Cryptocurrency has been gaining popularity for some years now. And now that Bitcoin has been declared the legal tender in El Salvador, people are more interested than ever before to invest in this emerging market.
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The first step to begin investing in crypto is to find a reliable exchange platform. And for that Australians have a great option in the form of CoinSpot, A true Australian exchange to buy and store a wide range of digital assets.
Although Aussies can use any of the well-known international exchanges to trade crypto coins, CoinSpot is the best option because here you can instantly buy cryptocurrencies with AUD as that’s the only fiat currency supported on this exchange.
Some people are just finding out about CoinSpot but the exchange has been online since 2013 which makes it one of the oldest crypto exchanges of Australia that’s still operational.
In this article, we’ll review the platform and cover all the details that you should know about before signing up on the platform.
Here’re the topics we’ll discuss:
The number one thing you want in a crypto exchange is the availability of a wide variety of cryptocurrencies. And CoinSpot does that really well by offering its users 300+ coins to trade – the largest digital currency exchange in Australia. (Recognised by Blockchain Australia)
It launched in 2013 as a Bitcoin exchange but now includes all the major cryptocurrencies on the market. Some of the other attractive features of this crypto exchange include:
CoinSpot has apps for iOS and Android devices along with a website. Advanced traders need to stay up to date with developments in the crypto markets. And having an easy-to-use app comes in handy for this purpose
This certificate means that CoinSpot has high-security systems in place that protect your data. It’s awarded to companies that have well-designed technical measures which are enough for the level of threats they face.
CoinSpot accommodates various methods for converting your AUD to cryptocurrency. These include POLi, direct deposit, PayID, cash deposit, and BPAY. The transaction times vary for each of these methods but most are instantly processed.
CoinSpot has over one million users on its platform, and that’s largely due to its many advantages including:
Some of CoinSpot’s features that we didn’t love about the platform include:
There’s nothing better than receiving some free Bitcoin when you open a new crypto exchange account in Australia. Luckily, we’ve partnered with CoinSpot (Australian cryptocurrency exchange) to offer our readers a $10 worth of free Bitcoin when they use our CoinSpot referral code to sign up for a new account. Simply click this link to get your CoinSpot referral and activate the $10 free BTC into your trading account.
Redeeming a CoinSpot referral is very easy and it’s the easiest way to get started with a Blockchain Austalia accredited crypto Exchange that also accepts POLi Payments. Follow these simple steps to get started earning free Bitcoin in Australia.
Opening an account on CoinSpot is a straightforward process. The only requirement is that you’ve got to be an Australian citizen above the age of 16 to be eligible for registration.
Here’s the process you can follow to create an account:
Once your account is verified, you’re ready to start trading. You can use any of the five methods to deposit AUD in the CoinSpot wallet.
Non-Australian residents do this by going to wallet receive and deposit cryptocurrencies. That’ll add assets to your CoinSpot wallet. But this process is lengthier since you have to get the code from CoinSpot Australian cryptocurrency exchange and then paste it into your external crypto wallet to transfer. Also, you need to already have cryptocurrencies for this method.
After you’ve successfully added funds to your wallet, you can start trading by going to the Buy/Sell tab. You can buy instantly or place a market order under the Markets tab. You can monitor the market change in the various cryptocurrencies in these tabs and view the charts from 1 week ago to 5 minutes.
You can also swap one digital currency for the other one in CoinSpot. The tab for this function is next to the buy/sell one as we’ve shown in the image above. To swap your assets, you’ll have to go to the swap tab, select the crypto coin you want to convert, and then the cryptocurrency you want to buy. Then click the swap button and you’re done.
Arguably the most important factor for traders, second only to how many cryptocurrencies the exchange offers, is the fees structure of the platform. That’s why our CoinSpot review won’t be complete without a discussion of its fees.
