If you’re at all into the ever-expanding world of Cryptocurrencies, you may have come across or heard about CoinSpot – an Australian currency exchange site that has gained some massive popularity. But with all things crypto-related, it’s best to do some research before diving in and trading and exchanging on a site without knowing too much about it. Read our CoinSpot review where we give you an unbiased and intensive look at the exchange , what they’re all about and what they have to offer.
CoinSpot is an online cryptocurrency trading website that aims to aims to make it very easy for users to buy and sell a wide range of cryptocurrency coins and tokens. CoinSpot opened its virtual doors in the first half of 2013, with the original focus being on Bitcoin trading.
CoinSpot Cryptocurrency Exchnage
Australian Dollars (AUD)
Bitcoin, Ethereum, Litecoin, Ripple, NEO, Cardano, Stellar, Monero, DASH and 70+ more (see below for full list).
Since then it has expanded and evolved to become one of Australia’s most well-known crypto trading sites, offering a wide array of Cryptocurrencies with an astounding amount of options and features. But other than that, CoinSpot’s beginnings are quite mysterious. All we can say for certain is that the founder and director of the company is a man who goes by the name of Russell Wilson, who has remained active on social media since the birth of his company. While this apparent lack of accountability and face of the company may be a worry to some, it must be remembered that this is quite normal in the world of crypto where the founder of Bitcoin himself is yet to be discovered. The fact that the founder of CoinSpot is active at all is a major point in CoinSpot’s favour- putting it just one step ahead of exchange platforms with faceless or non-existent leaders.
If you really do want to meet with the people behind CoinSpot, their listed offices are at 114 William Street, Melbourne, Australia.
Creating an account with CoinSpot is very straightforward, and it is one of CoinSpot’s very best features. The most complicated part of the sign-up process is getting verified. To get verified you’ll need to provide CoinSpot with: your full name; Australian street address; Australian cell phone number; a photo of some form of identification, such as a driver’s card or learner’s card; A photo of a utility bill to prove your address. After you’ve done this, you’ll have to set up your two factor identification, which uses your email and phone number to verify your identity.
Do not be alarmed by the information that CoinSpot requests. This is the same as any large Cryptocurrency exchange and is a requirement of the Australian Government and their anti-money laundering laws.
This may seem like quite a lengthy process just in order to get verified, but at the end of the day this process does an excellent job in protecting the CoinSpot community against scammers and digital bank robbers so we can definitely say that it’s worth the effort – especially considering the fantastic services you’ll be provided with once your verification is complete.
Verification usually takes place within 48 hours of you submitting all your documents and photos, although in many cases it is done within a couple of hours. Once this is complete, you’ll be given a secret code which you can use to log in to your CoinSpot account and start trading!
Once you’re officially registered and verified with CoinSpot, you can start buying and selling! There are a myriad of options available, and you may want to do some research into cryptos if you’re a beginner, before you get caught up in the process of buying and selling different coins. You can make trades at any time of the day or night-whenever suits you best. Buying or selling is as simple as clicking on Buy/Sell in the top panel, then choosing your desired coin and entering the amount of cryptocurrency, or the amount in AUD you wish to spend. The panel will automatically calculate the value.
Having internet banking will make things a whole lot easier for you in order for transactions to take place. You have the option to store your funds in your CoinSpot account or at any time you please you can exchange your crypto funds into AUD and withdraw them into your regular bank account.
Each time you want to buy or sell, you’ll need to log in to your CoinSpot account. For this, you’ll need to enter your name, email address and unique password. From there you can go about buying and selling as you please. It’s best to logout after every transaction or after every time you are done using the CoinSpot facilities as it lowers the risk of internet crime.
So you’re all set to make your first deposit with CoinSpot, but how exactly? Well, CoinSpot has a great array of payment methods to choose from, and there should be something to suit everybody. CoinSpot’s payment methods include:
POLi: a tried and tested method that is owned by Australia Post and has been around for years which has gained the trust of thousands of establishments and individuals. POLi payments are deposited instantly and are fee-free. This makes it a highly favourable option.
BPAY: BPAY is another proudly Australian brand that is accepted at over 45,000 different vendors. With numbers like that, it’s guaranteed to be a trusted payment method. But what is it, exactly? It is a e-wallet system that processes payments within a day- which is pretty good considering industry standards.
