So many exchanges, which one do I use?
With a multitude of exchanges out there in the crypto world, how do you know the one you’re using is reliable and trustworthy? Well in this article, we’ll break down why CoinSpot is the number crypto exchange in Australia and how CoinSpot’s security is iron-clad – making it one of the safest exchanges in the world.
When using an exchange, there’s a few things you want to be aware of as it will affect you.
- Cryptocurrencies Offered
So how does CoinSpot fare in those areas?
Speed: CoinSpot is by far one of the fastest, if not the fastest cryptocurrency exchange in Australia. CoinSpot supports the POLi and PayID payment methods which instantly deposits funds from your bank account to CoinSpot. With $0 fees on these deposits, anyone can be in and out of the crypto market in seconds.
Fees: CoinSpot’s fees are not lowest but they are not the highest either. Their fees come in a variety of ways which we’ll break down one by one later in this article.
Security: CoinSpot has the best security out of any Australian cryptocurrency exchange. When looking at the top exchanges in the world, whether it is Coinbase or Binance etc… the one thing they all have in common is cold storage wallets.
CoinSpot is one of the only few Australian exchanges to implement cold storage wallets. What this means for you is, all the crypto you leave in your CoinSpot account is stored ‘offline’ so hackers are not able to break into the wallets and steal all your coins.
On top of cold wallets, CoinSpot has also completed stringent security audits by SCI Qual International (Audited companies such as Hays, Queensland Government, Krispy Kreme). CoinSpot has been awarded ISO 27001 Certification to confirm their security protocols meets a prestigious level of unauthorised usage, damage, tampering and hacking prevention.
Cryptocurrencies Offered: CoinSpot has the largest diversity in the different coins you can buy on the platform. Over 150+ to buy, you’ll be able to find all the popular coins and even the not so popular ones with AUD pairing. Having so many with AUD pairing means you won’t need to buy Bitcoin to trade into other coins.
How to use CoinSpot
You can get started using CoinSpot with a few easy steps.
- Register an account here: https://www.coinspot.com.au/register – This will bring you to their sign up page where you enter your email and password.
- Next, after you have finished creating your account, head over to the security tab and set up your 2 Factor Authentication (2FA) so hackers can’t pretend to be you. You also are required to upload verification documents to verify your identity – every exchange is required to do this for financial regulation, so it’s not just CoinSpot. This is known as Know Your Customer (KYC).
- Now just before you can start purchasing crypto, connect your bank account in the Bank Details tab. After that, click the ‘Deposit Funds’ button on the top left hand corner to instantly transfer funds. You can deposit up to $2000 AUD per day, but if you want to increase the limit to $20,000 you’ll need to go through additional verification (still simple and easy).
- Now you’re all set to purchase any crypto you like out of the 150+ different cryptocurrencies CoinSpot offers!
CoinSpot’s fees can be broken down to different categories.
Deposits: CoinSpot has $0 fees and is instant when deposited using POLi and PayID methods. BPAY Payments has 0.9% fee and can take up to 1-3 Business days to clear into your account.
You can also deposit with cash through Cash Payment, with a 2.5% fee and clears instantly once deposited cash is verified.
Trading: CoinSpot will take a 1% fee on instant buys and sells. If you do market orders (waiting until the coin hits your price), it’s 0.1% fees.
Spreads: CoinSpot’s prices generally are a little higher when you’re buying and lower when you’re selling compared to the Global Exchanges. But it is still competitively priced against the other exchanges in Australia.
Withdraws: AUD withdraws are completely free, but to withdraw cryptocurrencies, a fee is applied. The fee is dependent on the coin you’re withdrawing and it changes depending on the blockchain fees of the coin at the time of withdrawal.
Typically, CoinSpot cryptocurrency withdrawal fees are a little higher than Global Exchange withdrawal fees.
History of CoinSpot
CoinSpot was founded in 2013 by Russell Wilson. As one of the earliest Australian exchanges, their mission is to provide an easy way for anyone in Australian to buy and sell cryptocurrencies.
Russell wanted to bring peace of mind to cryptocurrency investors and decided to focus on being secure. CoinSpot got ISO 267001 certified in 2018 and was the first Australian exchange to get certified and joined the handful of Global exchanges to be certified, from Gemini (Known for Security) to Bithumb.
They are also compliant with Anti-money Laundering and Counter Terrorist Financing Laws (AML/CTF).
CoinSpot is currently the number one cryptocurrency exchange in Australia for this very reason. The combination of highly secure storage and systems + the ease of feeless deposits makes CoinSpot highly recommended to beginners and experienced traders alike.
If you’re just starting out in the crypto world or if you’re experienced, CoinSpot is an excellent exchange to quickly enter from fiat to crypto.
You’ll be able to enjoy the diversity of cryptocurrencies CoinSpot offers, the instant $0 fee transfers and the prestigious air-tight security CoinSpot has going through to keep your cryptocurrencies safe from malicious hackers.
Sign up here now and receive $10 of Bitcoin as a bonus: https://www.coinspot.com.au/register