The three main categories for fees are deposit, transaction, and withdrawal. Let’s look through the details of each one:
There are five methods that you can use to deposit AUD in CoinSpot and each one comes with a different deposit fee. Here’s a table to show you what CoinSpot’s deposit fees are along with some other useful information.
|Deposit Options||Deposit Fee||Time||Limit per 24 Hours in AUD|
|Direct deposit via OSKO||Free||Instant||$100,000|
|BPAY||0.9%||1-2 Business Days||$10,000|
The buying fees – meaning the fees for converting your AUD to crypto- are different for instant buy and market trading options on CoinSpot. You’ll be charged 1% of your total transaction amount for instant conversion of AUD to any cryptocurrency, and a flat rate of 0.1% for market trading.
The instant buy or sell option is available for all the 300+ cryptocurrencies on CoinSpot but the market trade option is limited to only a handful of the major ones. The fee for the coin swap option on the exchange is 1% per transaction.
CoinSpot’s transaction fees are high as compared to other popular crypto exchanges such as Swyftx 0.6% on all trades and Binance 0.5% for instant buy and sell.
Just like all other crypto exchanges, CoinSpot charges a standard mining fee when you withdraw your cryptocurrency and move it to another wallet. The fee varies according to the demand of the particular blockchain network and your CoinSpot wallet has the latest information on withdrawal fees.
You can buy or sell an unlimited amount of cryptocurrencies on CoinSpot per day. But there are restrictions on how much you can buy or sell per transaction. And the exchange has grouped cryptocurrencies and set different limits for each. For example:
According to the official website, they’ve set these limits to increase user experience so that the trades are processed instantly. That’s why there’s no limit on the trades per day!
CoinSpot has many additional features that deserve a special mention. Some of which are as follows:
CoinSpot uses ZenDesk for its customer support and promptly resolves queries. You’ll find a lot of answers to common questions in their FAQ section. But if you face a unique situation then you can start a live chat with a representative.
You’ll get a reply almost instantly if you contact them within working hours which are 9 am-8 pm AEDT on weekdays and 9 am-5 pm AEDT on weekends. But it could take a few hours to a day to get a response if you message them after hours.
Amongst most of the crypto exchanges we reviewed, CoinSpots’ mobile app was one of the easiest to use. That makes this exchange beginner-friendly and a great option for high-volume trades as well.
CoinSpot has a tool for high-volume traders called Over the Counter (OTC Trading Desk. Here, you’ll have to pay a 0.1% transaction fee and the minimum amount has to be AUD 50,000 per transaction. The benefits of using OTC include access to a professional trading broker, locked-in prices, and instant access to assets.
CoinSpot offers its users a wallet on the platform. Although most experts recommend not keeping your assets on the exchanges’ wallet, this one is much safer to use than others because CoinSpot has the ISO 27001 Certification, is a member of Blockchain Australia, and has 2FA.
There’s no fee for withdrawing your AUD from CoinSpot and transferring to an Australian bank account. These transactions are processed within a day or two depending on when you put in the order. Also, there are no additional charges for withdrawing cryptocurrencies to an external wallet except the mining fees.
CoinSpot is an excellent option for Australians to trade cryptocurrencies. And to give you a perspective of why that is, here’s a comparison table of some of the popular local and international crypto exchanges:
|Crypto Supported||300+ including BTC, ADA, ETH||500+ including BTC, ADA, ETH||260+ including BTC, ADA, ETH|
|Fiat Currencies||AUD||40+ including AUD and USD||AUD|
|Suitable For||Beginners & experts||Beginners & experts||Beginners & experts|
Disclaimer: These values are as of Sep 2021. Visit the source pages for updated information.
Despite having higher than average trading fees, CoinSpot is a popular and widely-used option because it leads the race in other features such as its superior security systems and user-friendly mobile app. It’s never been hacked in almost 7 years since it’s been operational and we can’t say the same about other popular platforms.
CoinSpot has all the main features you should look for in a good crypto exchange such as a high level of security, transaction volume, ease of use, and manageable transaction fees.
If you’re ready to start trading, then create an account on CoinSpot today and start your crypto journey. It’s a remarkable platform especially for Australians and the high-security systems will give you the peace of mind you deserve!