CoinSpot review: Australia’s best-known retail exchange, with a 0.10% order book, hundreds of AUD coins and ISO 27001, but a 1% Instant Buy, a 2023 hot-wallet loss, no proof of reserves and no staking.
Thirty-third in our Crypto Centralized Exchanges series. CoinSpot, launched in Melbourne in 2013 and privately owned, reports more than 3 million customers (company-reported) and lets Australian residents buy roughly 470 to 510 coins with AUD through PayID, bank transfer, card, PayPal and cash. It is registered with AUSTRAC, belongs to AFCA and holds ISO 27001 certification. The default Instant screens cost 1% plus a spread, against 0.10% on the thin order book. About US$2.4 million left a hot wallet on November 8, 2023, CoinSpot published no detailed report, and it publishes no proof of reserves. Spot trading is not yet under an AFSL, and the Earn programme has been suspended since September 2023. We weighted all of it.
Our take, up front: CoinSpot, launched in Melbourne in 2013 and privately owned, is Australia’s best-known retail exchange, with roughly 470 to 510 coins buyable in AUD (counts conflict), PayID and bank deposits, SMSF accounts, a prepaid card and ISO 27001 certification. It charges 0.10% on its order book but 1% plus a spread on the Instant screens most beginners use. The weaknesses: a November 2023 hot-wallet loss of about US$2.4 million with no public post-mortem, no proof of reserves, no insurance, spot trading not yet under an AFSL, no staking since September 2023, and support ratings we could not verify directly. We score it 56.5, twenty-third of thirty-three: just behind Gemini and ahead of Bithumb.
CoinSpot holds ISO 27001 certification, first earned in 2020 and renewed under the 2022 standard in June 2023 after an audit by Sustainable Certifications (Datawallet). Account controls include app-based 2FA, geo-locked logins, anti-phishing phrases, withdrawal restrictions, session timeouts and a HackerOne bug bounty. CoinSpot says most customer assets are in cold storage but does not disclose a percentage, and it publishes no proof of reserves; Finder notes there is no insurance on funds held. On November 8, 2023, about 1,262 ETH (roughly US$2.4 million) left CoinSpot wallets in what security firm CertiK called a probable private key compromise of a hot wallet. CoinSpot reportedly said no customers were affected but published no detailed incident report, and Datawallet found no public reports of customer losses. Finder’s review states that no hacks have taken place, which conflicts with this incident; we treat the incident as real.
Pros
- ISO 27001 certified since 2020; 2FA, geo-lock, bug bounty
- No public reports of customer losses after the 2023 incident (Datawallet)
Cons
- Hot-wallet loss of about $2.4M in November 2023 with no detailed report
- No proof of reserves, no insurance, cold-storage share undisclosed
CoinSpot is an AUSTRAC-registered digital currency exchange, a Blockchain Australia member and a voluntary member of AFCA, the financial complaints scheme (Finder). That registration covers anti-money-laundering compliance rather than financial-product licensing: Datawallet says spot trading is not yet covered by an AFSL, while the CoinSpot card is issued under AFSL 562554 by the card distributor. This is changing. The Corporations Amendment (Digital Assets Framework) Act 2026 received Royal Assent on April 8, 2026 and commences on April 9, 2027, with a six-month transition for existing platforms (Astris Law, Hamilton Locke). ASIC extended its no-action relief for firms lodging a licence application to September 30, 2026. We could not confirm whether CoinSpot has applied; one branded-content piece reported an AFSL in April 2026, which we treat as unconfirmed. CoinSpot is privately owned and serves Australian residents only.
Pros
- AUSTRAC registration, AFCA membership and a clear local rulebook coming
- Privately owned Australian company with a long record
Cons
- Spot trading not yet under an AFSL
- AFSL application status unconfirmed; Australian residents only
CoinSpot has two price tiers, and the gap is large. Markets (the order book) and the OTC desk for trades above A$20,000 charge 0.10% (Finder, Datawallet), but Datawallet says the order book covers only 15 coins and has been thin. The default Instant Buy, Sell and Swap screens charge 1% and, per Datawallet’s estimate, build in a further spread of roughly 1% to 2%; advanced orders such as stop, limit, take-profit and recurring buys also cost 1%. AUD deposits by bank transfer and PayID are free, cash deposits cost 2.5%, and AUD withdrawals are free. Card deposit fees conflict by source and date: Finder now lists them as free, an older Datawallet table shows 1.88%, and another review shows 1.22%. Crypto withdrawals follow network costs.
