Depending on where you live, finding an exchange to buy, sell, and trade cryptocurrency can be a challenge. For the residents of Australia, CoinSpot is a great option. This excellent exchange lets users choose from a variety of digital currencies while using a secure platform with a reliable reputation.
Let’s take a deeper dive into CoinSpot. Is it safe to use? How much does the exchange charge for deposits, withdrawals, and trades? What features does it have to offer its users? Is it a safe exchange to use?
We’ll answer these questions and more as we learn all about the exchange in our CoinSpot review.
What is CoinSpot?
- 📈 Trade: BTC, LTC, DODGE, ETH, NEO, GAS, POWR, XRP, TRX, EOS
- 💰 Deposit Methods: Bank or Newsagent Cash Deposit
- ✅ Regulated
- 🎧 Support: Email Form
CoinSpot wants to make it so that everyone wants to have access to digital currencies. This exchange aims to provide access to those who want to buy, sell, and trade a wide range of cryptocurrencies. CoinSpot was established in 2013. However, at that time, the exchange’s primary focus was on Bitcoin.
Since that time, CoinSpot has grown and expanded its platform to become one of the premier exchanges in Australia. The site now offers many different cryptocurrencies, along with a wide range of payment methods available to its users.
Russell Wilson is the director and founder of CoinSpot. He is an activate participant in the crypto community and continues to promote his company and its features. This type of behavior from its founder gives CoinSpot a feather in its cap. Other exchanges and platforms have leaders who are non-existent or don’t get involved. CoinSpot can point to its own founder and feel confident about itself.
There are plenty of exchanges available for users looking for a cryptocurrency platform. So what is it about CoinSpot that sets it apart from the others? Here are a few features that make CoinSpot unique:
- User-Friendly – CoinSpot is easy and simple to use. Those who are new to cryptocurrency may get intimidated by complex or complicated platforms. CoinSpot keeps things straightforward and hassle-free.
- Easy Sign-Up – Signing up with CoinSpot is quick and easy. Users can get started buying, selling, or trading quickly, with plenty of cryptocurrencies from which to choose.
- Customer Service – CoinSpot offers its users excellent customer service, along with an exchange that is safe and secure.
- Basic Layout – Those using CoinSpot will enjoy how basic and clean the site is. Other exchanges can be confusing, complex, and crowded, making for a poor user experience.
- Great Experience – Users have to make up their own minds about which cryptocurrency they want to purchase, along with how much they want. However, the steps to do so make for a great experience for the user.
The fees and charges you incur on the exchange will depend entirely on the transaction type. However, for the most part, the fees on the CoinSpot platform are fairly low. Recently, the site has lowered its fees on BlueShyft deposits, as well as Market Buying and Instant Buying.
CoinSpot does try to keep things simple with its fees. When you are buying or selling digital currencies instantly, you’ll pay a 1% fee. Compared to other exchanges on the market, CoinSpot’s fees are pretty low.
Buying coins in the market sections are subject to a 0.25% fee for each transaction. However, at this time, there are only six coin pairs available on the CoinSpot platform: BTC/AUD, DOGE/AUD, ETH/AUD, LTC/AUD, NEO/AUD, and POWER/AUD.
Overall, the fees that CoinSpot charges its users are reasonable and competitive. Of course, if you expect to do much day-trading, you’ll want to keep in mind that these fees do add up throughout the course of the day. However, CoinSpot does everything it can to make its fees easily accessible and easy for users to understand.
CoinSpot does not limit its users on the amount of buying or selling they can do each day. However, the exchange does cap the amount of each transaction you make. For example, the most you can spend on buying or selling Bitcoin in one transaction is $100,000 AUD.
There are limits per transactions as they relate to each coin. If you’re interested in knowing the limits on a specific coin, visit CoinSpot’s website to find that information.
There are limits on deposits as well. BPAY and cash deposits have a limit of $10,000 each day. However, if you’re a newer user, there are a few restrictions you’ll encounter during the first week. If you decide to deposit your funds with Blueshyft, you’ll have an $8,000 AUD limit each day.
While some might balk at these types of caps on transactions and deposits, CoinSpot tries to be as generous as possible. Unless you are a big spender, you shouldn’t feel too much of a squeeze on CoinSpots transaction and deposit restrictions. It may seem as though these limitations are arbitrary and shouldn’t be in place, it does help CoinSpot keep accountability and control of its exchange.
We’ll walk you through how to get started buying crypto with CoinSpot in a bit, at which point you’ll deposit AUD into your account. But how do you deposit your funds? CoinSpot has plenty of payment methods from which its users can choose. You should have no problem one that works for you. Here are a few options:
With Blueshyft, CoinSpot users can deposit their cash directly into their account. Some might scoff at the idea of using cash to buy cryptocurrency, but Blueshyft provides over 1,200 branches throughout Australia. That means there’s a good chance a branch isn’t too far from you.
BPay is an Australian brand which over 45,000 vendors accept throughout the country. But what is BPay? It’s an e-wallet platform which process payments very quickly – usually within 24 hours. This is excellent when compared with other options available in the country.
