CoinSpot Review: Everything You Need to Know (2021)
Summary: CoinSpot is Australia's most popular cryptocurrency exchange boasting over 1 million users across their Web and iOS/Android app/. CoinSpot are without doubt the safest, fastest and easiest way to start investing in Digital Assets from Australia.
CoinSpot is definitely one of the most significant players on the Australian crypto market. The local exchange giant launched in 2013, which makes it one of the oldest cryptocurrency exchanges not only in Australia, but also globally.
CoinSpot is not only one of the oldest, but also the most popular Australian crypto exchange. Between the website and mobile apps, CoinSpot has over 1 Million active users and the number constantly keeps growing as new clients choose to use the services of CoinSpot.
In this CoinSpot review, you will find all important details about the CoinSpot exchange. You’ll get to know if CoinSpot is secure, are the CoinSpot fees high or low, what cryptos are supported on CoinSpot, and you’ll be able to learn all the most important advantages and disadvantages of the CoinSpot exchange.
What is CoinSpot Used For?
While over the years many crypto exchanges have evolved to be more complicated and accommodate more advanced features, CoinSpot was able to withstand their competitions by being as easy to use and user friendly as possible.
Simply put, CoinSpot is great at the most important thing Australian crypto enthusiasts care about: buying cryptocurrencies with AUD instantly and effortlessly. For people who just want to buy crypto with AUD without any problems, CoinSpot is one of the best possible choices.
What’s even better, AUD can be deposited to CoinSpot with no fees, and the exchange also has no withdrawal fees, so for people interested in buying Bitcoin with AUD, CoinSpot is an option to do that in a very affordable way.
While CoinSpot might not have as many advanced DeFi-like features as exchanges such as Binance or Coinbase, it is excellent at what it offers, which is simply buying crypto with AUD. Because everything about CoinSpot is designed to make the user experience as smooth and problem-free as possible, even people who have not used cryptocurrency exchanges before can buy crypto with AUD on CoinSpot without any issues.
CoinSpot User Interface
The user interface is hands down one of the greatest advantages of CoinSpot. The exchange is designed with beginners in mind, so that even people with no previous crypto experience will be able to easily buy their first cryptocurrency with CoinSpot.
Every aspect of using CoinSpot is as easy as possible. From registering an account, through depositing and withdrawing assets, up to actually buying crypto and tracking your portfolio as it grows - all of this can be done effortlessly and intuitively, both on desktop and mobile, with just a few clicks.
CoinSpot fees are fair and not too high, very close to the industry standards. Funds can be deposited and withdrawn for free, and the fee for making trades is small.
Fiat deposits made with PayID, POLi, and Direct Deposit (via OSKO) are completely free. Deposits made with BPAY include a 0.9% fee, and deposits made with cash include a 2.5% fee.
CoinSpot transaction fees vary depending on the type of trade you make: market trades include a 0.1% fee, while most other types of transactions such as instant trades, advanced trades and swaps have a 1% fee.
Withdrawing AUD from CoinSpot is completely free, regardless of the amount you want to withdraw. Crypto withdrawals come with standard network transaction fees, but the exchange itself doesn’t add any extra fee.
CoinSpot Mobile App
CoinSpot can be used not only on desktop computers, but also on smartphones. The CoinSpot mobile app is available for both Android and iOS, and it allows you to enjoy the full functionality of CoinSpot, including the ability to track the prices of the assets in your portfolio and make quick trades whenever and wherever you want.
Customer support is the weak spot of many crypto exchanges on the market, as it often can be very hard to get the help you need. Fortunately, that is not the case with CoinSpot.
Of course, the best kind of customer support is talking to a real person, and CoinSpot provides exactly that. If you have any problems and need help, you can contact a consultant immediately, without having to go through the usual process of talking to a bot first.
Although the support chat does not work 24/7, you shouldn’t have any problem with contacting it during the standard working hours. The chat is open from 9AM to 8PM AEDT on weekdays, and to 5PM on weekends. It’s also worth noting that the customer support consultants are well trained and in most cases they will be able to quickly solve any issue that you might have.
Is CoinSpot Safe?
It goes without saying that for any crypto exchange on the market, security of the users’ assets is by far the most important thing. After all, a neatly designed user interface or a large number of supported digital currencies means nothing if the safety of your wallet can be easily compromised.
Fortunately, when it comes to CoinSpot, the users really don’t have any reasons to be worried. On the contrary: CoinSpot is generally considered an extremely secure platform, and is even the only Australian crypto exchange to be awarded with the ISO 27001 certificate, which attests to the fact that it adheres to all the highest industry standards and security policies.
Like all reputable crypto exchanges, CoinSpot secures most of its assets in offline wallets stored in remote locations. Because of that, there is no way for a hacker to steal the funds from CoinSpot reserves.
CoinSpot also employs Two-Factor Authentication, which greatly improves the security of the users’ accounts. For people who are especially cautious, CoinSpot also provides numerous extra security-enhancing functions which can be turned on or off at will, such as withdrawal restrictions, anti-phishing features, geo-locking the account and many more.
Which Coins and Tokens Are Supported On CoinSpot?
CoinSpot currently supports over 290+ different coins and tokens, and the number is regularly increased as the exchange introduces new supported cryptocurrencies. Almost 300 supported cryptocurrencies is definitely a lot, so the amount of available assets can be considered one of the advantages of CoinSpot.
Of course, there are some exchanges which support thousands of different tokens, but listing unverified and low quality projects is not always an advantage. A limited selection of quality assets is usually much better, and most people will not have any problem with buying their favourite crypto with AUD using the CoinSpot exchange.
CoinSpot is a highly secure, user-friendly crypto exchange with a large number of supported cryptocurrencies and low fees. It has been on the market for a very long time, and has managed to achieve a spectacular reputation. While the fact that credit and debit cards are not supported will be a problem to some people, CoinSpot has no other major issues and it has rightfully deserved its status as the most popular Australian crypto exchange.
I spent 5 years as a Commercial Lawyer in Australia before stumbling across the innovations behind Bitcoin and the cryptocurrency space. Ever since, I have been committed to learning more and educating the broader Australian community about Bitcoin, hard money, investing and decentralized finance.
Crypto Ranking Australia is built to deliver the best cryptocurrency comparisons and reviews for traders and investors in the country. All content on www.cryptoranking.com.au is provided solely for informational purposes only and should not be misinterpreted as an endorsement to buy, sell or trade any cryptocurrency or product we recommend.