Pros
- 0.10% on Markets and OTC orders; free PayID and bank deposits, free AUD withdrawals
- No deposit fee on crypto
Cons
- Instant Buy, Sell and Swap cost 1% plus a spread (spread is an estimate)
- Order book limited to a small set of coins and thin
Coverage is wide for spot. CoinSpot’s counts vary by source: Finder gives 475, 474, 470+ and over 510 within the same page, and Datawallet gives 460+; we treat it as roughly 470 to 510 and flag the conflict. Finder says 17 of the top 20 coins by market cap are supported, with Lido Staked Ether, LEO and USDS missing. Other products include an OTC desk, SMSF and trust accounts, recurring buys and a limited NFT marketplace of about 50 collections. There are no futures or margin products, and the Earn programme was suspended on September 1, 2023 citing changing regulations, with no relaunch confirmed in the sources we reviewed.
Pros
- Roughly 470 to 510 coins buyable with AUD
- OTC desk, recurring buys and SMSF accounts
Cons
- No futures, margin or staking
- Only a handful of coins trade on the 0.10% order book
The experience is built for beginners. CoinSpot offers deposits by PayID, bank transfer, card, PayPal and cash, iOS and Android apps, and a read-only API for portfolio and tax tools. Datawallet cites an App Store rating of 4.8 and Finder lists Google Play at 4.0 in one snapshot, though Finder’s review counts changed between snapshots. SMSF accounts include end-of-financial-year reports, and the Instant screen needs a single tap to confirm. The cost is hidden in the price: the 1% Instant fee and spread, and an order book that Datawallet observed with a wide spread and little depth on Bitcoin. Account sign-ups are limited to Australian residents and logins can be geo-locked.
Pros
- Simple Instant screen, PayID and SMSF reporting
- Strong App Store rating (4.8, Datawallet)
Cons
- Cheaper order book is thin and limited to a few coins
- Australian residents only
Support is local and fast on paper. Finder says CoinSpot’s support team is based in Melbourne and available 24/7, and in its test a live-chat reply came in under a minute; CoinSpot’s homepage claims an average reply under 30 seconds. Chat, a ticket system and a help desk are available. We could not load Trustpilot or ProductReview directly for CoinSpot: older aggregator pages cite roughly 4.3 to 4.5 out of 5 on thousands of reviews, but those figures are undated and unverified, and one Trustpilot result in our search was for a different company with a similar domain. Complaints can go to AFCA, of which CoinSpot is a voluntary member.
Pros
- 24/7 live chat and tickets; under one minute in Finder’s test
- Voluntary AFCA membership gives an external complaints route
Cons
- Trustpilot and ProductReview scores not directly verified
- Homepage reply-time claim is company-reported
The extras are modest. CoinSpot offers a digital prepaid Mastercard, issued by EML Payment Solutions and distributed by Casey Block Services, that converts crypto to AUD at the point of payment and works with Apple Pay and Google Pay, with no annual fee and no cashback. There is a read-only API, SMSF and trust accounts, an OTC desk and a small NFT marketplace. The Earn programme was suspended in September 2023, and CoinSpot has no staking, margin or derivatives.
Pros
- Prepaid Mastercard, read-only API and SMSF accounts
- OTC desk for large trades
Cons
- Earn programme suspended since September 2023
- No staking, margin or derivatives
A beginner-friendly Australian exchange with a long coin list and local deposits, but weigh the 1% Instant Buy and spread, the 2023 hot-wallet loss, the missing proof of reserves and the absence of staking.
CoinSpot suits Australian residents who want a simple AUD on-ramp with PayID, a wide coin list and SMSF support. Use Markets rather than Instant for anything sizeable and check the all-in price, keep only what you need on the platform because there is no proof of reserves or insurance, enable app-based 2FA and geo-lock, and hold long-term balances in self-custody.
Twenty-third of thirty-three: a simple local app, ISO 27001 and a long coin list, but a 1% Instant Buy, a 2023 hot-wallet loss, no proof of reserves and no staking.
