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CoinSpot NFT marketplace review
Australia's largest exchange launches a multicrypto NFT marketplace.
CoinSpot NFT Pros and cons
- Multicurrency wallet. The ability to buy NFTs with your chosen cryptocurrency is extremely convenient.
- Well-known collections. The available NFT collections on the platform are in demand, and the marketplace hasn't been live for long.
- Simple account creation. Creating an account is simple and straightforward, and it doubles as your wallet.
- Over 300 currencies. Users can choose from over 300 cryptocurrencies to buy NFTs.
- No NFT minting. Creators have to go elsewhere to mint NFTs.
- Crypto purchases only. Buying an NFT requires cryptocurrency. A few marketplaces allow for fiat purchases now.
- No card support. Users can't use debit or credit cards to make any purchases.
- Buy/sell fee is high. The 1% flat fee for instant buy, sell and swap for currency on the exchange is high compared to others: Crypto.com charges 0.04% to 0.4% for maker fees, and 0.1% to 0.4% for taker fees.
The Australian cryptocurrency exchange CoinSpot launched in 2013, making it one of the oldest in existence — and it's the largest in Australia by number of users.
Recently, it launched a multicrypto NFT marketplace where users can use any currency in their CoinSpot account to make a purchase. The marketplace aims to make buying and selling NFTs simple, and has already made popular NFT collections widely available. However, minting on the platform isn't an option right now.
Our take on CoinSpot NFT marketplace
While CoinSpot's exchange has been around for years and has over two million users, its marketplace just launched in 2022. Given the longevity and reputation of the CoinSpot exchange, this marketplace may take off running.
CoinSpot's NFT marketplace is the first multicrypto marketplace, meaning users can use any currency they have in their CoinSpot account to buy an NFT.
This allows the user to skip over the steps of connecting a third-party wallet, and then adding the required cryptocurrency to that specific wallet to buy the NFT. For many, the process of swapping currencies around to get the NFT they want can be a major inconvenience — not to mention a challenge for users new to the space.Image source: CoinSpot NFT marketplace
CoinSpot's marketplace plans to add various, popular NFT collections. At the time of writing, many in-demand collections are already available including Bored Ape Yacht Club, World of Women, DeadFellaz and WonderPals.
About CoinSpot NFT marketplace
To use the CoinSpot NFT marketplace, users need to create a CoinSpot account. It doubles as a multicurrency wallet.Image source: CoinSpot NFT marketplace
Once your account is created, verify the account with a valid driver's license — upload a .jpeg or .png document of your license — and your email.
Once your account is all set, you're able to deposit cryptocurrency directly to your account and start buying NFTs.
CoinSpot blockchain and currency
Unlike most other exchanges or NFT marketplaces, CoinSpot isn't built on a blockchain. However, the NFT marketplace is supported by Ethereum and the Binance Smart Chain.
The CoinSpot exchange features more than 360 cryptocurrencies. Users can use any currency in their wallet to make NFT purchases.
Australian users can deposit AUD, and all other users can only fund their accounts using cryptocurrencies. Credit and debit card deposits aren't supported right now.
What types of NFTs are available on CoinSpot
CoinSpot's market is relatively new, but has many notable collections listed. Users can buy and sell CoinSpot-safelisted collections — mostly ETH collections at the time of writing.
To view the whole list, simply head to the homepage of the CoinSpot NFT marketplace and scroll down to the section labeled Collections. You can sort the collections alphabetically, price, the volume traded, and more.
CoinSpot has safelisted multiple, popular collections such as World of Women and Bored Ape Yacht Club.
How to buy NFTs on CoinSpot
With your CoinSpot account loaded with your crypto of choice, you can head to the NFT marketplace and browse the available collections.
On the front page of the NFT marketplace is a list of collections, their floor price, volume traded and the option View. Once you've found the NFT you want to purchase, select View NFT, then Buy Now, and a menu appears that displays the cryptocurrency you hold in your account.
Select the currency you want to use to buy the NFT, then select Confirm Buy. Users can expect two fees: a 0.9% flat service CoinSpot fee, and gas fees.
