What Altcoins Can You Buy and Sell?
The fact that CoinSpot offers so many currencies and altcoins on their site is definitely another stand-out feature of theirs. While they were first solely a Bitcoin exchange site they have branched out to include scores and scores of altcoins and currencies to choose from.
As far as the Australian market goes, CoinSpot definitely has the best variety out there.
They are also well-known for regularly adding new cryptos to the exchange, with several new currencies/tokens being added each month – usually at the request of users on their Facebook page.
All coins undergo major scrutiny before being added, which ensures the exchange remains free from scammy projects.
Here’s the full list of cryptocurrencies available to buy & sell:
| XRP (Ripple) | Iconomi | Golem | Bytecoin |
| Raiden Network | iExec | GAS | DigiByte |
| Ethereum | Synthetix | Bitcoin Gold | Dogecoin |
| Ethereum Classic | Nucleus Vision | AdEx | Dash |
| BNB | Wanchain | Rise | Peercoin |
| Maker | WAX | Stellar | MaidSafeCoin |
| Unibright | WePower | Steem | Factom |
| WazirX | Sirin Labs | Hive | Nxt |
| Crypterium | Syscoin | Enigma | Bitcoin |
| Numeraire | Ontology | Bitcoin Cash | Monero |
| Streamr DATAcoin | Ontology Gas | Bitcoin SV | Augur |
| Chiliz | Odyssey | Voyager Token | Quantstamp |
| Origin Protocol | Theta | Zcoin | Einsteinium |
| Algorand | Theta Fuel | Komodo | TRON |
| TomoChain | RChain | Civic | ICON |
| Kava | Zilliqa | Kyber | Po.et |
| Fetch.ai | Status | Salt | VeChainThor |
| Decentraland | Aion | Crypto.com (Monaco) | VeThor Token |
| BitTorrent | Loopring | Qtum | Simple Token |
| Harmony | IOStoken | Ark | Decision Token |
| Fantom | aelf | GameCredits | DentCoin |
| Solve | Bancor | FunFair | Dragonchain |
| Celer Network | Cindicator | Safe Exchange Coin | Modum |
| Matic Network | Revain | Basic Attention Token | Aeternity |
| Cosmos | Request Network | Stratis | CanYaCoin |
| Tezos | StormX | Verge | Aave |
| Tael | Storj | PIVX | Enjin Coin |
| Gifto | Nuls | TenX | SingularityNET |
| Aeron | Populous | Reddcoin | Electroneum |
| Pundi X | Nano (RaiBlocks) | Metal | Gold Standard |
| Ravencoin | Substratum | OMG Network | Silver Standard |
| Holo | NEM | USD Coin | Hedera Hashgraph |
| QuarkChain | Vertcoin | Tether USD | Tierion |
| GoChain | Power Ledger | LBRY Credits | DigixDAO |
| Skycoin | Zcash | Siacoin | FTX Token |
| Nebulas | Obyte | EOS | REN |
| ChainLink | Decred | Nexus | Horizen |
| SelfKey | Cardano | Waves | HyperCash |
| Elastos | 0x | Ardor | Blockstack |
| Ripio Credit Network | BitShares | Neo | Nimiq |
| WINGS | Walton | IOTA | |
| district0x | Litecoin | Lisk |
What are CoinSpot’s Fees?
The charges and fees that you will encounter on CoinSpot are different for different transactions, but for the most part, they are generally low.
After listening to user feedback, the company recently lowered their fees for Instant Buying, Market Buying and BlueShyft deopsits.
To simplify things – when you are buying or selling instantly you can expect to pay a fee of 1%, which is quite low if we look at industry standards.
When you are buying in the market sections, fees are 0.1% per transaction, however, not all coins are available on the market section. There are currently 13 pairs available in the market: BTC/AUD, LTC/AUD, ETH/AUD, DOGE/AUD, NEO/AUD, POWR/AUD, XRP/AUD, TRX/AUD, EOS/AUD, XLM/AUD, RHOC/AUD, GAS/AUD and RFOX/AUD.
| Transaction | Fee |
|---|---|
| Instant AUD to Bitcoin | 1% |
| Instant AUD to Altcoin | 1% |
| Instant Coin to Coin | 1% |
| Market Trading | 0.1% |
All in all, CoinSpot’s fees are very reasonable.
