Is CoinSpot Safe? (2025 Expert Review)

Is my money safe with CoinSpot? 

CoinSpot is a safe and trusted exchange for Australian crypto investors. 

The platform holds an ISO 27001 certification. This means CoinSpot has gone through rigorous external audits to ensure its security measures meet industry best practices.

In addition, CoinSpot offers the following security features: 

• Cold storage: The majority of user assets are kept in offline wallets, reducing the risk of hacks.
• Customizable account security: Users can set up two-factor authentication (2FA), withdrawal restrictions, and biometric login (fingerprint and facial recognition on mobile).
• Industry accreditation: CoinSpot is a certified member of Blockchain Australia, an organization that helps crypto companies follow best security practices.

Has CoinSpot ever been hacked? 

In 2023, CoinSpot faced a hack where $2 million was stolen from the platform. However, no customer funds were compromised in the attack. 

How do I keep my CoinSpot account safe? 

While CoinSpot has strong security features, you should follow best practices to keep your account safe from hackers. 

• Be wary of phishing scams: Never click on suspicious links or provide your login details to anyone. CoinSpot support representatives will never ask for your password via email or social media.
• Enable Two-Factor Authentication (2FA): Turn on two-factor authentication on your CoinSpot account for an extra layer of security. 
• Use a strong, unique password: Avoid using the same password for multiple accounts and consider using a password manager.
• Set custom withdrawal limits: This prevents large unauthorized withdrawals if your account is compromised.

Can I withdraw money from CoinSpot? 

Yes, you can withdraw Australian dollars (AUD) from CoinSpot for free.

• No withdrawal fees: CoinSpot does not charge any fees to withdraw AUD to an Australian bank account.
• No minimum or maximum limits: There is no limit on how much AUD you can withdraw. 
• Fast processing: Withdrawals are typically processed within one business day.

Is CoinSpot better than Coinbase? 

Both CoinSpot and Coinbase are both highly trusted cryptocurrency exchanges. However, CoinSpot is recommended for Australian investors: 

• Lowest fees: CoinSpot’s transaction fees are just 0.1% — some of the lowest in Australia! 
• Cryptocurrency selection: As of 2025, CoinSpot supports 500+ cryptocurrencies, compared to 270+ on Coinbase.
• AUD-friendly: Since CoinSpot is an Australian-based exchange, it’s built specifically to enable seamless AUD deposits and withdrawals. 

Some users report that CoinSpot’s spreads (hidden costs built into cryptocurrency buy and sell prices) may be higher than those on Coinbase.

Pros & Cons of CoinSpot

Pros

✅ Beginner-friendly platform: Simple and easy to use, making CoinSpot a great choice for beginners. CoinSpot also offers a Learn and Earn program — so you can earn free crypto in exchange for completing short educational modules. 

✅ Strong security features: ISO 27001 certified, with cold storage and two-factor authentication!

✅ Large selection of cryptocurrencies: Supports 500+ coins — one of the widest cryptocurrency selections available in Australia. ‍

✅ Built for Australian investors: CoinSpot was built specifically to serve Australian investors.

Cons

❌ Higher fees for Instant Buy/Sell: Instant buys are subject to high fees (1%) compared to other transactions.

❌ Limited advanced trading tools: May not be ideal for experienced traders due to fewer charting and analysis features.

❌ Primarily for Australian users: CoinSpot is only available in Australia. If you’re in another country, you should look elsewhere.

Does CoinSpot Report to the ATO?

Like other exchanges that operate in Australia, CoinSpot reports transactions to the Australian Taxation Office (ATO). 

The ATO is allowed to access data from Designated Service Providers (DSPs) like CoinSpot. In the past, the ATO has used this information to send warning letters about unpaid tax liabilities to Australian investors.

In conclusion 

CoinSpot is a fantastic choice for Australian crypto investors. While the platform has a stellar reputation for security, you should take steps to protect your account and stay safe from hackers.