CoinSpot Review

Summary: CoinSpot stands as Australia's leading cryptocurrency exchange, boasting over 2.5 million registered users. The platform prides itself on its affordability and wide array of features, including low trading fees starting at 0.1%. CoinSpot's offerings extend beyond conventional exchange services, as it also provides a crypto card, staking options, Bundles (similar to crypto ETFs), and an NFT marketplace featuring popular projects such as CryptoPunks and Bored Apes.

What is CoinSpot?

CoinSpot is Australia's largest crypto exchange that streamlines the process of purchasing, selling, staking and exchanging cryptocurrencies such as Bitcoin, Ethereum, Solana, and many more. Supporting over 380 digital currencies, the platform accommodates a wide range of customers. CoinSpot prioritizes user-friendliness, providing an intuitive interface that simplifies account creation, fund deposits, and cryptocurrency trading. Additionally, users can access a responsive 24/7 support team through live chat and help desk options.

The CoinSpot exchange boasts an extensive array of features on its platform. A high-level overview of CoinSpot's supported features includes:

1. Wide Variety of Tokens: Trade over 370 popular cryptocurrencies.
2. Cryptocurrency Staking: Earn high returns on more than 20 tokens with up to 78% APY.
3. NFT Marketplace: Invest in 32 top-performing NFT projects, including Bored Ape Yacht Club, Azukis, and Cool Cats, using any tokens listed on CoinSpot.
4. CoinSpot Mastercard: Use the CoinSpot Crypto Mastercard to make real-life purchases with any of the 370 tokens listed on CoinSpot.
5. Bundles: Purchase Bundles (Crypto ETFs) in a single transaction to save on fees and diversify your portfolio.
6. OTC Desk: Access over-the-counter services for corporate and institutional clients with a 0.1% cap on OTC orders and live phone support.
7. 24/7 Customer Support: Reach CoinSpot's support team around the clock via live chat, email, phone, or social media platforms.
8. SMSF: Invest in any of CoinSpot's tokens using a Self-Managed Super Fund.
9. Lowest Fees in Australia: Enjoy low 0.1% trading fees when trading multiple tokens.
10. CoinSpot App: Access CoinSpot on both iOS and Android devices.

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Is CoinSpot a safe platform?

CoinSpot takes the security of its platform and users' funds very seriously. First and foremost, it is regulated by AUSTRAC, which means it adheres to strict anti-money laundering and counter-terrorism financing laws. Additionally, it holds an Australian Digital Currency Exchange License granted by AUSTRAC, further demonstrating its commitment to regulatory compliance.

On the technical side, CoinSpot utilises industry-standard SSL encryption for all website communications and offers two-factor authentication as an added layer of protection for user accounts.  All user funds are stored in secure cold wallets with multi-signature access requirements. It has a strict withdrawal process that requires manual approval from a member of their team before any funds can be transferred out of the platform.

Further, it is the only platform to be awarded the ISO270001 Standard Security Certificate, making it the sole high-security exchange in Australia. Overall, CoinSpot's regulatory compliance and technical security measures make it the safest option for buying, selling, and storing cryptocurrencies.

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CoinSpot NFT Marketplace

On the CoinSpot NFT Marketplace, users can buy and sell NFTs with any of CoinSpots supported tokens (over 370+), whereas popular marketplaces like OpenSea only allow you to purchase NFTs with Ethereum or DAI. Another benefit of using CoinSpots marketplace is that you don’t need to cover the cost of gas as the platform is a centralised exchange, therefore it is off-chain.

There are over 30 of the top performing NFTs on CoinSpot including Bored Ape Yacht Club, Azukis, Meebits, World of Women, Invisible Friends, Cool Cats, VeeFriends Series 2, Deadfellaz, Gauntlets and many more.

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CoinSpot Fees: Deposit, Withdrawal & Trading

The reason for CoinSpot’s popularity is mainly due to its competitively low fees. The platform offers multiple free deposit methods and has provides the lowest trading fee in Australia. Below we have provided a quick summary of the exchanges fees.

