Cryptocurrency adoption in Australia has soared over the last five years. That has rapidly brought it into the ranks of countries with the highest crypto ownership in the world. Such widespread use has naturally drawn a raft of local and global crypto players into the market. There is no scarcity of crypto apps for users to choose from, but crypto apps are not identical – capability and features vary widely. CoinSpot has emerged as the preferred app for Australian crypto enthusiasts. We take a look at why.
The Importance of Choosing the Right Crypto App
Your choice of crypto app is one of the more important decisions in your investment journey. The following factors are central to your investment’s safety and a positive user experience. They should form the primary criteria for choosing a cryptocurrency app.
- Security – This is the number one factor for choosing a crypto app. If the app does not demonstrate taking reasonable measures to keep your personal and financial data secure, no other app capability matters. Best practice security controls include two-factor authentication (2FA), biometric login, geo-lock logins, session timeouts, withdrawal restriction and cold storage.
- Usability – App usability and navigability has a direct impact on the user’s investment experience especially for crypto beginners. Menus should be easy to use and have simple labels that readily guide users on where to go and what to expect.
- Features – A crypto app would at the minimum have deposit, withdrawal and trading features. Look out for apps that are more feature rich, offering educational resources, have a wide range of coins and offer a debit card to spend your crypto.
- Support – When you need to ask a question or get a matter resolved, you want to be certain that the app will have a helpful and responsive customer support team at hand. Pay attention to availability (24/7 vs limited hours), channels (live chat, email, phone) and expertise.
- Fees – Exchanges make their money from withdrawal fees, trading fees and other charges levied on users. These can impact crypto trading profitability. That said, fees should not be considered a major factor in app selection.
Features of CoinSpot App
Established in 2013, CoinSpot is one of Australia’s oldest crypto exchanges. With an ISO 27001 certification as well as official recognition as a Digital Currency Exchange Provider by Blockchain Australia, it’s a preferred digital currency platform. CoinSpot’s popularity can be attributed to multiple factors such as accessibility and ease of use. But perhaps most important are the app’s pivotal features such as:
- Real-time trading – Buying and selling can be initiated and completed in real-time. This is itself one of the main reasons people would go for a mobile crypto app i.e. the ability to trade as and when they want irrespective of their location.
- Wallet services – CoinSpot provides multicoin wallet services where users can store all their crypto holdings in one place. A dashboard facilitates tracking of wallet values and available AUD funds in a single view. The platform provides both hot and cold wallets.
- Security measures – CoinSpot’s app enjoys a multi-layered defence that encompasses 2FA, biometric login, geo-lock login, session timeouts, manual withdrawal restriction and regular independent system audits.
- Ease of spending crypto – Thanks to the CoinSpot Mastercard, the app simplifies making purchases using crypto, by instantly converting crypto to cash at the time of sale.
- Diversity of currencies – Over 460+ coins.
- Customer support – 24/7 customer support via live chat and help desk ticket is complemented by extensive self-paced learning educational resources.
We take a closer look at some of these features in the sections below.
Extensive Cryptocurrency Options Available on CoinSpot
A lot of crypto exchanges suffer from a Bitcoin fixation. The assumption is that most users will be solely interested in the world’s largest cryptocurrency by market cap. This however takes away from the opportunity present in the numerous other digital currencies investors would otherwise invest in.
CoinSpot deals in more than 460 coins. These include the big players like Bitcoin and Ethereum, as well as much smaller cryptocurrencies such as Realio and Serum. It’s a well-thought-out strategy intended to give CoinSpot users access to mainstream coins and niche currencies. That way, users that want to diversify their crypto portfolio have plenty of currencies to choose from.
CoinSpot Mastercard: Spending Crypto Made Easy
CoinSpot has partnered with Mastercard to create a prepaid debit card. This breaks past one of the main barriers to crypto use – the ease of spending crypto assets. To activate the card, log into your account and choose up to five wallets you want to link to the card.
The CoinSpot Mastercard comes with the following benefits:
- Access to digital currencies held in the user’s multicoin wallet. Spend crypto in the same way you would spend cash.
- Ability to transact with the card online and anywhere in the world that Mastercard is accepted.
- No annual fees, startup fees or lock in periods.
- When funds in one wallet are exhausted, the card automatically applies the card transaction to the next wallet.
- Supports both Google Pay and Apple Pay thereby allowing the user to pay directly from their mobile device.
- Change the crypto wallet that forms the card’s spending balance as and when needed.
- Monitor and manage card transactions from the app’s dashboard.
Security and Support: How CoinSpot Protects Its Users
Security Protocols
- Two-factor authentication (2FA) – With 2FA, account access is only permitted after the user inputs a one-time password sent to their mobile device. This provides an extra layer of protection to the account password.
- Biometric login – Users can use facial recognition or fingerprint to access their account. Biometric credentials are much harder for cyber criminals to hack.
- Geo-lock logins – Account login is only permitted from within Australia while access is blocked from locations outside the country. This drastically shrinks the potential access points bad actors could use to gain unauthorised access.
- Session timeout – The user is automatically logged out after a preset duration. That prevents account access from inadvertently falling into the wrong hands.
- Withdrawal restriction – The user can disable all withdrawals from the account. This is based on the rationale that if there is no intention to withdraw their assets in the foreseeable future, there is no need to keep the withdrawal feature enabled.
- Cold wallets – Also called offline or hardware wallets, CoinSpot stores the majority of user crypto in cold wallets, creating a physical barrier to prevent theft by hacking.
- Regular audits – CoinSpot tasks independent experts to regularly access the safety and security of its systems as a means of proactively identifying and closing vulnerabilities.
Customer Support Options
- Live Chat – Available 24/7
- Help desk ticket – Available 24/7
- Frequently answered questions (FAQs) – Covers the most commonly asked questions. For non-urgent enquiries, this can be an important first stop before contacting a customer support representative.
- Educational resources – CoinSpot Learn is a library of articles, guides and videos covering different cryptocurrency topics.
- Social media – CoinSpot has an active presence and community on Facebook, Instagram, Reddit and X (formerly Twitter).
CoinSpot’s Popularity and User Base
Surpassing 2 million users in 2021, CoinSpot currently has over 2.5 million customers. It is a significant feat for an exchange that’s focused on the Australian market. The platform has largely positive ratings on major review sites such as Trustpilot, Apple App Store Reviews, Google Play Reviews and ProductReview.com.au. Users cite its primary merits as the quality of customer support, ease of use and security.
Conclusion
Some of the world’s largest crypto exchanges have a presence in the Australian market. Still, many Australians have chosen to make the CoinSpot app their preferred avenue for crypto investment. Among the features that have made a compelling case in the platform’s favour include simple real-time trading, plenty of cryptocurrencies, excellent security measures and 24/7 customer support. Overall, when choosing a crypto app, pay attention to your investment goals and personal preferences so you can identify the platform that is best aligned with your interests.
