If you are an investor that is looking to start trading and be involved in the ever expanding world of Bitcoin and cryptocurrency then you would have heard about a cryptocurrency exchange that is based in Australia called Coinspot.
It has recently soared in popularity recently but as with all cryptocurrency exchanges out there, it is important to perform some research and go through reviews before you dive in and start to buy and sell Bitcoin on the site without knowing too much on the Coinspot exchange.
This Coinspot review aims to provide to you an unbiased and in-depth look at the exchange and what it has to offer in terms of buying and selling cryptocurrency or bitcoin.
Introduction for Coinspot
This Coinspot review will go through the basic information of the cryptocurrency exchange. They are a cryptocurrency exchange that places an emphasis on users to buy and sell a variety of cryptocurrency coins and was first opened and founded back in 2013 with an original focus on buying and selling Bitcoin.
Ever since then, Coinspot has expanded to become one of Australia’s largest and well known Bitcoin trading sites which offer a wide variety of cryptocurrency with trading features including limit orders and margin trading.
The owner and founder of Coinspot goes by the name of Russell Wilson and is active at all major points which will be beneficial to CoinSpot which puts it ahead of those cryptocurrency exchanges with either faceless or passive leaders.
Getting started – creating a Coinspot account
The Coinspot exchange makes it easy to create a Coinspot account as the process is straightforward and is among the best features that the crypto exchange offers.
The most complex part of the creation of a Coinspot account is getting through the security processes of getting verified in the initial phase. This is because if you are aiming to get yourself verified to create a Coinspot account, you are prompted to provide your full name, Australian street address, mobile phone number, a government-issued photo for identification such as a driver’s license and also an utility bill as proof of residence.
After going through this face and getting the information verified, you will be prompted to set up a two factor identification which you will use your email and mobile number to verify for your Coinspot account.
You should not be concerned about the amount of information that is being requested by Coinspot as most other cryptocurrency exchanges that place an emphasis on anti money laundering and preventing online theft does this and is also a requirement placed by the Australian Government.
The initial verification process maye seem lengthy, but what this does is that these anti money laundering practices does a great job at preventing Coinspot users from falling victim to scammers or hackers considering the fantastic user service that the Coinspot support team will be able to provide.
On average, the verification process takes up to 48 hours after submitting all your relevant documents and photos although most of the time, it could be done in a couple of hours.
Trading Cryptocurrency on Coinspot
Once you are done with the verification and identification process requested by their support team on Coinspot, you can start to buy and sell cryptocurrency on Coinspot. Coinspot offers a variety of options for cryptocurrency so you would want to go through some research and reviews to determine the cryptocurrency that you want to buy.
Coinspot buy is available to users 24/7 so you are able to buy and sell cryptocurrency and anytime of the day. When you have selected your choice of cryptocurrency and want to buy an amount of coin, you would just need to select the Buy Sell button on the top panel and then subsequently follow up by entering the type of cryptocurrency that you wish to purchase and the amount in AUD that you wish to buy and sell.
After inputting your information, the crypto exchange panel will automatically calculate how much it would cost. For example if you were to purchase an amount of Bitcoin that is worth $50,000 AUD and then if Bitcoin costs about $43,964.56, you will be able to buy 1.137279663 worth of Bitcoin token.
It also works in the other way in which if you input how many Bitcoin token you want to buy, it would automatically calculate and show you the price in AUD
When you are using Coinspot to purchase cryptocurrency, using a bank transfer method would be the easiest way to trade crypto as this is because the Coinspot cryptocurrency exchange allows you to either store your funds through bank transfer in your account or even withdraw your crypto funds in the form of UAD back into your bank account via bank transfer.
You would need to log in into your Coinspot profile every time you wish to make a buy sell trade though so you will need to make sure you remember your registered email address and the unique password that you started off with.
It was mentioned earlier in this review that the Coinspot cryptocurrency exchange has an easy to use bank transfer option when purchasing cryptocurrency. But how does this work exactly? The Coinspot cryptocurrency exchange actually offers several more payment types for an instant buy of cryptocurrency.
POLi Pay: A bank transfer option service provided by the Australian Post, POLi Pay is a popular and well trusted bank transfer way of purchasing cryptos as Australians will be able to perform instant buy trades and deposits are instantly done while also being fee-free. As such POLi Pay is an easy to use bank transfer option that you should consider using.
BPAY: BPAY is an E-wallet system that is accepted at over 40,000 different vendors. BPAY is also an easy to use deposit method that a user from the Coinspot cryptocurrency exchange can use. Although not an instant buy option such as POLi Pay, which takes about a day for payments to be processed, it is still the more solid payment methods you could use to get your cryptocurrency coins.
