CoinSpot review: Australia's longest-running crypto exchange, with a fee structure most users misread
CoinSpot is Australia's longest-running crypto exchange with the widest coin selection in the Australian market. Melbourne-based, operating since 2013, AUSTRAC registered, over 510 listed cryptocurrencies, ISO 27001 certified, 3 million customers. The catch is the fee structure: CoinSpot runs two products in the same app. Instant Buy and Sell is 1 percent per side. Market pairs are 0.1 percent per side. Users who don't know to use the Market tab pay 10 times more than necessary. Rating: 4.6 out of 5.
About CoinSpot
CoinSpot is Australia's longest-running cryptocurrency exchange. Founded in 2013 by Russell Wilson, Melbourne-based, operated by Casey Block Services Pty Ltd, AUSTRAC-registered as a Digital Currency Exchange provider. The company remains privately owned.
Scale is genuine. CoinSpot claims more than 3 million Australian and New Zealand customers, making it the largest crypto exchange by local user base. Aggregate rating across major review platforms sits between 4.2 and 4.3 out of 5. Google Play has 18,409 ratings averaging 4.2.
Corporate facts worth verifying
AUSTRAC registration: CoinSpot is registered as a Digital Currency Exchange provider. Verify directly on the AUSTRAC public register at austrac.gov.au.
Security audit: CoinSpot states it was the first AUSTRAC-registered Australian crypto exchange to complete an independent external security audit, and holds an ISO 27001 certification. Recertified annually.
Sign up at CoinSpot
Since 2013. AUSTRAC registered. ISO 27001. 510+ coins. 3 million customers.
Sign up at CoinSpotWho CoinSpot is for
First, investors who prioritise operating history. CoinSpot has the longest continuous Australian operating record at over a decade. Survived 2018 bear market, 2020 collapse, FTX contagion, and every smaller market shock without a major security breach.
Second, investors who want the widest coin selection. CoinSpot's 510-plus listed coins is the broadest on any AUSTRAC-registered Australian exchange.
Third, investors who will use the Market tab. CoinSpot's Market pair fee at 0.1 percent is meaningfully cheaper than Swyftx's 0.6 percent standard.
Fourth, investors who want formal security certification. CoinSpot's ISO 27001 certification is externally audited and annually renewed.
The Instant Buy vs Market fee gap
This is the single most important thing to understand about CoinSpot's pricing.
Two products, same app, 10x fee difference
Instant Buy, Sell, Swap: 1 percent fee per side. Applied on all transactions routed through the main "Buy" button. A round-trip costs 2 percent in commission. This is the default product.
Market pairs: 0.1 percent fee per side for Bitcoin and selected major pairs. Accessed via the "Market" tab. A round-trip costs 0.2 percent in commission.
Dollar-terms example
A user who dollar cost averages AUD 500 per week into Bitcoin (AUD 26,000 annually). Using Instant Buy at 1 percent: AUD 260 in annual commission. Using Market pairs at 0.1 percent: AUD 26. Over five years, difference is approximately AUD 1,170 versus AUD 117.
When Instant Buy is actually fine
For very small transactions under AUD 100, the absolute dollar cost is minor. For any regular investor with non-trivial capital, Market is the answer.
Full fee schedule
| Fee type | Amount | Notes |
|---|---|---|
| Instant Buy / Sell / Swap | 1% per side | Default on homepage buy button. |
| Market pair maker / taker | 0.1% / 0.1% | Accessed via Market tab. |
| AUD deposit (PayID, Osko) | Free | Near-instant settlement. |
| AUD deposit (BPAY) | Free | Same day to next business day. |
| AUD deposit (POLi, bank transfer) | Free | POLi is near-instant. |
| AUD withdrawal | Free | To Australian bank account via PayID or bank transfer. |
| Crypto deposit | Free | Network fees only. |
| Crypto withdrawal | Network pass-through | No markup on network fees. |
| Inactivity fee | None | No charges for dormant accounts. |
Schedule accurate at April 2026.
Coins and assets listed
CoinSpot lists more than 510 cryptocurrencies, the widest selection of any AUSTRAC-registered Australian exchange.
Major coverage: Every top-100 coin by market capitalisation. Major Layer 1s (SOL, ADA, AVAX, NEAR, APT, SUI, TIA, INJ), Layer 2s (ARB, OP, MATIC, BASE, STRK), stablecoins (USDT, USDC, DAI, AUDD), and established DeFi tokens.
Long-tail coverage: Smaller altcoins, newer launches, and memecoin additions appear on CoinSpot faster than on Swyftx.
Conservative exclusions: CoinSpot does not list privacy coins (XMR, ZEC) in Australia, consistent with AUSTRAC guidance.
AUD deposits and withdrawals
| Method | Speed | Cost |
|---|---|---|
| PayID / Osko | Under 60 seconds | Free |
| BPAY | Same day to next day | Free |
| POLi | Near-instant | Free |
| Bank transfer | 1 business day | Free |
| Crypto deposit | Network dependent | Network fees only |
Withdrawal testing
Five AUD withdrawal tests across two weeks. Average time: 6 hours, range of under 1 hour to 22 hours. Zero failed withdrawals. Complete your KYC properly during onboarding to avoid the authorisation photo recovery flow.
