About CoinSpot

CoinSpot is a Melbourne-based Australian exchange launched in 2013 that has grown into the country’s most popular crypto platform. According to Statista Market Insights, over 10 million Aussies are crypto holders, and CoinSpot has more than 3 million users, accounting for 30% of the market share. This is largely due to the platform’s deep liquidity across 500 digital assets.

The exchange is trusted for its regulatory compliance, ease of use, and broad service set. It is often referenced in local reviews as a go-to option for Australian retail crypto users. On review platforms, it typically scores above 4 out of 5 (e.g., 4.2/5 on Product Review) and maintains a Trustpilot rating of around 4.3/5 based on thousands of reviews.

CoinSpot Products & Services

CoinSpot offers a wide range of tools suitable for both new investors and experienced traders. The platform goes beyond basic crypto trading by providing convenient payment options, advanced order types, investment bundles, and access to NFTs. Here's a quick summary:

1. Instant Buy & Sell: These one-click functions let users trade nearly any supported coin at a fixed price, with no waiting. They’re ideal for users who value speed and simplicity, though they carry a higher fee (around 1%) compared to market orders.
2. Market Buy & Sell: For coins listed on the order book, users can place market orders that execute against existing bids/asks. These generally incur a lower fee of 0.1% and allow you to benefit from real-time liquidity and pricing.
3. CoinSpot Card: A prepaid Mastercard that lets users spend cryptocurrencies at retailers worldwide (online or in-store) by converting crypto to fiat at the point of sale. It also supports Apple Pay and Google Pay for contactless convenience.
4. OTC (Over-the-Counter) Desk: Tailored for high-value trades (AUD 20,000 or more), CoinSpot’s OTC service allows large volume transactions with minimal slippage, fixed pricing, and dedicated support. Trades settle instantly and attract a low 0.1% fee.
5. Crypto Bundles: CoinSpot offers pre-selected baskets of multiple cryptocurrencies, such as NFT-oriented assets. When you buy a bundle, each underlying token is purchased and deposited into your wallet, helping diversify with a single transaction.
6. NFT Marketplace: Users can browse, buy, and sell non-fungible tokens (NFTs) directly on CoinSpot. It supports multiple crypto payments and integrates the NFT experience into the same ecosystem as trading.
7. DCA (Dollar-Cost Averaging): Set up automatic, periodic purchases of selected coins. This helps smooth out market volatility. The recurring feature often shares the same fee structure as Instant Buy (around 1%).
8. Advanced Orders: Beyond market orders, CoinSpot supports more sophisticated order types such as limit, stop-loss, and take-profit orders. These help traders automate entry and exit strategies.
9. Tax Reporting & Export Tools: Recognising the Australian tax environment, CoinSpot lets users export transaction histories in CSV format or connect to tax tools (like Koinly or CoinLedger) for end-of-year reporting.
10. 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.

Is CoinSpot Safe for Australian Investors?

CoinSpot operates under Casey Block Services Pty Ltd (ABN 19 619 574 186) and is a registered member of Blockchain Australia. The platform is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and is compliant with the country’s AML and CTF laws. It requires all users to complete KYC and conducts regular security audits. 

On the security side, CoinSpot is ISO 27001 certified for information security management and stores the majority of client assets in offline cold wallets to reduce hacking risks. Users benefit from two-factor authentication, withdrawal whitelisting, and geo-locking, while a bug bounty program through HackerOne helps identify and fix vulnerabilities.

Together, these layers of protection help establish CoinSpot as a safe and compliant choice for Australian crypto investors. Compared to other Australian exchanges like Swyftx and Independent Reserve, CoinSpot offers better oversight from national regulators and stronger security measures.

How Much Does CoinSpot Really Cost?

CoinSpot maintains a straightforward fee structure, allowing users to know exactly what they’ll pay before trading or transferring funds. Here’s a clear breakdown of the main fees:

Investment Costs

• Market Orders/OTC Trades: Trades executed via the order book or through CoinSpot’s OTC desk carry a 0.1% trading fee. A typical $1,000 Instant Buy would incur $10 in fees, versus $1 if executed through a market order.
• Instant Buy/Instant Sell/CoinSwap/Advanced Orders: For immediate transactions, such as instant buy/sell, swaps, or order types like stop, limit, and take-profit, CoinSpot charges 1% per trade.
• NFT Transactions: Buying or selling NFTs on the CoinSpot platform incurs a 0.9% flat fee (excluding blockchain gas/network fees).

Deposit Fees

• PayID & Direct Bank Deposits: Free
• Cash Deposits (e.g. via partner outlets): 2.5%
• Card/Apple Pay/Google Pay: 1.22%
• PayPal: 0.5%

Withdrawal Charges

• Bank Transfers: Free
• PayPal: 2% (with a cap on fees)
• Crypto Withdrawals: When sending crypto to external wallets, users pay the standard network (blockchain) or “mining” fee. The exact amount depends on the coin and network congestion.

CoinSpot’s fees are considered high compared to international exchanges like Bybit, which offers a set 0.1% spot trading fee and does not charge for deposits. However, when compared to local platforms like Swyftx, which charges a standard 0.6% fee for trading, it is much more affordable.

What is the CoinSpot Crypto Card?

The CoinSpot Card is a prepaid debit card that lets Australians spend cryptocurrency anywhere Mastercard is accepted. It links directly to your CoinSpot account, allowing you to use over 540 cryptocurrencies like cash without the need for conversions or third-party services.

After verifying your details in the CoinSpot app, you can activate your card within seconds. Users can select which cryptocurrency to spend at any time, instantly top up balances, or switch between coins directly through the app.

The card integrates with Apple Pay® and Google Pay®, enabling secure mobile payments from your phone or smartwatch. Every transaction, balance update, and setting can be managed through a streamlined dashboard in the CoinSpot app.

Why Doesn’t CoinSpot Offer Futures Trading?

CoinSpot does not currently offer futures trading largely due to regulatory and strategic considerations. In Australia, derivatives and leveraged products like futures generally fall under stricter regulatory oversight by ASIC, which requires platforms offering them to hold an Australian Financial Services Licence (AFSL) and comply with additional consumer safeguards.

From a business standpoint, CoinSpot prioritises providing straightforward, secure access to spot trading over supporting complex leveraged products. Several user and industry reviews note that the absence of futures and margin trading is a deliberate trade-off in favour of simplicity, risk mitigation, and regulatory compliance.

For Australian traders who require futures, the current options are international exchanges that accept local users, such as Bybit or Binance. However, these platforms often operate without the same regulatory safeguards as CoinSpot.

Final Thoughts

CoinSpot is a top choice for Australian crypto investors by combining regulatory compliance, strong security, and a broad set of features. It is ideal for newcomers and long-term investors seeking compliance and simplicity, but limited for professional traders needing futures or advanced derivatives.

For those wanting to know how it compares to other Australian exchanges, check out CoinSpot vs Swyftx.