CoinSpot Review 2025: Features, Fees, How to Trade & Alternatives

CoinSpot is one of Australia’s most well-known cryptocurrency exchanges, offering a secure and beginner-friendly platform for trading digital assets. Established in 2013, CoinSpot has grown significantly, thanks to its ease of use, wide asset support, and regulatory compliance with Australian standards. In this comprehensive review, we’ll cover everything you need to know about CoinSpot—its pros and cons, features, registration process, trading functionality, and how it compares to alternative platforms.

Pros of CoinSpot

• User-Friendly Interface: CoinSpot offers an intuitive interface suitable for beginners and experienced traders alike.
• Regulated Exchange: CoinSpot is registered with AUSTRAC (Australian Transaction Reports and Analysis Centre) and follows all required AML/CTF protocols.
• High Security: CoinSpot employs bank-level security protocols, two-factor authentication (2FA), and complies with ISO 27001 certification for information security.
• Wide Range of Cryptocurrencies: The platform supports over 400 cryptocurrencies, including major coins like Bitcoin, Ethereum, and a wide array of altcoins.
• Instant Buy and Sell: Users can instantly purchase or sell crypto with AUD through the “Buy/Sell” feature.
• Multiple Payment Methods: CoinSpot supports POLi, PayID, BPAY, Direct Deposit, and even cash deposits through Blueshyft.
• NFT Marketplace: CoinSpot features a native NFT marketplace for users to explore and purchase digital collectibles.
• Staking Services: Users can earn rewards by staking supported cryptocurrencies directly on the platform.
• Excellent Customer Support: Responsive support via live chat and a well-organized help center.

Cons of CoinSpot

• Higher Fees on Instant Trades: Instant buy/sell transactions incur a 1% fee, higher than market order fees on other exchanges.
• Limited Advanced Trading Tools: CoinSpot lacks advanced charting and trading features compared to platforms like Binance or Kraken.
• AUD Only: CoinSpot only supports Australian dollars (AUD), which may limit international users.
• Withdrawal Limits for New Users: New users may face withdrawal restrictions until full verification is completed.
• No Derivatives or Margin Trading: CoinSpot doesn’t offer leverage or futures trading, which can deter professional traders.

What is CoinSpot?

CoinSpot is a centralized cryptocurrency exchange based in Melbourne, Australia. Launched in 2013, it is among the oldest and most trusted crypto exchanges in the country. The platform was built to help Australians buy, sell, and manage cryptocurrency portfolios with ease and confidence.

CoinSpot is a member of Blockchain Australia and has earned ISO 27001 certification, a globally recognized information security standard. This level of regulatory compliance and operational security makes CoinSpot a popular choice among Australian crypto investors.

Key Features of CoinSpot

1. Wide Cryptocurrency Support

CoinSpot supports over 400 cryptocurrencies, including popular assets like:

• Bitcoin (BTC)
• Ethereum (ETH)
• Cardano (ADA)
• Solana (SOL)
• Dogecoin (DOGE)
• Avalanche (AVAX)
• And many more

2. NFT Marketplace

CoinSpot allows users to buy NFTs from popular collections using their CoinSpot wallet balance.

3. Crypto Staking

Earn passive income by staking selected cryptocurrencies. Some of the supported staking assets include ADA, DOT, and SOL.

4. Bundles

CoinSpot’s bundle feature allows users to invest in diversified portfolios, such as DeFi Bundle, Top 10 Market Cap Bundle, and others, in one transaction.

5. CoinSwap

Swap one crypto for another instantly without converting to AUD.

6. Multi-Coin Wallet

Users can store all their crypto assets in a single wallet on the platform, with easy access and portfolio tracking.

7. Security Features

• ISO 27001 Certification
• Two-Factor Authentication (2FA)
• Custom withdrawal restrictions
• Anti-phishing phrase setup

How to Open an Account at CoinSpot?

Opening an account on CoinSpot is straightforward and takes only a few minutes.

1. Visit the Website: Go to www.coinspot.com.au
2. Sign Up: Click on the “Register” button in the top-right corner.
3. Provide Details: Enter your name, email address, password, and mobile number.
4. Accept Terms: Agree to the terms and conditions, and confirm you are at least 18 years old.
5. Submit Registration: Click “Create Account.”

Once the account is created, you will be prompted to verify your identity.

CoinSpot Registration and KYC Verification

To comply with Australian regulations, CoinSpot requires all users to complete identity verification (KYC).

Documents Required:

• A government-issued ID (passport, driver’s license)
• A selfie holding the ID and a note with the date
• Proof of address (e.g., utility bill or bank statement)

Steps:

1. Go to the “My Account” section and click “Verify Now.”
2. Upload your ID and proof of address.
3. Take a selfie holding your ID and a handwritten note with the current date.
4. Submit for review.

KYC approval usually takes a few hours, though it may take up to 24 hours during peak periods.

How to Deposit Funds at CoinSpot?

Depositing AUD into your CoinSpot account is easy and supports several methods:

Deposit Options:

• PayID (Instant, Free)
• POLi (Instant, Free)
• Direct Deposit (1-3 business days, Free)
• BPAY (0.9% fee, 1-2 business days)
• Cash Deposit via Blueshyft (2.5% fee)

Steps to Deposit:

1. Log in and go to “Deposit Funds.”
2. Select your preferred payment method.
3. Enter the amount and follow the prompts.
4. Funds will appear in your AUD wallet once the transaction is processed.

How to Trade on CoinSpot?

CoinSpot supports two main types of trading: instant buy/sell and market orders via OTC.

Instant Buy/Sell:

1. Click “Buy/Sell” from the top menu.
2. Select the cryptocurrency.
3. Enter the amount in AUD or crypto.
4. Click “Buy” or “Sell.”
5. Confirm the transaction.

Fees: 1% per instant trade

Market Orders:

1. Go to “Markets.”
2. Choose the trading pair (e.g., BTC/AUD).
3. Enter your desired buy/sell price and amount.
4. Confirm the order.

Fees: 0.1% for market trades

How to Withdraw from CoinSpot?

AUD Withdrawal:

1. Go to “Wallets.”
2. Click “Withdraw AUD.”
3. Enter your bank details.
4. Enter the amount to withdraw.
5. Submit and confirm.

Withdrawals are typically processed within 1 business day.

Crypto Withdrawal:

1. Go to “Wallets” > Select the cryptocurrency.
2. Click “Send.”
3. Enter the wallet address and amount.
4. Enable 2FA and confirm the transaction.

Make sure to double-check the recipient address before confirming.

CoinSpot Alternative Exchanges

While CoinSpot is excellent for Australian users, there are several alternatives depending on your trading needs:

Conclusion

CoinSpot is a trusted and well-established cryptocurrency exchange tailored to the Australian market. Its user-friendly interface, strong security practices, and wide range of supported assets make it an excellent choice for beginners and long-term investors alike. While it may lack some of the advanced features found on global exchanges like Binance or Kraken, its simplicity, regulatory compliance, and customer service more than make up for it.

Frequently Asked Questions (FAQ)