CoinSpot Review Safe? Here’s What You Need to Know 2023

Won’t be able to access your account without the 6-digit Authenticator code that is renewed every 30 seconds. Binance recently removed staking rewards so I searched for another exchange. Adam Stokes YouTube presenter has always recommended Coinspot so I moved over there as they offer staking rewards. While not as broad or lucrative as Binance it is more than enough for my humble holdings. Save your money, they just take and screw you over every coin I’ve checked in coin spot has always gone down. Note that the content on this site should not be considered investment advice.

But with all things crypto-related, it’s best to do some research before diving in and trading and exchanging on a site without knowing too much about it. Assets with a lower trade volume will generally reflect a larger disparity between the buy and sell price when traded. This can be observed on other exchanges when trading low volume assets. Coinspot Bundles lets you easily purchase a basket of cryptocurrencies in one transaction. This feature includes a fixed 1% fee a you’ll find many categories such as a Top 10 Market Cap, DeFi Bundle, NFT Bundle and more.

As with any asset, the values of digital currencies may fluctuate significantly…. The editorial team of Trading Browser is required to use first-hand sources to collect and share information regarding the businesses we promote. Among these sources, you will find LinkedIn profiles, Trustpilot reviews, Sitejabber ratings, whitepapers, government reports, and other reputable sources.

The Australian exchange supports more than 200 cryptocurrencies available for trade, exchange, and swap. The supported digital currencies include Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash, NEO, Cardano, TRON, EOS, and Stellar Lumens. Besides cryptocurrencies, the exchange also supports DeFi tokens like Aave, Compound, Uniswap, Yearn Finance, and Sushi. Despite these, if users don’t find the FAQ section enough to clarify their queries, they can directly contact the customer support team by using the “Help” widget at the bottom right corner of the website.

  • There are no deposit or withdrawal fees using bank transfer methods such as POLi or PayID or direct deposit.
  • The exchange offers assistance with high-value deposits & withdrawals including support for Self Managed Super Fund & Business Account onboarding.
  • A crypto obssessed digital marketer passionate about making a difference in the world.
  • CoinSpot offers ‘Trading View’ charts and other advanced order types.

Also, take note that CoinSpot is registered with AUSTRAC to prevent terrorism financing and money laundering, and most of its assets are held safely offline in cold storage. If you’re new to CoinSpot, our CoinSpot review will help you learn how to make a free account in minutes. We’ve reviewed all the mainstream (and a couple of off-beat) coins to make your decision as easy as possible.

The team at CoinSpot have attempted several times to assist and resolve any issues that you may have had whilst utilising our Platform. However, these attempts have been unsuccessful as we have been unable to get in touch. Hi DB. CoinSpot operates with complete transparency and we have been independently audited to provide the highest possible level of assurance under Australian Auditing Standards. Statements made about our platform operating fraudulently are completely untrue. CoinSpot invests heavily in the security of our platform and keep security at the forefront of everything we do. Now I’m feeling so scared to Log-on my account again or even go onto their website.

The main office is located in Melbourne, Australia, and the operating company of CoinSpot is called Casey Block Services Pty Ltd. The team behind CoinSpot has a common goal of creating the best and easiest place for Australians to invest in bitcoin and other digital assets. The CoinSpot crypto app is the latest improvement to this powerhouse and together with the AUSTRAC government regulation, you can rest assured that your coins are in good hands when trading on CoinSpot. Yes, CoinSpot is a trusted cryptocurrency exchange and one of the few exchanges that has never been hacked since it was founded in 2013. It is also the first-ever Australia-based cryptocurrency exchange conferred the globally accredited ISO certification for its robust information security mechanisms.

How many coins do Coinspot list?

App Store, so you can easily download and install it on your smartphone. The app allows you to select coins and stay in front of the markets with the interactive coin list. You can swipe between coins/tokens and stay updated about the biggest gainers and losers over the last 24 hours. Remarkably, CoinSpot is also well-known for regularly introducing new cryptos to the exchange, with coinspot review several new currencies/tokens added each month — often in response to customer requests. Each coin/token is thoroughly vetted before being added to the CoinSpot list, ensuring that the exchange is free of scammy projects. CoinSpot also has Australia’s highest level of security certifications and is Blockchain Australia certified, providing multi-layered and advanced support systems.

