CoinSpot review
CoinSpot is the default Australian exchange for most people, and it has the widest set of local funding options of any platform on this page. The catch is that its headline convenience costs ten times what its trading screen does.
Founded in Melbourne in 2013, CoinSpot is AUSTRAC-registered and was the first Australian exchange to hold ISO 27001 certification and to complete an external statutory financial audit. Those are unusually concrete assurances in a market where most operators publish nothing.
The pricing is the thing to understand before you sign up. The one-click instant buy charges a flat 1 percent. The market-order screen, which buys the same bitcoin, charges 0.1 percent as both maker and taker. That is a tenfold difference on identical exposure, and it is entirely under your control.
Funding is where CoinSpot pulls ahead. PayID and direct bank deposits are free, BPAY works from any Australian online banking login for 0.9 percent, and cash deposits are possible at participating newsagents. Card deposits carry a 2.5 percent surcharge and are the expensive option.
The limits are the usual custodial ones. CoinSpot holds your bitcoin until you withdraw it, and its 500-plus coin listing is a distraction if you came for bitcoin. Buy on the market screen, then move long-term holdings to your own wallet.
- Founded
- 2013
- Headquarters
- Melbourne, Victoria, Australia
- Fees
- 0.1 percent on market orders, 1 percent on the instant buy. BPAY deposits cost 0.9 percent and cards 2.5 percent; PayID and bank deposits are free.
- KYC
- Required
- Payment methods
- BPAY, Local bank transfer, PayID / Osko, Credit or debit card
- Status
- Operating
How you can pay on CoinSpot
Every deposit rail CoinSpot supports in at least one market. Which of them you can use depends on your country; the country guides below list the exact methods per market.
- Domestic bank rail
- BPAYLocal bank transferPayID / Osko
As published by CoinSpot: PayID, Direct bank deposit, BPAY, Credit or debit card.
Pros and cons
What works
- The broadest set of Australian funding rails on this list, including BPAY and cash at participating newsagents
- Market orders cost 0.1 percent, among the cheapest available to Australian buyers
- AUSTRAC-registered, ISO 27001 certified, and audited by an external statutory auditor
- PayID and direct bank deposits clear free and usually within minutes
What to watch
- The instant-buy button charges 1 percent, ten times the market-order fee, and it is the default path for new users
- Card deposits carry a 2.5 percent surcharge that is easy to trigger by accident
- Custodial until you withdraw, and the 500-plus coin listing pulls attention away from bitcoin
Fees in detail
- maker
- 0.1 percent on the market-order screen
- taker
- 0.1 percent on the market-order screen
- spread note
- The one-click instant buy charges a flat 1 percent instead, on the same bitcoin.
- deposit note
- PayID and direct bank deposits are free. BPAY costs 0.9 percent and card deposits 2.5 percent.
- withdrawal note
- Bitcoin withdrawals to self-custody are supported, and AUD withdrawals return to an Australian bank account.
Where we recommend CoinSpot
Countries where CoinSpot ranks in our local guide. Availability beyond these is possible but unverified by us.
AustraliaFrequently asked questions
What does CoinSpot actually charge?
It depends entirely on which screen you use. Market orders cost 0.1 percent. The instant buy costs 1 percent for the same bitcoin. Use the market-order screen and you pay a tenth as much.
Can I fund CoinSpot with BPAY?
Yes. CoinSpot is one of the few Australian exchanges that accepts BPAY, at a 0.9 percent fee. It is slower than PayID, which is free and usually clears in minutes, so BPAY is mainly useful if your bank restricts faster payments to crypto platforms.
Is CoinSpot regulated in Australia?
CoinSpot is registered with AUSTRAC, which is the national requirement for exchanges operating in Australia. Registration covers anti-money-laundering obligations; it is not a guarantee of solvency or of your deposits.
Should I leave bitcoin on CoinSpot?
No longer than you need to. CoinSpot is a custodian, so it holds the keys while your bitcoin sits there. Withdraw long-term holdings to a wallet you control.