Why a Coinspot Review? We all use money every day. But we rarely appreciate its power, influence, and its flaws. It’s a tool that has been at the centre of human progress, and as we build bigger and tackle complex problems, we’re going to need the best tools available.
Today, we all live in an interdependent and interconnected global economic world where every individual (as a person, state, country) must trade with others to make money. Everyone is doing their part and contributing to the $107.5 trillion (PPP) global economy.
Regrettably, our economy, currency, and money are controlled by governments and Banks where individuals like you and me have no-say.
To bring individuals their right to control their money while maintaining utmost privacy, we needed a global decentralized digital currency – cryptocurrency. It’s going to be a great democratizing force for the world because it’s going to level the playing field and allow anybody with a cell phone to access financial services.
Today there are around 2298 digital currencies in circulation with market capital worth $304 billion with Bitcoin being the original and go-to leader in the space. With a rise in cryptocurrencies, there has been a significant rise in cryptocurrency exchange or digital currency exchange (DCE) and today I am going to review CoinSpot, a prominent name in this field.
CoinSpot is an online cryptocurrency exchange that supports the buying, selling and trading website. Designed from the ground up to support new users and make it easy to access a wide variety of cryptocurrencies.
What is Coinspot exactly?
Founded in early 2013 by an Australian man named Russell Wilson, CoinSpot was created to initially focus around the largest cryptocurrency, Bitcoin. Since then the exchange has allowed its users to trade between more than 100 online virtual currencies with many different ways of payment.
We understand that much of the information mentioned above can be scary for beginners, especially when money is involved, so we will go into detail with every aspect broken down.
CoinSpot is an Australian cryptocurrency trading platform founded by Russell Wilson. Since its inception in Melbourne in 2013, it has emerged to become the most reliable and popular crypto-exchange system in Australia. Also, it has grown from three employees to over 20 full-time employees. As at present, the company is not registered with any official Australian exchange system as the legislative process is ongoing. Nevertheless, CoinSpot is a member of the Australian Digital Commerce Association. You should note that ADCA is not a regulatory body in Australia, but many views it as a prominent player in the cryptocurrency space.
Currently, CoinSpot offers its users support for several portfolios, which makes it a very favourable platform for its next competitor, CoinTree. They also have their own official app for both Android and iOS devices that allows users to exchange cryptocurrency directly from the device.
Unlike most other crypto trading sites with almost non-existent owners, CoinSpot’s founder Russell Wilson has been actively participating in community forums, events and also appeared as a guest speaker in several newscasts. Because of his relentless work and expertise in this field, individuals in Australia have started to gain confidence in his cryptocurrency exchange website.
What are Cryptocurrencies?
For simplicity sake, we’re going to explain what is cryptocurrency before we talk about how CoinSpot comes into all of this. Since 1971 America stopped using gold to back their currencies along with many other countries, so how do we base what a currency is worth without basing it off something physical? Easy, you don’t. The only reason a strong currency such as the USD is worth what it is because everyone agrees it’s worth that much.
This is exactly the same thought process behind cryptocurrencies. While this does create an opportunity for drastic instability there are also many benefits to using currencies that aren’t run by a centralised authority. These benefits include:
- It is all digital with built-in cryptographic protocols, making transactions some of the most secure types.
- It is not controlled by any central authority. Meaning no one government has the ability to control or interfere with its value.
- Just like PayPal is easier than putting your entire bank details in, cryptocurrencies make it easy and secure to transfer ‘coins’ from exchanges to wallets.
While cryptocurrencies dodge the need for exchange charges and transfer fees like most banks and institutions, most people expect and do pay a fee as they find it easier to use a third party exchange such as CoinSpot.
Trading conditions on CoinSpot
Daily volume cap
The maximum daily purchase you are allowed to make on this platform is AU$2000. This limit can be increased to A$10,000 as soon as you reach the first limit. As soon as you try to trade above AU$2000, you will receive a notification from CoinSpot informing you that your daily cap has been increased.
At the time of writing, CoinSpot allows users to exchange 30 distant digital coins and includes Bitcoin, Zcash, Cardano, etc. Considering the different trading possibilities, you have with CoinSpot; makes it a more favourable trading platform than most local and globally recognized platforms such as CoinBase, CEX, etc.
Unfortunately, leverage trading is not allowed on this platform and makes sense considering as it allows its users to purchase crypto currencies only with Australian dollars.
CoinSpot has one of the most detailed, most accessible and “human-readable” official fee structure I have ever read in any crypto trading site. If you are planning to trade digital coins from this platform, you will be charged anywhere between 2% to 3% where 2% is for bitcoins, and 3% is for altcoins. Do remember that these charges are applicable when you are trading against the Australian dollar. You will be charged 1% when you are trading for a digital currency with another digital currency.