CoinSpot offers a range of deposit methods, luckily the most popular options incur zero fees. BPAY deposits incur 0.9% deposit fee and cash deposits at a newsagent has a 2.5% deposit fee. Appfor iOS and Android devices, allowing users to conveniently buy, sell, and trade cryptocurrencies on the go. With the CoinSpot app, users can access their accounts, view real-time market data, and manage their cryptocurrency portfolio with ease. One of the features that CoinSpot users love the most is the ease of buying and selling. The hotkeys in the dashboard allow you to buy and sell quickly, with the current live price next to it.

While CoinSpot Earn does not have Bitcoin or Ethereum savings accounts, it is one of the best places to earn crypto interest using an Australian exchange. Coinspot exchangeWith over 2 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.

🏦 Deposits & Withdrawals

CoinSpot includes a secure online wallet to store your recently purchase cryptocurrencies. This wallet can be used to send and receive your coins to other exchanges or a hardware wallet. The CoinSpot wallet is easy to use and a great way for beginners to keep their coins safe.

coinspot review

The widget is like a form where a specific question can be asked by a trader that will be answered by the team immediately or within a maximum of 24 hours during business days. CoinSpot is an Australia-based cryptocurrency exchange founded in 2013 by Russell Wilson, a renowned personality who had acquired major experience in creating online security software. For users who are just getting started with cryptocurrencies, and even for more experienced users, security can be a major concern when deciding on an exchange that they wish to use in order to trade. The OTC desk managed by CoinSpot offers traders with a direct channel through which they can buy and sell their cryptocurrencies without having to list the order on an exchange. Most traders do not trade cryptocurrencies all the time, and a lot of them can choose to hold on to their assets during a bearish phase in the market.

No Margin Trading

CoinSpot offers customers interest-earning services for 20+ supported cryptocurrencies. Its users can generate interest on assets such as SOL, BNB, MATIC, and ADA at the time of writing. The interest rates range between 2.9% to 45% APY which is relatively competitive .

coinspot review

If you are sending coins to wallets outside CoinSpot there is a standard transaction fee which is based on the coin and how busy the network is. My personal favourite is ‘Top Ten Market Cap’ which is exactly as it sounds – the top ten biggest coins based on their market capitalisation. I find this to be a good buy because it includes all the popular coins that I like to buy anyway, such as BTC, ETH, BNB, ADA and it spreads out risk to reduce volatility. In the image below, you can see all the Bundles offered by CoinSpot. On top of this, CoinSpot maintains industry best-practice by securing a vast majority of assets in highly secure offline locations.

Coinspot Withdrawal Methods

The option is available both on the CoinSpot app and the desktop version. Patrick McGimpsey is a freelance writer passionate about crypto and its impact on the financial world. Currently working as the content lead for Australian startup CryptoTaxCalculator, Patrick has also covered the crypto industry for Canstar and The Chainsaw. Patrick has over seven years of experience in the crypto space and has previously shared his knowledge with the AML and fraud departments of Australian financial Institutions. CoinSpot strongly emphasises security, with ISO certification achieved after completing an external audit by SCI Qual International. Our ratings take into account the card’s rewards, fees, rates along with the card’s category.

Moreover, it lets you keep track of all your recent transactions and your individual coin balances. This feature provides you with an opportunity to buy a basket of different cryptocurrencies at the same time. As a result, you can diversify your portfolio quickly without paying multiple fees. Moreover, buying coins in bundles saves a lot of time and fees as well. Though this option is convenient, it has a transaction fee of 1% for convenience. The fee is relatively higher than other cryptocurrency exchanges in Australia.

In this CoinSpot review, I’ll be detailing my experiences with them and also comparing it to other cryptocurrency exchanges I’ve used extensively. There does not appear to be an option to set a stop loss or take profit orders using the Coinspot exchange. These order types are really important to manage trade risk and preserve capital. The lack of these order types is particularly confusing when we consider that the Instant Buy service, intended for beginners, actually does offer them.

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