Blueshyft Cash Deposit: Blueshyft keeps things old school by providing an avenue for you to directly deposit cold hard cash for your online needs-in this case CoinSpot. Blueshyft has over 1,200 branches all over Australia at selected news-agencies . So chances are that there is a branch just around the corner from you.
|Payment Option||Fees||Maximum Daily Deposit||Time Until Available|
|BPAY||0.9%||$10,000||1-3 Business day|
|Cash Deposit (BlueShyft)||3%||$2000||Instant once cash is deposited|
While there are many exchanges that offer more payment methods than what CoinSpot provides, you can rest assured that your money is in truly safe hands with CoinSpot as they only use the very best and most secure payment methods out there to make sure you are given the very best security.
The Australian banks that CoinSpot is affiliated with are most of the big banks, which include ANZ, NAB, NP, Bankwest, CitiBank, IMB Building Society, Suncorp, Westpac, ING Direct, St George Bank and BOQ.
There are hundreds of exchange sites out there, so there must be something that makes CoinSpot special and unique in order for it to stand out from the crowd.
CoinSpot’s stand-out feature is the fact that their site is very simplistic – making it exceptionally user friendly and even those who are technologically impaired and new to all things crypto can easily navigate their way through CoinSpot’s site.
Keeping things basic has really worked in CoinSpot’s favour as the sites of its competitors are mostly cluttered, crowded and confusing. Of course, users will need to decide for themselves how much they want to buy or sell on the site but once that decision has been made, things really couldn’t be more straightforward- just follow the prompts, and there you have it! Obviously, CoinSpot has some other positive features that make it great, but we’ll learn more about those as this review progresses.
The fact that CoinSpot offers so many currencies and altcoins on their site is definitely another stand-out feature of theirs. While they were first solely a Bitcoin exchange site they have branched out to include scores and scores of altcoins and currencies to choose from. However obscure your favourite altcoin is, it’s almost guaranteed to be on the CoinSpot site. As far as the Australian market goes, CoinSpot definitely has one of the best varieties out there.
They are also well-known for putting new coins on the site almost as soon as they are released to the world, allowing traders and investors to get involved right from the get-go. But you needn’t worry about any dodgy coins being added to the site as all coins undergo major scrutiny before being added. Here’s the full list of cryptocurrencies available to buy & sell:
|Litecoin||Zcoin||Stratis||Basic Attention Token|
|Tether USD||Enigma||Enjin Coin||Vertcoin|
|Ethereum Classic||Einsteinium||GameCredits||Safe Exchange Coin|
|Qtum||Civic||Raiden Network||Horizon State|
CoinSpot was launched in Australia, especially for Australians. And yep, you probably guessed it – CoinSpot caters specifically for Australians and only Australians living in Australia. Now you may be thinking why this limitation exists, especially since cryptocurrencies are famous for being decentralised. And that is a great question. But the crypto market is becoming increasingly regulated, especially in Australia, and while actual Cryptocurrencies are decentralised, exchanges like CoinSpot need to have some sort of regulations in place in order to make them credible.
So CoinSpot abides by Australian regulations- which are known for being quite strict and precise. Although strict, Australia is actually one of the more progressive countries when it comes to Cryptocurrencies, and the laws and regulations are only in place to keep all users safe.
The charges and fees that you will encounter on CoinSpot are different for different transactions, but for the most part, they are generally low. To simplify things – when you are buying or selling coins instantly you can expect to pay a fee of 1%, which is quite low if we look at industry standards. When you are buying coins in the market sections, fees are 0.25% per transaction, however, there are currently only 4 coins available in the market section.
|Instant AUD to Bitcoin||1%|
|Instant AUD to Altcoin||1%|
|Instant Coin to Coin||1%|
All in all, CoinSpot’s fees are very reasonable. While they can definitely add up, there are no hidden fees, unexpected expenses or even joining fees to worry about. Everything is clearly transparent, and you know exactly what you’re getting yourself in for.
There are no limits to the amount of buying and selling you do per day, however, there are limits that you can make per transaction. The maximum you can sell per order is $5000 AUD and the maximum you can buy per order is $20,000 AUD.
As far as deposits go: both cash deposits and BPAY deposits have a maximum of $10,000 AUD applied to them for every 24 hours, with some slight restrictions for new accounts for the first week (see below). If you are depositing through Blueshyft, the amount is restricted to $2,000 AUD per day.
The deposit amount allowances are actually quite impressive and even big spenders, and crypto pros should not feel too limited by CoinSpot’s restrictions. It may seem unnecessary to have restrictions at all, but it assists in keeping control and accountability on the CoinSpot platform.
|Buy or Sell||No Limit Per Day|
|Sell||$5000 Per Order|
|Buy||$20,000 Per Order|
|Withdraw to Bank||No Limit*|
|POLi AUD Deposit||$10,000 Per 24 Hour Period**|
|BPay AUD Deposit||$10,000 Per Day|
|Cash AUD Deposit||$2000 Per Day|
*Although there are no limits, CoinSpot recommends that you contact them before you make any substantial withdrawals so that they can process your withdrawals in a timely manner.