Security and custody
ISO 27001 certification. Formal, externally audited information security management standard. Recertified annually.
Majority of assets in cold storage. Hot wallet balances are limited to operational requirements.
First independently audited AUSTRAC-registered exchange. CoinSpot claims to have been the first AUSTRAC-registered Australian exchange to complete an independent external security audit.
Two-factor authentication required. TOTP-based via Google Authenticator or Authy recommended over SMS.
Withdrawal safeguards. Email confirmation of every withdrawal. Address allowlisting available.
Breach history
No major publicly reported breach on the exchange itself. CoinSpot's decade of operations without a systemic security event is a genuine track record.
Tax reporting and ATO integration
The transaction history export is a CSV file with every buy, sell, deposit, withdrawal, and fee with AUD valuation at the time of the transaction. Maps into Koinly, CryptoTaxCalculator, and Syla after light manual column work.
CoinSpot reports transaction data to the ATO under the crypto asset data-matching program. For the full framework, see our crypto tax Australia pillar.
CoinSpot sound like the right fit?
Sign up at CoinSpotCoinSpot ratings breakdown
CoinSpot vs Swyftx: the key differences
CoinSpot wins on: operating history (since 2013), coin selection (510 versus 420), ISO 27001 certification, Market pair fees (0.1 percent).
Swyftx wins on: Instant Buy equivalent fee (0.6 percent versus CoinSpot's 1 percent), mobile app quality, web platform design, tax export format.
Roughly equal: AUSTRAC registration, security certification, PayID support, SMSF capability.
Practical recommendation: for serious Australian crypto portfolios, using both exchanges diversifies counterparty risk. For the full head to head with fees modelled at realistic AU volumes and the Instant Buy fee trap broken down, see the Swyftx vs CoinSpot comparison. For the broader exchange landscape, see the crypto exchanges pillar.
The Reddit complaints, addressed honestly
Complaint type 1: the Instant Buy fee surprise
A significant portion of "CoinSpot is sneaky" posts come from users who paid 1 percent on Instant Buy, later discovered the 0.1 percent Market option. The structure is not hidden, but the UI defaults to the expensive option.
Complaint type 2: withdrawal holds and authorisation photos
Users attempting large or structured withdrawals occasionally find them held pending AUSTRAC and AML verification. This is CoinSpot's compliance program working as intended. Every AUSTRAC-registered exchange has holds on unusual transactions.
Complaint type 3: slower response on complex issues
CoinSpot's scale of 3 million customers means even a small percentage of complex cases produces a lot of unhappy Reddit posts in absolute terms.
The overall picture
No pattern of outright non-payment. No pattern of platform-level security failure. For a typical retail user with completed KYC using the Market tab, these issues do not surface.
Final verdict
CoinSpot is a legitimate first choice for Australian crypto investors who value operating history, coin breadth, and formal security certification. The ISO 27001 audit, the decade-plus clean operating record, and the 510-plus listed coins are the three features no other AUSTRAC-registered Australian exchange matches in combination.
The fee structure is the thing to understand before committing serious volume. If you will be using Market pairs, CoinSpot is the cheapest major Australian exchange. If you will be using Instant Buy exclusively, Swyftx is meaningfully cheaper.
For most serious Australian crypto investors, CoinSpot and Swyftx are complements rather than substitutes. Running accounts on both diversifies counterparty risk.
Visit CoinSpot
Since 2013. AUSTRAC registered. ISO 27001. 510+ coins. Use the Market tab for 10x cheaper fees.
Visit CoinSpotFrequently asked questions
CoinSpot is an AUSTRAC-registered Digital Currency Exchange provider, holds an ISO 27001 certification, and was the first AUSTRAC-registered Australian exchange to complete an independent external security audit. The exchange has operated since 2013 with no major publicly reported security breach.
Yes. All AUSTRAC-registered Australian crypto exchanges provide transaction and customer data to the ATO under the crypto asset data-matching program.
Instant Buy/Sell/Swap is 1 percent per side. Market pairs are 0.1 percent per side. The gap between Instant Buy and Market is the most important fee detail to understand.
Swyftx wins on mobile UX and Instant Buy equivalent fee. CoinSpot wins on operating history (since 2013), coin selection (510+ vs 420+), and ISO 27001 certification.
Most negative threads relate to the Instant Buy vs Market fee gap and AUSTRAC-required withdrawal holds. Neither is a refusal to pay, but both create user friction.
Typically within one business day via PayID. Faster during business hours, slower over weekends.
Yes. CoinSpot supports SMSF accounts with separate onboarding. Less specialised than Independent Reserve's dedicated SMSF product.
CoinSpot is owned and operated by Casey Block Services Pty Ltd, a privately held Australian company founded by Russell Wilson in 2013. Melbourne-based.
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