CoinSpot review: Fees, features, pros and cons

The main office is located in Melbourne, Australia, and the operating company of CoinSpot is called Casey Block Services Pty Ltd. The team behind CoinSpot has a common goal of creating the best and easiest place for Australians to invest in bitcoin and other digital assets. The CoinSpot crypto app is the latest improvement to this powerhouse and together with the AUSTRAC government regulation, you can rest assured that your coins are in good hands when trading on CoinSpot. You can also speak to them instantly throughout the live chat operating hours! Moreover, the platform also has a dedicated FAQ section to help beginners with various issues like verification and login, trading and exchange, fund withdrawals etc. Additionally, this platform also offers a set of customizable security settings for your account.

If you’re a non-Australian resident, then you’ll be forced to fund your Bitcoin account. On the technical side, CoinSpot utilises industry-standard SSL encryption for all website communications and offers two-factor authentication as an added layer of protection for user accounts. All user funds are stored in secure cold wallets with multi-signature access requirements. It has a strict withdrawal process that requires manual approval from a member of their team before any funds can be transferred out of the platform. This is a comprehensive review of the Australian cryptocurrency exchange, CoinSpot.

Scroll down a bit to the “GAS Markets” section and you’ll see some exchanges that have it. CoinSpot advertises “Buy and Sell more cryptocurrencies than any other exchange in Australia,” which I believe to be correct – you can see all the coins you can buy from them here. Only a small fraction of the coins you can buy on CoinSpot through their instant buy/sell feature have a market where you’d only pay a 0.1% fee . Overall, the trading fees cater to beginners looking to make their first Bitcoin & cryptocurrency investment using AUD. However, the trading fees are too high for active buyers and cryptocurrency traders as the 1% fee will eat into any potential profits. Coinspot’s fees depend on how the user places orders on the exchange.

These include 2FA, SMS security token, anti-phishing phrase, geo-lock logins, and more. Due to the fact that it is one of the top cryptocurrency exchanges in Australia, CoinSpot enjoys a great deal of popularity among locals who are interested in becoming engaged with digital currencies. We then used a weighted average of these variables to calculate each platform’s overall score. Our methodology benchmarks the features and options across the crypto exchanges and brokerages we surveyed. Further, no additional fee gets incurred for the withdrawal of any token and coin. Moreover, it lets you keep track of all your recent transactions and your individual coin balances.

CoinSpot Bundles

Lcoinspot reviews more about the platform’s fees, features, security, assets, and more. CoinSpot does not charge any fees for adding funds to your account, whether those monies be in the form of fiat cash or cryptocurrency. This holds true regardless of the kind of money used to deposit the funds . This is the case whether you use fiat currency or a cryptocurrency like bitcoin to finance your account. If you choose to proceed forward, the only thing that will ultimately be your responsibility is paying the deposit-related network fees. Decentralized cryptocurrency exchanges are founded on blockchain technology and are not centrally controlled.

There is so little trading volume and orders here that if you buy or sell just a few thousand dollars worth of this cryptocurrency, you’ll massively change the market price. So if you’re trading any cryptocurrency on CoinSpot other than Bitcoin you should take a look at how much trading is actually taking place before doing anything. In these cases it is even more crucial to place sensible limit orders that will not take out a huge number of buyers or sellers and get you terrible execution prices. CoinSpot is a cryptocurrency exchange based in Australia that I signed up to over two years ago.

Be careful when considering high-risk investments like cryptoassets & cryptocurrencies (e.g. bitcoin). If you want to trade at Coinspot on the move, then you will need to access the platform via your mobile web browser. We found the mobile version of the site more difficult to navigate through in comparison to the main desktop website. If you see the cryptocurrency that you want to deposit with, click on the “OPEN WALLET” button. If not, click on “SEE ALL WALLETS” to see the complete list of supported coins. This means that they can facilitate direct cryptocurrency trades for institutional investors.

Which payment methods do CoinSpot has to offer?

Cryptocurrency exchanges and trading pairings determine trading costs. We looked at more than 30 crypto exchanges and performed an in-depth assessment to determine what we believed were the best crypto exchanges. The only pitfall we can see with CoinSpot is the lack of crypto margin trading where traders are able to short-sell the market, which I know is very popular. As such, you can see that the fees that Coinspot charges for trading are very competitive and affordable.

With so many crypto exchanges to choose from, you may be overwhelmed by all the options. Here, we have summarised the best features that CoinSpot offers, to demonstrate how it stands out from the competition. 1)CoinSpot has built an extremely user-friendly platform that makes it simple for even a complete beginner to buy and sell any available cryptocurrency directly using AUD. An excellent feature for any new user is 24/7Live Chat support with a real person. If you find yourself needing assistance, the last thing you want is a bot who runs you in circles, or an email ticket that takes days for a response.

