CoinSpot Review

What is CoinSpot

Founded in 2013, CoinSpot is Australia's longest-running and most popular digital asset trading platform. The Sydney-based exchange is widely considered the most secure crypto investing platform and is highly regarded for its gold-standard security practices and regulatory adherence. It is regulated and licensed by AUSTRAC and ASIC and is a Gold Member of the Blockchain Australia committee.

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CoinSpot Features

As Australia’s most popular cryptocurrency exchange, CoinSpot offers a wide range of unique features, such as a crypto card that allows users to spend any of its supported tokens on real-life purchases. Aside from its services, CoinSpot also supports a variety of products, including crypto, NFTs, and Bundles, which are essentially Crypto ETFs. Below is a detailed overview of CoinSpot’s features:

1. Buy and Sell Crypto: Trade over 380 cryptocurrencies on CoinSpot with all of the most popular and relevant tokens available, including stablecoins like Bitcoin and Etheruem or memecoins like Dogecoin.
2. Staking Services: Stake over 30 cryptocurrencies and earn yields up to 78%. Every token has flexible staking terms, meaning you can withdraw your funds at any time. 
3. NFT Marketplace: CoinSpot is the first Australian cryptocurrency exchange to offer a native NFT Marketplace and wallet on its platform. With the CoinSpot NFT investing feature, users can buy a range of NFTs that are listed on OpenSea, including Bored Ape Yacht Club, Cool Cats, DeadFellaz, World of Women, 3Landers, VeeFriends, and more.
4. SMSF Services: Aussie investors can use their SMSF and invest in hundreds of tokens with friendly account managers.
5. OTC Desk: The OTC counter serves large-scale and institutional investors that perform high-volume transactions on the platform. It has benefits such as access to professional trading brokers, less slippage via lock-in pricing mechanisms, and ease of asset access after trade settlement. Users who utilise this function will also have access to an account manager from CoinSpot.
6. Bundles: Investors who are unsure what cryptocurrencies to purchase can take advantage of CoinSpot’s ‘Bundle’ product which is a basket of pre-determined tokens chosen by the exchange that has a history of good performance.
7. CoinSpot Mastercard:  A crypto debit card that allows users to securely spend coins from their CoinSpot wallet in the real world. The Mastercard can be set up in seconds if you have a CoinSpot account and integrated directly with the mobile app, allowing users to complete payments with Face ID or Touch ID.
8. Mobile App: In addition to desktop compatibility, CoinSpot is also available on mobile, and the application offers a slick and intuitive design for both iOS and Android devices.
9. 24/7 Customer Support: Contact CoinSpot’s customer service team 24/7 via live chat, email, and social media channels like Twitter, Facebook, and Instagram.

Is CoinSpot Regulated?

CoinSpot PTY LTD (ABN 83 169 528 796 and ACN 169 528 796) is registered with the Australian Securities and Investments Commission (ASIC) and is licensed by AUSTRAC as a digital exchange service provider. It has undergone an SCI Qual International security audit and is the only Australian-based exchange awarded the ISO 27001 standard security certification. 

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Supported Cryptocurrencies

CoinSpot currently supports over 380 cryptocurrencies on its platform and is adding more every week. In addition to cryptocurrencies, users can invest in Bundles, similar to ETFs (Exchange Traded Funds) but for crypto. Essentially, they package various tokens into one transaction to speed up and ease the crypto investment process. It's an easy and simple way for users to diversify their portfolios.

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Fees and Deposit Methods

It has the lowest fees among any crypto trading platform in Australia. Users incur a small fee of 0.1% when using the Market Buy or OTC feature, and the Instant Buy feature will incur a 1% fee. There are zero fees for AUD deposits via POLi, PayID, Osko and Bank Transfer. There is a 0.9% fee for BPAY deposits, 2.5% for cash deposits, and a 2.58% fee for card deposits.

Mobile Application

The app is available to download on Android and iOS devices, allowing users to enjoy the full functionality of the CoinSpot exchange. CoinSpot’s mobile application is currently rated 4.8 stars from 16K reviews and is ranked #41 overall in the Finance category on the Apple App Store. On Google Play, it is rated 4.8 stars from 50K reviews. Most of the comments are positive and mention the apps user-friendly interface.

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CoinSpot Customer Support

One of the standout features of CoinSpot is its extremely helpful and supportive customer service team. CoinSpot has an impressive 4.6 star rating on Trustpilot with most comments mentioning the friendly support staff. The team can be reached 24/7 via live chat, email, online ticketing system, and various social media channels like Instagram, Twitter, Facebook, and Reddit.

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What tokens can I stake on CoinSpot?

CoinSpot is one of the only exchanges in Australia to offer staking on cryptocurrencies. It also doesn't require you to lock up your tokens for a certain period of time, unlike other popular cryptocurrency exchanges like crypto.com, which require its users to stake their assets for a minimum of three months. CoinSpot currently offers staking on the following tokens:

• ‍(ADA) Cardano - 5.1% APY*
• (ALGO) Algorand - 6% APY*
• (ATOM) Cosmos - 10.9% APY*
• (AVAX) Avalanche - 6.9% APY*
• (AXS) Axie Infinity - 78% APY*
• (BNB) BNB - 5% APY*
• (CRO) Crypto.com - 11.1% APY*
• (DOT) Polkadot - 12.5% APY*
• (EGLD) Elrond Gold - 12.1% APY*
• (FTM) Fantom - 4.2% APY*
• (LUNA) Terra - 8.1% APY*
• (SOL) Solana - 6.6% APY*
• (TRX) TRON - 5.9% APY*
• (VRA) Verasity - 19.2% APY*
• (WAN) Wanchain - 6.3% APY*
• (XTZ) Tezos - 4.2% APY*
• (ZIL) Zilliqa - 15% APY*
• (MATIC) Polygon - 12.8% APY*
• (ONE) Harmony - 9.2% APY*
• (KSM) Kusama - 18.5% APY*
• (FLOW) Flow - 6.5% APY*
• (KAVA) Kava - 23.5% APY*

*APY is estimated and is subject to change. You can learn more in our extensive CoinSpot Staking Guide.

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Final Thoughts

To summarise, CoinSpot is Australia's best and most diverse cryptocurrency trading platform. It offers the widest variety of features and is a true all-in-one platform that provides a secure and easy way to invest in the digital asset ecosystem. CoinSpot has earned the title of best exchange due to its user-friendly interface, low fees, wide range of assets and unique features.