CoinSpot is one of Australia’s oldest and most reliable crypto exchanges for digital currencies, with more than 2.5 million users. With an enormous variety of tradable coins, a simple fee structure, and robust security measures, CoinSpot is a solid choice for both novice and seasoned traders.
This Coinspot review will provide you with a plausible explanation of CoinSpot’s features & first-hand experience trading on the platform.
CoinSpot Overview: Pros & Cons
Pros
- Supports 480+ cryptocurrencies
- Crypto credit card available
- Direct integration with OpenSea allows for NFT trading
- Advanced TradingView charting and tools for technical analysis
- OTC offering allows larger trades for a low 0.1% fee with no extra costs
- 24/7 live chart support, new request-a-call feature for users to organise a call with support staff
- AUSTRAC-regulated and ISO27001 certified
Cons
- Only support fiat currency deposits and withdrawals for AUD
- No advanced trading markets such as derivatives & leverage trading
- Some deposit limits apply for accounts that are not fully verified
- Higher fees on instant buys & sells
What is CoinSpot?
Founded in 2013 by cyber-security expert Russell Wilson, CoinSpot has consistently strived to provide supporters with a wide selection of digital assets, boasting over 410+ cryptocurrencies available for trading.
The platform’s interface is user-friendly and intuitive. It offers multiple deposit methods and competitive trading fees, making it an attractive option for instant traders, OTC investors, and those managing SMSFs.
One more plus point is that its versatility extends beyond traditional cryptocurrency trading, with features like crypto-to-crypto transactions and an in-platform NFT marketplace. The direct integration with OpenSea for NFT trading further enhances its appeal to a diverse range of users, from crypto enthusiasts to casual investors.
CoinSpot’s Main Features
Spot Trading
CoinSpot offers an intuitive trading interface, which simplifies the process of building investment portfolios for novice traders. To buy a coin, users can simply search the coin’s name and select “Buy”. Alternatively, users can browse over 410 digital currencies. The cryptos list is regularly updated, with 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’s cryptocurrency listing. Source: CoinSpot
For more seasoned traders, CoinSpot provides the option to establish pegged orders that are activated when a particular asset reaches a predetermined price, akin to a limit order. Otherwise, if you want to stay informed about market movements before making investment decisions, you can easily set up the Price Alerts.
Additionally, CoinSpot’s advanced TradingView terminal offers a customisable chart for further analysis and decision-making.
TradingView chart on CoinSpot. Source: CoinSpot
Bundles
Bundles consist of a carefully selected assortment of various digital currencies. They offer an effective means of diversifying one’s investment portfolio to hedge against risk, as they are less susceptible to the price fluctuations of individual cryptocurrencies. One more plus point regards the financial front. You can cut down the fees by just paying one time for the whole bundle instead of paying the fee for each coin.
CoinSpot’s Bundles. Source: CoinSpot
CoinSpot closely monitors the market and users’ interests to identify bundles that align with your investment objectives. It currently provides traders with 16 different bundles, ranging from “The Dominant Duo” (Bitcoin & Ethereum), to a bunch of niches like the “Web 3.0” or the “NFT Bundle”, which is filled with 10 assets.
In-platform NFT Marketplace
CoinSpot is the first platform in Australia to enable users to make purchases directly through its in-platform NFT Marketplace. The NFT marketplace has a carefully chosen list of reliable non-fungible token projects, including prominent artworks by Australian artist BossLogic and the Bored Ape Yacht Club. It allows users to purchase NFTs using their choice of cryptocurrency with no need to convert currency or set up an external wallet.
CoinSpot in-platform NFT marketplace. Source: CoinSpot
OTC Trading
CoinSpot’s specialised OTC Trading Desk allows members to perform high-volume transactions without the need of traditional public order books. Whether new to cryptocurrency or an experienced trader, the CoinSpot OTC team can assist you with lock-in pricing 24/7 with Australia’s lowest fee of 0.1%.
On CoinSpot, there are two options available for OTC Trading. Users may choose between Order Enquiry or Instant trade for a minimum order of $50,000 AUD.
CoinSpot’s Fee Policy
Fees are how crypto exchanges and platforms earn money in the end, so investors need to understand “What are CoinSpot fees?”.
CoinSpot’s fee structure. Source: CoinSpot
Is CoinSpot Safe?
CoinSpot is registered with AUSTRAC and is one of a few that has received the Blockchain Australia certification since 2014.
It is also the first Australian crypto exchange to be awarded the international recognised ISO 27001 certification for information security. The examination process requires the platform to fully adhere to the International Organisation for Standardisation’s requirements and pass an external audit conducted by SCI Qual International (an accredited JAS-ANZ certification body). Therefore, CoinSpot has proved stringently unrivalled in terms of security.