My no-fluff walkthrough of CoinSpot from an Australian user’s perspective—safety, fees, features, pros/cons, and how it stacks up against Swyftx. I lean on AUSTRAC-registered exchanges for compliance reasons and I always pair exchange convenience with self-custody for long-term holds.
TL;DR (my quick verdict)#
If you want a beginner-friendly Aussie exchange that supports a huge list of coins, easy AUD deposits/withdrawals, and useful extras like an NFT marketplace and a crypto Mastercard, CoinSpot delivers. It’s AUSTRAC-registered and ISO 27001-certified, with sensible account-level security (2FA, withdrawal controls). Fees are transparent but Instant Buy/Sell/Swap is 1%, so I default to Markets (0.1%) whenever possible. I treat CoinSpot as a clean on/off-ramp and keep long-term holdings in self-custody.
Quick takeaways
- Best for: newcomers, simple AUD on/off-ramping, large coin selection, card/NFT convenience.
- Skip if: you’re a fee-obsessed active trader chasing deep global liquidity and pro tools.
- Safety mindset: exchanges are on/off-ramps; self-custody anything you plan to hold.
Why I care about AUSTRAC (and why you should too)#
In Australia, any platform offering digital currency exchange services must register with AUSTRAC and run an AML/CTF program, including KYC. That oversight matters when you’re trusting a platform with your identity and fiat rails. I personally only onboard with AUSTRAC-registered exchanges, complete KYC properly, and turn on every security control available.
CoinSpot operates within this framework and publishes an AML policy (yes—KYC at signup). Compliance isn’t a silver bullet, but it aligns the exchange with national rules, reporting, and audits that non-registered venues don’t meet. For me, AUSTRAC registration is table stakes.
What is CoinSpot? (the 30-second intro)#
Founded in 2013, CoinSpot is a Melbourne-based crypto exchange with one of the biggest coin selections in Australia (the site advertises 500+ assets). It offers web and mobile apps, Instant Buy/Sell, Markets, OTC, Bundles, an NFT marketplace, and a CoinSpot Mastercard you can add to Apple Pay / Google Pay.
Is CoinSpot safe? (my take)#
Certifications & posture. CoinSpot is ISO 27001-certified, which is a globally recognised information-security standard. It also offers 2FA, withdrawal address controls/whitelisting, and device/session security. For a centralised exchange, that’s the baseline I want.
History you should know. In late 2023, there were third-party reports of a hot-wallet exploit involving a few million AUD, likely from a compromised hot wallet. Operations continued, but events like that reinforce a rule I live by: CEXs are for convenience; they’re not long-term vaults. I self-custody anything I don’t plan to trade soon.
Bottom line on safety. For everyday on/off-ramping, CoinSpot ticks my boxes: Australian compliance, independent security certification, and clear account-level controls. Still, I recommend enabling 2FA, whitelisting withdrawals, and moving long-term holdings to a hardware wallet.
CoinSpot fees explained (and how I minimise them)#
Trading fees (headline):
- Markets: 0.1%
- OTC: 0.1%
- Instant Buy/Sell/Swap: 1%
- Advanced orders (Stop/Limit/Take-Profit): 1%
- Recurring Buy (DCA): 1%
AUD funding & withdrawals (commonly used methods):
- PayID / Osko deposits: Free
- Direct deposit: Free
- Card deposit: 1.22%
- Cash deposit: 2.5%
- PayPal deposit: 0.5%
- Bank withdrawal (AUD): Free from CoinSpot’s side
- PayPal withdrawal (AUD): 2%
My cost-control playbook: I aim to use Markets (0.1%) for majors and mid-caps. Instant (1%) is convenient for the long tail of tokens not supported on Markets—so when I must use it, I accept the trade-off and size accordingly. For DCA, I weigh the convenience of Recurring (1%) against placing a manual Market order on schedule.
Markets vs Instant (what actually changes):
- Markets (cheaper): order-book trading on a subset of assets.
- Instant (simpler): covers the full catalogue at a higher fee, using CoinSpot’s liquidity.
- If you’re buying niche assets, expect to use Instant.
Features I actually use#
1) Buy/sell methods—picking the right tool#
- Instant Buy/Sell/Swap (1%): one-tap convenience for almost everything.
- Markets (0.1%): my default for major coins when supported.
- OTC (0.1%): for larger tickets where price certainty and reduced slippage matter.
