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CoinSpot NFT marketplace review
Australia's largest exchange launches a multicrypto NFT marketplace.
CoinSpot launched in 2013, making it one of the longest-running crypto exchanges in existence — and it's the largest in Australia by number of users.
In April 2022, it launched a multicrypto NFT marketplace where account holders can use any currency in their CoinSpot wallet to make a purchase. The marketplace aims to make buying and selling NFTs simple, and has already made popular NFT collections widely available.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Our take on CoinSpot NFT marketplace
While CoinSpot's exchange has been around for years and has over 2 million users, its NFT marketplace is a recent addition.
CoinSpot's NFT marketplace is the first multicrypto marketplace, meaning users can use any currency they have in their CoinSpot account to buy an NFT.
This allows the user to skip over the steps of connecting a third-party wallet, and then adding the required cryptocurrency to that specific wallet to buy the NFT. For many, the process of swapping currencies around to get the NFT they want can be a major inconvenience — not to mention a challenge for users new to the space.
Image source: CoinSpot NFT marketplace
CoinSpot's marketplace plans to add various, popular NFT collections. At the time of writing, many in-demand collections are already available including Bored Ape Yacht Club, World of Women, DeadFellaz and WonderPals.
How the CoinSpot NFT marketplace works
To use the CoinSpot NFT marketplace, users need to create a CoinSpot account. It doubles as a multicurrency wallet.
Image source: CoinSpot NFT marketplace
Once your account is created, verify the account with a valid driver's license — upload a .jpeg or .png document of your license — and your email.
Once your account is all set, you're able to deposit cryptocurrency directly to your account and start buying NFTs.
Which blockchain does CoinSpot NFTs use and what currency do you need?
Unlike most other exchanges or NFT marketplaces, CoinSpot isn't built on a blockchain. However, the NFT marketplace is supported by Ethereum and the Binance Smart Chain.
The CoinSpot exchange features more than 360 cryptocurrencies at the time of writing. Users can use any crypto in their wallet to make NFT purchases.
Australian users can also deposit AUD, and all other users can only fund their accounts using cryptocurrencies. Credit and debit card deposits aren't supported right now.
How to buy NFTs on CoinSpot
With your CoinSpot account loaded with your crypto of choice, you can head to the NFT marketplace and browse the available collections.
On the front page of the NFT marketplace is a list of collections, their floor price, volume traded and the option to View. Once you've found the NFT you want to purchase, select View NFT, then Buy Now, and a menu appears that displays the cryptocurrency you hold in your account.
Select the currency you want to use to buy the NFT, then select Confirm Buy. Users can expect two fees: a 0.9% CoinSpot fee, and gas fees.
Users are limited to cryptocurrencies to buy NFTs.
Image source: CoinSpot NFT marketplace
How to sell NFTs on the CoinSpot marketplace
There's no fee for listing an NFT for sale on CoinSpot's NFT marketplace.
To sell an NFT, log in to your CoinSpot account, select My Account. In the drop-down menu, select NFT WALLET.
Select the NFT you want to sell, then hit View NFT. You'll then see a button labeled + Listing. Select it, fill out the listing price you want, the duration of the sale, enter your two-factor authentication code and select Confirm Listing.
Image source: CoinSpot NFT marketplace
Cancel your listing at any time for free. Your listing stays on the platform for 7 days, and if it's not sold, the NFT can be relisted from your collection.
What the art is like
CoinSpot's market is relatively new, but has many notable collections listed. The majority of collections available, at the time of writing, are NFT avatars such as World of Women and Bored Ape Yacht Club.
CoinSpot NFT marketplace fees
Be aware of these fees when buying NFTs on CoinSpot's platform.
- 0.9% purchase fee
- Network processing fees, also referred to as gas fees
For comparison, OpenSea charges 2.5% per transaction and Foundation charges 5%.
There are no fees for:
- Creating a CoinSpot account
- Listing an NFT for sale
- Cancelling an NFT listing
How does CoinSpot protect my data?
There's a host of security recommendations listed on the platform that are pretty standard suggestions for users:
- Set up two-factor authentication
- Do not save login credentials
- Avoid autofill logins
- Never give someone else remote access to your device
- Secure your email address
The platform's privacy policy outlines the following:
- CoinSpot does not sell, trade or rent out your personal information, except to law enforcement if required.
- CoinSpot may disclose some personal information to third-party supplies in the event of merger, sale, reorganisation or similar event.
- The data centers used have ISO 27001, 27017 and 27018 certifications and PCI DSS7 compliance.
- Strong, multifactor authentication is used.
- CoinSpot ensures that consumer information is safe by managing access controls, such as identity, access management, permissions and security credentials.
At the time of writing, CoinSpot has never been hacked.
CoinSpot's unique features
CoinSpot users can choose whatever cryptocurrency they want to make a purchase — they just need a CoinSpot account that doubles as a multicrypto wallet. This could help many users completely new to crypto break into the space, thanks to the easy-to-use platform.
Pros and cons of CoinSpot NFT marketplace
CoinSpot has its fair share of pros, but also some notable cons when compared to other NFT marketplaces.
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Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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