CoinSpot Review Australian Crypto Exchange

For instance, if you’re looking to trade one cryptocurrency for another, an instant buy and sell option on this market will result in a 1% fee. Market orders, on the other hand, take a bit longer and may cause the price of coins to sway while you await the completion of your transaction but result in a smaller 0.25% fee. CoinSpot is an Australian-based cryptocurrency exchange that opened its doors in 2013.

Is among the best cryptocurrency exchanges for Australians for three primary reasons. Although the exchange accepts a diversity of deposit options, you cannot pay using a credit or debit card. CoinSpot is designed for average users and novice traders, so they don’t offer derivatives such as futures trading that only serve a limited number of seasoned traders. Even if you aren’t available to start a live chat, you can send a message to their Help Desk 24/7. The support team will get back instantly to process your ticket, allowing you to respond whenever you are ready.

coinspot review

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. 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. It is a e-wallet system that processes payments within a day- which is pretty good considering industry standards.

Earn Interest on Crypto

At the time of writing, it included 15 popular options, including the majority of the major coins. Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world. Similar to the popular Bitcoin trading platforms, Coinspot exchange includes an order entry box to buy and sell cryptocurrency against Australian Dollars . You can enter the amount of AUD to spend and choose the amount of crypto to purchase. There are only approximately 15 trading pairs available when using the CoinSpot exchange, and the interface is basic and orders need to be manually entered – which can result in errors.

coinspot review

Most experienced traders would like to see advanced order types such as stop order, One-Cancels the Other and Fill-Or-Kill included too. Coinspot provides the option to buy and sell cryptocurrency instantly to do so by clicking on the ‘Buy/Sell’ link at the top of the page. There are over 200+ coins that can be purchased instantly or sold back to AUD. CoinSpot supports over 380 cryptocurrencies on the exchange to buy, sell and swap in Australia such as Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, Cardano, NEO, EOS, Stellar Lumens, Tron and many others. The exchange also supports popular DeFi tokens on its platform such as Compound, Uniswap, Aave, Yearn Finance and Sushi.

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. For money withdrawals, if you make the withdrawal before midday, you can expect the money to be in your bank account the next day.

A crypto obssessed digital marketer passionate about making a difference in the world. When he’s not behind the computer he can be found hiking, camping and relaxing with his dog. Unfortunately, this nine-year-old company currently only allows Australian users on its platform.

Saferecovery Inc did their best in recovering my btc back to my wallet

If you’ve been trading crypto for a time, you can have an idea of which cryptocurrencies you want to invest in. But if you’re new to cryptocurrencies, you may want to take advantage of CoinSpot’s Bundles, a feature that can be likened to ETFs . Essentially, CoinSpot’s Bundle is a combination of a variety of coins that are expected to suit the needs of a particular group of customers.

  • Are you curious about the pros and cons of Coinspot and how it compares to the best exchanges?
  • Similarly, if you want to buy ‘bundles’ of cryptocurrencies you can buy however much of each cryptocurrency you’d like yourself.
  • BTC Markets review — BTC Markets tends to have the highest trading volume of all Australian exchanges for Bitcoin.
  • Essentially, this means that it is in the platform’s best interest to ensure that as many people as possible come to the platform and begin trading through it.

From our test, Coinspot’s best price to buy Bitcoin was 1.89% which was 12th place. If you use a limit order or instant buy, which has a 1% fee, the total fee is even higher. CoinSpot has been at the forefront of the blockchain revolution in Australia since 2013. Their stronghold continues today despite the arrival of top Australian cryptocurrency exchanges such as Digital Surge and Swyftx.

