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CoinSpot Review

CoinSpot Review

Learn about CoinSpot, Australia's trusted crypto exchange, with a wide range of digital currencies, strong security, and user-focused services.

Summary: CoinSpot, a premier Australian cryptocurrency exchange founded in 2013, offers over 400 digital currencies, emphasizing user-friendliness and security, including two-factor authentication and Blockchain Australia certification. 

It provides diverse services, such as the CoinSpot Mastercard and crypto SMSFs, and maintains strong customer support. Regulated by AUSTRAC, CoinSpot ensures compliance and competitive fee structures. Despite experiencing a security breach, it safeguarded customer assets, underscoring its commitment to robust security in cryptocurrency trading.

CoinSpot Overview
4.9 out of 5.0 by Datawallet
CoinSpot is a leading Australian cryptocurrency exchange, known for its vast selection of over 400 digital currencies, user-friendly platform, and strong emphasis on security and customer support.
Available Assets
400 Cryptocurrencies and 100+ NFT Collections.
Fees
0.1% Market Order and 1% Instant Order.
Regulation & Licensing
Australian-based and Registered with AUSTRAC.

CoinSpot experience a security breach of $2 Million in November 2023. Customer funds were not affected.

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What is CoinSpot?

CoinSpot, the largest Australian cryptocurrency exchange founded in 2013, is renowned for its vast selection of over 400 digital currencies, including Bitcoin, Ethereum, and Litecoin. It emphasises ease of use, evident in its user-friendly interface and dedicated mobile app, appealing to newcomers and institutional investors. Security is a top priority, with robust measures like two-factor authentication and Blockchain Australia certification, ensuring a secure trading environment.

The platform offers 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, broadening its appeal. CoinSpot’s commitment to customer support is strong, offering localised around-the-clock assistance, and highlighting its focus on user satisfaction and trustworthiness.

Overall, CoinSpot stands out for its comprehensive trading features, security focus, and exceptional customer service, catering to a wide range of crypto trading and investment needs in Australia.

CoinSpot Review

CoinSpot Key Features

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

  • Diverse Asset Selection: CoinSpot provides access to over 400 cryptocurrencies, ranging from well-known names like Bitcoin and Ethereum to emerging assets, offering a diverse portfolio for traders.
  • 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).
  • Crypto Wallet: CoinSpot offers an integrated wallet service, allowing users to store, manage, and transfer their crypto assets securely within the platform.
  • 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.
  • CoinSpot SMSF: CoinSpot caters to self-managed super funds (SMSFs), providing a straightforward way for users to invest in cryptocurrencies as part of their retirement planning.
  • NFTs: The exchange also includes a marketplace for Non-Fungible Tokens (NFTs), where users can buy and sell a variety of NFTs using the cryptocurrencies available on CoinSpot.

Is CoinSpot Regulated in Australia?

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.

CoinSpot Fees

CoinSpot stands out in the Australian cryptocurrency market for its transparent and competitive fee structure. Key aspects include:

  • Market and OTC Trading Fees: A low fee of 0.1% for both market orders and specialized Over-The-Counter (OTC) trading.
  • 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 also incur a 1% fee.
  • AUD Transactions: Free for PayID and Direct Deposits, 0.9% for BPAY, 2.5% for cash, and 2.58% for card transactions. Withdrawing AUD from CoinSpot is free.
  • External Wallet Transfers: Standard, minimal transaction fees apply for sending coins to external wallets.

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

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 exchange industry.

CoinSpot Hacked

Bottom Line

In summary, CoinSpot stands out as a premier Australian cryptocurrency exchange, balancing robust security measures with user-friendly services. It offers over 400 digital currencies, innovative features like the CoinSpot Mastercard, and specialised investment options. 

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.

Frequently Asked Questions

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