May 19

CoinSpot Review 2021- Legit or Scam?

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Coinspot is an Australian crypto exchange that opened it's doors in 2013 and was able to capture the market by being one of the earliest players in the industry. Their strong hold continues today despite the arrival of Sywftx and other rivals. What Coinspot have done really well is build an extremely user friendly platform that makes it simple for even a complete newbie to buy and sell whichever crypto they want directly from AUD. In addition to a great platform they support all the popular deposit methods and give users access to over 250 of the most popular cryptocurrencies. Being the most audited exchance in Australia makes them one of my top choices for Australians.

  • Web Address: www.coinspot.com.au
  • Main location: Melbourne, Australia
  • Mobile app available: Yes
  • Deposit Methods: Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
  • Trading FeesInstant buy: 1%, OTC: 0.1%, Market order: 0.1%
  • Deposit Fees:  POLi & PayID: 0%, BPAY: 0.9%, Cash: 2.5%, Direct Deposit: 0%, Bank transfer: 0%
  • Fiat Currencies: AUD
  • Cryptocurrencies: BTC, ETH, LTC, XRP, BCH, BSV, EOS, TRX, ADA, GRT & 280+ more

If you are a beginning investor, you must know at least the essentials of cryptocurrency; there is literally no way around it these days. And that makes perfect sense: technology is moving forward, and so are the investment tools. A good investor knows that it is always beneficial to diversify one's assets to have income insurance in case one of the tools doesn't work out as intended. Thus, it leads us straight back to the cryptocurrency subject.

Even if you are a newbie and know very little about investing and various financial tools, you must have heard something about blockchains. Nowadays, people bring this topic up in casual conversations and pep talks, and that's how you know cryptocurrency has totally gotten in our everyday lives. One thing is for sure: crypto is not for geeks or nurtured professional traders anymore; it is available for nearly everybody. But, as the good ol' saying goes, look before you leap.

As you have probably already guessed, we are going to tell you some more about a very particular and highly reliable exchange tool that will help you deal with cryptocurrency operations at a professional level. So, you may stop surfing the web to find a better option right about now.

What is the CoinSpot Cryptocurrency Exchange?

We would like to introduce you to CoinSpot, an all-Australian cryptocurrency exchange tool with the main server based in Melbourne. In terms of buying and selling crypto and blockchain assets, it is one of the largest companies in Australia. CoinSpot exchange and wallet was created back in 2013 by Russell Wilson. The latter was a rather influential person in the local mass media and communication and had major experience creating software to ensure online security. With that set of skills, he was a perfect candidate to establish such an incredible tool for traders and investors. 

Today, CoinSpot is an official member of the Australian Digital Commerce Association (ADCA), a non-governmental agency widely known for its long-standing commitment to using blockchain technology and providing the necessary legal protection to its clients. Moreover, the company has earned an ISO certification and can now officially allow its users to perform financial operations with over 250 cryptocurrency types.

There are at least three major reasons, even pillars, if you must, why we have chosen CoinSpot for our review.

  • With a CoinSpot deposit, you will get:
  • Streamlined trading ability;
  • No “deposit detours”;
  • Access to your very own multi-coin wallet;
  • A skilled and highly professional support team.

For more information on how the platform works and what services they offer, keep reading our CoinSpot review.

What Services do CoinSpot Offer

Not a single day goes down without another crypto exchange emerging, and we must admit it might be a bit too much data for an average person to process and take in. Let us see how CoinSpot stands out of the rest of them.

  1. First off, CoinSpot offers its users an incredibly simple and straightforward interface so that even newcomers could use it effortlessly. 
  2. Second, and probably the most important, the CoinSpot exchange wallet will give you access to online trading tools from several accounts simultaneously if you own more than one deposit. It is very convenient in terms of trading as most cryptocurrency investors face limited access capacity when dealing with other similar exchanges and their websites. 
  3. Third, there are hotkeys for placing the buy and sell orders quickly and checking the price in the live mode. You can also create your personal graphic map with all the coin assets allocation and interest rates to track your overall income and crypto turnover.

