In this Coinspot app review I am going to cover all things relating to the Coinspot cryptocurrency exchange. If you are new to Crypto or looking for alternative platforms this Coinspot review will cover whether Coinspot is a legitimate option. I will do a deep dive into Coinspot fees, what it offers and some of its cool features too. I hope you enjoy this Coinspot review.

What is Coinspot?

Coinspot is a Melbourne based, Australian cryptocurrency exchange, which enables safe and secure trading of cryptocurrencies. Legitimacy is crucial when it comes to cryptocurrency and the Coinspot App is a legitimate Crypto exchange. It is a registered company that offers users the option to buy and sell over 290 different Cryptocurrencies.

Russell Wilson founded Coinspot in 2013 and it has grown to over 1 million users. Coinspot was the first Australian cryptocurrency platform to receive the ISO 27001 certification. This certification really helped back up their claims to be the most trusted cryptocurrency exchange in Australia.

Coinspot is owned, operated and controlled by Casey Block Services Pty Ltd (ABN 19 619 574 186) and trades under Coinspot. It is regulated as a registered digital currency exchange and as such is compelled to abide by Australian Law.

It must comply with AUSTRAC reporting guidelines which include reporting any Anti Money Laundering (AML) and Counter-Terrorism Financing (CTF) suspicions.

Coinspot App Review Cryptocurrency

CoinSpot Exchange

Coinspot Features

There are many options for Coinspot users in what they can do with their cryptocurrencies within the platform.

Buy & Sell

One of the first things you may notice if you are new to Crypto is the sheer amount of coins available. There are over 290 different cryptocurrencies to choose from. It can be quite intimidating, especially if you are still figuring the cryptocurrency asset class out. 

I would suggest though that if you aren’t at least aware of the top 5-10 coins based on market cap, then you should at least consider doing a bit more of your own due diligence before buying any crypto.

Once you know which coin you want to buy, the platform offers a very simple process for doing so. You can choose between instant buy/sell (1% fee), or you can select market order (0.1% fee). 

Both of these options you will buy using Australian dollars. Instant buy is as simple as selecting the amount you want to buy and executing the purchase. Whereas a market buy requires you to put a price at which you will buy the cryptocurrency and the amount you want to buy.

 This order will only execute if the cryptocurrency hits that price and you have sufficient funds at that time. The reverse applies for selling your chosen cryptocurrency.

Bundles

A cool feature I really like within Coinspot app is the ability to buy Bundles. This bundle option is a basket of cryptocurrency, kind of the like the crypto version of an ETF.

Bundles are predetermined groups of cryptocurrencies, with preset allocations to each coin that you can select to invest in. If you selected the top 3 market cap bundle it contains Bitcoin, Ethereum and Binance. All at pretty much equal weight of 33.33%

If you invested $500 into this bundle it would automatically split ⅓ across each currency. This transaction would also only class as one transaction so helps lower fees. Especially if you were going to buy those currencies individually.

One thing to consider with bundles is whether the other currencies within it are actually what you want to own. While I said bundles are the crypto ETFs, I don’t rate them anywhere near as high as equity based ETFs.

This is more to do with the volatility in the market and the unknown factor surrounding some of these alternative coins. I would actually think it’s a higher risk to diversify with more currencies if you weren’t aware of the real world applications for them.

Bundles are a great idea, so if this interests you, make sure you are happy with what is included.

Cryptocurrency App Review Bundles

Cryptocurrency Bundles

Swap Cryptocurrencies

If you already own some cryptocurrencies then you are able to swap these for other cryptocurrencies within the Coinspot app. Instant swaps will incur a fee of 1%, and as the name suggests they happen instantly.

One thing to consider with this is the volume and volatility between the two currencies you are swapping. As this could change rather quickly given the volatile nature of this asset class.

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Is Coinspot Safe?

Coinspot app obtained ISO 27001 Certification in 2020, which required rigorous external audits on their information security management processes and practices. Obtaining this certificate meant their management of digital asset storage, user information and data was at a high level.

As part of their security, Coinspot follows industry best practices for the storage of digital assets. Keeping a large amount of their digital assets in offline secure locations. To help reduce the risk of being hacked and losing assets.

Coinspot app utilises two-factor authentication security settings to protect the login of your account. It also has customisable Geo-lock login, so you can set the country a login is allowed from.

It also has custom time-out settings which I think is a nifty function. However, any platform I have my digital assets or investments in is logged out as soon as I leave the app. No amount of time saved logging in is worth leaving them unsecure.

The Coinspot app also allows for custom withdrawal settings. So similar to other platforms you can block any withdrawals occurring unless you re-verify with the customer support team.

They also have a two-step verification process for when you want to send crypto from Coinspot to another digital wallet, like Celsius

The platform hasn’t been hacked either, which highlights its level of security. Upon review this shows a seriously high level of security for Coinspot. All of these features make Coinspot app a very safe platform to use.

Coinspot App Review Cryptocurrency User Interface

CoinSpot User Interface

User Experience

After using Coinspot for months now I have found it to be a simple to use platform. With fast deposits and provides seamless purchasing of cryptocurrencies.

