CoinSpot Review

Summary: CoinSpot was founded in 2013 and has become Australia’s largest cryptocurrency exchange, with over 2.5 million registered users. Based in Melbourne, it offers over 440 digital currencies to trade and stake. It provides diverse services, such as the CoinSpot Mastercard, crypto SMSFs, bundles and and maintains strong customer support.

Regulated by AUSTRAC, CoinSpot ensures regulatory compliance and maintains a competitive fee structure. It is celebrated for its advanced security measures, reflected in its ISO 27001 certification and adherence to Blockchain Australia’s standards.

What is CoinSpot?

Founded in 2013, CoinSpot is the largest Australian cryptocurrency exchange known for its simple interface and a wide range of over 440 digital currencies. This platform caters primarily to Australian users and emphasises security, highlighted by its ISO 27001 certification, an international standard for managing information security. It is a registered member of Blockchain Australia, showing its commitment to compliance.

CoinSpot supports various transaction types including direct buys, sells, and swaps. It also offers features such as recurring buys and a wallet service for all listed cryptocurrencies. The platform provides various services, including the innovative CoinSpot Mastercard, enabling users to spend cryptocurrencies like regular money. It also provides specialised investment options, like crypto SMSFs for retirement funds. 

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Key Features

CoinSpot is a versatile cryptocurrency exchange, offering a comprehensive range of services catering to various aspects of digital asset trading and management. Key features of CoinSpot include:

1. Diverse Asset Selection: CoinSpot provides access to over 440 cryptocurrencies, ranging from popular coins like Bitcoin and Ethereum to emerging assets, such as Solana and Avalanche, offering a diverse portfolio for traders.
2. CoinSpot Staking: The platform supports staking for various cryptocurrencies, enabling users to earn rewards on their holdings. This includes popular options like Cardano, ETH, Solana, and more, with competitive annual percentage yields (APYs) up to 73%.
3. Crypto Wallet: The exchange offers an integrated wallet service, allowing users to store, manage, and transfer their crypto assets securely within the platform and to external wallets.
4. OTC: For high-volume traders, CoinSpot’s Over-The-Counter (OTC) Trading Desk offers a personalised trading experience with direct access to an account manager and locked-in pricing to prevent slippage.
5. SMSF Services: Caters to self-managed super funds (SMSFs), providing a straightforward way for users to invest in cryptocurrencies as part of their retirement planning.
6. NFTs: The exchange includes a marketplace for NFTs, where users can buy and sell a variety of projects like BAYC, Crypto Punks and Azukis using the cryptocurrencies available on CoinSpot.
7. Bundles: CoinSpot provides a way to diversify investment portfolios through its curated range of crypto bundles, allowing users to purchase multiple asset in a single transaction tailored to different market strategies and needs.
8. CoinSpot Mastercard: The CoinSpot Mastercard enables users to spend cryptocurrencies like regular cash anywhere Mastercard is accepted, offering a seamless payment experience online and in-store without startup or annual fees.

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Is CoinSpot Regulated?

Yes, CoinSpot is regulated in Australia. Operated by Casey Block Services Pty Ltd (ABN 19 619 574 186) under the leadership of CEO Russell Wilson, it adheres to regulations set by the Australian Transaction Reports and Analysis Centre (AUSTRAC). This regulatory framework ensures CoinSpot maintains standards for anti-money laundering and counter-terrorism financing.

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Is CoinSpot Safe?

CoinSpot is recognised as one of Australia's safest cryptocurrency exchanges due to its thorough security measures, including ISO 27001 certification and adherence to best security practices outlined by Blockchain Australia. The exchange prioritises the protection of customer assets and data through rigorous security protocols such as offline storage of digital assets, customisable account security settings including 2FA, and continuous systems monitoring to eliminate unauthorised access or breaches. 

Additionally, CoinSpot offers various trading options, all bound by security parameters to ensure user transactions are safe and private. This multilayered security approach affirms CoinSpot’s commitment to providing a secure and trustworthy platform for trading and managing cryptocurrencies.

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Fees Schedule

CoinSpot is respected in the Australian cryptocurrency market for its transparent and competitive fee structure. Here’s a detailed overview of all of the fees charged on the platform:

• Market Trading Fees: There is a 0.1% fee anytime you buy or sell a cryptocurrency through the ‘markets’ feature.
• Instant Transactions: A fee of 1% for instant buy, sell, and swap transactions, along with advanced order types like Take Profit, Stop, and Limit Orders.
• Recurring Buys: Automated regular purchases incur a 1% fee.
• AUD Deposit Transactions: PayID and bank transfers are free, BPAY costs 0.9%, cash deposits are 2.5%, and there is 1.88% for card transactions. 
• AUD Withdrawal Fees: All AUD withdrawals to bank accounts are completely free of charge.
• External Wallet Transfers: Standard, minimal transaction fees apply for sending coins to external wallets.
• OTC Desk: There is a flat 0.1% for all OTC desk transactions.

CoinSpot’s fee policy reflects its commitment to providing a clear, simple, and affordable trading experience for its users.

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Has CoinSpot Been Hacked?

Yes, CoinSpot experienced a security breach where over $2 million was drained from accounts. This incident, confirmed by the Australian Financial Review, involved the transfer of funds from two CoinSpot wallets, utilising bridging services like THORChain and Wan Bridge. 

The breach suggested a compromise in the exchange's security, particularly concerning the security of private keys. However, CoinSpot stated that no customers were affected by this incident. This event highlights the importance of robust security measures in the cryptocurrency industry.

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Bottom Line

CoinSpot is an Australian cryptocurrency exchange offering over 440 digital currencies, with innovative features like the CoinSpot Mastercard, and an NFT marketplace. Adhering to AUSTRAC regulations, its transparent fee structure and dedicated customer support enhance its appeal and trustworthiness.

Despite a past security breach, CoinSpot demonstrated its commitment to safeguarding user assets, reinforcing the significance of strong security in the crypto industry.