CoinSpot scores 56.5, just behind Gemini (57.25) and ahead of Bithumb (55.5), CoinDCX (55), Toobit (54), Binance.US (53.75), Phemex (52.5), Bitkub (51.5), Bitrue (51.25), BloFin (51), LBank (50.5) and HTX (45.5); it trails Kraken (74), Bitvavo (70), Coinbase (69.25), OKX (69), Crypto.com (67.75), Bybit and Gate (66), Upbit (64.5), WhiteBIT (64.25), bitFlyer (64), Bitpanda (63.75), Binance (61.25), Bitso (60), Bitget (59.5), BingX (59.25), Robinhood Crypto (59), Bitfinex (58.75), KuCoin (58.5), Luno (58.25), MEXC (58), Bitstamp (57.75) and Gemini. It earns its marks on a polished local app, local deposit methods, ISO 27001, a long coin list and 24/7 local support. It loses ground on the 1% Instant fee and spread, a 2023 hot-wallet loss without a public post-mortem, no proof of reserves or insurance, spot trading outside an AFSL for now and no staking. Revisit the score if CoinSpot confirms its AFSL, publishes a reserves attestation or relaunches earn.
The scorecard above is deliberately general. Whether CoinSpot is right for you depends on where you live, which screen you trade on and how much risk you accept from an exchange with no verifiable proof of reserves and a past hot-wallet loss.
The Australian beginner who wants an AUD on-ramp
PayID and bank deposits, free AUD withdrawals, a simple app and local 24/7 support suit first-time buyers, provided they watch the Instant fee.
The SMSF or trust investor
SMSF and trust accounts with end-of-year reports, an OTC desk for large trades and a read-only API suit record-keeping.
The coin collector
Roughly 470 to 510 coins can be bought with AUD, but most sit behind the 1% Instant screens rather than the 0.10% order book.
Active traders, yield seekers and non-residents
There are no futures, margin or staking, the order book is thin, and only Australian residents can open an account.
These four tables cover the specifics we didn't want to bury in prose: the fee picture, the reserves and incident timeline, regulatory footprint, and how the exchanges in this series compare.
What CoinSpot charges (and where sources conflict)
| Item | Maker | Taker | Source note |
|---|---|---|---|
| Markets (order book) | 0.10% | 0.10% | Finder, Datawallet; Datawallet says only about 15 coins trade here |
| OTC desk (over A$20,000) | 0.10% | 0.10% | Datawallet |
| Instant Buy, Sell and Swap | 1% | 1% | Datawallet, Invezz; plus a spread of roughly 1% to 2% (Datawallet estimate) |
| Advanced and recurring orders | 1% | 1% | Stop, limit, take-profit and recurring buys (Datawallet, Invezz) |
| AUD deposits: bank and PayID | Free | Free | Finder, Datawallet |
| AUD deposits: card | Conflict | Conflict | Finder (Oct 2026) says free; older Datawallet table 1.88%; another review 1.22% |
| AUD deposits: cash | 2.5% | 2.5% | Finder, Datawallet |
| AUD withdrawals | Free | Free | Finder, Datawallet |
| Crypto withdrawals | Network fee | Network fee | Finder: fees vary by coin |
| Futures and margin | Not offered | Not offered | Datawallet |
We could not load CoinSpot’s own fee page, so figures come from Finder (updated October 28, 2026) and Datawallet. The Instant spread is an estimate. Check current figures before trading.
Security, reserves and incident timeline
| Date | Event | Detail |
|---|---|---|
| 2013 | Founded | Launched in Melbourne (Datawallet); CB Insights lists 2014, so the year conflicts |
| 2020 | ISO 27001 | First certified in 2020; renewed under the 2022 standard in June 2023 (Datawallet) |
| Sep 1, 2023 | Earn suspended | Staking and earn paused citing changing regulations; assets returned to users |
| Nov 8, 2023 | Hot-wallet loss | About 1,262 ETH (roughly $2.4M) drained; CertiK cites a probable private key compromise (Cointelegraph) |
| After Nov 2023 | Response | CoinSpot reportedly said no customers were affected; no detailed incident report found |
| Apr 8, 2026 | New law | Digital Assets Framework Act receives Royal Assent; commences Apr 9, 2027 (Astris Law, Hamilton Locke) |
| Jun 25, 2026 | ASIC relief extended | No-action position extended to Sept 30, 2026 for firms lodging AFSL applications |
| To date | Other confirmed hacks | None found beyond the 2023 incident; Finder says none have occurred, which conflicts with it |
CoinSpot says most customer assets are in cold storage but publishes no percentage, no proof of reserves and no insurance. The 2023 loss was reported by on-chain investigators and a security firm; CoinSpot published no post-mortem.
