Coinspot Review 2022

Disclaimer: The following is a verified and updated review (2022 version) of the Coinspot crypto exchange. Before reviewing Coinspot, we purchased, sold and swapped over 50 tokens on the exchange. These coins include DIAICP (Internet computer protocol, Shiba Inu, Band Protocol and more. 

Please note The images used on this page our from our personal coinspot account. In addition, this isn’t an account we created to do a quick review of the platform. In fact, this account has years of active trading to bring you a genuine review. A deep insight into coinspots main features, ease of use, customer service, pros, cons, comparisons, etc. Should you sign up to coinspot?

coinspot review image

Coinspot is an Australian cryptocurrency exchange founded back in 2013 by Russel Wilson.

With over 350 different tokens, Coinspot is the most prominent Aussie cryptocurrency exchange, with the main office located in Melbourne. It offers the most diverse selection of tokens of any other Aussie exchange.
An example of Coinpot’s website can be seen above.

What we love about Coinspot in 2022 (main features)

Here is a list of my favourite features on Coinspot in 2022. Based on significant experience trading with Coinspot you will love the following:

-0.1% Market orders

-NFT Market place

-Massive selection of cryptocurrencies to trade
Watchlists

-No deposit fees on PayId or bank transfer

-Easy to trade from mobile app or desktop

-Sign up process including verification made easy

-Live chat

-Ultra fast withdrawals

-The ability to swap coins rather than sell (at a lower fee)

  • Considering that most users buy and sell on their smartphones, coinspot offers an easy-to-use platform. You can buy and sell with ease in just a few clicks. The app is excellent, but I find the platform is well optimised to use from your iPhone browser. Most of my trades are made through the browser and not on the app (just a personal preference)
     
  • It offers the ability to create a “watchlist”. Most users will only buy a handful of tokens or will be interested in the price of 5 to 10 tokens. With a watchlist, you can see the percentage of your token has gone up or down in the last 24 hours. See the image below. You can find more on my watchlist in my review “5 best Australian crypto exchanges.
coinspot watchlist
  • Setting up alerts is also another great feature. Many don’t have the time to refresh their screens all day but would like to be kept up-to-date with any significant price swings of their token. Therefore, you can set an SMS or email alert if the price of your token goes down or up.
  • The ability to swap tokens. We see it all the time; people sell a cryptocurrency only to buy another. However, two processes are happening here. You are paying a fee to BUY and then another to SELL. These fees can significantly add up, especially if you trade as regularly as we do (for our reviews). However, when swapping coins on Coinspot, you’ll pay the fee only once instead of twice. This isn’t something that’s promoted on the coinspot website (but a little hack to save you money).
coin swap from mobile browser on Coinspot
  • The recent mover’s section (shows coins with the most significant percentage increases in the past hour) 
recent movers on coinspot
  • Even better than the “recent movers” section is on the “Buy & Sell” page, you can see the best performing tokens of the last 24 hours. I’ve seen cryptocurrencies go up 1000% in a single day in the past. 
swapping coins on coinspot

Are you wondering how to Sign Up for Coinspot? It’s easy!

Follow this guide and get quickly started…

Depositing funds into coinspot

There are several ways to deposit money securely into coinspot in 2022.

Poli -a payment made instantly from your online banking into your coinspot account.

Pay ID – you can do this from internet banking, provided your bank has Pay ID support

BPAY – I don’t recommend using BPAY as a coinspot deposit is the transfer can take two business days.

Direct deposit – an instant bank transfer (if your bank uses Osko by selecting Pay anyone and using the unique deposit details provided on the “deposit funds page.”

Go to the website https://www.coinspot.com.au/

Click on Register.



Fill in your E-mail ID and create a password that should be at least 10 characters long and consist of at least 1 upper case, 1 lower case, and 1 number. After filling in the details, click on “Create Account.” Fill in your e-mail id here. Create a secure password here Type the Referral or Affiliate code if you have it.

Done! Your account has been created. Enjoy trading Crypto on coinspot.

Complete the verification as per the requirements, and get started!

Depositing funds into coinspot

Withdrawing funds from Coinspot

We made over 50 withdrawals (that’s right, you read correctly) with Coinspot. The short answer: Less than 24 hours. However, many of our withdrawals were processed within a few hours of the request. 

Now a little tip for my readers, this isn’t proven, do a withdrawal request during the morning Mon – Fri. When we did this, in many cases, the funds had cleared back to our AU bank the same day. 

Processed withdrawals on coinspot (my account)

A handful of the 50 plus withdrawals we made on Coinspot.

Coinspot deposit fees (updated 2022)

We recommend depositing funds to coinspot via Poli, PayID, or direct deposit, which are all free. Depositing via cash can have a 2.5% charge or Bpay 0.9% charge, and with these options, you’ll have to wait to start trading until all funds have cleared.

ID Verification

Once you sign up to coin spot, you will be required to submit identification to set up an account. This is a necessary step for safety and security. Users will be required to upload a selfie holding identification such as a driver’s licence or relevant identification. The coinspot website allows users to submit government-issued identification. To be discouraged with the id documentation requested by coinspot, all trading exchanges require this information as a requirement of the Australian Government, and coinspot thus far has done a superior job protecting the coinspot community against hackers.
 

Coinspot Trading fees 2022

Coinspot has incredibly competitive trading fees compared to other platforms. For example, a market order has an incredibly low fee of 0.1%. A market order allows people to buy or sell a token at the best available market price.

For instant buy, swap and sell orders, there is a fee of 1%. 

Coinspot Pros and Cons

PROS

Hover Here

1. create "watchlists" and see your portfolio grow directly from the coinspot dashboard
2. Easy-to-use interface, and now, in 2022, a brand new mobile app
3. The ability to swap tokens with low fees
4. Before reviewing this site, we purchased, sold and swapped over 50 tokens
5. Coinspot offers two-factor authentication for security. When signing in, a code is texted to your smartphone. A 6 digit number has to be entered to verify your identity.
6. No major hacks
7. Extremely fast withdrawals when transferring money back to your bank account. A few instances were when we put in a withdrawal request, and the money was back in our nominated bank account an hour or two later.
8. AUSTRAC regulated, and ISO certified

CONS

Hover Here

1. live chat is only offered during business hours, and during busy times can be slow. I tried to contact coinspot customer support on the same day as the launch of the SHIB coin. Now, I'm not sure if it's a coincidence, but we waited on live chat for almost 40 mins.  However, in general, the support exceeds the majority of crypto exchanges we have reviewed (in terms of answering queries, wait times, and customer service).  
2. Deposits can only be made in AUD.
3. Depositing with cash incurs a fee of 2.5%. That's not all. You'll also have to wait for the funds to clear to start trading. 

Recent Coinspot News

4th May 2022 – STEPN (GMT) is now open for trading on the Coinspot website

Popular tokens and coins to buy and sell on the Coinspot Website in 2022

 

New tokens and coins are added to the Coinspot website every few days. Instead of listing all of them, this is 20 of the most popular in 2022.

 

 

The Verdict

I love the fact the coinspot offers a simple, easy-to-use interface that is perfect for newbie traders. But also provides features for advanced traders such as “trading view” charts, flexible multi-coin wallets and more. Finally, if you are thinking of buying crypto and dipping your toes in the water – I strongly recommend coinspot, my top pick for 2022.

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