Coinspot Review – The good, the bad and the promising
What is Coinspot?
When it comes to trading cryptocurrency in Australia, Coinspot is the name every crypto enthusiast knows. Coinspot boasts to be Australia’s number one cryptocurrency exchange and has the largest range of blockchain assets in Australia. Founded in December 2013, Melbourne Australia. It was awarded the certification of information security ISO 27001 and is considered a market leader.
Coinspot has made trading easier and is the most sought after by beginners to trading. It has reformed the digital currency market by its super secure platform. Its user-friendly interface and simpler user experience have become its selling proposition. Coinspot caters to all sorts of traders, from beginners who know nothing about cryptos to well-seasoned traders. It provides more than 150 types of cryptocurrencies, levels of security, easy purchase and selling, and an effortless trading operation.
Coinspot features
Coinspot offers multiple of features as listed below:
- Easy Method Trading
Seamless trading via AUS dollars on the platform. - Reponsive Support Team
On call well informed responsive support team. - Instant Buying and Selling
Locking rates at lowests and instantly receive coins. - Multiple Coin Wallet
Secure wallet offering multiple currencies to deposit, receive and store. - Fool Proof interface
Designed to break technical barriers, the platform is preferred by beginners and is considered easiest to use. - Best Practiced Security
Claims industry leading security practices and customized protection mechanisms. - Cash based Top Ups
Easy top up for accounts with cash (AUS Dollars) via BPAY and POLi. - Extensive range of crypto assets
Currently, about 140 crypto assets are available to trade on CoinSpot.
How does it work?
Coinspot offers a platform for buyers and sellers to trade cryptocurrencies. It charges trading fees for trades made. For trading, you will have to first register an account on Coinspot, add funds to your account. Once you have funds to trade with you can check the spreads to buy whatever crypto you are interested in.
Coinspot is used for day to day trading or store and sell later mode as well. You can store the cryptos you buy on the Coinspot secured wallet. You have the option of moving your coins to other wallets as well.
Which currencies does it support?
Coinspot deals in more than 100 cryptocurrencies and tokens. Popular ones are as follows:
Cryptocurrencies:
- Ethereum (ETH)
- Bitcoin (BTC)
- Litecoin (LTC)
- Stellar (XLM)
- EOS (EOS)
- Tron (TRX)
- Ripple (XRP)
Popular Ethereum (ERC-20) tokens Coinspot offers:
- BAT
- ZRX
- LEND
- LINK (Chainlink)
- MCO
- REP
- BNT
Which countries does it support?
Coinspot is primarily an Australian exchange, it mentions in its terms and conditions that the identity of the person will be verified against the country data record. There is no explicit mention of which countries are prohibited etc. but it’s likely that their verification process is centered around Australian citizens and residents.
Is Coinspot safe?
Coinspot has never been hacked. That itself should be a testament to its fortified security protocol. If this wasn’t the case it would have been exploited and hacked several times already.
It was the first Australian cryptocurrency exchange to be awarded the first Australian cryptocurrency exchange to receive the International Organization for Standardization (ISO) stamp of approval for its security systems.
To be recognized by ISO/IEC27001 standard, CoinSpot was required to complete a rigorous external audit undertaken by SCI Qual International, an accredited Joint Accreditation System of Australia and New Zealand certification body. This means the recoginition ensures Coinspot is one of the securest crypto platforms out there.
Coinspot uses cold storage for most of its cryptocurrency funds which are hard to hack as they are not connected to the internet. Only some of the funds are kept on hot storage, to ease the withdrawal for customers.
The verification process for Coinspot is also to the point and complies with the Anti-Money-Laundering Laws (AML) as well as Australian Banking best practices.
Coinspot also uses Two-Factors Authentication and an Anti-Phishing phrase for its accounts, as practiced in the industry.
Is Coinspot regulated?
Coinspot is licensed under Casey Block Services Pty Ltd ABN 19 619 574 186, trading as CoinSpot. The exchange is registered with Australian finance and anti-money laundering regulators such as AUSTRAC.
Payment methods
Coinspot has various payment methods based on the country of your residence.
For Australia based Coinspot members:
1. POLi
2. PayIDThese both methods and instant and free, the only catch is that your bank account system should be compatible with it.
For a normal bank transfer with BPAY it can take couple of days and costs 0.9% of the transaction amount.
Coinspot fees structure
How much are Coinspot trading fees?
Coinspot trading fees depends on the ‘type’ of buy you make:
Instant Buy
In the case of Instant Buy, which is when Coinspot offers the convenience of being able to buy crypto with one simple click. With this feature, you can instantly buy or sell coins by locking them at a price. You will receive the coins instantly in your Coinspot wallet. Charges are 1% of the transaction amount.