As with any exchange platform, if you or doing a lot of day-trading then the fees can add up, so you need to take that into account, but CoinSpot make everything transparent and easy to use and understand.
CoinSpot Buy & Sell Limits
CoinSpot buy & sell limits are very lenient. There are no limits for the amount you can buy per day, but there are limits on the amount of cryptocurrencies that you can buy or sell per transaction.
The maximum you can buy and sell per transaction for Bitcoin is $100,000 AUD.
Other coins have varying limits per transaction – see the table below.
As far as deposits go: POLi Pay allows the largest deposits, with up to $20,000 per 24 hour period, while the BPAY deposits have a maximum of $10,000 AUD applied to them for every 24 hours, with some slight restrictions for new accounts for the first week (see below). If you are depositing through Blueshyft, the amount is restricted to $8,000 AUD per day.
The deposit amount allowances are actually quite impressive and even big spenders, and crypto pros should not feel too limited by CoinSpot’s restrictions. It may seem unnecessary to have restrictions at all, but it assists in keeping control and accountability on the CoinSpot platform.
| Action | Limit |
|---|---|
| Buy or Sell Per Day | No Limit Per Day |
| Buy or Sell Bitcoin | $100,000 Per Order |
| Buy or Sell XLM, XTZ, DASH, ATOM, LINK, IOTA, ETC, ONT, XEM, BAT, ZEC, QTUM, VET, DOGE, ICX, OMG, ZRX, WAVES, RVN | $50,000 Per Order |
| Buy All Other Coins | $25,000 to $500 per transaction depending on market liquidity. |
| Sell All Other Coins | $25,000 to $500 per transaction depending on market liquidity. |
| Withdraw to Bank | No Limit* |
| POLi AUD Deposit | Up to $20,000 Per 24 Hour Period** |
| BPay AUD Deposit | Up to $10,000 Per 24 Hour Period |
| Cash AUD Deposit | $8000 Per 24 Hour Period |
*Although there are no limits, CoinSpot recommends that you contact them before you make any substantial withdrawals so that they can process your withdrawals in a timely manner.
**In your first week of signing up with CoinSpot you have a rolling limit of $2000 per 24 hour period, which means if you deposit $2000, you will not be able to deposit more money until the same time the following day. It does not reset at midnight. After your total deposits have reached $2000 for the first time, your limit will be raised to $20,000 per 24 hour period.
What are the Transaction Times?
Transaction times are always a big talking point when it comes to any exchange platform. You don’t want to be waiting days or even weeks for your funds to clear- it’s online it should be instant!
Thankfully The POLi payment bank transfer system allows your funds to be in your CoinSpot account instantly, while BPay deposits usually take around 1-2 business days to arrive in your account.
AUD withdrawals from CoinSpot to your bank account will generally arrive in your bank account the next day if the withdrawal is submitted before 2pm. Withdrawals that are submitted after 2pm, will be processed the following day.
Is CoinSpot Safe?
Safety and security is a significant concern for all crypto users. Bitcoin and other cryptocurrency scams are popping up all over the world on a daily basis, and no one wants to be the victim of one.
The first bit of peace of mind you can get from CoinSpot is that they have been around since early 2013. This alone gives them credibility as well as their in-tact reputation, activity on social media and the presence of founder Russell Wilson.
CoinSpot also has some impressive credentials: they are members of the Australian Digital Commerce Association, they are officially registered with Australian Business Number and the company completely follows the guidelines of AUSTRAC – which is Australia’s anti-money laundering and counter-terrorism financing regulator.
Australia is by no means lenient with their laws and regulations and the lengths CoinSpot goes to comply with these laws and regulations to remain a legitimate trading platform gives the company major credibility.
CoinSpot also employs the use of two factor authentication. This means that users have to verify their identities when they sign in by inputing a unique code that is on their mobile. CoinSpot also makes users verify withdrawals by clicking on a link that is emailed to you as soon you try to withdraw. This makes it exceptionally difficult for hackers to access your funds.
However, it is imperative that users take on the responsibility of keeping their login details and passwords entirely to themselves and never store them online or even written down on your computer.