We will not address the CoinSpot user interface in more detail as this wasn't our initial objective. But we highly encourage you to google it yourself to make sure how easy it is in use and obtain a full picture as a potential customer.

  • Instant Crypto Exchange

As we have briefly mentioned above, CoinSpot offers you instant crypto exchange, so you can technically buy bitcoin by simply pressing the Buy/Sell button. Unlike the P2P exchanges, you do not have to wait for another trader or an e-commerce counterpart and negotiate on the price before you actually buy bitcoin. CoinSpot already owns cryptocurrencies and thus is capable of trading assets on its own.

Besides, the CoinSpot trading platform also provides an additional user interface for cryptocurrency traders. In plain words, there is an additional price chart window that you can keep at hand at all times to conduct technical analysis. The option is available both on the CoinSpot App and the desktop version.

  • Referral Program

The CoinSpot's referral service allows all its customers to earn up to $10 in Bitcoin right after making their very first AUD deposit without any additional trading fees. To get that, all you need to do is share a special referral code with some of your friends or family members. Once they register a CoinSpot account, get past the verification process, and make their first AUD payment, you will get your first income in Bitcoin. And yes, it is as easy as it looks. 

  • Affiliate Program

Just like any other cryptocurrency exchange service, CoinSpot applies trading fees to its deposit funds and views them as the main source of income. That means, the more you buy or sell in blockchain or fiat currencies on this trading platform, the better for the company's well-being. Thus, CoinSpot has an affiliate program by joining, which you can get up to 30% commission from trading fees of those who have registered via your referral link with no additional trading fee for that particular income. Please note that in a year of affiliate program membership, the commission rate decreases, so you will have to attract new users to CoinSpot exchange to reduce your own fees.

  • CoinSpot Bundles

Cryptocurrencies are indeed very volatile trading tools, and that is why you need certain precautions (like keeping tabs on the price chart, for instance). Otherwise, you will constantly be dependant on the ever-changing crypto market price. CoinSpot offers you special tools through which you can diversify your cryptocurrency portfolio. There are several means to do that, but the most common and effective one is buying coins in bundles. It will allow you to purchase a significant amount of assets in a single transaction. Bundles help you save time, win in fees, and affix an average cost over a split of coins.

  • Supported Cryptocurrencies

It may not be much of a service. Still, crypto diversity directly affects the user's willingness to cooperate with the company and create an account, so we decided to cover this topic.

In the very beginning, CoinSpot was primarily focusing on bitcoin. Over time, it had almost all existing blockchain currencies on the menu.  Today, there are over 200 coins available for instant buy/sell transactions in AUD, including Ethereum, Bitcoin, Litecoin, Ripple, NEO, EOS, Stellar, Tron, and some other well-known cryptocurrencies. CoinSpot also accepts DeFi coins and tokens as payment methods and supports such financial protocols as Uniswap, Compound, and Aave.

  • Customer Support

CoinSpot has a comprehensive information center that provides tutorials for newcomers and has a FAQ section to assist the beginning investors in buying bitcoin and other digital coins.

If you happen to have a question that is not already presented in the FAQ section, feel free to contact the support team via the aid widget. The service allows the users to fill in and send out a feedback form quickly and effortlessly. It usually takes the support team approximately 24 hours to respond and help you out with your platform interactions.

Buy or Sell Limits

In order to provide an instant buy/sell experience, CoinSpot has established transaction limits. The restrictions only apply to Bitcoin, Etherium, and a number of other globally popular digital coins. The limit for online transactions with those is $100,000 per tranche, and that a deal available on the market today. Transactions with other coins have limitations from $50 to $50,00 per tranche depending on their availability and overall demand.

