CoinSpot is an Australian-based cryptocurrency exchange and multi-crypto wallet supporting Bitcoin, Ethereum, Litecoin, Ripple, Monero, and numerous altcoins. Founded in 2014, it caters primarily to Australian and New Zealand users with instant trading and wallet services.
Key Features of CoinSpot
Exchange and Wallet Services
- Multi-Coin Support: Store and trade Bitcoin, Dash, Dogecoin, Litecoin, and more.
- Built-In Trading: Seamless trading within the wallet interface.
- Australia/New Zealand Focus: Compliant with local AML/CTF regulations.
Platform Overview
- Launch Year: 2014
- Operational Focus: Regional (Australia/NZ)
- Mobile Accessibility: No dedicated app, but optimized for mobile browsers.
CoinSpot Fees Breakdown
| Transaction Type | Fee Structure |
|---|---|
| Instant Buy/Sell | 1% fee per transaction |
| Market Orders | 0.25% fee for BTC, LTC, ETH, DOGE |
| External Wallet Transfers | Standard blockchain mining fees |
| AUD Deposits | POLi (0%), BPAY (0.9%), Cash (2%) |
| AUD Withdrawals | Free to Australian bank accounts |
👉 Compare CoinSpot fees with other exchanges
Security Measures
Regulatory Compliance:
- Registered under Australian Business Number (ABN).
- Member of the Australian Digital Commerce Association.
- Adheres to AUSTRAC-enforced AML/CTF laws.
Account Protection:
- Two-Factor Authentication (2FA) via email and SMS.
- Mandatory ID verification (photo ID, proof of address).
Transaction Safeguards:
- Suspicious activity reporting.
- Records retained for seven years.
Pros and Cons
Pros:
- Wide altcoin selection.
- AUD-friendly deposit/withdrawal options.
- Regulatory compliance enhances trust.
Cons:
- High fees compared to global exchanges.
- No mobile app (web-only access).
- Limited international usability.
FAQ Section
1. Is CoinSpot safe to use?
Yes, CoinSpot employs 2FA, complies with Australian regulations, and requires identity verification for all users.
2. What coins does CoinSpot support?
It supports Bitcoin, Ethereum, Litecoin, Ripple, Monero, Dash, Dogecoin, and over 100 altcoins.
3. How long do withdrawals take?
AUD withdrawals to Australian banks are typically processed within 1 business day.
4. Does CoinSpot charge for deposits?
Deposit fees vary: POLi (free), BPAY (0.9%), Cash (2%).
5. Can I use CoinSpot outside Australia?
No, it’s restricted to Australian and New Zealand residents.
6. Are there trading limits?
Yes, limits apply based on account verification level.
Final Verdict
CoinSpot offers a reliable option for Australian crypto enthusiasts but falls short in fee competitiveness and global accessibility. For lower fees and broader features, consider 👉 alternative exchanges like OKX.
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