Is CoinSpot a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether CoinSpot is a good crypto exchange to start trading with. In this article you will learn whether CoinSpot is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker 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.
| 💰 Account currency: | Cryptocurrencies, Australian dollar |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies and Australian dollar |
| 💹 Margin Call / Stop Out: | No |
CoinSpot Pros and Cons
👍 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.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for CoinSpot Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. CoinSpot offers traders the following conditions.
| 💻 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 |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of CoinSpot commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
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):
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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 | Spread (minimum value) | Withdrawal commission |
| Standard | up to 1% per transaction | Yes |
Investment programs of CoinSpot
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. CoinSpot offers the following passive income 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 thedeal 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.
Conclusion. Is CoinSpot good for beginners?
The CoinSpot cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, CoinSpot could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.