CoinSpot | Business24-7

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Written by Braden Chase Edited by Giles Thomas Fact Checked by Tomislav Turcin

7 March 2023

3 March 2023

Page Summary

CoinSpot is a reliable Australian exchange. It offers access to 103 digital coins and many deposit methods. CoinSpot is a top choice for crypto-to-crypto trading and crypto-to-AUD trading. We recommend it for traders at all levels.

Review Summary

CoinSpot supports 103 cryptocurrencies, including Bitcoin, Litecoin, and Ripple.
It lets Australian traders deposit with fiat currency.
It offers a secure and simple-to-understand platform.

CoinSpot Overview

CoinSpot is a centralized cryptocurrency exchange. It has an impressive portfolio and lets users deposit funds with crypto. CoinSpot has a clean platform interface with access to useful trading tools. The downside is that only Australian residents receive access to fiat deposits and withdrawals.

Trading Experience

The CoinSpot cryptocurrency exchange matches buyers and sellers. It charges an average trading fee. The CoinSpot platform is excellent for both day trading and long-term investments. This exchange offers OTC trading and direct deposit. We recommend it for traders at all levels as it’s easy to invest with it.

Cryptocurrencies Available 

CoinSpot supports 103 cryptocurrencies. Besides Bitcoin and Litecoin, this exchange offers access to other popular coins:

Ripple
Stellar
Neo
Ethos
Theta
Tron
Ethereum
Golem

Fees 

Our CoinSpot review reveals it has a simple trading fee structure. The standard fee for buying/selling crypto is 0.1%. The Instant Buy service has a 1% trading fee. CoinSpot doesn’t have a deposit fee if you fund your account with bank account transfers. But only Australian residents receive access to this funding method. We recommend you read about the fee structure on CoinSpot’s main website.

Regulation & Reputation 

CoinSpot doesn’t have a top-tier license from a regulatory body. It follows the anti-money laundering and Know Your Customer rules. Coinspot is a certified digital currency business. It offers standard safety measures, including:

Two-factor authentication
Customer verification when using fiat currency
SSL encryption

Account Opening 

CoinSpot offers immediate access to its platforms with a fast sign-up process. The trading platform is intuitive and user-friendly. Opening an account at CoinSpot exchange is simple. The steps you have to follow are:

Access CoinSpot’s website and Click on Create a CoinSpot Account
Enable two-factor authentication
Deposit funds
Start trading with your Coinspot account

Customer Support 

CoinSpot has good customer service. It offers live chat and support tickets. Its customer support team is available from 9 am to 10 pm during the week, and 10 am-8 pm on weekends. CoinSpot doesn’t offer phone support.

Summary 

CoinSpot is a popular Australian crypto exchange. It offers beginner-friendly services and a versatile portfolio. CoinSpot doesn’t have a top-tier license, but hasn’t reported any hacks. We recommend you research different exchanges before choosing one.

FAQ

What Is A Centralized Exchange?

A centralized crypto exchange represents a private provider with access to platforms to invest in digital currencies. These exchanges require registration, known as the Know Your Customer rule.

What Is A Decentralized Exchange?

A decentralized exchange doesn’t have a central point of control. It works as a server and has each computer within the server spread out in different countries. If one device malfunctions, it doesn’t affect the network’s activity. Decentralized exchanges don’t have top-tier licenses. If you choose this type of exchange, you should understand the risks. Read our in-depth reviews to learn more about exchanges and safety.

Can You Short Bitcoin On CoinSpot?

No. CoinSpot doesn’t let its users short any digital assets.

Can You Leverage On CoinSpot?

No. CoinSpot doesn’t offer leverage on any of its crypto assets.

Does CoinSpot Have A Mobile App?

Yes, CoinSpot does have a Mobile App.

Does CoinSpot Have A Wallet?

The platform states it has a CoinSpot Multicoin Wallet. But this is only a web wallet, and you don’t have access to your private keys. We recommend you use your own wallets and storage solutions. Check our in-depth reviews to learn more about digital wallets and storage options.

Disclaimer

Braden Chase

Braden Chase is an investor, trading specialist, and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.

CoinSpot Review