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Coinspot Exchange Review – Fees, Pros, Cons and Features 2022

Founded in 2013, Coinspot is an Australian cryptocurrency exchange that supports over 350 cryptocurrencies. Its users are allowed to do crypto-to-crypto trading as well as crypto-to-AUD trading.
Rating 4/5

Coinspot pros and cons

Pros:

  • More than 350 cryptocurrencies supported
  • Australians can deposit with fiat currency
  • No hacks reported to date
  • Very simple platform which makes it perfect for beginners
  • Regulated
  • Mobile App available

Cons:

  • Fiat currency deposits and withdrawals only for Australians
  • No ability to short coins or apply leverage
  • No phone support
  • Security features are lacking

Coinspot is an Australian based exchange that allows users to buy and sell more than 100 different cryptocurrencies. Although the platform accepts real-world fiat deposits, this is only available to those based in Australia. If you’re a non-Australian resident, then you’ll be forced to fund your Bitcoin account.

If you’re thinking about opening an account with Coinspot, we’d suggest you read our comprehensive review first. We’ll discuss everything from fees, supported coins, payment methods, security, regulation, and more.

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    What is Coinspot?

    Launched in 2013, Coinspot is a third-party cryptocurrency exchange based in Australia. The platform has an extensive range of supported coins, with more than 100 cryptocurrencies available to buy and sell.

    This includes crypto-to-crypto trading pairs, as well as crypto-to-AUD.

    The Coinspot platform is rather simple to use, with a clean and crisp interface. The main drawback to using Coinspot for your cryptocurrency needs is that the exchange only accepts fiat deposits and withdrawals from Australian residents. This means that you’ll need to deposit funds with cryptocurrency if you’re based elsewhere.

    How does Coinspot Work?

    Coinspot works much in the same way as any other cryptocurrency exchange. 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.

    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.

    Coinspot is also involved in the OTC (over-the-counter) space. This means that they can facilitate direct cryptocurrency trades for institutional investors. However, if you’re only trading small amounts, you won’t be able to use this facility.

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    Rating
    5.0
    4.7
    4.7
    4.6
    4.5
    4.4
    4.3
    4.1
    4.0
    Mobile App Rating
    10/10
    9/10
    9/10
    8/10
    8/10
    9/10
    9/10
    9/10
    10/10
    Mobile App
    Wallet
    Number of Coins
    7359223617596515123
    Trading Fees
    SpreadsSpreads0.1%0.1%0.1%0.1%0.50%Spreads0.2%
    Deposit Fees
    N/AN/AN/AN/AN/AN/AN/AN/AN/A
    Withdrawal Fees
    $5N/A0.0005 BTCN/AN/AN/AN/AN/AN/A
    Regulated
    ASIC, CySEC, FCACySECN/AN/AN/AFCAFCACBI, MiFIDN/A
    Min. Deposit
    $50100 EURN/AN/A$10$10$2$100N/A
    Leveraged Trading
    N/AN/A1 - 100x1 - 100x1 - 10x1 - 100xN/A1 - 30x1-200x
    Bitcoin
    $20170.29$20050.46$19985.56$40391.88$40393.04$40404.41$40416.27$20040.48$40377.55
    Ethereum
    $1364.19$1360.13$1351.69$2796.11$2795.55$2797.45$2796.59$1355.41$2795.54
    XRP
    $0.47$0.46N/A$0.23N/A$0.78