This method is a tried and tested option owned by the Australia Post. POLI Pay has been around for many years and has earned the trust of individuals and establishments all around the country. POLI Pay payments deposit immediately and are free of fees. This makes them one of the most favored methods when it comes to depositing AUD.
Getting Started with CoinSpot
When you want to start buying cryptocurrencies on CoinSpot, the first thing you need to do is register with the exchange. When you get to the CoinSpot home page, there’s a button to register in the top right. Click on that to start the process.
Next is a form that you need to fill out. This is just some basic info like your email address and password to get you set up on the exchange. Click on “Create Account” once you have entered the necessary information.
You will get an email from CoinSpot requesting that you validate your address. Provide confirmation by clicking on the link, which will take you back to the CoinSpot site. Now you’ll verify your identity before adding AUD to your account.
On the top right, find and click the button labeled “Account,” then choose “Verification.” CoinSpot will request documentation to validate your identity. This is typical behavior for most exchanges who use Know-Your-Customer (KYC) or Anti-Money Laundering (AML) processes.
We’ll talk a bit about it later, but at this time, you should also turn on two-factor authentication. This adds an extra layer of security to your account, which you can do through either SMS or Google’s Authentication app.
Depositing Funds and Buying Cryptocurrencies
After CoinSpot verifies your identity, you can begin depositing your AUD into your account. To start depositing funds, find your way to your Dashboard, then choose “Deposit AUD.” Now, select which payment option you want to use.
Depending on which payment option you select, it might take a few minutes or a few days for your funds to arrive. Once your AUD is available in your account, you’re ready to start buying cryptocurrency. At the top of the page, you’ll see an option labeled “Buy/Sell.” Click on that, then scroll down until you find the digital currency you want to buy.
You can tell CoinSpot how much you want to buy on the next screen. The exchange shows you the amount of your purchase in both AUD and the cryptocurrency you select. When you’re ready, click the “Buy” button, which you’ll see near the bottom of the page.
A window will pop up asking you for confirmation of your purchase. Verify all your entries, then select “Confirm Buy” when you’re satisfied. CoinSpot will deposit your crypto into the wallet on the exchange. Find the “Wallets” link at the top of the page to verify that you received your cryptocurrency.
Is CoinSpot Safe?
Security and safety is a big concern for anyone using cryptocurrency. This is especially true as scams and backs are occurring all over the world on a regular basis. It’s safe to say no one wants to be taken advantage of when it comes to using digital currencies.
One key thing to keep in mind when it comes to CoinSpot is that it has been around for over six years now. This should give you some indication that this exchange is in it for the long haul. Additionally, CoinSpot is a very well-known and reputable platform, which is active in the community. Speaking of active, a third reason you can trust CoinSpot is that its CEO and founder, Russell Wilson, is very present in what is going on with his exchange.
Additionally, Coinspot has some credentials that are sure to impress anyone interested in using the exchange. It is registered with an Australian Business Number, follow the AUSTRAC guidelines, and is a member of the Australian Digital Commerce Association. The exchange is also heavily involved in Australia’s counter-terrorism and anti-money laundering sector as well.
Australia is pretty stringent with their cryptocurrency regulations, and the fact that CoinSpot goes to great lengths to observe these laws gives the company credibility and legitimacy.
Lastly, CoinSpot uses two-factor authentication. With 2FA, the exchange can validate your identity when you sign into the platform by using a unique code. This code is sent to your mobile phone through SMS or through the Google Authenticator app. No matter which method you use, you’re adding an extra layer of security and protection for your account when you enable 2FA.
CoinSpot Customer Support
If you happen to encounter trouble while using CoinSpot, be sure to reach out to their customer support staff to get your issue resolved. CoinSpot relies on ZenDesk for its primary support option. ZenDesk is a leader in the customer support industry, and they are great at what they do. Over 200,000 companies worldwide use ZenDesk, some of which are directly involved in the crypto community.
Users can expect can have their questions answered in a reasonable amount of time. Most problems are resolved or responded to within 24-hours. If you think you might have a question that’s already been answered, check out CoinSpot’s FAQ section. This will save you the time of reaching out to customer support and then waiting on a response.
Pros and Cons
We’ve discussed a lot about CoinSpot, but all exchanges have their benefits and drawbacks. Here’s a look at the pros and cons you’ll experience when using the CoinSpot exchange:
Is CoinSpot Worth It?
CoinSpot is a solid exchange that has a lot of things going in its favor, so long as you reside in Australia. While it does have its limitations, it’s a great option for those that are new to cryptocurrency and want to explore their options with various coins. The site is simple and straightforward and won’t confuse novices with a lot of complicated jargon or charts.
Users have options when using CoinSpot, which gives them an advantage over other exchanges. Especially when talking about deposit and withdrawal methods. The exchange adheres to the rules and regulations of the country and contributes significantly to anti-money laundering causes. Overall, if you live in Australia, CoinSpot is a great option as your primary cryptocurrency platform. We hope you found this review helpful!