CoinSpot Review 2023 Fees, Facts & WARNINGS

CoinSpot Review 2023 Fees, Facts & WARNINGS

CoinSpot works in the same way as any other digital currency exchange. It matches buyers with sellers and charges a trading fee, often called a ‘spread’ for its services. When users first register their account with CoinSpot, they must deposit some money into their CoinSpot account via bank transfer or via cryptocurrencies.

  • While CoinSpot Earn does not have Bitcoin or Ethereum savings accounts, it is one of the best places to earn crypto interest using an Australian exchange.
  • As we discussed earlier, CoinSpot allows users to instantly purchase and sell cryptocurrencies without having to go through a lengthy process.
  • As the most trusted and secure exchange with over 2.5 million users, and access to 370+ coins, it is easy to see why CoinSpot is one of the best exchanges in Australia.

Quick Trade, developed by Coinsquare Canada, is optimized for faster trades with the lowest spreads and fees, top-tier security and industry-leading customer service…. Coinspot provides the option for users that want to buy and sell cryptocurrency instantly which can be accessed by clicking on the ‘Buy/Sell’ link at the top of the page. There are over 200+ coins that can be purchased instantly or sold back to AUD. The exchange also supports popular DeFi tokens on it’s platform such as Compound, Uniswap, Aave, Yearn Finance and Sushi. Australians that are looking to buy meme coins like Dogecoin and Shibu Inu are also listed on CoinSpot. CoinSpot has introduced staking of Proof-of-Stake coins to earn passive rewards.

CoinSpot Review

Other forms of property that you may be familiar with include stocks, bonds, and real-estate. Import your transaction history directly into CoinLedger by mapping the data into the preferred CSV file format. Navigate to your CoinSpot account and find the option for downloading your complete transaction history. Automatically sync your CoinSpot account with CoinLedger by entering your public wallet address.

coinspot review

Dogecoin is a popular cryptocurrency that is best known as the meme coin in the industry. CoinSpot has a referral program tat is eligible to all users of the exchange by sharing a referral code to friends and family. Both parties will receive $10 worth of Bitcoin after the referred user makes their first AUD deposit.

The trading fee is normally a percentage of the value of the trade order. This means that both takers and makers in a deal pay 0.10% in fees. 0.10% in trading fees is below the industry average (arguably around 0.25%) and thus a competitive advantage for CoinSpot. In this guide, we outline the safest way to buy Bitcoin and crypto assets with a Merrick Bank account. 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. CoinSpot has recently launched their very own crypto card, the CoinSpot Mastercard.

Earn Interest on Crypto

Stop-Loss and Limit Orders are available to help you take advantage of market opportunities. We have a dedicated OTC and SMSF team for high-value trading, institutional investment, Self Managed Superfunds, and all aspects of account management. CoinSpot’s knowledgeable and experienced support team is available to assist you.

Can you use CoinSpot in USA?

The main drawback to using Coinspot for your cryptocurrency needs is that the exchange only accepts fiat deposits and withdrawals from Australian residents. This means that you'll need to deposit funds with cryptocurrency if you're based elsewhere.

CoinSpot is an Australiancryptocurrency exchange based in Melbourne with more than 2 million customers that provide a safe and secure platform for buying and selling cryptocurrencies. Users are able to buy Bitcoin or more than 360 digital currencies instantly or trade the open market to speculate and earn potential profits. CoinSpot is a standout choice for any newcomer to cryptocurrency. Even with no prior experience with stocks or forex trading, a new user can easily get their hands on some cryptocurrency.

Exchange Fees

CoinSpot bundles are special tools that help traders to diversify their cryptocurrency portfolio. Buying coins in bundles allows traders to purchase a significant amount of crypto assets in a single transaction, which saves a lot of time and fees. Swyftx and CoinSpot are two of the most popular cryptocurrency exchanges, allowing users to buy and trade various cryptocurrencies. Swyftx and CoinSpot both have fee-free deposit methods and highly competitive trading fees. However, CoinSpot provides trading features that offer an extremely low 0.1% fee as well as not incurring double fees when swapping.

Is CoinSpot better than Coinbase?

CoinSpot has a huge selection of over 370+ different cryptocurrencies. Coinbase only has 160+ different coins. Number of cryptocurrencies: CoinSpot has over 370+ coins, which is a ton more than Coinbase's offering of 160+ cryptocurrencies.

