Before exchanges like CoinSpot came along, buying, selling and trading cryptocurrencies in Australia was a hassle. You had to purchase Bitcoin, transfer it to a popular exchange like Binance, and then trade it for the desired cryptocurrency.
As an easy to use alternative, CoinSpot arrived on the scene in 2013. Since then Australia’s largest cryptocurrency exchange provides over 100+ cryptocurrencies to buy, sell or trade with AUD. This has made it one of the leading cryptocurrency exchanges in the country. Based in Australia, CoinSpot is a licensed and regulated crypto exchange.
The CoinSpot exchange has a user-friendly and straightforward dashboard where you can monitor multiple coin wallets in a single space. CoinSpot customers can use the “instant buy” buttons to quickly buy bitcoin or any new coins that become listed. It also comes with crypto trading tools such as trend line indicators, technical patterns and price charts for investors and traders. Plus anyone can instantly buy and sell on CoinSpot or for smart investors stop loss positions can also be used.
In this review, we will talk about how to use CoinSpot and take a look at its features and fees. So let’s begin.
How to use CoinSpot?
Before you begin buying, selling or trading cryptocurrencies on CoinSpot, you need to register by following these steps:
- Sign up here to create your CoinSpot account.
- Provide your email address and password to get started.
- Then you must start the verification process. To verify your CoinSpot account you will need to provide some personal information and a selfie that includes a written document (which includes your name and the date) plus your ID.
- After this, set up your 2 Factor Authentication for increased security so it is harder for anyone to hack into your CoinSpot account.
And that’s all you have to do to start trading for the first time in Australia!
Buy & Sell Crypto on CoinSpot.
Once you have created an account on CoinSpot, you can begin buying or selling crypto.
- Any new users will need to deposit AUD into your account. Deposit methods include POLi payments, PayID or direct bank transfer from the quick deposit section. With these fiat currency payment methods, you do not incur trading fees.
- To buy or sell on CoinSpot, simply select the required option on the top panel.
- Enter the amount of AUD you want to buy tokens for, and it will tell you how much crypto you can get. This works in the opposite way also. You can also take a look at price charts or opt for Over-the-Counter desk or support for Australian Super Fund investors.
Is CoinSpot Safe?
Using CoinSpot is safe. CoinSpot is an Australian cryptocurrency exchange that has bank-like security measures to protect their customers’ information and their funds. It is a leading, trustworthy exchange in Australia and has never been hacked nor had user data sent to a third party. It is the first cryptocurrency trading platform in Australia to receive an international recognition ISO 27001 certification for information security.
CoinSpot.com.au Review and Fees Breakdown
Fiat currencies Accepted:
Since CoinSpot is an Australian crypto exchange, the only payment method CoinSpot accepts for fiat currency is AUD.
CoinSpot supports more than 211 cryptocurrencies to buy, sell or swap. The process is buy these coins is super easy.
CoinSpot charges a trading fee of 0.1% for market orders in BTC, XRP, LTC, etc. (i.e. top cryptocurrencies only). For Instant buy, there is an exchanged based 1% fee and for OTC trades 0.1% fee.
There are no fees charged for online bank transfer using POLi, PayID/OSKO and direct deposits. There is a fee of 0.9% for BPAY (per transaction), and 2.5% for cash via blueshyft.
The withdrawal fees are free of charge, but network fees are applicable to crypto withdrawals to external wallets.
Deposit and Withdrawal Methods:
There are various deposit and withdrawal methods available on CoinSpot. For a cash deposit you can utilise bank transfer methods like POLi, PayID or direct deposit. You also can use BPAY or cash via blueshyft.
POLi deposits have a maximum limit of up to $20,000 and are completed within a minute. BPAY deposits may take up to 0-2 business days to process and have a limit of up to $10,000. Cash deposits via blueshyft take up to 4 hours with a limit of $8,000.
If you deposit up to $2,000 in 24 hours within the first week of signing up on the platform, you will not be able to deposit more cash until the following day. This is due to a rolling limit set by the exchange. But once you deposit $2,000, the limit is raised to $20,000 per 24 hours.
You can withdraw AUD to your bank account (in Australia) and complete it within the same day or the next day, if initiated after 12 pm AEST. You can also deposit and withdraw cryptocurrencies.
Security is a top priority on CoinSpot for all buyers and sellers. It complies with the International Organisation for Standardisation (ISO 27001) for its security system. It is the only cryptocurrency exchange in Australia that has accreditation for its security system.
The funds stored on the exchange are kept safe. To protect users from malicious activities, CoinSpot offers 2 Factor Authentication (2FA).
CoinSpot is registered under an Australian Business Number and is also a member of Australia Digital Commerce Association. CoinSpot complies with Australia’s latest Anti-Money Laundering and Counter-Terrorist Financing laws – AUSTRAC.
CoinSpot provides their support via Zendesk. It also has a Help Centre that contains guides and a series of Frequently Asked Questions to help beginners get started on the exchange. Users can also get in touch with customer support by using the help widget in the bottom right corner of the webpage. Once a ticket is sent, users may receive a response within 24 hours.
The help widget contains forms and specific questions that the CoinSpot support will answer. The support team responds in less than 24 hours on business days.
CoinSpot has a mobile trading app for Android users, which can be downloaded via the Google PlayStore. The mobile app allows users to buy, sell, trade or transfer from the wallet, view price charts, display cryptocurrency information and monitor your overall account.
History of CoinSpot
Coinspot is a top cryptocurrency exchange in Australia and was established seven years ago. However, they received an ISO certification earlier this year for their security system, which proves how secure the platform is. It allows users to trade a myriad of cryptocurrencies within a single platform, something that was never available before.
The Verdict on CoinSpot
CoinSpot is truly one of the best cryptocurrency exchanges in Australia, and it supports over 211 cryptocurrencies. It is quite simple and beginner-friendly, but lacks advanced trading features compared to other crypto exchanges available in the country. But every platform will have its strengths and weaknesses, and CoinSpot keeps things simple.
If you would like to begin buying and selling, then head over to the CoinSpot website to begin trading today!