I have used Coinspot as my platform to purchase MATIC and then transfer to my Celsius wallet to earn high interest. My experience in transferring MATIC from Coinspot was a really positive one.

As a relative newbie to Cryptocurrency I was a bit nervous with the transfer process. So I followed the advice of using a test deposit. Prior to making the test deposit I reached out to Coinspot customer service to confirm MATIC would be sent via the correct blockchain.

I received confirmation from their support team within 24hours, so I went ahead and made my test deposit. Subsequently I received an email requiring me to confirm the transfer to the address. This was a nice layer of extra security.

After receiving my test deposit within 20 minutes in my Celsius wallet I was happy to make my larger transfer. I followed the same process, except this time I received a phone call from Coinspot customer support. As this was my first couple of transfers from within the platform they like to confirm by calling and ensuring I am actually who I said I was.

This process took about 1 hour for my crypto to transfer, but still had no issues with it upon arrival. I appreciated the extra layer of security from the confirmation email and confirmation phone call. The process was very simple and seamless too

 

Sign Up Process

The sign up process is extremely simple. You download the app or sign up for an account online. As always try to take advantage of referral codes. Currently they are doing $10AUD of Bitcoin as a sign up bonus. See sign up bonus at the bottom of this Coinspot review.

Once downloaded you just give an email address and sign up for the platform. You need to verify with some ID and a Tax File Number and your account is ready. 

If you want to sign up with an SMSF. Then this process is a bit more involved than just opening an account in your own name. Your best bet will be to reach out to their team first to help walk you through the sign up process.

Cryptocurrency App Review Options Fees

Cryptocurrency Options

Coinspot Fees

As with every platform whether it’s Coinspot or equity investing, fees play a significant part in deciding if the platform is a good fit. Higher fees really can eat away at your returns and shouldn’t be overlooked when deciding your investment platform.

Coinspot has a pretty clear fee breakdown. This makes it easy for users to decide if the platform is suitable for their crypto needs.

It is free to deposit money into your Coinspot wallet via Poli, PayID and Direct Debit. However, you will be charged 0.9% fee for depositing into your Coinspot wallet via BPAY or 2.9% in cash. It is also free to withdraw funds from Coinspot.

You will be charged a 1% fee on Coinspot for an Instant Buy/Sell or Swap of currency. As well as for actioning a take profit, or stop loss and Limit orders. 

There is also the functionality of setting up a recurring buy-in your Coinspot wallet, which will incur a 1% fee. For market orders and OTC (Over The Counter) trades you will incur a 0.1% fee. 

Coinspot SMSF

Coinspot enables users to invest in cryptocurrency via their Self Managed Super Funds (SMSF). Cryptocurrency is a volatile asset class and it wouldn’t be a smart move having all your Superannuation in Crypto. However, if you want some exposure to it, using an SMSF via a platform might be an option.

If you sign up to Coinspot with your SMSF you will be supported with a specialist onboarding team to help show you the ropes of the platform and the regulatory requirements.

You will have access to over 290 cryptocurrencies including the “favourites” like Bitcoin and Ethereum as well as being able to trade asset to asset and OTC. 

Coinspot will also help with the financial year reporting and what I think is really cool is the open API interface for your accountant or financial adviser. This will enable them to view your portfolio with read access only, in order to help prepare your finances come 30 June. 

You will need to have set up an SMSF to be able to apply for an SMSF account via Coinspot app. This can be done through many different providers, but there can be significant cost and compliance involved with an SMSF.

So make sure you do your research before going ahead and setting one up. Also beware of trading too much within an SMSF as Coinspot fees could erode your returns.

Ethereum Cryptocurrency Fees

CoinSpot Education

Education

I love investing platforms that put a lot of time into their education of users. To me it shows they really care that their users understand the platform they are using. Spaceship Voyager has a great user education platform for example.

Coinspot is lacking in my opinion on the education side for their users. Given how complex cryptocurrency can be for new investors I would love to see more blog content or video content for their users.

They do have an FAQ’s section on their website, however it isn’t easy to find and isn’t really made as a focal point of the platform. I hope this is something that is addressed by them moving forward as it definitely shows a care for users when energy is put into education.

Pros & Cons

Pros:

  • Australia’s most trusted Crypto platform
  • Crypto Bundles
  • Ability to invest via an SMSF
  • Platform Security

Cons:

  • Lack of great user education
  • Fees are a little higher than other Crypto platforms
  • As an exchange you don’t earn on your crypto assets
Coinspot Cryptocurrency Review

CoinSpot Review

Who is Coinspot for?

Coinspot is Australia’s most trusted Crypto exchange and has very high levels of security. It also provides users with access to many digital assets and the ability to invest via an SMSF.

The Coinspot app is a great platform for investors wanting to increase or gain some exposure to cryptocurrency as an asset class. The platform is extremely simple to use and makes the process similar to equity investing apps.

This platform would be a great option for beginners wanting to dip their toe into the cryptocurrency world. 

Sign up Here

If you have enjoyed this Coinspot app review and want to get started using the app, then you can sign up Here. Use this link and enter this code AVAYPD you will get $10AUD worth of Bitcoin. If this Coinspot Review has not covered all your questions please feel free to reach out and ask.

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