What is the Customer Support Like?
If you run into any trouble while on CoinSpot, don’t hesitate to contact the ever-helpful CoinSpot support team.
CoinSpot’s main support option is provided by ZenDesk. ZenDesk are major leaders in the industry, and their facility is easy to use. This great customer service platform is used by over 200,000 companies around the world and ZenDesk are also involved in the world of Cryptocurrency. Although there have been minimal reports of delays with regards to some customer support – for the most part you can expect a detailed response to your query within a day or less.
If you feel that your issue or query may be a common one, a good idea would be to check out the many FAQs that have been answered on CoinSpot’s official website. This saves you the time of having to type out an email to the support team and then still wait for the response.
By using the FAQ page, your issue could be resolved in an instant.
CoinSpot really does value their customers’ needs and opinions and this is made obvious by the fact that they allow for users to request new cryptocurrency projects to be put onto the site.
Obviously, there needs to be quite a bit of interest shown before a coin is considered. And obviously, it will need to be researched to ensure it’s not scammy.
If you have your own coin or token, you can contact them about adding it to the register too!
Is there a CoinSpot App?
CoinSpot has recently released a app for both Android and iOS users. The app allows users to easily perform majority of the functions of the desktop site, such as: instant buys and sell, depositing and withdrawing funds, as well as an overview of all your current digital assets in the wallet section.
What are the Pros & Cons?
While we have given you a wealth of information in this article, it’s always nice to sum things up in a pros and cons list. So here they are: the best and worst aspects about CoinSpot exchange:
Pros
- Many different altcoins available to be bought and sold
- Simple and straightforward site with easy navigation
- Relatively low fees
- Many different payment methods offered
- Safe and secure site with all regulations in place
- Reliable and helpful customer support team
Cons
- Some people might consider the verification process to be a hassle
- Only available in Australia
- Transaction limitations in place for new users
- AUD is the only accepted Fiat currency
Frequently Asked Questions
How do I withdraw money from CoinSpot?
To withdraw your money (Australian Dollars) from CoinSpot, you first need to tell CoinSpot where you would like them to send your money. This is as simple as clicking on ‘Account’, then ‘Bank Details’, and then filling in the account number for where you would like your funds sent to.
Does CoinSpot have a wallet?
CoinSpot does not currently have a desktop or mobile wallet, but you are able to store your cryptocurrency on their online wallet, which you can access anytime you login. However, it is never recommended to store large amounts of crypto on any cryptocurrency exchange, even if they do have an impeccable safety history like CoinSpot does. An offline/hardware wallet is one of the safest options.
How long do CoinSpot withdrawals take?
For money withdrawals, if you make the withdrawal before midday, you can expect the money to be in your bank account the next day.
Crypto withdrawals are processed instantly, but the time it will take to arrive in the recipients address will depend on a range of factors, including the network congestion. This can make the waiting time anywhere from a minute to a few hours or more.
How do I send coins from CoinSpot?
CoinSpot make it incredibly easy to use the ‘send’ option, which will allow you to send your coins to anyone in the world. Once you have purchased your coins, click on Wallets from the top menu, then open the wallet that you wish you send coins from. Once you have opened the wallet, click Send. Enter the amount of coins you wish to send, then enter the address you wish to send to (double checking that it is correct). Next, enter your 2FA code if you have it enabled (highly recommended!), and click Send. You will need to approve the transaction via an email that CoinSpot will instantly send you – this is a security feature to ensure that it was you that made the transaction.
Has CoinSpot been hacked?
In these times when you often hear of overseas exchanges being hacked, it’s comforting to know that due to CoinSpot’s rigorous security standards they have never been hacked.
Conclusion
From this review, we can safely say that CoinSpot is definitely not a scam but rather a fantastic cryptocurrency exchange with a lot going in its favour. CoinSpot may have a few limitations and downfalls but it is the perfect platform for beginners and traders who want to keep things simple because of their straightforward navigation and simple site.
With CoinSpot you have options and options that are a significant advantage! You have options when it comes to payment and withdrawal methods, which cryptocurrencies you want to trade and if you want to do this all on your mobile or desktop.
All in all we can say that CoinSpot is an excellent choice of crypto exchange platform if you are based in Australia.