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Deposit & Withdrawal Fees

• PayID, POLi, Osko/Bank Transfer Deposits - Free.
• Credit & Debit Card Deposits - 2.58%.
• BPAY Deposits - 0.9%.
• Cash Deposits - 2.5%.
• AUD Withdrawals - Free.
• Crypto Withdrawals - There is a small network transaction fee, and the fee will vary per token. The fee is highlighted on the coins sending wallet page.

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Trading (Buy/Sell) Crypto Fees

• Market Buy - When you buy tokens through the ‘Markets’ tab, the fee is 0.1%.
• Instant Buy - When you buy tokens through the ‘Buy/Sell’ tab, the fee is 1%.
• NFT Swaps - 1% Fee plus the OpenSea and creator royalty fee.

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CoinSpot Cryptocurrency Staking Options

In addition to having the largest selection of tokens to trade in Australia, CoinSpot also offers the widest range of cryptos to stake. On CoinSpot you can stake over 20 different digital assets. You can refer to the below list for a breakdown of the supported tokens plus what yields you can earn on them.

1. (ADA) Cardano: 5.1% APY*
2. (ALGO) Algorand: 6% APY*
3. (ATOM) Cosmos: 10.9% APY*
4. (AVAX) Avalanche: 6.9% APY*
5. (AXS) Axie Infinity: 78% APY*
6. (BNB) BNB: 5% APY*
7. (CRO) Crypto.com: 11.1% APY*
8. (DOT) Polkadot: 12.5% APY*
9. (EGLD) Elrond Gold: 12.1% APY*
10. (FLOW) Flow: 6.5% APY*
11. (FTM) Fantom: 4.2% APY*
12. (KAVA) Kava: 23.5% APY*
13. (KSM) Kusama: 18.5% APY*
14. (LUNA) Terra: 8.1% APY*
15. (MATIC) Polygon: 2.8% APY*
16. (ONE) Harmony: 9.2% APY*
17. (SOL) Solana: 6.6% APY*
18. (TRX) TRON: 5.9% APY*
19. (VRA) Verasity: 19.2% APY*
20. (WAN) Wanchain: 6.3% APY*
21. (XTZ) Tezos: 4.2% APY*
22. (ZIL) Zilliqa: 5% APY*

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What is the CoinSpot Mastercard

CoinSpot has recently launched their very own crypto card, the CoinSpot Mastercard. With this card, users can spend any of the supported tokens on CoinSpot for real-life purchases. The crypto card can be used at any merchant that accepts Mastercard as a payment method. Furthermore, it can be added to your phone on both Google and Apple Pay. 

Additionally, the card has absolutely zero monthly, management, transaction or ATM fees. The only fee that needs to be paid is a conversion fee of 1% from the token you are spending to AUD. This is extremely low compared to other crypto cards that charge up to 3% in conversion/forex fees. To learn more about the CoinSpot Mastercard, visit here. 

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Customer Support 

One of the best features that CoinSpot has to offer is its 24/7 live customer support. The support team are all Australian-based and available every hour and day, even on holidays! They can be reached via live chat, email (support@coinspot.com.au), phone, and through one of their social media channels - Reddit, Instagram, Facebook and Twitter.

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Does CoinSpot have a mobile app?

Yes, CoinSpot is supported on both iOS and Android devices. The application offers the same functionality and UI as its web counterpart including checking your portfolio, opening trades, staking tokens, buying NFTs and much more on the go. The CoinSpot app is rated an impressive 4.8 stars from 13.5K ratings and ranked #40 overall in the Finance category on the Apple App Store. On the Google Play Store, it is rated 3.8 stars from 6.6K reviews. 

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Final Thoughts

In conclusion, CoinSpot has established itself as Australia's premier cryptocurrency exchange, catering to over 2.5 million users with its extensive offerings and competitive fees. The platform's user-friendly interface, robust security measures, and 24/7 customer support make it an attractive choice for both new and experienced crypto enthusiasts.

CoinSpot's extensive list of features, including crypto staking, NFT marketplace, and the CoinSpot Mastercard, ensures a comprehensive and seamless experience for users. With its mobile app available on both iOS and Android, CoinSpot enables users to manage their portfolios and conduct transactions on the go.