Blueshyft Cash Deposit: If you are looking for your preferred payment methods to buy/sell cryptos using cash on the Coinspot Exchange, you could look towards the Blueshyft Cash Deposit as they have over 1,200 branches in Australia at selected news agencies so it would not be hard for you to find a place. This option is easy to use as you would just need to deposit cold hard cash in exchange for your coins
PayID : PayID is similar to POLi Pay in which it is another instant buy buy sell transfer option that does not charge any fees but this would need to depend on the bank as daily limits would vary
Direct Deposit (Osko)
If you are a user with a bank that supports OSKO, then you are in luck as OSKO is the deposit method that are instant and charged nop fees using this payment method to get your coins through Coinspot.
Although there are many other crypto exchanges in the world that probably offer more payment methods than the Coinspot cryptocurrency exchange, you can be rest assured that your money is safe with Coinspot Buy as they only utilise the best security features to ensure their deposit methods are safe and secure.
Coinspot Trading Features
Since there are so many types of crypto exchange that you can actually choose from around the world, there are a few features that make Coinspot buy a great exchange to buy /sell cryptocurrency.
Part of their main features is that they make it exceptionally user friendly for any user on the crypto exchange and even those who are not really technologically savvy are able to navigate through the user interface of the Coinspot crypto exchange’s platform to buy/sell coins.
The Coinspot crypto exchange is exceptionally easy to use and the trading fees on their exchange are relatively low for buying and selling activities. Additionally there are a large variety of crypto currencies that are available on the Coinspot exchange.
Furthermore, another great aspect that Coinspot provides is their customer help and customer support team that helps to ensure a trader’s experience in Coinspot is always flawless. As such, Coinspot actually does a great job at ensuring that the experience on their exchange is smooth as opposed to some competitors who make things cluttered and confusing.
Users who are purchasing via Coinspot will still have to decide for themselves the amount of digital currencies that they are buying but other than that, the process could not be any more straightforward than instant buying.
There will be other great features that Coinspot possess that we will get to as the review progresses.
Types of Coins that are supported by Coinspot
Another standout feature of Coinspot is the amount of coins that can be traded on their platform. Although started out as a Bitcoin exchange, they have gone to provide a wide range of coins which include XRP, Ethereum and 200+ over other coins available on their platform.
As such, as far as the Australian market goes, Coinspot is one of the best platforms that offer a wide range of cryptocurrencies to invest in with even new types being added almost every month.
Coinspot implements a security scrutiny process for any new coins that are being added into the Coinspot supported list and this ensures that Coinspot is free from scams.
Coinspot trading fees
Coinspot charges a different trading fee depending on the type of transaction but they possess comparatively low trading fees to any other crypto exchange on the market.
They do take into account community feedback and review as well as proven by their recent actions to reduce the trading fee for Market Buying and BlueShyft deposits.
In short, you could expect to pay about a 1% trading fee which is certainly low when trading for Bitcoin and any other cryptos on the exchange.
In the market section, fees for Bitcoin with other pairs are charged at 0.1% per transaction but you will need to check what kind of pairs are available as not all pairs might be set up the way you want them too.
A summary of the fees are as below
Instant Australian Dollar to Bitcoin: 1% fee
Instant Australian Dollar to Altcoin: 1% fee
Instant Coin to Coin: 1% fee
Market Trading: 0.1% fee
As such, you can see that the fees that Coinspot charges for trading are very competitive and affordable. You would also do well to take note that, as similar to trading with any other exchange platform, if your day-to-day trading is high in volume, these fees can actually add up.
The Coinspot fee section is actually clear to understand so you would not have to worry much in this regard.
Buying and Selling limits on Coinspot
Coinspot does not impose a high limit for Buy & Sell trades. There is an unlimited amount that you can buy per day however, Coinspot does place a limit on the amount of crypto coins that you can actually buy and sell per transaction – for security purposes.
The maximum amount of a single transaction that you can buy and sell is limited to $100,000 Australian dollars. There are other limits per transaction depending on the type of coins as illustrated below.
From deposits perspective, POLi Pay allows Coinspot users the largest deposit limits up to $20,000 every day in a 24 hour period while deposits made through BPAY have a maximum amount of $10,000 Australian dollars applied within the same 24 hour time frame. For Blueshyft users, the limit is restricted to $8,000 per day.
Overall, their deposit limits are quite unrestrictive and large institutional or experienced traders should not feel too limited as Coinspot ensures that these limitations are put in place to ensure control and accountability by Coinspot.
Buy or Sell Per day: No limit per day
Buy or Sell Bitcoin: $100,000 Per Order
Buy all Other Coins: $500 to $25,000 per transaction depending on market liquidity
Sell all Other COins: $500 to $25,000 per transaction depending on market liquidity
Withdrawal to bank: No Limit
POLi AUD Deposit: Up to $20,000 per 24 Hour Period
BPay AUD Deposit: Up to $10,000 Per 24 Hour Period
Cash AUD Deposit: $8,000 Per 24 Hour Period
An additional thing to note about the limits that Coinspot has placed is that, although there are no limits, the Coinspot customer support team recommends that you contact them when they are any large withdrawals that you wish to make to ensure that Coinspot is able to process the transaction in a timely manner.
