CoinSpot 2022 Review: Safety, Fees, Pros & Cons, and More
CoinSpot is one of the leading platforms in the cryptocurrency market, and as of 2022, the company is trusted by over 2 million customers globally. Of course, this is a quite reliable company, as it has been in the market spotlight since 2013. In this CoinSpot review, we will share our research about the platform and everything you need to know to get started with CoinSpot.
ProsAllows the use of a credit card to deposit funds in AUDInstant trades once your profile is verifiedWide range of assets to trade with, including NFTsAutomated purchases by scheduling orders on a daily, weekly, or monthly basisAUSTRAC-regulated and ISO-certifiedConsNot the most beginner-friendly platformRelatively high fees
The Trading Experience at CoinSpot
CoinSpot offers a variety of cryptocurrencies to buy, sell, and swap. Namely, it has proven to be a reliable cryptocurrency exchange thanks to the licenses it has received from multiple authorities. All in all, the company provides a flexible trading environment for anyone interested in cryptos, so we would rate the experience as a positive one. In case of an issue, the customer service team at CoinSpot is available 24/7 through their help desk.
Who CoinSpot Is Best For
A question worth asking is whether or not CoinSpot is good for you. The company offers a relatively smooth and simple dashboard, meaning that most traders will understand how the platform works. Keep in mind that CoinSpot is especially suitable for intermediate traders who plan to dive deeper into the crypto world, as it provides flexible trading and swap opportunities for its customers. We also liked how you don’t need to spend hours in front of the chart to have an order executed, thanks to CoinSpot’s feature to pre-set buy and sell market orders. On the other hand, if you're doubtful about your position in the long run, you can place stop-loss orders.
That being said, if you know your basics and you’ve set your focus on some cryptos, you can make a solid profit at CoinSpot without having to trade daily. Unlike some crypto exchanges that only offer major cryptos like BTC, ETH, SOL, and others, CoinSpot provides many assets, including many altcoins.
Available Cryptocurrencies on CoinSpot
CoinSpot offers more than 300 different cryptos as of 2022, including many minor and major ones. Here is the list of the most popular coins that CoinSpot offers.
Bitcoin (BTC)Ethereum (ETH)BNB (BNB)USD Coin (USDC)Ripple (XRP)Cardano (ADA)Solana (SOL)Terra (LUNA)Avalanche (AVAX)Dogecoin (DOGE)
CoinSpot App Review
Many platforms provide a solid trading experience online, and we were quite satisfied with what CoinSpot has to offer in this regard. As far as the mobile app is concerned, it is well-designed, loads relatively fast, and isn’t difficult to navigate through.
Specifically, it’s best for intermediate traders that already know a thing or two about crypto. The CoinSpot mobile app is available for both iOS and Android, though unfortunately, we wouldn’t rate it as being the most beginner-friendly.
According to our research, CoinSpot is one of the few crypto exchanges that hasn’t had a major security incident since its inception in 2013. In fact, our research concluded that it has a robust security system in place, as it’s the first cryptocurrency platform in Australia ever to receive the internationally recognized ISO-27001 certification for security.
Among its customers, it has a reputation for security and trustworthiness. According to the team behind CoinSpot, this is one of the reasons it charges relatively higher fees, which leads us to the deposits, withdrawals, and banking at CoinSpot. So, is CoinSpot safe and reliable? Yes, CoinSpot is one of the safest crypto platforms you can be at.
Deposits and Withdrawals
For deposits, CoinSpot accepts fiat currency deposits in AUD (Australian Dollar) that you can deposit into your trading account via any Australian Bank, including Westpac, ANZ, and Commonwealth Bank. You can use some of the most popular deposit methods like PayID/Osko, SWIFT, EFT, and POLI.
On the other hand, for non-Australian residents, the deposit method is restricted to crypto deposits only. Therefore, you would need to buy crypto from an exchange to deposit funds into your CoinSpot account or transfer them from a cold storage wallet. Luckily, CoinSpot does not charge direct fees on AUD withdrawals, regardless of the amount.
CoinSpot Trading Fees
Instant Buy Fees: 1%Market Buy Fees: 0.1%Spreads: 1-2%
CoinSpot Overall Rating: 4.5/5
To conclude our opinion on CoinSpot, we think it is one of the most reliable crypto exchanges you can be at, and it has a flexible exchange system in place trusted by over 2 million customers. Of course, the negatives are worth mentioning, too, like the relatively higher commissions and the extra deposit effort in place for non-Australian residents. All in all, the team behind this CoinSpot review would give the platform a positive rating.