We do like the fact that Coinspot verifies the identity of all of its users – regardless of what payment method is used. Founded in 2013, Coinspot is an Australian cryptocurrency exchange that supports over 350 cryptocurrencies. Its users are allowed to do crypto-to-crypto trading as well as crypto-to-AUD trading. They charge 1% fees and a wide spread for their instant buying features that supports over 380 tokens.

Their service is dependable and their…

CoinSpot is one of the original crypto exchanges in Australia, established in 2013, and is regulated by AUSTRAC and registered with ASIC. When consumers are considering which cryptocurrency exchange they want to use in order to trade, one of their primary concerns should be the exchange’s level of security. This is true not just for users who are just starting out with cryptocurrencies but also for more advanced users. Additionally, despite the fact that the trading platform has a good number of features and options for advanced traders, the primary goal is to simplify the process as much as is humanly possible. Because of this, the platform’s default settings are designed to provide the simplest settings possible, and then users are given the option to customise the interface according to their own individual preferences. CoinSpot is a cryptocurrency trading platform and exchange that prioritises ease of use over the provision of the maximum amount of features, in contrast to most other trading platforms and exchanges.

However, the main problem with Coinspot is that they are too focused on Australia. If you are not based in Australia, you won’t be able to deposit funds with fiat money, which makes it difficult to get money into the exchange. Coinspot has a live chat facility that is available Melbourne time between 9am-10pm weekdays, and 10am-8pm on weekends. Alternatively, you can raise a support ticket from within your account.

The editorial team of Trading Browser is required to use first-hand sources to collect and share information regarding the businesses we promote. Among these sources, you will find LinkedIn profiles, Trustpilot reviews, Sitejabber ratings, whitepapers, government reports, and other reputable sources. Below is a shared list of the article sources used for this review.

When you engage in a transaction using the CoinSpot network, your assets are afterwards saved on the internal wallet that CoinSpot makes available to its users. This is another issue that users of the platform face, and it is one of the reasons the platform has a negative reputation. After you have completed these steps, CoinSpot will automatically add the specified amount to your CoinSpot account on a monthly basis and invest it in Bitcoin on your behalf. Those who are interested in investing for the long term and desire to Dollar-Cost Average their assets over extended periods of time will find this to be a useful option. This number is not static and continues to increase on a regular basis as CoinSpot continues to expand its platform to support ever-evolving and increasingly popular cryptocurrencies. Our ratings take into account the card’s rewards, fees, rates along with the card’s category.

Once the account is verified, users can fund it with Australian dollars or other supported fiat currencies and begin trading on the platform. Providing access to our stories should not be construed as investment advice or a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction by Forbes Advisor Australia. In comparing various financial products and services, we are unable to compare every provider in the market so our rankings do not constitute a comprehensive review of a particular sector. While we do go to great lengths to ensure our ranking criteria matches the concerns of consumers, we cannot guarantee that every relevant feature of a financial product will be reviewed.

I was able to withdraw the collected 1050 of coins to faucetpay wallet. Super earning site for me.withdrawal are smooth and fast direct to my faucetpay.Thank you for coinpot team… With over 10 years of experience working as a financial analyst, Eric is highly aware of the potential of cryptocurrency, particularly Bitcoin, and the impact it will bring towards the global economy.

CoinSpot is an Australiancryptocurrency exchange based in Melbourne with more than 2 million customers that provide a safe and secure platform for buying and selling cryptocurrencies. Users are able to buy Bitcoin or more than 360 digital currencies instantly or trade the open market to speculate and earn potential profits. CoinSpot works in the same way as any other digital currency exchange. It matches buyers with sellers and charges a trading fee, often called a ‘spread’ for its services. When users first register their account with CoinSpot, they must deposit some money into their CoinSpot account via bank transfer or via cryptocurrencies. Once the account is funded, traders can instantly start trading on the platform.

• CoinSpot is an Australiancryptocurrency exchange based in Melbourne with more than 2 million customers that provide a safe and secure platform for buying and selling cryptocurrencies.
• The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
• Having secured the top spot among crypto exchanges for a long time, Binance deserves a spot on this list.
• Moreover, it lets you keep track of all your recent transactions and your individual coin balances.

Consider the exchange’s trading tools’ simplicity of use and availability. This is a great tool to protect yourself against market volatility. After your friend has made the first AUD deposit, you both will receive $10 worth of Bitcoin.

After going through this face and getting the information verified, you will be prompted to set up a two factor identification which you will use your email and https://forex-reviews.org/ number to verify for your Coinspot account. However, it is imperative that users take on the responsibility of keeping their login details and passwords entirely to themselves and never store them online or even written down on your computer. The first bit of peace of mind you can get from CoinSpot is that they have been around since early 2013. This alone gives them credibility as well as their in-tact reputation, activity on social media and the presence of founder Russell Wilson. Blueshyft keeps things old school by providing an avenue for you to directly deposit cold hard cash for your online needs-in this case CoinSpot.