CoinSpot Review 2024
Minimum
deposit:
  • $1

Trading platform:

  • TradingView

CoinSpot Review 2024

Updated:
Updated: March 12, 2024

3.39

/

10

TU Overall Score
The purpose of creating the TU Overall Score is to make the search for secure and reliable brokerage companies easier for the visitors of our website. We believe that it is a very important mission as, unfortunately, not every company in the financial industry is worthy of trust.

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
Minimum
deposit:
  • $1

Trading platform:

  • TradingView
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

Summary of CoinSpot Crypto Exchange

CoinSpot is a cryptocurrency exchange with higher-than-average risk and the TU Overall Score of 3.39 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 ranks 93 among 170 companies featured in the TU Rating, which is based on the evaluation of 100+ criteria.

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.

NOTE!

If you are planning to trade cryptocurrencies, and not just keep your savings in crypto wallets, we recommend that you choose one of the top brokers with reliable regulation and access to trading crypto CFDs. This type of trading will help you avoid holding your cryptocurrency in e-wallets of exchanges, which quite regularly get hacked. Also, availability of leverage will allow you to trade crypto CFDs for amounts much higher than your deposit.

Traders Union experts recommend considering Top 3 companies from our rating:

Start Trading with RoboForex
Your capital is at risk.
Editorial Note: We are unable to verify the validity of reviews and publish all reviews, both positive and negative, in accordance with the Users Reviews Policy.

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.

💰 Account currency: Cryptocurrencies, Australian dollar
🚀 Minimum deposit: $1
⚖️ Leverage: 1:1
💱 Spread: Market
🔧 Instruments: Cryptocurrencies and Australian dollar
💹 Margin Call / Stop Out: No

👍 Advantages of trading with CoinSpot:

  • 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

👎 Disadvantages of CoinSpot:

  • fiat trading isn’t available;
  • demo accounts are not available;
  • investment programs aren’t available.

Evaluation of the most influential parameters of CoinSpot

User Satisfaction Customer Satisfaction Score (CSAT) is a unique metric of Traders Union based on the analysis of user reviews posted on pages of each broker profile by the visitors of our website from all around the world. We have been collecting these broker reviews for over 13 years, and therefore, we know and understand the level of customer satisfaction with a specific brokerage company better than anyone else.

2.06

/10

Commissions and fees This parameter comprises a comprehensive analysis of all commissions and fees charged by a brokerage company, including trading and deposit/withdrawal fees. Also specific fees, for example the inactivity fee, are taken into account in the final score for the fees. Users can find detailed fees charged by a company in the broker’s profile.

3.57

/10

Trading instruments For this parameter, we evaluate the number of trading assets a broker offers access to in each group of financial instruments. We analyze the quotes a broker offers on Forex pairs, metals, indices, commodities, stocks, and cryptocurrencies. This parameter also includes evaluation of broker’s investment programs, for example access to copy trading, which we regard as an additional type of a trading instrument.

3.35

/10

Brand popularity Traders Union experts are confident that brand awareness mostly fully reflects the real state of affairs in a company – the more popular the broker, the more people trust it. The score for this indicator is based on the data analysis of such services as Ahrefs and SemRush, which show how often a company’s brand is searched on Google. In addition, indicators of the SimilarWeb service, which show the approximate number of visitors of the broker’s website, are also taken into consideration. We also review disclosed official reports of brokers, which allow for evaluating their client base.

3.51

/10

Customer support The score of this parameter is based on the number of available communication channels of a company’s support service. The quicker and easier it is to contact the broker’s support, the higher the score. We check every available support channel, test the speed of processing of requests and completeness of provided information through several interactions.

3.87

/10

Education This parameter provides an evaluation of a company’s capacity to work with beginners. Only quality training and provision of full and unbiased information can help novice traders and investors minimize the risks of losing money, even when working with top-ranked companies. Brokers with useful educational and informational tools, including webinars, tutorials, podcasts and articles, receive higher scores.

4.09

/10

Trade with this broker, if:

  • 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.

Do not trade with this broker, if:

  • 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.

Geographic Distribution of CoinSpot Traders

Popularity in

95.9%
AU
Australia
0.3%
US
United States
0.8%
Others
Others

CoinSpot Latest Comments for 2023 i

19 comments
Total score:
5.4 /10

Share your experience

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Urukmorp
1 year ago

I have been waiting for a withdrawal of $300 from CoinSpot for over a month. Support writes that due to system overloads, withdrawals are subject to restrictions. They do their best to get me 200 bucks! Simply absurd!

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Banana
1 year ago

went through all the circles of hell to get his 600 bucks. Ridiculously, the amount is small. But these scammers could not withdraw it to me for 3 months. Just awful. They took me out, but only because, probably, that I was very persistent.

