CoinSpot Review for 2020: is it legit?

Coinspot reviewCoinSpot is a popular Australian cryptocurrency exchange.  I’ve been using it for the past few years, and wanted to put together a review on whether or not I thought it is the best option for Australian’s looking to buy Bitcoin and other cryptos.  Here is my full CoinSpot review for 2020:

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 Bitcoin in Australia, it is currently my number 1 pick.  I’ve been using them for a number of years and have found them to be a reliable place to buy crypto.

What I like about CoinSpot

  • Australian Based – CoinSpot is based in Australia.  They also have Australian support staff.
  • Buy and Sell crypto – On CoinSpot you can both buy and sell crypto.  You can send crypto to coinspot from your wallet, sell it and have the AUD deposited in your bank account.  You can’t do this on international exchanges.
  • 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.
  • Good reputation – CoinSpot is Australia’s most popular crypto exchange.  They have been around for a while and developed a good reputation.

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.

How to buy Crypto on CoinSpot

CoinSpot makes it super easy to buy Bitcoin and other cryptos like Ethereum, Ripple etc.  Here is how it works:

  1. Sign up to Coinspot
  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. Buy Crypto!

CoinSpot Fees

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 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 stock before, then you’ll be familiar with how it works.

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.

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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