Market Buy
Another way is the market buy method. It’s a bit of work but the charges are only 0.1% of the transaction amount. This Coinspot offers members to make exchanges with each other. Individuals set the bid price and the system automatically transfers the asset to a buyer willing to buy at that price.
Are Coinspot Fees too high?
The Instant Buy feature is 0.9% more than the Market Buy feature which is quite a difference. Some users prefer paying the premium for the easy of use, while some find the charges too steep.
Transaction Limits on Deposits & Withdrawal
Deposit Limits:
- POLi deposit limit is $2 to $20,000 for 24 hours, Initial limit of $2.000 per 24 hours
- BPAY deposit limit is $10 for 24 hours
- Cash deposit limit is $8 for 24 hours
Withdrawal Limits:
Coinspot has no withdrawal limit.
Does Coinspot offer leverage?
Coinspot does not offer leverage on any of its crypto products.
Can you ‘short’ bitcoin on coinspot?
You cannot short coins on Coinspot.
How to sign up and trade on Coinspot
Coinspot Verification Process
Coinspot claims its verification process to be elaborate but easy and quick to ensure maximum security on their platform. Various kinds of identity proofs are required to meet the requirement.
Which forms of id does Coinspot accept for account verification?
For Australian Residents:
Photo ID of driving license OR Passport
OR
Australian Issued Photo ID Card + Medicare Care (Both required)
This is for $2000 deposit limit, if you wish to increase the deposit limit you’d be ask more identification evidence.
For non-Australian Resident:
Passport
How long does the verification process take?
If the documents of verification are submitted between Coinspot working hours (7AM – 10PM) the application is processed within couple of hours for Australian residents.
The verification of your identity and on-boarding of your account may take up to 10 business days to complete for non-Australian Residents.
Is Coinspot overbearing with the verification process?
Coinspot claims to be super thorough in their identification process to ensure maximum security. This however is also met with criticism where people complain the process is too long, too elaborate and makes you jump through all sorts of hoops to get the verification done. But this is vital for security of the exchange and its users.
Does Coinspot have a wallet?
CoinSpot provides free, managed, and secured wallets for all the coins approved by the platform. You can simply make trades and the coin will be stored in your corresponding wallet automatically. You can easily access the wallet from the Wallet Tab.
Though Coinspot is reliable online wallet, people still prefer using hardware wallet citing reason like a possible hack on online wallets can cause them to lose all.
Sending & receiving coins on Coinspot
How do you send coins from Coinspot?
You can send coins and tokens from your Coinspot wallet to other external address wallets through the platform. Standard transaction charges a.k.a mining fees will be incurred per transfer you make. Transaction charges will depend on the coin being transacted and how busy the network is.
How do you withdraw money from Coinspot?
You can withdraw money (Australian Dollars) from Coinspot by connecting your Australian Bank Account. Once you enter the amount you wish to withdraw, the transfer is initiated and you can expect to receive the funds within 24 hours. The withdrawal is FREE and there is NO LIMIT on the amount of transfer. Coinspot only supports verified Australian Bank Accounts.
Coinspot customer services
Is Coinspot contact support responsive?
Coinspot claims that you can contact them online 24/7!
On average it takes them 5 minutes to respond. You can also get in touch with them through their LiveChat option on the platform through your account.
The have a team of well informed and responsive customer relationship agents that deal with complaints and are active on popular forums.
Coinspot is great for beginners
Easy to use Interface
The easy to use interface has made Coinspot a favorite for beginners and new traders. The platforms user experience is simple with easy to follow steps. The UX design, colors, theme adds to enhance the customer experience and make crypto trading easier to understand without being overwhelming.
Less technical jargon
The platform uses easy language and common sense phrasing. There is a dedicated help desk and a elaborate wiki directories for all sorts of possible queries and question regarding the platform.
Does Coinspot have an app?
Yes, the App is available of Google Play and Apple Store. The CoinSpot app enables you to easily & safely manage all of your digital currencies in one secured place. Follow the markets, send & receive cryptocurrency, buy & sell all assets available on CoinSpot, whilst easily accessing account facilities. All in all a good easy app to use, putting crypto literally in your pocket.
Bottom line
Coinspot seems to be a solid, secure and very promising platform to trade cryptocurrency for Australian residents.
Pros and Cons
Pros:
- It’s secure
- It’s regulated
- It offers 150+ cryptos
- Low or no-fee deposits and withdrawal
- Easy buy directly from AUD
- Has a secure wallet
- Offers Instant Pay
- Live Chat support
- User friendly interface
- Has a Mobile app
Cons:
- Only works with Australian dollars
- No Margin trading
- Instant Pay charges a premium