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AreolSof
1 year ago

CoinSpot is one of the largest crypto exchanges that has been operating on the digital market for a long time. But because it focuses mainly on its region, it is not at the forefront of world rankings. Therefore, I think that I was accidentally lucky when I opened an account using a referral link from some site. The conditions for trading on CoinSpot are decent and the commission is only 0.1%. Regulators and account security are fine, too. The downside is the lack of margin trading, so you must rely only on your capital!

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doreenlw2
2 years ago

I have been trading on the CoinSpot exchange for a long time and I do not find any serious shortcomings that deserve attention. Everything that is written about trading conditions is true, and not an advertising ploy to lure in clients. The company does apply such a low brokerage commission without any additional conditions. Also, the support service is not only available for communication at any time of the day but provides qualified and timely assistance. I give CoinSpot credit for all these important criteria.

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MichaelKag
2 years ago

I started, like most beginners, with fast trading. I chose the coins, pressed the “buy” or “sell” button, and the transaction was completed. But I quickly realized that you won’t earn much on CoinSpot in this way. The commission per transaction, as it turned out, is significantly higher than the average market. But by this time, I had already gotten used to it and began to work through the terminal. Here, of course, the difference in fees is huge. I will say more, not many competitors will find such conditions. Now the commissions suit me completely. So, Welcome to the CoinSpot!

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elisabethclatterbuck
2 years ago

Recently I opened an account with CoinSpot, the reason was the promotion of large cash prizes in honor of the site’s opening of its two-millionth account. Of course, I didn't win the prize. I've never been lucky in lotteries. But finally, I found a crypto exchange that suits me in all respects. Here, is one of the lowest trading commissions on the market; the TradingView terminal is in demand among experienced traders; and the withdrawal of funds is flawless. What else is needed for successful trading? That's right, experience! But this is not dependent on CoinSpot. The exchange offers favorable conditions, and the rest depends on the trader.

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caseyxg4
2 years ago

I took note of this crypto exchange a long time ago. There is no demo account on CoinSpot, and since I am still quite a “teapot” in trading, I trained on a demo elsewhere. But even I understand that deals on candy wrappers are not brought to the market and orders will be executed much faster in such trading than on a real account. I was very surprised when I started cooperating with the company and found no difference in data processing speed! I don't know the reason because I'm not an expert in high technologies. In the grand scheme of things, what difference does it make to me? The main thing is that the operations take place in an instant. This is a good exchange. I recommend it.

Expert Review of CoinSpot

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.

Anton Kharitonov

Anton Kharitonov

Financial expert and analyst at Traders Union

Dynamics of CoinSpot’s popularity among
Traders Union’s traders, according to 2023 data

Logo TU
20,0%
Top 3
10,0%
Top 5
7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

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.

Important!

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.

Trading Conditions for CoinSpot Users

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.

$1

Minimum
deposit

1:1

Leverage

24/7

Support

💻 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
💱 Spread: 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

Broker comparison table of trading instruments

CoinSpot Bybit OKX XT.com Bitfinex Poloniex
Forex No No No No No No
Metalls No No No No No No
Crypto Yes Yes Yes Yes Yes Yes
CFD No No No No No No
Indexes No No No No No No
Stock No No No No No No
ETF No No No No No No
Options No No No No No No

CoinSpot Commissions & Fees

Information
CoinSpot is one of the few world-class cryptocurrency exchanges offering flat fees. Usually, the amount of fees depends on the volume of the client's trades in the last month. Commissions on CoinSpot are fixed and you cannot influence them (excluding the rebate from the Traders Union):

  • market orders is 0.1%;

  • OTC trade is 0.1%;

  • instant purchase, sell and swap transactions are 1%;

  • 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:

  • direct deposits, PayID, POLi carry no commission;

  • BPAY is 0.9%;

  • cash deposits have no commission.

Account type Spread (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
CoinSpot $1 Medium
Bybit $20 High
Bitfinex $0.1 Low
Logo CoinSpot
$1
$20
$0.1

Contacts

Foundation date 2013
Registration address Berwick, Victoria, Australia
Official site
Contacts
All information posted on the Traders Union website is based on reliable and objective data. We have combined our 10 years’ experience in the financial sector and the feedback of our customers to provide you with a true picture of the best forex companies in the market. Detailed information about our methodology.
CoinSpot Review CoinSpot Review

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FAQs

Do reviews by traders influence the CoinSpot rating?

Any review can raise or lower the rating of any broker in the general list of brokers. To read reviews about CoinSpot you need to go to the broker's profile.

How to leave a review about CoinSpot on the Traders Union website?

To leave a review about CoinSpot, register on the Traders Union website or you can also leave a review through Facebook.

Is it possible to leave a comment about CoinSpot on a non-Traders Union client?

Anyone can leave feedback about CoinSpot on multiple participating clients; however, Traders Union clients also receive additional payments later for working with any broker listed at the Forex market.

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