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CoinSpot Review: Pros, Cons and How it Compares

CoinSpot is a popular Australian cryptocurrency exchange platform. Check out this guide for everything you need to know about this crypto exchange.

  • Coinspot
  • Dean Fankhauser
    By
  • Posted
  • Read Time3 minutes
  • Our score
  • Go to siteCoinspot

Coinspot review

Our take

4.0

Choosing a cryptocurrency exchange requires doing your research. After all, not all platforms are created equal. Whether you're new to digital currency or have some experience with cryptos, you must carefully select where you place your trades and investments.

Of course, the research experience can feel overwhelming because there are so many market choices today. For example, when it comes to the best cryptocurrency exchange, CoinSpot has been getting plenty of attention lately.

A well-respected digital currency exchange based in Australia, it permits customers to buy and sell Bitcoin, among other things. Could this platform be right for you? Perhaps.

Let's take a closer look at the platform's user interface, deposit limits, payment methods, trading fees, and more. 

What Is the Cryptocurrency Exchange CoinSpot?

A Melbourne-based cryptocurrency exchange, CoinSpot offers a secure and safe platform for selling and buying cryptos. The exchange is considered by many to be one of the best digital currency exchanges Down Under. 

Once you've signed up for an account, you can instantly start buying and selling Bitcoin. You'll also gain access to the open market, where you can earn potential profits through speculation. 

The platform is easy-to-use, even for beginners. It offers competitive trading fees for OTC and SMSF investors. CoinSpot also comes with responsive customer service and a ticket system. 

With CoinSpot, you'll have access to multiple Australian dollar (AUD) deposit methods as well as ISO Accreditation for information security. Bank transfers remain the most popular way to deposit AUD at CoinSpot, which then permits you to start trading. 

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CoinSpot Features and Services

As CoinSpot has expanded to become one of Australia's most significant crypto exchanges, it has grown to offer more features and services. What can you expect when using this platform?

For starters, you must know that CoinSpot was designed to suit all investors through its streamlined, user-friendly interface. Yet, despite its inherent convenience, the platform still offers trading of more than 210 cryptocurrency coins available to sellers and buyers.

You can transact in cryptos in a matter of minutes and can take advantage of CoinSpot's exchange platform with TradingView charts. It also offers advanced order types with a wide range of options available to users.

What are these deposit options? They include PayID, BPAY, POLi payments, and cash. The platform also maintains high standards for security features, thereby minimizing account theft.

Australian Super Fund investors will enjoy over-the-counter trading desks and support. And all users can rest assured their funds will stay well-protected. 

Why? Because CoinSpot makes security a top priority with two-factor authentication (2FA) that protects consumers from theft and hackers. The platform also performs industry-leading security processes and the previously mentioned ISO Accreditation, providing additional layers of security.

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Frequently Asked Questions About Coinspot

Now that you have a better understanding of CoinSpot and why so many consumers choose it, let's take a closer look at frequently asked questions (FAQs). These inquiries are common among prospects and customers alike, and we imagine you've got a couple of these in the back of your mind.
What Are the Steps Needed to Create an Account and Login?

Before you do anything else with CoinSpot, you've got to create an account. How does a new user get started on CoinSpot? Begin by visiting the website and clicking on the "Register" option at the top of the page.

From there, you'll fill in the details and select the "Create Account" option. After clicking on this button, you'll need to enter your email address and then verify it. Once the email verification process gets completed, you can log into your CoinSpot account and start depositing funds for transactions.

What Information Must You Provide to Verify Your CoinSpot Account?

Once you've got a CoinSpot account, you gain access to exploring the website's many features. These include the ability to make deposits and withdraw funds. Of course, you can't do any of this until you've completed the CoinSpot verification process.