Founded in 2013, Bitcoin Wisdom strives to provide informative and accurate bitcoin news, price predictions, investing guides and exchange reviews. The OTC desk managed by CoinSpot offers traders with a direct channel through which they can buy and sell their cryptocurrencies without having to list the order on an exchange. CoinSpot also has an NFT marketplace that is specifically designed to make the process of buying and selling NFTS as convenient as possible for users based in Australia. Most traders do not trade cryptocurrencies all the time, and a lot of them can choose to hold on to their assets during a bearish phase in the market.

Excellent Customer Service

CoinSpot is one of the cheapest crypto exchanges in Australia, with fees starting at 0.1% for market orders and OTC. Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

Is CoinSpot Trustworthy?

Yes, CoinSpot is a trusted cryptocurrency exchange and one of the few exchanges that has never been hacked since it was founded in 2013. It is also the first-ever Australia-based cryptocurrency exchange conferred the globally accredited ISO 27001 certification for its robust information security mechanisms.

This allows your transactions to be read in directly from the blockchain. CoinLedger automatically generates your gains, losses, and income tax reports based on this data. Create the appropriate tax forms to submit to your tax authority. She reads and learns all of your organization’s accumulated knowledge from the places it lives.

Coinspot offers a trading platform for users that want to trade cryptocurrencies which has been designed to suit intermediate traders. The Coinspot ‘Exchange’ can be accessed by clicking on the ‘Market’ link on the top menu. The trading fees using the exchange differ substantially from the Instant Buy/Sell feature mentioned above (1% versus 0.1%).Refer to Coinspot’s Fees section. Coinspot supports several payment methods for users to deposit funds into an account to buy Bitcoin.

No Margin Trading

NFT purchases are made using an Ethereum wallet and safely stored in the user’s CoinSpot wallet. Investors that deposit AUD will need to convert this into Ethereum before making a purchase and cover the gas fees. Aside from deposit and withdrawal fees, the two platforms have different approaches to trading fees.

coinspot review

NFTs are usually priced in ETH tokens because most of them have been developed on the Ethereum blockchain, however, you can use any wallet or token you wish to purchase and trade NFTs. On the other hand, if traders choose to use the platform’s OTC feature, then the fee that they are charged on this trade is just 0.1%. If an investor buys Bitcoin coinspot review on Binance then transfers it to CoinSpot, CoinSpot will not know the original cost basis for acquiring the tokens. In this case, the company won’t be able to provide a complete record of capital gains and capital losses. Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes.

CoinSpot vs Swyftx: Overview

👍 CoinSpot’s OTC offering, which allows larger volume trades for a low 0.1% fee with no hidden costs. 👍 Over 350 different coins, more than any other Australian exchanges. Finally, CoinSpot is a certified exchange with Blockchain Australia , this means they have proven that they are following best practice standards. It’s clear that due to all of these things, CoinSpot has become a trusted voice in the country on all things related to blockchain and cryptocurrency. CoinSpot’s key goal is to create a safe, secure, and easy way for Aussies to trade crypto under the protection of Australia’s regulatory framework.

Unlike most other exchanges, CoinSpot does not charge fees based on a maker-taker structure, and all kinds of trades are charged with a flat 1% trade. The other form of trading fee that might be charged by an exchange is a flat commission on every trade that you make. This is usually a very small percentage of the trading volume and is done in a decreasing manner, i.e. the higher your trading volume, the lower the fees that you will have to pay in this regard.

coinspot review

CoinSpot and Swyftx offer multiple payment options tailored to local crypto users. I’m a second year Accounting and Finance student at the University of Warwick, in addition to being the COO at Pierpoint Ventures. I’ve been a trader and investor for 4 years, and am deeply passionate about the cryptocurrency markets. CoinSpot is a certified member of Blockchain Australia, as well as a registered member of the ‘Australian Digital Commerce Association’. It is also registered with AUSTRAC, an Australia-based anti-money laundering and counter-terrorism regulator, which adds a further degree of safety to the platform.

Based in Australia, it is a well-trusted exchange that is highly respected in the local cryptocurrency community and is suited for beginners. For example, if the user wants to quickly buy Ethereum, the asset is selected from the list and an order entry box is displayed. Coinspot will prompt for an email address to verify the user’s access to the submitted email address. Verification of the email address completes the basic Coinspot account creation process for users to log in to Coinspot for the first time. As the first Australian based exchange to hold both an ISO27001 Certification for Information Security Management and a Blockchain Australia Certification you can be confident you are in safe hands. Trusted by over 2 million customers, CoinSpot is the easiest and safest place to buy, sell & manage Bitcoin and all of your digital currencies.