Where CoinSpot stands with regulators
| Area | Status |
|---|---|
| AUSTRAC | Registered digital currency exchange; anti-money-laundering and counter-terrorism compliance |
| ASIC / AFSL | Datawallet says spot trading is not yet covered by an AFSL; the card is issued under the distributor’s AFSL 562554; our sources do not confirm a spot-trading licence application |
| Complaints | Voluntary AFCA member; Blockchain Australia member (Finder) |
| Incoming regime | Digital Assets Framework Act commences April 9, 2027, with a six-month transition for existing platforms |
| Availability | Australian residents only; no MiCA authorisation (Blockspot); privately owned |
One branded-content article reported an AFSL for CoinSpot in April 2026; we could not confirm it. Verify the entity and licence on ASIC and AUSTRAC registers.
Series 10 so far
| Binance | Kraken | Coinbase | Gate | OKX | Bybit | MEXC | HTX | Bitfinex | Bitget | Crypto.com | Bitrue | Binance.US | KuCoin | Bitstamp | Gemini | Upbit | Bitvavo | Bitpanda | Robinhood | Bithumb | BingX | Phemex | LBank | WhiteBIT | BloFin | Toobit | Bitso | CoinDCX | Luno | Bitkub | bitFlyer | CoinSpot | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Security (30) | 5.5 | 8.0 | 7.5 | 6.5 | 7.5 | 6.5 | 6.0 | 4.5 | 5.5 | 5.0 | 7.0 | 4.5 | 4.5 | 6.5 | 6.0 | 6.5 | 6.5 | 7.0 | 6.0 | 6.0 | 5.0 | 5.5 | 5.0 | 4.5 | 6.5 | 5.5 | 5.5 | 6.5 | 5.5 | 6.0 | 5.0 | 6.5 | 5.5 |
| Regulation (20) | 4.0 | 8.5 | 8.5 | 6.5 | 6.0 | 6.5 | 3.0 | 2.0 | 4.5 | 5.5 | 8.0 | 3.5 | 5.0 | 3.5 | 8.0 | 7.0 | 6.5 | 8.0 | 7.0 | 7.0 | 4.5 | 5.0 | 3.0 | 3.0 | 6.0 | 2.5 | 3.0 | 7.0 | 6.0 | 7.0 | 5.5 | 8.5 | 5.5 |
| Fees (15) | 8.5 | 6.0 | 4.5 | 7.0 | 7.5 | 7.0 | 8.0 | 5.5 | 9.0 | 6.5 | 5.5 | 6.5 | 9.0 | 6.5 | 5.0 | 4.0 | 8.5 | 7.0 | 5.0 | 4.5 | 8.0 | 7.0 | 7.0 | 7.0 | 7.5 | 7.0 | 7.5 | 5.0 | 5.0 | 5.0 | 5.0 | 6.0 | 4.5 |
| Coverage (10) | 9.5 | 8.0 | 7.5 | 9.5 | 8.0 | 8.0 | 9.5 | 8.0 | 6.5 | 8.5 | 8.0 | 8.0 | 5.5 | 9.0 | 5.0 | 5.5 | 6.5 | 7.0 | 8.5 | 5.5 | 6.5 | 8.5 | 8.0 | 8.5 | 6.5 | 7.0 | 8.0 | 5.0 | 6.0 | 5.0 | 5.5 | 5.5 | 6.5 |
| Experience (10) | 7.0 | 7.5 | 8.0 | 7.0 | 7.5 | 7.5 | 7.0 | 6.5 | 6.5 | 7.5 | 7.5 | 7.0 | 7.0 | 7.0 | 6.0 | 7.0 | 7.0 | 8.0 | 8.0 | 8.0 | 6.0 | 7.5 | 7.0 | 6.5 | 7.0 | 6.5 | 7.0 | 7.5 | 7.0 | 7.0 | 6.5 | 6.5 | 7.0 |
| Support (10) | 3.5 | 4.5 | 3.0 | 2.5 | 3.5 | 3.5 | 2.0 | 2.0 | 3.0 | 3.5 | 2.5 | 2.5 | 2.0 | 2.5 | 3.0 | 2.0 | 3.0 | 4.5 | 4.0 | 3.0 | 4.5 | 2.5 | 2.5 | 2.0 | 4.5 | 2.5 | 2.0 | 3.0 | 2.5 | 3.5 | 3.0 | 3.5 | 6.5 |
| Ecosystem (5) | 8.0 | 8.0 | 9.0 | 8.0 | 8.5 | 8.0 | 7.0 | 6.5 | 7.5 | 8.5 | 9.0 | 7.0 | 4.5 | 7.5 | 4.5 | 6.5 | 5.5 | 6.0 | 7.5 | 7.5 | 5.0 | 7.5 | 7.0 | 7.0 | 7.0 | 6.0 | 6.5 | 7.0 | 7.0 | 6.5 | 6.0 | 6.0 | 4.5 |
| Our score | 61.25/100 | 74/100 | 69.25/100 | 66/100 | 69/100 | 66/100 | 58/100 | 45.5/100 | 58.75/100 | 59.5/100 | 67.75/100 | 51.25/100 | 53.75/100 | 58.5/100 | 57.75/100 | 57.25/100 | 64.5/100 | 70/100 | 63.75/100 | 59/100 | 55.5/100 | 59.25/100 | 52.5/100 | 50.5/100 | 64.25/100 | 51/100 | 54/100 | 60/100 | 55/100 | 58.25/100 | 51.5/100 | 64/100 | 56.5/100 |
Category scores are out of 10 and weighted as shown, taken from each review in this series.
We don't just want to hand you our number; we want to show you how it sits next to what other sources have published. Round-ups like the simple app, local deposits and 0.10% order book, but flag the 1% Instant Buy and the 2023 incident, and our score lands below the blended figure.
