CoinSpot Review for 2021: is it legit?

Coinspot reviewCoinSpot is a popular Australian cryptocurrency exchange.  I’ve been using it for the past few years.  It’s currently one cheapest and easiest ways to buy bitcoin and other cryptos in Australia.

Here is my complete Coinspot review for 2021:

What is CoinSpot

CoinSpot is a crypto exchange for buying and selling cryptocurrencies.  They are an Australian company and cater to Australian customers.  If you’re looking to buy or invest in Bitcoin, it is currently my number 1 pick.

What I like about CoinSpot

  • Australian Based – CoinSpot is based in Australia.  They are an Australian company with local offices and local support staff.
  • Huge range of coins on offer – CoinSpot supports a huge number of different coins.  For most people I would recommend sticking to just Bitcoin and Ethereum, but it’s nice to have the option to invest in smaller coins too.  You can see a full list of coins on offer here.
  • Instant AUD Deposits – You can deposit Australian dollars on Coinspot using a number of methods.  These include Bank Transfer (PayID/Osko) which is instant, BPay or in person.  This means you can buy Bitcoin instantly.  No need to wait for deposits to clear.
  • Buy and Sell Cryptos – Unlike Coinbase, on Coinspot you can sell your crypto.  You can send crypto to Coinspot and then sell it for $AUD and withdraw that money to your local bank account.
  • Good reputation – CoinSpot is Australia’s most popular crypto exchange.  They have been around for a while and developed an excellent reputation for their security and being a trustworthy exchange.

Different cryptocurrencies available on CoinSpot

Other Noteworthy CoinSpot Features

  • SMSF Support – CoinSpot has a local support team that can help you setup a Self Managed Super Fund account
  • CoinSwap – if you own one coin you can swap it for another coin on the platform.  This makes it easy to sell out of coins you no longer want to hold.
  • Cloud Wallet – CoinSpot has a cloud wallet for storing, sending and receiving crypto.  I would recommend using a hardware wallet for larger amounts of crypto.

Is Coinspot Legit?

Yes!  I’ve been using Coinspot for the last few years and have never had any major problems.   The only issue I had was when crypto interest exploded in early 2021 and Coinspot had a small period of downtime.  Compared to Binance (which has regular downtime!) Coinspot has been super reliable.  All my deposits and withdrawals have gone through quickly and my orders are always places instantly.

What Can you Buy and Sell through Coinspot

One of the biggest advantages of using Coinspot is you can buy and sell and huge range of different cryptos.  These include:

  • Major Coins – Coinspot supports all the major coins like Bitcoin, Ripple, Ethereum, Litecoin, Binance Coin and many more.
  • Stablecoins  – Buy stablecoins like Tether (TUSD), Dai and USDC.
  • Defi Tokens – Defi is the next big thing!  You can invest in a huge range of Defi tokens such as SUSHI, Reef, Pancake Swap and more.  You can see all the Defi projects listed on Coinspot here.
  • NFT Tokens – You can invest in products that support the latest NFT craze such as BlockParty which is a marketplace for NFTs
  • Commodity Backed Tokens – Did you know you can invest in Tokens that are backed by Gold and Silver.  If you’ve ever wanted to invest in Silver or Gold, then this is one of the easiest (and cheapest) ways to do it.

While investing in alt coins is riskier than just investing in Bitcoin (which is still risky), some of my biggest gains have come from investing in projects like Nano and REN when they were just starting out.   Thankfully CoinSpot listed these and many others in their early days and they are continuously adding new projects.

The Cheapest Way to Buy Bitcoin using Coinspot

On Coinspot you can buy crypto using an instant trade or buy posting a market order.  Most people don’t realise that they can save a fortune on fees by buying Bitcoin using the “markets” feature.  In fact its the cheapest way to buy Bitcoin in Australia!

Here is how it works:

  1. Create a Coinspot AccountSign up to Coinspot here.
  2. Verify your account – you can sign up to coinspot without needing to verify your account but you won’t be able to deposit AUD to buy crypto.  Thankfully verfication is instant for most individuals.
  3. Deposit AUD.  You can deposit using a number of different options including instant bank transfer (payid) and BPay).
  4. Visit the Markets Page – Click Markets -> View BTC Market
  5. Enter a Buy BTC order: – Enter how much you want to buy, and the rate.

Buy Bitcoin on Coinspot using Markets

This will post a market order on Coinspot.

Coinspot Verification

Life all legit crypto exchanges, you do need to verify your identity to get the most out of Coinspot.  I found this verification process to be quick.    The verification process is instant for most people and it will allow you to deposit up to $2000 per day.   If you want to deposit more then you just need to provide a few more details and your account limit will be increased.

CoinSpot Fees

Coinspot is the cheapest (legit) way to buy Bitcoin in Australia when you use the market order feature.

Here is a run down on the fees:

  • For buying, selling and swapping coins there is a 1% fee.
  • For market orders there is a fee of 0.1%
  • For OTC Orders (bigger buys) there is a fee of 0.1%

Top Tip for saving on fees – You can buy and sell crypto instantly on coinspot.  And the fee for this is 1%.  But you can also place a market order. This is where you say you wish to buy X amount of crypto at X price.  For these orders the fee is only 0.1% so it’s way cheaper!  It’s a little more complex, but once you’ve placed your first market order it’ll make complete sense.  If you’ve bought stocks before, then you’ll be familiar with how it works.

Coinspot vs Coinbase

I have used both Coinspot and Coinbase and much prefer Coinspot.  Here is why:

  • Cheaper Fees – It’s much cheaper to buy Bitcoin through Coinspot using the market order feature.
  • Better Deposit Options – On Coinbase the only way for Australians to make a deposit is by using a credit card.  This is expensive and unreliable.  I’ve found that my bank cancels most Coinbase transactions.  If just doesn’t work for me.  On Coinspot I can deposit instantly using PayID/Osko.
  • Sell Crypto – Coinbase doesn’t support selling crypto for Australians.  This means if you ever want to cash out of your investment you need to transfer your crypto to another exchange (and pay transaction fees).  Coinspot supports selling crypto as well as buying.  You can sell your crypto and cash out to your local Australian bank account.
  • More Coins – Coinspot supports way more coins than Coinbase does.

It’s pretty easy to see why Coinspot is a better option for Australians!

CoinSpot Referral Code – Get $10 Free

If you’re thinking about joining CoinSpot, you can use this link to get $10 free when you join.  Just make sure you enter the code: HWHPXV when signing up.

You can find the latest Coinspot Referral Code for 2021 on this page.

Wrapping up: My CoinSpot Review

I think CoinSpot is currently the best place to buy Bitcoin and other cryptos in Australia.  I like the choice of deposit options and the huge range of cryptos on offer.  They are also one of the only crypto platforms that I’ve never had any issues with.  The site always just works and the process of buying crypto is always seamless.

You can find out more about CoinSpot here

This post is for educational purposes and should not be considered as investment advice. This post is based on individual experience and journalistic research.

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