Coinspot Review | Only For Australian Beginners Or More Versatile?
Jack Moreau
Feb 2024
9 min read
Fact checked
Coinspot Review: Are you curious about the pros and cons of Coinspot and how it compares to the best exchanges? Look no further than our in-depth review which covers all aspects of the platform, including user experience, trading fees, product range and much more! Read on to find out if Coinspot is the right exchange for your trading needs.
Coinspot is an Australia-based cryptocurrency exchange that was founded in 2013. It is registered and headquartered in Melbourne and has over 20 employees.
The exchange is only available for Australian residents and aims to provide an easy-to-use platform for Australians to buy, sell, and trade over 400 cryptocurrencies.
With over 2.5 million Australian customers, Coinspot has become a popular cryptocurrency exchange in the country. The exchange's services are also available on mobile for Android and IOS where it has received over 100,000 downloads.
Coinspot app
Overall, Coinspot is a beginner-friendly exchange that provides a simple and intuitive user interface for Australians to trade cryptocurrencies with ease.
Coinspot KYC Requirements
Signing up on Coinspot is quick and easy as users only need to provide an email and a password. However, Coinspot is a cryptocurrency exchange that requires users to go through the KYC process before they can use the services offered.
Coinspot signup
Once the email has been verified, users can begin the KYC process. This involves providing personal information such as full name, address and an Australian phone number.
Note that if you are not an Australian citizen, you won't be able to complete the KYC process. Assuming no errors during the verification process, Coinspot will typically verify users within 1-2 business days.
Coinspot KYC
Coinspot Products & Services
Coinspot is a beginner-friendly exchange that offers basic spot trading and a simple swap service to convert one cryptocurrency for another.
Coinspot spot trading
For higher net individuals, Coinspot also offers an OTC desk to cater to those who want to purchase cryptocurrencies for larger amounts and with low trading fees.
Coinspot OTC
Coinspot also has its own NFT marketplace that let's users to easily list, buy, sell, and trade their favourite NFTs.
Coinspot NFTs
However, Coinspot does not venture beyond the basics and is not an exchange for experienced traders and investors who are likely looking for a wider range of products and services.
Coinspot Cryptomarkets
Additionally, as Coinspot is a smaller exchange, it does not have as much volume and liquidity as bigger exchanges, resulting in larger spreads and more expensive trading.
It does however offer some additional useful products for beginners such as bundles for those that want to invest in a cryptocurrency index in a simple way.
When it comes to trading fees, Coinspot charges a 0.1% spot trading fee for maker, takers and for those who buy and sell via their OTC desk. This is a very competitive spot trading fee and similar to many other big exchanges like Binance and OKX.
Coinspot trading fees
One downside with Coinspot however is that they do not offer discounted trading fees for high volume traders. This makes Coinspot less relevant for high volume traders that will be looking for lower trading fees elsewhere.
Also for instant buy, swap, or recurring buy, the fees are 10 times higher with a cost of 1%. So it's worth taking a moment to learn how to use spot trading in order to save money.
Coinspot only supports deposits in AUD when it comes to fiat deposits. Users have a variety of deposit methods to choose from, including Poli, PayID, and Direct Deposits which are all free of charge.
Coinspot fiat deposits
Additionally, users can deposit AUD via BPAY (0.9% fee), Cash (2.5% fee), and credit/debit card (2.58% fee). It's important to note that Coinspot only supports CAD and USD for fiat withdrawals.
Coinspot Withdrawal Methods
Coinspot provides users with the option to withdraw AUD for free, but only supports AUD as a fiat currency for withdrawals.
Cryptocurrency withdrawals are available with fees depending on the blockchain being used. Bitcoin withdrawals have a fee of 0.0002 BTC, Ethereum withdrawals have a fee of 0.0018 ETH, Solana withdrawals have a fee of 0.02 SOL, and ERC-20 Tether withdrawals have a fee of 7 USDT.
Coinspot is a decent local exchange that has made buying and selling of cryptocurrencies easy for Australians.
They offer a good range of over 300 cryptocurrencies and the exchange is relatively simply to use. KYC is required in order to use services on Coinspot and only Australian citizens can use the exchange.
The spot trading fees on Coinspot are 0.1%, which is great. For those that buy via the swap service or recurring buys, the fees are 10 times higher with a 1% transaction fee.
The exchange offers a very limited set of trading services which means that it only really makes sense to use for beginners. Having said that, they do also offer their own NFT marketplace where users can buy and sell NFTs.
Overall, while Coinspot is a decent local exchange, it's a much more limited trading venue compared to global exchanges such as Binance and OKX.
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Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