We've briefly talked about the necessity of email verification. But how do you verify your identity so that you take advantage of deposits of AUD 2,000 per day as well as withdrawals? You'll need to provide the following documentation:

  • Full name
  • Phone number
  • Date of birth
  • Residential address
  • Selfie photograph holding up an ID document
  • Copy of a valid passport or identification with proof of address

What else do you need to know about this process? It's a strict one. As a result, you must adhere to the checks and balances outlined in AML policies. 

This approach is a standard process that protects the crypto exchange from involvement in suspicious activity and money laundering. How long does this verification process take? CoinSpot will handle it in less than 24 hours. 

Once you've been thoroughly verified and approved, you can start performing buying and selling activities.

How Do You Deposit Funds at CoinSpot?

Users have multiple options when it comes to depositing funds into their Bitcoin accounts. What are the most popular choices? Consumers prefer the following means of depositing funds in their accounts:

  • Direct deposit
  • POLi
  • PayID
  • Bank transfer

Remember that when consumers use any of the payment methods listed above, they won't face trading fees. Besides these options, users may also use Cash and BPAY deposit methods. But you'll face a small cost for these choices. 

You should also note that each deposit method comes with various deposit limits per day and unique timeframes. 

What else do you need to know about CoinSpot? Unfortunately, the exchange doesn't provide any options for buying Bitcoin with a credit card. You won't be able to use PayPal or AfterPay, either.

What Do You Need to Know About CoinSpot's Interface and TradingView?

For traders and investors using CoinSpot, you'll have access to technical charts for analysis. The interface is also equipped with trading tools such as technical patterns, indicators, and trend lines to analyze price action. 

A popular charting package, TradingView interfaces with CoinSpot. Users rave about these tools, and with good reason. They place the information you need right at your fingertips. 

But there's a caveat to all of this. You must remember that the drawing tools and indicators get removed each time you log out of the platform. So, if you want to save any of your charts, you'll need to do so as separate crypto charting websites.

How Do You Buy and Sell Cryptos via CoinSpot?

After you've created an account with CoinSpot and been verified, you can immediately start buying and selling cryptos. To access these transaction capabilities, click on the "Buy/Sell" choice at the top of the page. 

You can buy and sell in more than 200 different coins as well as in AUD. Using the instant buy feature proves simple. If you'd like to buy Bitcoin, select the asset from the list. Next, you'll see an order entry box displayed where you can enter the amount of AUD you'd like to use to purchase Bitcoin.

You'll also note that the equivalent Bitcoin amount will be shown at the current market rate. That means seeing transaction details displayed along with the trading fees, providing investors with additional clarity.  

When you use the instant sell or buy option, you'll get charged a higher trading fee of one percent for convenience. You'll note this rate proves significantly higher compared to other crypto platforms in Australia.

Pros & Cons of Coinspot

  • The ability to change between USD and AUD value shown
  • Acceptance of credit card payments (in AUD) with processing fee
  • Fee transparency
  • No hidden fees
  • Instantaneous transactions
  • Multiple cryptocurrencies available (e.g., Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH))
  • Some of the best rates out there
  • The ability to schedule automatic purchases on a weekly, monthly, or daily basis to the dollar average of your investment
  • Adherence to regulations
  • Insurance
  • Insurance is only for Coinbase store online
  • Has a weekly limit that increases after a period of time and frequency of purchases
  • Cannot cash out as an Australian Citizen at the time of writing this post

Are the problems above deal-breakers? Not necessarily. But you should be aware of these cons before making any significant decisions related to CoinSpot. 

The Best Cryptocurrency Trading Platforms for Your Needs

When it comes to finding the top cryptocurrency exchange and the best cryptocurrency exchange rates, you must do your research. If you're based in Australia and looking for an exchange that transacts in AUD and digital currencies such as Bitcoin, look no further than CoinSpot. 

Of course, don't stop your search with CoinSpot. You owe it to yourself to explore the vast array of crypto exchanges. 

Not sure where to start? Browse our comprehensive list of cryptocurrency trading platforms now.

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