Guide To Crypto Twitter: Influencers, Traders And Ventures 2023

On the CoinSpot platform will you be able to utilize Stop-loss orders, Take-profit, and limit orders. The only pitfall we can see with CoinSpot is the lack of crypto margin trading where traders are able to short-sell the market, which I know is very popular. CoinSpot bundles are another great feature on the platform where you can invest in several digital assets at the same time. For example, if you are interested in buying all the Defi projects listed on CoinSpot, simply go to the Bundles page, locate your Bundle, and click Buy. Users can withdraw money anytime from CoinSpot via bank transfers for free. They need to fill up a withdrawal form stating how much money they wish to withdraw and where they want to send the money to.

coinspot review

CoinSpot’s Australian wallet provides an address for each asset you trade on the exchange, supporting more than 300 distinct cryptocurrencies. Whenever you trade on CoinSpot, your assets are held on the CoinSpot internal hot wallet. Remarkably, there are thousands of CoinSpot app reviews on the internet, with users highly appreciating its seamless user interface and other useful features. However, the exchange lays it out simply, so you only pay one transparent fee and avoid any hidden costs as on other platforms. There is a textbox for placing orders to sell or buy cryptocurrencies against the Australian dollar.

Our Overall Thoughts on CoinSpot

The platform matches buyers and sellers, and charges trading fees for its efforts. When you first register an account with Coinspot, you’ll need to deposit some funds. Once your account is funded, you can then begin trading at Coinspot.

Once you have verified your account and added a payment method, then you can easily choose to buy any cryptocurrency you want without having to negotiate the price through an order book. On the other hand, when you choose to withdraw funds into another crypto wallet, you might be charged a gas fee based on the coin and network you choose to withdraw to. Therefore, since larger positions are being opened, this will magnify the profits faced by the trader. Margin trading is very popular among experienced traders, and the fact that it is not present on CoinSpot is a major issue with the platform.

Founded by cyber-security expert Russell Wilson, it was one of the country’s first major crypto exchanges. Since its inception, it has consistently provided broad selections of digital assets in the crypto market. It is always recommended to consider all trading related costs, as the full price of a purchase is not reflected in the displayed rate. CoinSpot provides a clean and simple experience with free instant deposit options, free AUD withdrawals & one clear fee of only 1% for instant trading (or 0.1% for market trading). As you could understand, we cannot get into the specifics regarding your CoinSpot account on a public review page. If you would like us to investigate any interaction with our team, please provide the ticket number/s you have received.

Some users like to use the platform for their day trading needs, while others use it just to buy crypto. If you’re looking to use Coinspot for your long-term investment needs, then you are best off withdrawing your coins to private Bitcoin wallets. Founded in 2013, Coinspot is an Australian coinspot review cryptocurrency exchange that supports over 350 cryptocurrencies. Its users are allowed to do crypto-to-crypto trading as well as crypto-to-AUD trading. When you have created your account for the first time and decided it is time to make your first purchase you head over to the buy&sell tab.

The exchange presently supports staking on 22 different cryptocurrencies, with more being added regularly. Features a list of over 370 cryptocurrencies, including popular digital currencies such as Bitcoin, Ethereum, Cardano, Dogecoin, Solana, and Shiba Inu, and lower-cap altcoins with the potential for bigger gains. The exchange is always fast to offer cryptocurrencies its consumers request through social media, demonstrating that they keep the customers at their operations’ forefront when making business decisions. I recommend for checking this, as for each coin they’ll list the exchanges that allow you to trade it. Scroll down a bit to the “GAS Markets” section and you’ll see some exchanges that have it.

Whether new to trading cryptocurrencies or a seasoned expert, CoinSpot allows Over The Counter trading for high-net-worth investors. The exchange offers assistance with high-value deposits & withdrawals including support for Self Managed Super Fund & Business Account onboarding. OTC trades only come with a fee of 0.1%, but you need to be trading at least $50,000 for their trades to be accepted. Overall, the trading fees cater to beginners looking to make their first Bitcoin & cryptocurrency investment using AUD. However, the trading fees are too high for active buyers and cryptocurrency traders as the 1% fee will eat into any potential profits. CoinSpot is best suited for beginners that want to buy cryptocurrency using Australian Dollars.

It’s important to note that Coinspot only supports CAD and USD for fiat withdrawals. 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 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 300 cryptocurrencies.

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