Our score lands below the aggregated figure, because strong app-store ratings and round-up praise lift the blend, while our scorecard weights security, reserves and regulation more heavily and penalises the 2023 hot-wallet loss, the missing proof of reserves and the pending licence.
| Source | Score | Type |
|---|
Scores compiled by our editorial team from publicly available reviews as of November 2026. "Estimate" means the source didn't publish a single numeric score, so we converted its published verdict and sentiment into a comparable 100-point figure. Verify current figures directly with each source before citing them elsewhere.
CoinSpot holds ISO 27001 certification and offers app-based 2FA, geo-locked logins and a bug bounty. It says most customer assets are in cold storage but does not disclose the share, publishes no proof of reserves and offers no insurance. In November 2023 about 1,262 ETH (roughly US$2.4 million) left a hot wallet; CoinSpot published no detailed report, and we found no public reports of customer losses. Keep long-term holdings in self-custody.
CoinSpot is registered with AUSTRAC as a digital currency exchange, belongs to Blockchain Australia and is a voluntary member of AFCA. Datawallet says spot trading is not yet covered by an AFSL. A new Digital Assets Framework Act commences on April 9, 2027, with a six-month transition for existing platforms. We could not confirm CoinSpot’s licence application status.
Markets (the order book) and OTC orders above A$20,000 cost 0.10%. Instant Buy, Sell and Swap, plus advanced and recurring orders, cost 1%, and Datawallet estimates a further 1% to 2% spread on Instant quotes. AUD bank and PayID deposits and AUD withdrawals are free; cash deposits cost 2.5%. Card-deposit fees conflict by source, so check before depositing.
Instant is a one-tap brokerage-style screen with a fixed 1% fee and a built-in spread, while Markets is an order book at 0.10%. Datawallet says the order book covers only 15 coins and can be thin even on Bitcoin, so large orders may move the price. Compare the all-in price before you confirm.
On November 8, 2023 about 1,262 ETH (about US$2.4 million) was drained from a hot wallet; CertiK called it a probable private key compromise. CoinSpot reportedly said no customers were affected but published no detailed incident report. Finder’s review says no hacks have taken place, which conflicts with this; we treat the incident as real.
No futures or margin. CoinSpot suspended its Earn programme on September 1, 2023 citing changing regulations and returned users’ assets; we found no confirmed relaunch. It does offer a prepaid card, an OTC desk, recurring buys and SMSF accounts.
Only Australian residents can open an account, according to Datawallet. It is privately owned and based in Melbourne. SMSF and trust accounts are available, with end-of-year reports.
CoinSpot scores 56.5 against Gemini’s 57.25, close to a tie. CoinSpot is a local Australian exchange with a 0.10% order book and a long coin list but a 1% Instant Buy, no proof of reserves and no staking. See our Gemini review for how that exchange differs.
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