Coinspot Review The good, the bad and the promising

By doing so, you’re not losing out on the ability to trade altcoins since Binance and CoinSpot have similar lists of supported assets. CoinSpot provides a simple fiat gateway where you can quickly exchange your money for Bitcoin, Ethereum, and a whole host of altcoins. Based on our comparison of Binance and CoinSpot, the latter is really suited for Australians who want a no-fuss way of buying and investing in popular digital currencies. In terms of their ease of use and how they integrate their respective crypto products and services, we found no significant difference.

Other Coinspot Features

But this process is lengthier since you have to get the code from CoinSpot Australian cryptocurrency exchange and then paste it into your external crypto wallet to transfer. Non-Australian residents do this by going to wallet receive and deposit cryptocurrencies. It launched in 2013 as a Bitcoin exchange but now includes all the major cryptocurrencies on the market. If you’re trading in large volumes of crypto, good security hygiene recommends that you store at least some of your holdings in an offline hardware (‘cold’) wallet. CoinSpot is an easy-to-use cryptocurrency exchange that supports instant deposits in Australian Dollars via PayID. There is also a second affiliate program where you can earn 30% of their trading fees instead.

When it comes to depositing options, CoinSpot provides more flexibility and choice than Binance Australia. It’s never been hacked in almost 7 years since it’s been operational and we can’t say the same about other popular platforms. That makes this exchange beginner-friendly and a great option for high-volume trades as well.

CoinSpot has great customer service, but the only way to buy crypto cheaply is by placing market orders on the exchange. The #1 crypto exchange in the world also allows multi-fiat currency trading and has an impressive number of crypto/crypto trading pairs. In comparison to CoinSpot ‘s limitation to AUD-only trading, Binance offers spot, margin, futures, leveraged tokens, and options markets that will satisfy seasoned traders. Binance Australia has a superior range of markets and trading features than CoinSpot. You benefit from deep liquidity, a comprehensive charting interface, powerful tools, and some of the lowest market and taker fees available. Binance’s margin and futures markets on their state-of-the-art trading platform are unrivaled, with only top margin trading platforms such as KuCoin and Bybit coming close.

Unfortunately, this feature has a 1% fee which is higher than regular trades. Buy your favourite coins automatically by setting up https://forex-review.net/coinspot-review/ recurring AUD deposits and recurring purchases. The fee is fixed at 1%.

Just like all other crypto exchanges, CoinSpot charges a standard mining fee when you withdraw your cryptocurrency and move it to another wallet. CoinSpot’s transaction fees are high as compared to other popular crypto exchanges such as Swyftx 0.6% on all trades and Binance 0.5% for instant buy and sell. The buying fees – meaning the fees for converting your AUD to crypto- are different for instant buy and market trading options on CoinSpot.

CoinSpots’ Buy and Sell Limits

You'll need to upload a government issued ID and to deposit more than $2,000 you'll need to provide more info. No deposits or withdrawals They are one of Australia's oldest platforms and have served over 1 million customers so far. On the downside, the total purchase fee was 1.89% (12th place) for Bitcoin, so many cheaper apps are available in Australia. It is not intended as investment or financial advice and should not be relied on as such.If legal advice or other professional assistance is required, the services of a competent professional should be sought.

• PayIDThese both methods and instant and free, the only catch is that your bank account system should be compatible with it.For a normal bank transfer with BPAY it can take couple of days and costs 0.9% of the transaction amount.
• Overall, there are many cheaper platforms to buy crypto but Coinspot might be a good option for cashing out.
• The exchange is registered with Australian finance and anti-money laundering regulators such as AUSTRAC.
• It provides more than 150 types of cryptocurrencies, levels of security, easy purchase and selling, and an effortless trading operation.

Which currencies does it support?

Consider the Product Disclosure Statement (PDS), Target Market Determination (TMD) and other applicable product documentation before making a decision to purchase, acquire, invest in or apply for a financial or credit product. In giving you information about financial or credit products, Forbes Advisor is not making any suggestion or recommendation to you about a particular product. Your financial situation is unique and the products and services we review may not be right for your circumstances. Forbes Advisor does not provide financial product advice and the information we provide is not intended to replace or be relied upon as independent financial advice. Any information provided does not consider the personal financial circumstances of readers, such as individual objectives, financial situation or needs. Trading in contracts for difference (CFDs) is riskier than conventional share trading, not suitable for the majority of investors, and includes the potential for partial or total loss of capital.