There is a rolling limit for Coinspot users who signed up within their first week which is limited to $2000 per 24 hour period. What this means is that once you have deposited a maximum of $2,000 into Coinspot, you will not be able to deposit again until the 24 hour period is up, and this does not reset at midnight.
After you have crossed this $2,000 benchmark, your deposit limit will be raised to $20,000 every 24 hours.
Coinspot transaction times
On any exchange platform, investors usually will take into account the transaction times as the time taken to process a transaction would largely depend on the liquidity of the exchange market and also how well the system handles peak traffic.
Due to the price volatility of cryptos such as Bitcoin, you would not want to be waiting for several days for funds to clear and should expect them to be done almost instantaneously.
Luckily for Coinspot users, the POLi payment method allows funds to be deposited into your Coinspot account instantly while other methods such as the BPay payment method would take about 1-2 business days for the transaction to be successfully completed.
For withdrawals of funds from Coinspot into your bank account would take about 1 business day depending on the time the submission is sent. If you apply for a withdrawal before 2PM it will arrive the next day, if not, it will be processed on the following day.
Another big factor when crypto users are selecting an exchange would be how safe and secure an exchange is. Bitcoin and other cryptocurrency scams are becoming a more common occurrence around the globe and no one wants to be the next victim of a crypto scam.
Coinspot has been around for a long time and was first founded back in 2013, the length of time they have been operating should provide Coinspot with a bit of credibility as to their reputation as well as their activity on social media and presence of their founder – Russell Wilson.
Coinspot has a number of impressive credentials, for one, they are a member of the Australian Digital Commerce Association and are officially registered with a Australian Business Number. Coinspot also follows and adheres to the guidelines of the AUSTRAC which is Australia’s version of the anti-money laundering and counter-terrorism governing regulator.
Australia is not a country that is lenient with their laws and regulations especially concerning the Bitcoin market. As such, Coinspot goes to great lengths to ensure that they are always complying and adhering to these laws and regulations in order to remain as a legitimate platform to keep their reputation intact.
Additionally, Coinspot places a two factor authentication security feature on their user accounts. What this means is that all users that create an account with Coinspot would have to go through a verification and identification process when they sign in to their accounts by inputting a unique code that will be sent to their email address or mobile phone.
Another security feature is that Coinspot makes their users verify any withdrawals made by clicking on a link that is sent to their email account as soon as a withdrawal order is placed. This means that it would be exceptionally hard for external hackers to access your funds. However, the main responsibility of ensuring account safety should still be in the hands of the user by keeping all account information private and never sharing them to external third parties.
Coinspot Customer support
Coinspot has a great help team that is ever helpful and their main support option is provided by ZenDesk. ZenDesk is a great customer service platform that is hired by over 200,000 companies over the world and also involved in the cryptocurrency industry. Although there are some minor reports of delays, you can mostly expect feedback to any query submitted within a day or less.
Coinspot also features a unique FAQ section which could help answer one of the more common questions on their official website. This helps save time from inputting your query and waiting for your questions to be answered by a helpdesk team, so by referring to the FAQ page could potentially help solve your problem in an instant.
Coinspot places high importance into the experience and opinions of their users and is made obvious through the fact that they gather input often by their users and also goes out of the way to allow users to submit suggestions of new cryptocurrency projects to be placed on their site.
Coinspot does however, review these types of requests and needs to ensure that the coin in subject possess some interest on the crypto community and researched to ensure it is not a scam.
Conclusion – Is Coinspot for You?
From this review, it is safe to say that Coinspot is one of the best exchanges out there on the cryptocurrency market. Although the exchange does possess some forms of limitations and disadvantages, it is still an overall great platform for both novices and experienced traders alike who prefer to keep their crypto coin trading experience to be as simple and straightforward as possible.
All in all, Coinspot is an excellent choice if you are a trader based in Australia.
Frequently Asked Questions
Has Coinspot ever been hacked?
CoinSpot has never in their history of operations been hacked
Does Coinspot have a wallet?
Unfortunately, Coinspot does not offer services to store Bitcoin or any other cryptos directly on their site.
Is it Safe to Leave Coins in Coinspot?
CoinSpot has been around since 2013 and hasn’t been hacked. To date, Coinspot remains the industry’s best practice by storing the vast majority of cryptocurrency in higher secured cold storages.
With over 10 years of experience working as a financial analyst, Eric is highly aware of the potential of cryptocurrency, particularly Bitcoin, and the impact it will bring towards the global economy. He is committed to share everything he knows about crypto here at Crypto Digest News.