2) CoinSpot Mastercard#
I like that it connects to Apple Pay and Google Pay, so I can spend from my CoinSpot balance in-store and online. It’s prepaid (not credit) and requires a verified account with 2FA enabled. I only keep small balances on-platform for spending, never my long-term stack.
3) NFT marketplace#
The NFT marketplace lets me browse and buy collections inside my account using various cryptos (not just ETH). That flow is friendlier for first-timers than juggling wallets, extensions, and bridges.
4) Tax time (ATO data-matching is real)#
I export CSVs and/or connect read-only API to tools like Koinly or CoinLedger. This makes ATO reporting easier—especially since the ATO runs an active crypto data-matching program. Practical tip: export regularly instead of waiting until June 30.
UX: what it feels like day-to-day#
Onboarding & verification. Account creation is straightforward; per AUSTRAC rules, expect KYC before you can fully use the platform. I keep ID handy and enable 2FA immediately after signup.
Funding. PayID/Osko is my default (fast, free). If I need speed and don’t mind the small fee, PayPal deposits are there; card is supported (1.22%), as is cash via supported outlets (2.5%). AUD withdrawals to bank are free from CoinSpot’s side and generally smooth.
Apps. The mobile app and desktop are clean. I like simple touches: watchlists, price alerts, and quick toggles between Instant and Markets.
Pros & cons (no sugar-coating)#
Pros
- AUSTRAC-registered; ISO 27001-certified security posture.
- Huge coin list (site advertises 500+).
- Easy AUD funding via PayID/Osko; free AUD bank withdrawals from CoinSpot’s side.
- Quality extras: NFT marketplace, CoinSpot Mastercard (Apple/Google Pay).
Cons
- Instant / advanced / recurring at 1% is steep versus Markets.
- Markets covers a smaller subset of assets; niche tokens often mean Instant’s 1%.
- Past hot-wallet incident (2023)—not unique to CoinSpot, but a good reminder to self-custody long-term.
CoinSpot vs Swyftx (which one fits you?)#
I actively use and compare Aussie exchanges. Here’s how I frame CoinSpot vs Swyftx for friends starting out.
CoinSpot vs Swyftx — Quick Comparison Table#
| Feature / Factor | CoinSpot | Swyftx | What it means for you |
|---|---|---|---|
| Trading fees | 0.1% Markets/OTC, 1% Instant/Advanced/Recurring | Tiered, starting around 0.6%, can reduce toward 0.1% with higher 30-day volume | Frequent traders may find Swyftx cheaper at scale; Markets on CoinSpot are cheap for supported pairs |
| AUD deposits | PayID/Osko (free), Direct (free), Card 1.22%, Cash 2.5%, PayPal 0.5% | PayID/Osko (free); Card via Banxa (provider fee + spread); other methods vary | For card speed, check Banxa’s fees/spread on Swyftx vs CoinSpot’s posted card/PayPal fees |
| AUD withdrawals | Bank: free from CoinSpot’s side; PayPal 2% | Bank: free from Swyftx’s side | Bank withdrawals are straightforward on both |
| Asset selection | Very large (500+ listed) | Large (hundreds) | If you chase niche tokens, CoinSpot’s Instant may have broader coverage |
| Markets vs Instant | Markets on a subset; Instant covers full catalogue | Spot/Swap with tiered fees | Cost vs coverage trade-off—Markets are cheaper where available |
| Card / Tap to pay | CoinSpot Mastercard, Apple Pay & Google Pay | No native card; card deposits via Banxa | If you want a crypto-funded card in AU, CoinSpot wins |
| NFTs | Built-in marketplace | No native marketplace | CoinSpot is easier for first-NFT buys |
| Practice mode | No | Demo mode with play funds | Great for beginners to learn on Swyftx |
| Compliance & security | AUSTRAC-registered; ISO 27001 | AUSTRAC-registered; security program & education | Both are Australian-facing and compliance-minded |
My rule of thumb
- Want card + NFT + massive coin selection in one Aussie platform? → CoinSpot.
- Fee-sensitive and likely to build volume (and don’t mind card deposits using Banxa rails/fees)? → Swyftx deserves a look.
- I maintain accounts on multiple AU exchanges and route each transaction where it makes the most sense.