Users are limited to cryptocurrencies to buy NFTs, however, you can buy an NFT with any available coin that's actively listed on the CoinSpot exchange.Image source: CoinSpot NFT marketplace
Popular creators on CoinSpot
There are many popular NFT collections and creators featured on CoinSpot, including:
- Bored Ape Yacht Club
- Boss Beauties
- Cool Cats NFT
- Loser Club Official
- tubby cats
- World of Women
How to sell NFTs on the CoinSpot marketplace
There's no fee for listing an NFT for sale on CoinSpot's NFT marketplace, and you don't have to be verified by the platform to list NFTs for sale.
To sell an NFT, log in to your CoinSpot account, and select My Account. In the drop-down menu, select NFT WALLET.
Select the NFT you want to sell, then hit View NFT. You'll then see a button labeled + Listing. Select it, fill out the listing price you want, the duration of the sale, enter your two-factor authentication code and select Confirm Listing.Image source: CoinSpot NFT marketplace
Cancel your listing at any time for free. Your listing stays on the platform for seven days, and if it's not sold, the NFT can be relisted from your collection.
At this time, you can't mint your own NFTs on CoinSpot.
CoinSpot NFT marketplace fees
When it comes to NFTs, there are some fees when buying NFTs on the platform. There's a 0.9% CoinSpot Fee and users pay "network processing fees," aka gas fees. For comparison, OpenSea charges 2.5% per transaction and Foundation charges 5%.
Some fees to be aware when using the CoinSpot exchange include:
- Market orders: 0.1%
- Over-the-counter (OTC) trading: 0.1%
- Instant buy, sell and swap: 1%
- Take profit, spot and limit orders: 1%
- Recurring buy: 1%
There are no fees for:
- Creating a CoinSpot account
- Listing an NFT for sale
- Canceling an NFT listing
CoinSpot NFT drops
CoinSpot doesn't have a page outlining exclusive NFT drops, but on the homepage of the NFT marketplace, you can see popular collections listed.
Seeing as the CoinSpot NFT marketplace just launched in 2022, exclusive drops may be something the ecosystem looks to include in the future.
How the CoinSpot app works
CoinSpot has recently launched a moblie app for Android and iOS devices.
The app is limited to accessing the CoinSpot exchange, though, allowing users to "Buy, Sell & Swap crypto on the go."
The Apple app has a 4.8-star rating with over 10K ratings, which is impressive compared to other crypto apps we've checked out; most stand around the 2 to 3-star mark. The Google Play app store shows a 4.1-star rating for the app with over 5K reviews, which is also impressive compared to other exchange apps.
Is CoinSpot marketplace legit?
CoinSpot is a legitimate NFT marketplace. At the time of writing, CoinSpot has never been hacked.
There's a host of security recommendations listed on the platform, and are pretty standard suggestions for users:
- Set up two-factor authentication
- Do not save login credentials
- Avoid autofill logins
- Never give someone else remote access to your device
- Secure your email address
- CoinSpot does not sell, trade or rent out your personal information, except to law enforcement if required.
- CoinSpot may disclose some personal information to third-party supplies in the event of merger, sale, reorganization or similar event.
- The data centers used have ISO 27001, 27017 and 27018 certifications and PCI DSS7 compliance.
- Strong, multifactor authentication is used.
- CoinSpot ensures that consumer information is safe by managing access controls, such as identity, access management, permissions and security credentials.
Other marketplaces to buy NFTs
CoinSpot users can choose whatever cryptocurrency they want to make a purchase — they just need a CoinSpot account that doubles as a multi-crypto wallet. This could help many users completely new to crypto break into the space, thanks to the easy-to-use platform.
The NFT marketplace is still new, but it still lacks a few key features, such as the ability to make purchases using a debit or credit card. And creators can't use this platform to mint their own NFTs — a feature that most NFT marketplaces allow, such as Nifty Gateway, OpenSea, Foundation and many more.
If you're completely fresh to the NFT scene and want to get your hands on a few high-profile NFTs from popular collections, CoinSpot is a decent marketplace to check out. As a creator, you'll have to head elsewhere to list your own collectibles.
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