CoinSpot Wallet and Payment Methods

There are several methods of payment to make the crypto exchange possible. As we already mentioned above in the review, CoinSpot has an official ISO certification that lets it conduct a variety of financial and bank operations.

So, let us get you acquainted with the payment and deposit methods so that you could actively use the exchange service.

1. BPAY

BPAY is an electronic payment system registered and based in Australia, with over 45,000 providers. They have earned their name in the market by ensuring secure payment and deposit methods. With BPAY, you can make a payment within a day, replenish your electronic wallet, and conduct the operation even quicker.

2. Poli Pay

Another payment method used widely across Australia and New Zealand is Poli Pay. It is a post-bank transfer service that will allow you to make a deposit or pay for products and services directly from your bank account without using a credit card. The system is straightforward and convenient to use and accepts Australian dollars. You can technically make a payment from anywhere in the world, but the recipient must have a bank account registered either in Australia or New Zealand.

3. PayID

Like some other deposit methods on this list, PayID uses CoinSpot's New Australian Payment Platform (NPP), an instant bank transfer payment system. Deposits made via PaID are free of charges or fees, but we strongly advise you to check with your bank's policy.

4. Blueshyft cash deposit

Blueshyft deposit method allows you to make a deposit or payment with the so-called cold hard cash. The service already has over 1,200 offices and in various locations all around Australia. And they are not planning to spot. The company plans on opening several more offices so that everybody could have free access.

5. Direct Deposit

If none of the above seems attractive to you, you can always make a direct deposit with a bank transfer to your respective CoinSpot trading account. If your bank accepts Osko, that would be a major asset in terms of making an instant deposit. Please note that all direct deposits are free of CoinSpot fees.

Coinspot Fees Explained

Now, we have gotten to arguably the most interesting and essential part of our review - CoinSpot fees. The trading fee, as you have probably guessed, is what makes every exchange possible. Here are the main fees applied by the CoinSpot platform.

CoinSpot Deposit Fee

Another essential pro of CoinSpot is that it charges only for depositing fiat currency. That happens because regular banks charge their own transaction processing fee. The interest rate for such deposits is 2,5% and has remained that for a very long time.

CoinSpot Transaction fee

We have already established the importance of transaction fees, and this investment aspect is somewhat real. Now, let us take a closer look at the numbers. The exchange service charges a fee for processing an order. The order settlement fee usually represents a fraction of the transaction order number and is not distributed between the buyer and the seller. Thus, it is approximately a 0,10% "fixed fee" per transaction for each party involved. Trust us, this a very decent and low rate compared to the industry's average.

An instant exchange that CoinSpot offers helps platform users to sell any cryptocurrency they have using a preferred deposit method. For example, you can convert XRP to TRX in a single transaction. But, the trading fee for an instant buy and sell would be at 1,00% for both sides.

CoinSpot Withdrawal fees

If you decide you want to withdraw from your CoinSpot buy and sell account, there is a separate fee for that.  The reasons for withdrawal may be very different. Let's say you have achieved all your investment objectives and want to buy a house with bitcoin. Logically, you have to withdraw your saving in crypto and convert them to usual currency or look for real estate companies that accept Bitcoin for payment. Either way, to compensate for the low transaction costs, the exchange service will charge you the so-called half-strength withdrawal fee.

On the other hand, CoinSpot only charges a network fee for its cryptocurrency deposit withdrawal, which gives it a significant comparative advantage before other big cryptocurrency exchanges.

Pros and Cons of CoinSpot

Just like any other investment and trading tool, CoinSpot exchange has ups and lows. We have analyzed all the strong suits and weak spots of using this service, and here is what we found:

Pros

  • The users have over 200 cryptocurrencies to choose from;
  • Basic and user-friendly operating interface with additional tools;
  • Referral and Affiliate Programs with significant benefits;
  • Information security is taken extremely seriously;
  • 24/7 customer support via widgets, email, or online chats;
  • Relatively low fees on crypto transactions.

