CoinSpot Review: Features, Deposit Methods & Fees Assessed

CoinSpot is a top-rated crypto platform for Australians seeking a straightforward way to purchase cryptocurrency. However, it may fall short for serious crypto traders due to its limited advanced trading features and fees.

‍

Our Takeaways

After using CoinSpot, we can understand why so many Australian crypto investors use the platform. The CoinSpot interface is easy to use for account creation, funding, and adding cryptocurrencies to your portfolio. We were impressed by its features tailored to the Australian crypto market, such as crypto bundles, tax reporting tools, and the extensive list of supported assets. 

However, the trading fees are 1%, which might be a deal-breaker for some. If so, check out our article on the best crypto exchanges in Australia.

‍

Pros:

• Huge choice of over 370 digital currencies, including Bitcoin and Ethereum.
• Very easy-to-use platform.
• Advanced TradingView charting and tools for technical analysis
• NFT market for Australians to buy and sell NFTs.
• Crypto bundles, SMSF support.

Cons:

• 1% fee to use the Instant Buy, Swap, Sell feature.
• CoinSpot Exchange has poor liquidity.
• Lack of features and markets on CoinSpot Exchange, including no margin and futures.

‍

CoinSpot Features You Might Like

It has a streamlined interface

CoinSpot has invested in a simple website design for buying and selling crypto. Additionally, they offer a mobile crypto app for both Android and iOS, and the signup process is instantaneous.

‍

An expansive list of cryptocurrencies

CoinSpot supports over 360 cryptocurrencies. The extensive list of supported crypto assets includes popular ones like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC), as well as lesser-known ones such as Tael (WABI), Monaco (MCO), and FunFair (FUN). Additionally, meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) can be purchased using cash.

‍

‍

Buy crypto in bundles

If you want to diversify your cryptocurrency holdings quickly, you can purchase crypto bundles offered by CoinSpot. There are 12 bundles to choose from, each prepared by CoinSpot based on factors such as market capitalization, asset type, and blockchain utility. Once purchased, the digital assets are instantly transferred to your account wallet.

It's important to note that there is no option for Dollar-Cost-Averaging when purchasing bundles, so you will need to conduct transactions manually. Additionally, there is a 1% fee for every bundle purchase.

‍

‍

An emerging NFT marketplace

CoinSpot provides a marketplace for Non-Fungible Tokens (NFTs) where users can purchase collectibles and digital artworks using any cryptocurrency supported on the platform. While the collection is expanding, it may not be as comprehensive as that of some global crypto exchanges offering NFTs to Australians.

‍

Tools for crypto tax reporting

CoinSpot has teamed up with Koinly, CoinLedger, CryptoTaxCalculator, and Accounting.com to streamline cryptocurrency tax reporting in Australia. You have two options for exporting your CoinSpot crypto transactions to these reporting tools: you can use an Application Programming Interface (API) or download your .csv file and upload it into the tools.

‍

Fees on CoinSpot

Deposit & withdrawal fees

You can deposit funds into your CoinSpot account for free using POLi, PayID, or direct deposits. However, if you use BPAY, there will be a fee of 0.9%, and for cash deposits at participating news agencies, the fee will be 2.5%. POLi and PayID are the most commonly used deposit methods in Australia.

If you use a credit card, there will be a fee of 2.58% of the transaction volume and a $200 maximum limit. Remember that you can buy cryptocurrencies with a credit card on Swyftx for no charge, which may be a more cost-effective option.

Related: Swyftx vs Coinspot: Which has better deposit methods

As for withdrawal fees, CoinSpot does not charge a fee for withdrawing cryptocurrencies. For example, transferring crypto from CoinSpot to another external wallet is not a transaction cost. There is a standard blockchain network fee.

‍

Trading fees

If you use the Instant Buy/Sell/Swap feature, be prepared for a 1% fee. Market orders on the CoinSpot Exchange will incur fees of 0.1%. However, this is assuming you know how to execute market orders. Unfortunately, the 1% fees will apply if you use take profit, stop/limit orders, and DCA to purchase crypto on the Exchange.

‍

How to Fund Your CoinSpot Account

CoinSpot supports several common methods for depositing AUD funds into your account wallet. These include direct bank transfers (OSKO), POLi, PayID, BPAY, credit/debit cards, and cash deposits at participating news agencies that support Blueshyft. POLi, PayID, and OSKO are the recommended methods because they transfer funds almost instantly and do not incur deposit fees.

‍

‍

What We Thought of Trading On CoinSpot

We found the CoinSpot interface to be easy to use. The dashboard is uncluttered, and the features are easy to navigate. Key portfolio management tools, such as funding your account using supported methods, entering your bank details for AUD withdrawals, and obtaining a summary of your trading history, are all easily accessible. CoinSpot allows you to monitor your portfolio's overall performance using visual charts displaying percentages of the coin holdings.

‍

CoinSpot Alternatives to Consider 

We’ve compiled a list of exchanges like CoinSpot that you can consider to be similar alternatives:

• Swyftx—A registered Australian crypto exchange that is locally owned and operated, Swyftx offers 350+ digital currencies to buy, trade, and sell on its web-based platform or mobile app. It supports several payment methods for depositing and withdrawing using AUD.
• Binance - One of the largest crypto trading platforms globally, and in Australia, Binance is renowned for its vast number of coins to trade, advanced trading terminal, and seemingly endless features and services.
• Bybit - Another crypto trading platform for Australians, Bybit has carved a name out for itself for its liquid spot and leveraged markets. It’s sophisticated trading features will appeal to day traders.
• eToro - If ease of use and simplicity are on top of your list regarding trading platforms, then eToro fits the criteria in our opinion. The well-regarded Australian trading platform offers real crypto assets which can be bought and sold with AUD.

‍

Customer Support

You can reach Coinspot support through support tickets or the website's live chatbot. The live chat feature is active between 9 a.m. and 6 p.m. on weekdays and 10 a.m. and 8 p.m. on weekends, Melbourne time. However, CoinSpot could use an upgrade as they do not provide phone support, which is one of the most effective and fastest means of obtaining information.

‍

***

‍

We aim to publish factual and accurate information as of the date of publication. For specific information about a cryptocurrency exchange or trading platform, please visit that provider’s website. This information is general in nature and is for educational purposes only. We do not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.