CoinSpot Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- TradingView
- A lot of cryptocurrencies and coins, no fiat trading, no investment programs, a referral program with favorable terms and mutual payments, a free multi-currency wallet
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- TradingView
- A lot of cryptocurrencies and coins, no fiat trading, no investment programs, a referral program with favorable terms and mutual payments, a free multi-currency wallet
Our Evaluation of CoinSpot
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
CoinSpot is a cryptocurrency exchange with higher-than-average risk and the TU Overall Score of 3.36 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by CoinSpot clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
CoinSpot cryptocurrency exchange offers an extensive list of simple and functional solutions for trading cryptocurrency and coins. A significant part of the users’ funds is stored using the cold method and the exchange operates stably and transparently. It is known for its high speed of trading and exchange operations. There are some special advantages such as fixed commissions below the market average (0.1%), payments for referrals for a $10 one-time bonus, and 30% of referral commissions within 12 months (interest payment is relevant in the future when there is a smaller volume). The exchange is not good for investors focusing exclusively on passive earnings.
Brief Look at CoinSpot
The CoinSpot platform is a cryptocurrency exchange with an integrated multi-currency cryptocurrency wallet and exchange service. Bitcoin (₿), Litecoin (Ł), Ethereum (Ξ), Tether (₮), Ripple, Cardano, Chainlink, and many other cryptocurrencies and tokens are traded on this exchange. Fiat funds aren’t available and no minimum deposit is required. The commission fee is as follows: 0.1% for market orders, 1% for stop orders, 1% for limit orders, and the same for take profit orders. The website doesn’t offer demo accounts or special solutions for novice traders. The exchange doesn’t offer investment programs because it is focused on active cryptocurrency-to-cryptocurrency trading. There is a single-level referral program with bonuses and long-term payments as a percentage of the referral's commission fees.
- there are many cryptocurrencies and coins available on the exchange for trading and exchange;
- there is an OTC and institutional trading service;
- no minimum deposit;
- quick account verification;
- convenient trading terminal and mobile application;
- low fixed commissions for trading and the withdrawal of funds;
- free multicurrency wallet for cryptocurrency storage;
- Profitable referral program with significant benefits;
- the website has been progressively developing since 2014
- fiat trading isn’t available;
- demo accounts are not available;
- investment programs aren’t available.
TU Expert Advice
Financial expert and analyst at Traders Union
The CoinSpot cryptocurrency exchange was registered in Australia in 2013. The platform was launched in 2014. It operates officially within the framework of Australian financial legislation and is licensed. The exchange has no problems with taxes, and no evidence of fraud or unresolved conflicts with traders have been recorded.
It is a standard platform for crypto-to-crypto trading. There are hundreds of cryptocurrencies and coins in the pool, and fixed commissions of 0.1% on trading operations, regardless of the trading volume. The commissions are higher for stop loss, take profit, and limit orders and it is 1%. This is also standard practice.
The trading terminal has no unique features. An integrated quick exchange service can be considered as a feature. There is also a special service for OTC trading and institutional investing. Private clients cannot invest within the platform, and there is no staking. The cryptocurrency exchange is strictly intended for active trading. A referral program with two types of payments can be considered as a provisional income source.
For 7 years of its operation, there were no technical problems on the exchange. It has never been hacked, and there have been no failures. Stability is one of the reasons for the popularity of this exchange. There is basic training for novice traders and technical support is provided by a help center and a ticket system on the site. The lack of a call center is often defined as a disadvantage of the site, along with the lack of investment solutions and demo accounts. Experts didn’t reveal any glitches in the exchange.
- You need access to a wide variety of cryptocurrencies and coins for trading and exchange, as this exchange offers a diverse range of cryptocurrencies and coins, providing ample options for traders to explore and invest in different assets.
- You are looking for no minimum deposit requirement, as this exchange does not impose a minimum deposit requirement, making it accessible to traders of all levels whether you're starting with a small investment or looking to trade larger amounts.
- You prefer to trade cryptocurrencies against fiat currencies (such as USD, EUR, etc. ). This exchange may not support fiat trading pairs which could limit your ability to directly trade between cryptocurrencies and fiat currencies on the platform.
- You're new to trading or want to test strategies without risking real funds. The absence of demo accounts on this exchange may be a drawback. Demo accounts allow users to simulate trading with virtual funds, providing a risk-free environment for learning and experimentation.
CoinSpot Summary
| 💻 Trading platform: | TradingView in browser |
|---|---|
| 📊 Accounts: | Standard |
| 💰 Account currency: | Cryptocurrencies, Australian dollar |
| 💵 Replenishment / Withdrawal: | Bank accounts, electronic and cryptocurrency wallets |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Commission: | Market |
| 🔧 Instruments: | Cryptocurrencies and Australian dollar |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | n/a |
| ⭐ Trading features: | A lot of cryptocurrencies and coins, no fiat trading, no investment programs, a referral program with favorable terms and mutual payments, a free multi-currency wallet |
| 🎁 Contests and bonuses: | Traders Union |
Go through the registration and data verification procedures (verification type 2FA) to trade on the exchange. After that, you get full access to the trading functionality of the exchange and the mobile application (use the same registration data to login). There is no need to make a certain deposit, so you determine your financial policy. Please note that the exchange doesn’t allow trading with leverage and it doesn’t provide users with extra funds to increase the profitability of transactions. You can only rely on your own financial resources. Technical support is provided by a system of tickets on the website. You will get the answer by email. There are no other efficient communication methods.
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Commissions and fees
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market orders is 0.1%;
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OTC trade is 0.1%;
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instant purchase, sell and swap transactions are 1%;
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take profit, stop orders, and limit orders are each 1%.
At the moment, CoinSpot has one of the simplest and most transparent fee systems in the cryptocurrency exchange environment. In some cases, there are commissions for depositing and withdrawing funds in addition to trading commissions.
Useful data:
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direct deposits, PayID, POLi carry no commission;
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BPAY is 0.9%;
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cash deposits have no commission.
| Account type | Commission (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | up to 1% per transaction | Yes |
Excluding take profit, stop, and other special order types, the 0.1% commission for market transactions is one of the lowest in the segment. Please find below a comparative table of the average commission of several exchanges.
| Broker | Average commission | Level |
|---|---|---|
|
$1 | |
|
$20 | |
|
$0.1 |
Investment Options
Investment Programs, Available Markets, and Products of the Crypto Exchange
CoinSpot doesn’t offer investment solutions to private clients. The website is focused on active trading. Exchange clients can make money by buying and selling cryptocurrencies and coins. A referral program can be considered an additional source of income. Applications for investment in website projects are considered on an individual basis from corporate clients.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
CoinSpot’s affiliate programs
You can invite your friends, acquaintances, and other users to the site to get bonus payments. Register and verify your account to participate in the referral program. Now you will have access to the link in the personal account. It can be published on forums and other types of resources sent in instant messengers and chats.
Each user who follows this clink and registers and verifies himself on the cryptocurrency exchange will become your referral (partner). As soon as the referral makes his first deposit, you both get a one-time payout of AUD 10 in the multi-wallet.
Further, the referral status remains for 3 years from the date of registration of the partner. Payouts change over time:
during the first year, the referral brings the invitee 30% of their commissions on all trade transactions;
during the second year, the amount of bonus payments is reduced to 15% of the fees for trading operations;
during the third year, payments are only 5% of the amount of commissions. There are no payments after the third year.
Please note that SMSF accounts cannot participate in the affiliate program. These are institutional accounts and their participation in such programs is limited by the applicable law of Australia.
User Satisfaction