These limits are in place because CoinSpot is bound by Australian financial regulations. Due to Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act, and the present debate surrounding crypto regulation, it’s possible that the rules surrounding daily limits may change in future.
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CoinSpot cryptocurrency exchange – January 2022 review
What is CoinSpot?
CoinSpot is a cryptocurrency trading platform that allows users to buy, sell and exchange more than 100 different cryptocurrencies.
Cryptocurrencies are digital assets exchanged around the world, but getting started usually means buying with fiat currency. On CoinSpot, the only government-issued fiat currency you can purchase with is Australian dollars.
Even if you are not an Australian resident, you can still buy and trade cryptocurrencies on CoinSpot. You can do this by trading BTC, LTC or DOGE for other popular altcoins.
Which cryptocurrencies can I trade?
CoinSpot supports over 100 crypto coins and tokens, including the world’s largest cryptocurrencies and a host of more exotic offerings. Check out the full list of supported currencies below.
Which countries is CoinSpot available in?
Currently CoinSpot caters to the local Australian market only. Cryptocurrency is a borderless technology, but exchanges like CoinSpot are still be subject to local laws and regulations. This can be both an advantage and a disadvantage.
Traders who want more flexibility might prefer a service that’s not subject to Australian law, but others might enjoy the peace of mind that comes from using a compliant exchange that also offers Australian-based customer service.
As of April 2018, CoinSpot also complies with new AML-CTF (anti-money laundering and counter-terrorism financing) rules monitored by the Australian Transaction Reports and Analysis Centre (AUSTRAC). This means the platform must verify the identities of its customers, report suspicious transactions and those that exceed $10,000, and keep transaction records for seven years.
Cryptocurrency regulation in Australia is subject to ongoing debate in Canberra. This is something all crypto traders should be mindful of when weighing investment risks. Nonetheless, it’s clear the Australian Government is taking a progressive attitude towards cryptocurrency and blockchain technology. Future regulation may change how cryptocurrency is purchased, traded or taxed locally but, at least for the foreseeable future, Australia looks to remain a crypto-friendly environment.
Which payment methods are accepted?
As mentioned above, you must be an Australian resident in order to buy and trade using Australian dollars. As a New Zealand trader, you can only deposit BTC, LTC or DOGE, however you can trade for a huge variety of other altcoins.
The exact transaction fees on CoinSpot can vary from coin to coin, but the breakdown of costs is relatively straightforward.
|Transaction type||Percentage of transaction total|
|Withdrawal of coins to a wallet outside CoinSpot||Varies**|
*For convenience this fee is automatically included in the buy/sell price you are shown.
**It varies between coins, and depending on how busy that coin network is. This fee will typically be almost identical across most exchanges worldwide.
CoinSpot has very clear-cut commission fees and there are no hidden charges to worry about.
The bad news is that CoinSpot trades with fairly wide spreads. You’re typically buying at the high end and selling at the low end of market rates, and then paying a 2-3% commission fees on top of that. It’s a high price to pay for convenience and simplicity.
However if you are an Australian resident with an Aussie bank account, once you factor in CoinSpot’s (lack of) deposit and withdrawal fees for Australian dollar deposits, it starts looking like much better value for money. For some perspective, a deposit that’s completely fee-free on CoinSpot might involve a flat $30 wire transfer fee on the deposit amount plus a 5% currency exchange fee if applicable, when using a large global exchange like a bank.
Despite the somewhat unfavourable rates, it might still be hard to beat CoinSpot for value. This is especially true for smaller purchases that would get eaten up by flat transfer fees on other exchanges. This also works well with the exceptionally low minimum deposits available.
CoinSpot is one of the few exchanges where you could feasibly deposit some spare change to buy a few dollars of cryptocurrency at a time.
How fast will my funds be available?
- Wallet transfers. CoinSpot indicates most transfers will be sent immediately, once a send action has been confirmed. However, the platform does say that this may take up to 12 hours when sending coins to a wallet outside CoinSpot. Manual approval is also sometimes required for certain wallets, so it’s important for you to keep this in mind when considering processing times.
Is CoinSpot safe to use?
CoinSpot is registered under an Australian Business Number (ABN), and is a member of the Australian Digital Commerce Association. These two factors are strong starting points when you’re assessing CoinSpot’s approach to privacy and security on their exchange.
CoinSpot utilises a two-factor authentication (2FA) system requiring users to verify their identities via their emails and mobile phones. 2FA provides an extra layer of security against any viruses or attempts to hack. It also helps to decrease risk of identity theft or other traders using a false persona to trade with on the platform.
CoinSpot features a customer support service run off the industry standard, Zendesk. It also offers the option for direct contact via email enquiry. In keeping with its user friendly approach, CoinSpot ticks the boxes in this regard for offering a help section and clear channel of communication when needed, although some users have reported delayed response times.
How do I create a CoinSpot account?
Signing up to CoinSpot is similar to most exchanges, although verification requires some additional steps compared to other services.
CoinSpot verification requires you to:
- Enter your full name and current Australian address
- Provide an Australian mobile phone number
- Upload a photo of your driver’s licence, learner’s permit or proof of age card to provide proof of name.
- Upload a photo of a utility bill or the back of your driver’s license to show proof of address
- Set up two factor authentication
You will also need to upload a photo of yourself with a signed statement saying: “I, [Your Full Name], submit this photo to apply for a CoinSpot account to trade digital currency and my code is [Your Code number]. [Your Signature]”
Your code number can be found under the Account > Verification section, as part of the verification process.
A CoinSpot representative may also contact you on the phone number provided to ask some questions and ask you to confirm certain details.
Pros and Cons
- User-friendly interface
- Wide selection of cryptocurrencies
- Global traders may find the platform’s local Australia-only access frustrating
- Transaction fees higher compared to other exchanges
- Transaction speeds may be too slow for daily traders long term
Frequently asked questions
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