A crypto exchange guide must provide reviews of all the crypto exchanges out there, so that you can find the right one for you. This review of CoinSpot consists of four parts: general info, fees, deposit methods and security.
CoinSpot is a crypto exchange from Australia. They are one of the leading Australian gateway companies into the crypto world, meaning that they allow the purchase of crypto with fiat currency. The exchange was founded in Melbourne 2013. They are a member of ADCA – the Australian Digital Commerce Association. ADCA is not a regulatory authority, but the membership still shows some form of long term commitment to the adoption of blockchain technology.
CoinSpot emphasizes three things on its landing page as special benefits with the CoinSpot-platform. They emphasize that it has “streamlined trading”. With this, they mean that you can deposit and trade easily from your CoinSpot-account. No need for any “deposit detours” or anything like that. They also highlight that they have a skilled and professional support team. This is always helpful to users struggling with any issues. Finally, they note that they have a multicoin wallet.
US-investors may not trade on this exchange. So if you are a US-investor and want to trade at CoinSpot, you’ll have to reconsider your choice of trading venue. Use our Exchange Finder here to find the right exchange for you.
CoinSpot Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at CoinSpot:
The platform also recently (6 March 2020) made it possible for users to make buy stop and buy limit orders.
CoinSpot Trading fees
Trading fees are naturally very important. Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. At this exchange, they don’t divide between takers and makers. Instead, they charge a “flat fee” of 0.10%. This means that both takers and makers in a deal pay 0.10% in fees. 0.10% in trading fees is below the industry average (arguably around 0.25%) and thus a competitive advantage for CoinSpot.
CoinSpot also offers an instant buying and selling feature. This feature allows the users of the platform to sell any cryptocurrency available into any other cryptocurrency available. For example, XRP into TRX in one single transaction. The instant buy & sell function has a trading fee of 1.00%.
CoinSpot Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Let’s say you have reached your investment goals and you are looking to buy house with bitcoin. In order to buy that house, you need to withdraw the funds. And when doing so, the exchange can make up for its low trading fees by charging you high withdrawal fees when you’re halfway out the door.
CoinSpot, however, only charges the network fees when you withdraw cryptocurrencies. This is a strong competitive edge in the market and distinguishes CoinSpot from most other top crypto exchanges.
This trading platform offers wire transfer as a deposit method, but you can’t deposit via credit card. As wire transfers are permitted, this exchange qualifies as an “entry-level exchange”. Entry-level exchanges are exchanges which make it possible for new cryptocurrency investors to take their first steps into the cryptocurrency world.
You can wire transfer through POLi payments or PAYID instant AUD deposits (no fee is charged by the exchange or the relevant payment service provider for these deposits), through BPAY payments (0.90% fee is charged by the payment service provider) or through Cash payments (2.00% fee is charged by the payment service provider). BPAY payments are processed three times per day.
This exchange’s security score is B-, when doing the test at Mozilla (https://observatory.mozilla.org/). This is a great security score indeed. Actually, most exchanges in our Exchange List actually only receive an F when running the Observatory-test
CoinSpot’s security score is impressive and demonstrates their commitment to, and focus on, security matters. Moreover, CoinSpot is the first Australian exchange that has ever received the ISO 27001 certification for information security. This was announced to its users in an email sent on 27 March 2020:
Good job, CoinSpot!
The exchange reviewed above has a large number of cryptos you can trade. If a large number of cryptos is an important factor for you in your choice of exchange, you could also check out the following exchanges: