In this guide, we will review the Coinspot exchange, how it works, the registration process, its pros and cons, the withdrawal process, an overview, and a fee chart.
Coinspot is one of the most reputable and popular cryptocurrency exchanges in Australia, with more than 2.5 million users. This platform pressures strong protection to protect your savings, makes trading simple, and supports a wide range of cryptocurrencies.
Contents
What is Coinspot?
Coinspot is a well-known cryptocurrency exchange located in Australia that was founded in 2013 by Russell Wilson. More than 350 digital coins are available on Coinspot. It provides a wide range of trading options, including market orders, stop limit, quick buy or sell, and limited orders. For security reasons, users can download their transaction details.
Additionally, coinspot provides an online trading facility for big traders and allows the setup of regular orders. A marketplace for trading Non-Fungible Tokens (NFTs) is also available.
CoinSpot has a strong customer support staff and is authorized by Blockchain Australia. Users can easily trade cryptocurrencies at any time and from anywhere by using the company’s website or mobile app.
How Does Coinspot Work?
CoinSpot works similarly to several other exchanges for digital currency. It allows the buying and selling of digital currency between users and pays a fee, known as a “spread,” for its services.
Users can start trading on Coinspot just by registering and paying their account with cryptocurrency or a bank transfer.
Coinspot Overview
| Exchange Name | Coinspot |
| Official Website | https://www.coinspot.com.au/ |
| Headquarters | Australia |
| Launched in | 2013 |
| Native Token | Not Available Yet |
| Listed Cryptocurrency | Around 340+ |
| Fiat Currencies | AUD |
| Country | Australia |
| Minimum Deposit | $1 |
| Deposit Fees | Bank transfer: None, BPAY: 0.9%, Cash Deposit: 2.5% |
| Transaction Fees | 0.1% & 1% |
| Withdrawal Fees | AUD – Free |
| Application | Yes |
| Customer Support | 24/7 via Live Chat, Email, & Phone Support |
Pros of Coinspot
- CoinSpot users can trade in Australian Dollars (AUD) to purchase, sell, trade, and swap coins.
- You can find and use the features you want very simply because of its easy-to-use user interface.
- Compared with Swyftx and other Australian exchanges, CoinSpot charges only 0.1% for market orders.
- More than 350 cryptocurrencies are available for trading, including well-known ones like Bitcoin, XRP, LTC, and Ethereum.
- CoinSpot uses measures such as cold storage, encoding, two-factor authentication, and ongoing audits to protect your funds and data.
- Live chat support is available 24/7 if you need help.
Cons of Coinspot
- Users of CoinSpot are not able to access expert trading tools like leverage options or margin trading.
- When processing deposits and withdrawals, CoinSpot accepts only Australian Dollars (AUD).
- There are transaction limits for new users.
Coinspot Fees
| Transaction Type | Fee |
| Market Orders | 0.1% |
| OTC | 0.1% |
| Instant Buy, Sell & Swap | 1% |
| Take Profit, Stop & Limit Orders | 1% |
| Recurring Buy | 1% |
| Transaction Type | Fee |
| PayID, Direct Deposits | Free |
| BPAY | 0.9% |
| Cash | 2.5% |
| Card | 2.58% |
| Withdraw AUD | Free |
Registration Process of Coinspot
Step 1: Account Setup
Log into CoinSpot.com and select “Register” in the upper right corner. To continue, please read the terms and conditions and provide your email address, password, and referral code, if available.
After that, select “Create Account.” To activate your account, request a verification link from CoinSpot in your inbox and click on it.
Step 2: ID verification
Go to “Account” after logging into your CoinSpot account. Next, to begin the verification process, click “Verify.” Enter your contact details, including name, date of birth, address, phone number, and employment.
In addition, you must upload an image with the words “CoinSpot” and the current date put on it, as well as a picture of your ID (passport, driver’s license, or proof of age card).
Wait for CoinSpot’s analysis of your documents and email with the result. The process of verification may take two days, depending on the amount of work done.
Step 3: Start trading
You may fund your CoinSpot account with cash deposits, bank transfers, PayID, POLi, card payments, and other options once CoinSpot verifies your identity (up to AUD 2000).
After receiving your funds, you can use AUD or other currency to start buying or selling cryptocurrencies. There are many different cryptocurrencies suitable for trading on CoinSpot.
How to Withdraw from Coinspot
- First of all, Go to the “Account” area after logging into your CoinSpot account.
- Once you select “Withdraw AUD,” enter the amount you wish to withdraw.
- Next, select either receiving your money via bank transfer or PayID. Some kinds of bank transfers can take up to two business days; PayID is fast and costs nothing.
- Next, press the “Confirm Withdrawal” option after entering your PayID or bank information.
- An email with a link to confirm your withdrawal will be sent to you. Finish the process, click the link, and input your 2FA code.
- Once your withdrawal has been completed and deposited to your bank account or PayID, you get another email.
FAQs
Actually, CoinSpot is among the reliable cryptocurrency exchanges and among the select few that, since it started in 2013, never suffered a hack.
It is also the first cryptocurrency exchange located in Australia to receive the worldwide ISO 27001 certification for its strong information security protocols.
Reputable Australian cryptocurrency exchange CoinSpot provides wide-ranging options for skilled traders, such as crypto-to-crypto and NFT trading, in addition to an easy UI ideal for beginners.
Users who belong in Australia are the only ones eligible to use CoinSpot’s services. You should stop using our services if you don’t live in that country.
Clear, flat fee for market orders and over-the-counter trading: CoinSpot charges a flat 0.1% fee for all trades, which makes it affordable for both unusual and regular traders.
Yes, before you buy, sell, or trade cryptocurrency on CoinSpot, you must complete the KYC verification process. As an AUSTRAC-registered company, CoinSpot needs to follow proper KYC processes in order to do business in Australia.
Conclusion
In conclusion, Coinspot is a safe Australian cryptocurrency exchange that allows users to buy, sell, and trade digital currency using AUD.
It performs within a safe controlled atmosphere, provides a wide selection of over 350 coins, including NFTs and crypto cards, and has an easy-to-use interface.
However, there are drawbacks as well, like high fees for instant transactions and the lack of expert trading tools like futures and leverage trading.
Ultimately, you should always do your own research in order to decide which one best satisfies your needs and goals.