How I set up (step-by-step)#
Create & verify
Sign up, complete KYC (required under AUSTRAC AML/CTF rules), and enable 2FA immediately.Fund with PayID
It’s usually the fastest and free. If you must use card/PayPal/cash, know the posted fees.Choose your buy method
Try Markets (0.1%) first for major coins; accept Instant (1%) when the asset isn’t on Markets.Security hygiene
Restrict withdrawals (address whitelisting), review devices and sessions, keep email/phone secure, and consider a password manager.Export for tax
Periodically export CSV or connect read-only API to a tool like Koinly/CoinLedger; the ATO’s data-matching is ongoing—no surprises at EOFY.
Who CoinSpot is best for (and who it isn’t)#
Best for
- Newcomers who value simplicity and Australian support/compliance.
- Long-term buyers who DCA into majors and don’t need pro-grade order types/liquidity.
- SMSFs & small businesses wanting an Aussie-based, audited platform and straightforward reports.
Not ideal for
- Fee-obsessed power users doing frequent trades where every basis point counts.
- Pro traders who need deep global liquidity, advanced order routing, or derivatives.
Alternatives I also considered#
- Swyftx — tiered fees that can drop with volume; the Demo mode is excellent for learning risk-free.
- Independent Reserve / Kraken — stronger order-book depth on majors; worth a look if you’re sensitive to slippage.
- BTC Markets / CoinJar — long-running Aussie options; compare current fee cards and payment rails before committing.
FAQs — Real Questions People Ask#
Is CoinSpot safe?
It’s ISO 27001-certified, offers 2FA and withdrawal controls, and runs a security program. There was a hot-wallet incident in 2023—a reminder to treat every exchange as an on/off-ramp and self-custody long-term holdings.
Is CoinSpot good for beginners?
Yes. The interface is clean, PayID funding is simple, and Instant Buy/Sell covers almost everything. To save on fees, learn to use Markets (0.1%) where available.
How much are CoinSpot fees?
Trading is 0.1% on Markets/OTC and 1% on Instant / advanced / recurring orders. Deposits via PayID/Direct are free; card 1.22%, cash 2.5%, PayPal 0.5%. Bank withdrawals are free from CoinSpot’s side; PayPal withdrawal is 2%.
Does CoinSpot report to the ATO?
Australian exchanges operate in a system where the ATO runs a crypto asset data-matching program. Keep meticulous records and file correctly.
CoinSpot vs Swyftx—Which is better?
Depends on you. CoinSpot has NFTs + Mastercard and a huge coin list; Swyftx’s tiered fees may be cheaper for higher volumes, but card deposits use Banxa (provider fee + spread). I keep accounts on both and route trades based on cost and availability.
How many coins does CoinSpot list?
The site advertises 500+ digital assets, one of the largest selections in Australia. Note that Markets supports a smaller subset; Instant covers the full catalogue.
What payment methods can I use?
PayID and Direct Deposit (free), Card 1.22%, Cash 2.5%, PayPal 0.5%. Bank withdrawals are free from CoinSpot’s side.
Does CoinSpot have a card?
Yes. The CoinSpot Mastercard can be added to Apple Pay and Google Pay. It’s prepaid (not credit). I only keep small balances for spending.
Can I buy NFTs on CoinSpot?
Yes—there’s a built-in NFT marketplace so you can browse and purchase without leaving your CoinSpot account.
What about tax statements?
You can export CSVs and/or connect read-only API to tools like Koinly/CoinLedger to generate ATO-ready reports.
My 2025 verdict (and safety routine)#
I keep CoinSpot in my Australian toolkit because it’s easy, compliant, and feature-rich (even if the Instant fee is 1%). I can move AUD in/out via PayID, buy majors on Markets at 0.1%, pick up the occasional niche token via Instant, buy an NFT in-account, and even spin up a Mastercard for day-to-day spending.
My routine looks like this:
- Security first: 2FA, device checks, withdrawal address controls.
- Costs second: Markets when available; Instant only when I need it.
- Records third: export CSVs or sync to Koinly; the ATO is data-matching—no surprises.
- Self-custody: anything long-term lives on a hardware wallet, not on an exchange.
If you’re new and want an Australian platform that doesn’t feel overwhelming, CoinSpot is a strong all-rounder. If you’re fee-sensitive and trading frequently, price out Swyftx as well. Personally, I keep accounts on multiple AU exchanges and route each transaction where it makes the most sense.
Disclaimer#
This article is general information only and is not financial, tax, or legal advice. Crypto assets are volatile and can be high-risk. Always do your own research, read the latest fee schedules/terms on the official websites, and consult a licensed adviser or registered tax agent about your circumstances. Regulatory settings, exchange features, and fees can change—double-check current details before acting.