With the faith in decentralized digital currency growing every single day, more and more people are looking for trustworthy platforms for buying, selling, and trading these crypto coins. For an exchange to be worthwhile, it must offer more than simply an easy-to-use interface. It must be secure. It must be legal. And it must offer reasonable rates for buyers and sellers. And that’s exactly what CoinSpot has to offer, as we’ll show in this in-depth CoinSpot review.
What is CoinSpot?
Coinspot is Australia’s most popular platform for trading Bitcoin, Ethereum, and nearly a hundred other digital cryptocurrencies. Australia has proven itself to be very crypto-friendly in regards to taxes, laws, and regulations. And so, CoinSpot has entered the ring as an exchange that caters specifically to the populations of Australia and New Zealand.
While the technology that makes crypto trading possible is without borders, CoinSpot currently is only available in Australian locations. It’s not for everyone, but Australian users will love the ability to get local support from a trustworthy company based in their own back yard.
CoinSpot launched in 2013, and founder Russell Wilson has been very active in both the company and the community. You can regularly find him in online forums throughout the web directly answering the questions of CoinSpot users. Up until 2017, Wilson operated CoinSpot as sole trader. But that changed as the company transformed, grew a significant team, and focused more and more on platform security.
CoinSpot entered the crypto market at an ideal time for Australian traders. It was generally difficult to find platforms that allowed trading in anything but the biggest of coins. If Aussies wanted to trade Bitcoin or Ethereum, they didn’t have much trouble. But finding a trustworthy exchange on which to buy and sell the less common altcoins was difficult.
Trading on Coinspot
Our CoinSpot review finds that this platform makes buying and selling as easy as can be. Before you get there, though, you’ll have to create and verify your account. This is one of the most complained about aspects of the exchange, but everything they require is so that they can operate within the confines of Australian regulations.
To verify an account with a max daily deposit of $200, all you need is to supply an Australian driver’s license or passport. If you want to increase your deposit limit, however, you need to also upload a picture of yourself holding a handwritten statement of intent along with a secret code.
Once you are verified, however, trading is a cinch. Simply navigate to the buy/sell area of the site, choose from one of the hundred or so coins available, and click the buy or sell button. Simply enter the amount your wish to trade, either in AUD or the specific coin. You can even buy one coin by selling another.
CoinSpot allows AUD deposits using any of the following methods: POLi, PayID, BPay, and cash. POLi is generally the preferred method as it has the highest limit, no fee, and instant transfers.
You can also deposit a wide range of cryptocurrencies directly into your CoinSpot wallet. The most popular coins that you can deposit are as follows, though a list of several dozen additional ERC-20 tokens can be found on their website.
- Bitcoin BTC
- Ethereum ETH
- Litecoin LTC
- Dogecoin DOGE
- Neo NEO
- Gas GAS
- Ripple XRP
- Tron TRX
- Eos EOS
- Stellar XLM
- BNB BNB
- Fantom FTM
- Harmony ONE
- Aeron ARN
- Gifto GTO
Fees on CoinSpot
If you’ve looked at a lot of different crypto exchanges, you may have noticed that the fees can be incredibly complicated. Well, our CoinSpot review demonstrates that this platform has one of the most straightforward fee schedules of any that we’ve seen. Here’s a quick summary of CoinSpot fees:
- Buying and selling coins costs you 1% of the transaction amount on instant buy/sells.
- On the markets, the buying and selling fee is only 0.1%.
- Sending coins to external wallets will cost you a variable fee that will be presented to you on your wallet page.
- For deposits, the following fees are in effect:
- POLi and PayID are free
- BPAY cost 0.9%
- Cash deposits cost 2.5%
- There is no fee to withdraw AUD into an Australian bank account.
Coinspot’s Customer Support
One thing that users love about CoinSpot is the level of customer support available. The company uses Zendesk, a very well-known name in the industry of customer support. Through Zendesk, you have access to a vast library of articles and FAQs that can usually answer your questions.
When the self-support options aren’t enough, you also have the opportunity to submit a ticket, engage chat support, or directly email the support team. The only thing that could make CoinSpot’s customer support better is a phone line, but that isn’t always expected in crypto exchanges.
Security – Is Coinspot Safe?
CoinSpot is recognized as the most secure crypto trading platform in Australia. They possess a registered ABN (Australian Business Number), comply with the most up to date AML/CTF regulations, and are active members of the Australian Digital Commerce Association.
In addition to the industry standard of holding funds securely, CoinSpot requires 2-factor authentication on every transaction. This means that even if someone steals your login credentials, they will not be able to buy or sell without also having access to your cell phone. Furthermore, CoinSpot’s rigorous verification process helps keep the platform free of scam artists looking to cheat the system.
Pros & Cons on Coinspot
To sum up this CoinSpot review, this is a solid exchange for Aussies looking to trade in just about any coin available to the market. While it’s not going to be for everyone, there is a clear reason that CoinSpot is quickly becoming the favored contender in the Australian crypto user base. With rock solid customer support, impenetrable security, and a straightforward trading system, you can’t go wrong with CoinSpot.