We investigate Co nanostructures on Bi$_{2}$Se$_{3}$ by means of scanning tunneling microscopy and spectroscopy [STM/STS], X-ray absorption spectroscopy [XAS], X-ray magnetic dichroism [XMCD] and calculations using the density functional theory [DFT]. In the single adatom regime we find two different adsorption sites by STM. Our calculations reveal these to be the fcc and hcp hollow sites of the substrate. STS shows a pronounced peak for only one species of the Co adatoms indicating different electronic properties of both types. These are explained on the basis of our DFT calculations by different hybridizations with the substrate. Using XMCD we find a coverage dependent spin reorientation transition from easy-plane toward out-of-plane. We suggest clustering to be the predominant cause for this observation.