**In your first week of signing up with CoinSpot you have a rolling limit of $2000 per 24 hour period, which means if you deposit $2000, you will not be able to deposit more money until the same time the following day. It does not reset at midnight. After your total deposits have reached $2000 for the first time, your limit will be raised to $10,000 per 24 hour period.
Transaction times are always a big talking point when it comes to any exchange platform. You don’t want to be waiting days or even weeks for your funds to clear- it’s online it should be instant! Thankfully The POLi payment system allows your funds to be in your CoinSpot account instantly, while BPay deposits usually take around 1-3 business days to arrive in your account.
The process for receiving your fund withdrawals works in the following way. Each and every withdrawal from CoinSpot is processed within 24 hours or 1 business day. However, from then on, depending who you bank with, it can take another 1 to 3 days to show up in your account.
The reason why these processes do not happen instantly is because of security reasons and laws put in place by the Australian government.
Safety and security is a significant concern for all crypto users. Crypto scams are popping up all over the world on a daily basis, and no one wants to be the victim of one. The first bit of peace of mind you can get from CoinSpot is that they have been around since early 2013. This alone gives them credibility as well as their in-tact reputation, activity on social media and the presence of founder Russel Wilson.
CoinSpot also has some impressive credentials: they are members of the Australian Digital Commerce Association and are also officially registered with Australian Business Number- giving them even further accountability in Australia. As we’ve mentioned before, Australia is by no means lenient with their laws and regulations and merely being associated with the above two establishments gives CoinSpot some major credibility.
But let’s get down to the nitty gritty: just how safe is CoinSpot really? Well, for starters they employ the use of two factor authentication. This means that users have to verify their identities when they sign in by inputing a unique code that is on their mobile. CoinSpot also makes users verify withdrawals by clicking on a link that is emailed to you as soon you try to withdraw. This makes it exceptionally difficult for digital bank robbers and hackers to access your funds.
However, it is imperative that users take on the responsibility of keeping their login details and passwords entirely to themselves.
If you go onto the CoinSpot website, you’ll see it has all the usual disclaimers that are part of the Australia Privacy Act of 1988. Because it is in obedience to this act, you can rest assured that all your sensitive personal and financial details are in safe hands.
If you run into any trouble while on CoinSpot, don’t hesitate to contact the ever-helpful CoinSpot support staff. You can contact them directly using the email address provided on their site. They also have a chat option, provided by ZenDesk. ZenDesk are major leaders in the industry, and their facility is easy to use. This great customer service platform is used by over 200,000 companies around the world and ZenDesk are also involved in the world of Cryptocurrency. Although there have been minimal reports of delays with regards to some customer support – for the most part you can expect a detailed response to your query within a day or less.
If you feel that your issue or query may be a common one, a good idea would be to check out the many FAQs that have been answered on CoinSpot’s official website. This saves you the time of having to type out an email and then still wait for the response. By using the FAQ page, your issue could be resolved in an instant.
CoinSpot really does value their customers’ needs and opinions and this is made obvious by the fact that they allow for users to request new coins to be put onto the site. Obviously, there needs to be quite a bit of interest shown before a coin is considered. And obviously, it will need to be researched to ensure it’s not scammy. But it is still impressive that you can submit a request. If you have your own coin or token, you can contact them about adding it to the register too!
CoinSpot does not actually have a mobile app as such but the good news is that CoinSpot’s site has been designed so that it is completely mobile friendly! This handy feature allows for customers to make trades and exchanges on the go and it is compatible with most mobile devices including iOS, Windows and Android devices. It has all of the features of
the desktop version. The only thing you may find easier to do on desktop as opposed to mobile is the verification process.
While we have given you a wealth of information in this article, it’s always nice to sum things up in a pros and cons list. So here they are: the best and worst aspects about CoinSpot exchange:
From this review, we can safely say that CoinSpot is definitely not a scam but rather a fantastic exchange platform with a lot going in its favour. CoinSpot may have a few limitations and downfalls but it is the perfect platform for beginners and traders who want to keep things simple because of their straightforward navigation and simple site.
With CoinSpot you have options and options that are a significant advantage! You have options when it comes to payment and withdrawal methods, which cryptocurrencies you want to trade and if you want to do this all on your mobile or desktop. All in all we can say that CoinSpot is an excellent choice of crypto exchange platform if you are based in Australia.