 

Cons

  • Comparatively high fee on features like instant buying and selling;
  • Services are limited to trading cryptocurrencies only;
  • You can trade cryptocurrencies only with AUD;
  • No US investors are allowed to use the platform;
  • You have to be an Australian resident to get access;
  • Some might consider the verification process challenging.

 

Some may find these cons minor, and some may not. But generally speaking, there is always room for improvement.  We encourage you to check out some more real customer reviews to have a fuller picture.

Security/Safety of CoinSpot 

You may ask any online trader, and they will all tell you that security comes first. This statement is only fair because most online deals involving crypto are anonymous, which is exactly what some individuals or companies use to commit fraud. It is a common position, but it also is one of a middlebrow. In fact, transactions with cryptocurrency are quite secure and, in most cases, easy to trace as crypto units all contain a unique number sequence.

With that said, we can assure you that CoinSpot views its users' online security as their highest priority. Their security service is certified by the International Organization for Standardization, and CoinSpot is the first exchange in Australia to have one. Therefore, your deposit funds will be safe with a Coinspot hardware wallet until you decide to use them for online trading and further turnover.

Plus, it is worth mentioning that CoinSpot uses a two-factor authentication (2FA) system and session timeout limit settings to secure the user's access to their accounts. Let us briefly explain how it works if you are not yet familiar. Once you log into the official app, you will be required to enter a safety code that the automized system generates and sends onto your registered mobile device. Thus, your personal information is secured by at least two layers of protection.

How to Open a CoinSpot Account?

If, after reading our Coinspot review, you decide to get an account and officially become a member of the CoinSpot family, consider a few useful tips outlined in this section. Like many other cryptocurrency exchanges, CoinSpot requires new customers to complete a personal data confirmation procedure in order to open a crypto trading account. So, to initiate the registration process, you need to go to the official website and click "Register" at the top of the opening page. Next up, you will need to fill out the required personal information and click "Create Account."

The CoiSpot team needs to make sure you have access to your email address at all times. Therefore, they will send you an atomized confirmation link to check the accessibility. But before you are able to log into your CoinSpot account for the very first time, you need to undergo an ID verification procedure.

ID Verification Procedure

Before we proceed, you should know that you can create a simple account and not verify your personality. But in that case, you will not be able to either deposit or withdraw money from your account until it is eventually verified. There are low- and high-level accounts; their primary difference is that the first ones have a daily deposit limit of $2,000.  With a high-level account, you can make deposits of up to 12,000 Australian dollars a day and make withdrawals from your CoinSpot Wallet. One minor detail: you will need to get an ID document for that. 

To receive your first functional CoinSpot ID, you need to submit the following data and documents:

  • Your full legal name;
  • Date of Birth;
  • Contact phone number;
  • Place of residence;
  • A copy of a valid Identification Card or other identification documents;
  • Proof of address (a copy of the passport will do);
  • Selfie with your ID document.

 

CoinSpot values your information security and uses your personal and contact info (including your phone number) solely for internal use and notification purposes. Also, the company implements the anti-money laundering policy with checks and balances. Thus, ID verification is a common procedure to ensure (and not undermine) information security and prevent crypto exchanges from money laundering and other illegal activities. If any situation occurs, the system reacts within 24 hours.

Final Thoughts on CoinSpot

We believe in this CoinSpot review, and we have provided you with detailed information about this popular and totally successful exchange service. It cares about information security, offers attractive loyalty programs and incredible opportunities for investment in the globalized world.

Beginners are often very concerned about fraudulent activities online. As you can see, the CoinSpot exchange has grounding principles that are very different from that. Their multi-layer and multidimensional security processes and diversity of deposit options allow them to protect their users, and vice versa - their multiple users encourage them to develop, maintain a low trading fee, and yet compete in the market and stay afloat.

With all that said, the CoinSpot cryptocurrency exchange deserves our expert 4,9 out of 5 marks and definitely stands out over other cryptocurrency exchanges on the market. 


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