CoinSpot Review

CoinSpot is an Australian cryptocurrency exchange site which was founded by Russell Wilson all the way back in 2013, making it one of the oldest such sites in Australia. The fact that this site is geared solely towards the Australian market is emphasised by the fact that AUD is the only fiat currency available for use on the site. Suitable for both beginners and experienced traders, CoinSpot offers well over 100 cryptocurrencies, making it Australia’s largest exchanger. This is a secure and regulated site, so will continue to prove extremely popular with Australian-based traders.

Facts & Figures:

  • Name: CoinSpot
  • Year Founded: 2013
  • HQ: Melbourne, Australia
  • Founder: Russsell Wilson
  • Fiat Currencies: AUD
  • Fees: Instant Buy & Sell – 1%; Market Orders – 0.1%

How To Trade

To open an account with CoinSpot you must be aged at least 16 and resident in Australia. The process requires entering personal information along with an email address and phone number and uploading a scan of driving licence or passport. The account will instantly be verified with a deposit limit of $200 per day. Increasing this limit requires further verification. Deposits in AUD can be made using POLi, PayID, BPay or via cash deposit.

Once you have deposited Australian dollars, click the Buy/Sell tab to purchase the cryptocurrency of your choice. Click on your wallet to confirm that the coins have arrived, which should take just a few minutes. Apart from this instant buy and sell process, there is a market feature whereby CoinSpot customers can buy and sell coins to each other in 11 cryptocurrencies.

Promotions

While there are no direct promotional offers on the site, there is a way to receive a bonus by referring another person. When a referral link is used to sign up, a reward of $10 in Bitcoin will be sent to the referrer and the referee as soon as the first deposit is made by the latter.

This is why you will see some sites advertising a $10 bonus for joining CoinSpot, since they provide a referral link and will also receive 10 dollars upon the customer’s first deposit. Signing up to the affiliate programme is another way to receive money from CoinSpot. Affiliates will earn 30% of the fees collected by CoinSpot from a customer who signed up to the site via an affiliate link.

Educational Resources

CoinSpot provides a simple and straightforward way to buy and sell cryptocurrencies with a minimum of fuss. However, it has not invested in putting educational resources on the site as this is left for their customers to do the research on their own. CoinSpot provide charts detailing the performance of every currency available on the site. There is also the option for customers to check their transaction history. But if traders are looking for the latest cryptocurrency news updates they will need to look elsewhere.

Trading Tools

CoinSpot offers a personalized trading tool aimed at high-value traders. This Over-The-Counter (OTC) Trading Desk allows for high-volume trades and is recommended for transactions valued $50,000 or more. Each trade made using the OTC must be worth at least $50,000 and these trades will incur a 0.1% fee. OTC gives users direct access to a professional trading broker, allows lock-in pricing to minimise risks and allows instant access of assets immediately after the trade has been settled.

Cryptocurrency Offerings

Coinspot currently offers around 130 cryptocurrencies to buy and sell. That list includes – but is not limited to – BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, TRX, DASH, NEO, XMR, EOS, QTUM, BTG, LSK, ETC, XVG, SKY, NAS, LINK, and GO. This site began life in 2013 as a Bitcoin trading site only, and although it still offers Bitcoin and Bitcoin Cash, its range of coins has dramatically increased since those early days. No site in Australia can match the quantity of different cryptocurrencies which is on offer from this premiere trading platform.

Security

CoinSpot takes the security of its customers very seriously. This is quite understandable since data breaches in an industry like this one are taken very seriously indeed. CoinSpot customers must use two step verification, meaning that even if their password is compromised nobody can log onto a customer’s account unless they also have that person’s mobile phone. CoinSpot is registered under an Australian Business Number and is also a member of the Australian Digital Commerce Association.

Fees

Deposit fees are only imposed upon two of the four available payment methods at CoinSpot. Deposits with BPay incur a fee of 0.9% while cash deposits are charged 2.5%. All withdrawals of AUD from CoinSpot are free of charge. When sending coins from Coinspot to other wallets then a standard mining fee is deducted.

These fees vary according to the coin in question and how busy the market is. When making instant buy and sell transactions of cryptocurrencies a 1% fee is imposed. When buying or selling with other CoinSpot customers on the market, the fee is just 0.1% per transaction.

Customer Support

The Help section at CoinSpot features a very in-depth FAQ section that deals with the most pressing questions. Buying and selling coins with this site is an easy operation so hopefully not too much help will be required.

If assistance is needed, then customers can submit a request via the web contact page which is operated by the popular customer support tool Zendesk. This allows customers to enter their query along with any attachments. There is no phone line but you do also have the option to email directly, and the local Australian support team will get back to you quickly to answer your query.

Conclusion

ApprovedIf you are living in Australia and are interested in getting into cryptocurrency trading then you will struggle to find a better option that CoinSpot. This site offers a huge range of cryptocurrencies to buy and sell for low fees.

Trading is simplicity itself with this platform, and large volume traders can take advantage of the OTC trading tool to get personalised assistance and guidance. No doubt many traders around the world wish that they could have the opportunity to use this impressive platform but only Aussie residents will be able to sign up, meaning that the international audience must look elsewhere for their cryptocurrency trading needs.

Is this your final decision?

We suggest you visit one of the most popular trading platforms instead!

 

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General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

Pros

  • Secure site
  • Huge range of cryptocurrencies
  • Intuitive design and easy to use

Cons

  • Fees on deposits
  • Only available in Australia
  • No telephone contact number

7 Binary Options review: Coinspot: 3 stars

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