Other Reviews

The crypto features on Binance are so well-developed that they provide much more choice, flexibility and better returns than CoinSpot. One of the biggest advantages of choosing CoinSpot is that you have access to a range of small but useful features that suit the Australian market. CoinSpot has continually improved its growing NFT marketplace by slowly adding new collections of digital artworks and collectibles over time. Whilst this may not bother you if all you want to do is buy and sell crypto with AUD, CoinSpot is not a viable option if you’re a seasoned trader. There are no trading pairs with other fiat currencies or digital currencies as the base asset. With the exception of BTC/USDT, crypto trading on CoinSpot is limited to the use of AUD as the fiat currency.

These apps have been designed to offer the same experience as the web version, including the same features. Another aspect that equates to a better value is Binance’s high liquidity, which means that the price slippage on trading pairs will be reduced. Binance and CoinSpot provide easy-to-use interfaces that most traders and investors should get accustomed to fairly quickly. All methods are delivered on an advanced platform, simplifying the process for all newcomers.

• If you’re an active crypto user or want the option of spending your crypto in the future, then CoinSpot should be your choice.
• Users can buy, sell and trade a wide range of crypto assets.
• Coinspot boasts to be Australia’s number one cryptocurrency exchange and has the largest range of blockchain assets in Australia.
• Both crypto trading apps implement 2-Factor Authentication (2FA) measures to ensure that the apps are secure places to buy, sell, and store digital assets.
• Despite this, the Binance user experience is seamless and indicative of a premium crypto exchange with premium features.

Reviews

In addition to the direct purchasing of crypto with AUD and crypto/AUD pairs, Binance provides superior trading markets that will entice traders. The combination of fewer fees or no fees to deposit AUD funds as well as the tiered structure of maker and taker fees on Binance presents slightly better value for money for traders. Firstly, there are zero fees on Binance for buying cryptocurrencies using AUD instantly via bank transfer. There are zero fees to deposit fiat into your Binance wallet via bank transfer or PayID. For those who want to avoid trading fees, the P2P marketplace might be the ideal choice.

Is Coinspot overbearing with the verification process?

Although market orders on CoinSpot attract a fair fee of 0.1%, take profit, stop/limit orders, and recurring buys, all incur hefty costs of 1%. Compare this with the 1% fee from CoinSpot’s Instant Buy/Sell feature, and the choice between the two platforms is easy. In fact, it could be said that the design of the Binance interface is a lot better than the outdated CoinSpot interface, even despite the more features and markets it has.

The vastness of their digital asset lists allows traders to invest in both Bitcoin and the major altcoins, including Ethereum, Solana, and Cardano. In this article, we compare Binance and CoinSpot, two crypto exchanges in Australia, so you can understand which one may suit your needs better. It’s a remarkable platform especially for Australians and the high-security systems will give you the peace of mind you deserve!

They said ok that we will continue by trading with the 250 but it wont raise a lot. I was ask to start trading for only 250$. I bought a ledger today and will be moving all my wallets onto there, dont risk it, WAAAY too many inconsistancies and strange unexplainable discrepencies to trust. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries. If you’re an existing CoinSpot customer, then you can easily transfer your crypto to Binance Australia.

CoinSpot has tailor-made features for Australians

There’s nothing better than receiving some free Bitcoin when you open a new crypto exchange account in Australia. Advanced traders need to stay up to date with developments in the crypto markets. The number one thing you want in a crypto exchange is the availability of a wide variety of cryptocurrencies.

You can use any of the five methods to deposit AUD in the CoinSpot wallet. Once your account is verified, you’re ready to start trading. Simply click this link to get your CoinSpot referral and activate the $10 free BTC into your trading account. CoinSpot accommodates various methods for converting your AUD to cryptocurrency. And CoinSpot does that really well by offering its users 300+ coins to trade – the largest digital currency exchange in Australia. Some people are just finding out about CoinSpot but the exchange has been online since 2013 which makes it one of the oldest crypto exchanges of Australia that’s still operational.