CoinSpot Review: Is This Australian Crypto Exchange Safe and Worth It?
When you're new to crypto in Australia, CoinSpot, a long-running cryptocurrency exchange based in Australia that lets users buy, sell, and store digital assets using AUD. Also known as Australia’s most popular crypto platform, it’s often the first place beginners go to buy Bitcoin with bank transfer or PayID. But popularity doesn’t always mean trustworthiness. CoinSpot has been around since 2013, which gives it some street cred, but it’s also unregulated by Australia’s financial watchdog, ASIC. That means if something goes wrong—like a hack or a withdrawal delay—you have no legal recourse beyond what their terms say.
What makes CoinSpot stand out isn’t its tech—it’s simplicity. You can buy over 600 coins with AUD using bank transfer, PayID, or even BPAY. No need for a separate wallet or complex setup. It’s like buying groceries online: pick your coin, enter your amount, hit buy. But that ease comes with trade-offs. Their fees are higher than global exchanges like Kraken or Binance, especially for small trades. And while they offer a built-in wallet, you can’t withdraw to external addresses for many altcoins without jumping through hoops. That’s a red flag if you’re serious about owning your crypto, not just renting it from CoinSpot.
There’s also the issue of customer support. Many users report slow responses and automated replies when they hit problems. Compare that to exchanges like Coinbase or Kraken, where live chat and detailed help centers are standard. CoinSpot’s support feels like an afterthought, which is risky when you’re dealing with money. And while they claim to use cold storage and two-factor authentication, there’s no public audit record to prove it. No one outside their team has checked their security practices—something every serious platform publishes.
So who is CoinSpot actually for? If you’re in Australia, want to buy Bitcoin or Ethereum with your bank account, and don’t plan to trade often, it works fine. But if you’re looking to swap lesser-known tokens, reduce fees, or have full control over your assets, you’ll outgrow it fast. There are better options now—like Independent Reserve for AUD trading, or decentralized exchanges like Uniswap for more freedom. CoinSpot isn’t a scam, but it’s not the smart long-term choice either. Below, you’ll find real user experiences, fee breakdowns, and comparisons to other Australian platforms so you don’t make the same mistakes thousands have.
CoinSpot Crypto Exchange Review: Australia’s Largest Platform for Beginners and Beyond
CoinSpot is Australia's largest crypto exchange, trusted by over 2.5 million users. It offers 537+ coins, AUD deposits, strong security, and tax tools-but high instant fees make it best for beginners and long-term holders.
- April 17 2025
- Terri DeLange
- 11 Comments