One noticeable difference between CoinSpot and most of its competitor is its higher trading commission rate. CoinSpot will charge you 1% for trading commission whereas most other sites charge anywhere between 0.22 0.25%.
Is CoinSpot Safe?
There are two ways to ask the question, is CoinSpot safe? Firstly, is CoinSpot trustworthy? Meaning will the company just shut up shop and take my cryptocurrency with it?. While nothing is physically stopping the owner from just coming along and pulling the switches from the server to shut them down, the same would be true for large companies such as Amazon and Apple. It’s just not going to happen as this isn’t a faceless organisation and Australia has very strict laws that CoinSpot must abide by if it wants to remain a legitimate major company.
The second and more commonly asked version is, is CoinSpot safe from a cyber attack? The short answer is, no. There is always a cat and mouse game being played by cybersecurity and hackers, trying to see who can crack or defend the system better. The long answer is, while it is technically possible to bypass the many (And we mean many) security systems in place it would require an attacker to have a never before seen computer capable of hacking into the secure network. The easier way to gain access to your cryptocurrencies is to work the human angle and try to find passwords through human error.
Thankfully CoinSpot has already taken this into consideration and supports 2-factor authentication and requires a password that can’t be brute-forced. With all of this taken into account, it makes it stupendicially difficult for a hacker to gain access to your account.
Methods of payment
There are three main ways of payment with Coinspot, thankfully each of these methods are both safe are reasonably quick.
I can understand you are excited to try this new platform but to make any trade; you will first need some amount in your wallet. CoinSpot, as a reputable platform, understands everyone’s needs, and so they offer multiple payment options:
- Blueshyft Cash Deposit
Blueshyft is a reliable in-store payment gateway for all types of digital services. As of now, they have more than 1300 branches all across Australia, so there is an excellent chance of finding one of their offices somewhere near your locality. What’s great about Blueshyft is its old-school method of receiving and sending money that is accepting hard cash so that you can expand it for any of your online needs, which in this case is CoinSpot.
Blueshyft charges 2% on your deposit amount, and there is a maximum daily deposit limit of $8000. Furthermore, once your amount is deposited, it is made available instantly for you to use it for any online purpose.
It’s an electronic bill payment system based in Australia that allows you to make online transactions to any organization that is registered to its billers platform.
It has a maximum daily deposit limit of AU$10,000 and charges 0.9% on any deposit you make. Furthermore, it may take up to three days for it to process your deposit amount, and only then you will be able to use them for your online use.
It’s another online payment processing company based in Melbourne, Australia. As of now, it’s a subsidiary of Australia post and offers a platform for both merchants and consumers to receive and make online payments.
POLi has a daily deposit limit of AU$10,000 and astonishingly charges 0% on deposits.
- BPAY: A quick and secure method of payment used by many people and vendors ranging from the Australian DOT Direct to SportsBet. So why use BPAY instead of traditional method of payment such as a credit card? It offers further security and usually process’ payments faster than direct bank transfer.
- POLi Pay: This method is owned by Australia Post and is used by many big companies such as Virgin Australia and Microsoft. The two main benefits are that its free to use and offers a quick transaction.
- Blueshyft: While you can choose to use cash or card payment when going through Blueshyft, were going to assume you would use their cash service as the other two (Mentioned above) are better online card/ bank options. With over 1,000 store options Australia wide Blueshyft makes it easy to deposit physical cash into an online account to spend.
How do I withdraw money from coinspot?
It’s very simple to withdraw money (AUD) from your CoinSpot account. There are 3 simple steps to do this, first you will need to go into dashboard. Then you will need to click ‘withdraw AUD’, finally it will then ask you to put the amount of money you would like to remove into you bank account that would have been preset when starting an account with them.
CoinSpot deposit and withdrawal limits
As listed below, there are no limits to the amount of money you move around per day when buying and selling during a day, however, there are limits to how much you can do per transaction. Such as (Listed Below) bitcoin has the highest amount you can transfer each time at $100,000.
|Buy & Sell (24 Hours)||No Limitation|
|Deposit (POLi)||$10,000 (Every 24 Hour Period)|
|Deposit (BPay)||$10,000 (Each Day)|
|Deposit (Blueshyft)||$8,000 (Each Day)|
|Buy/ Sell Bitcoin||$100,000 Per Transaction|
|Buy/ Sell ETH, LTC, EOS, XRP, BCC||$50,000 Per Transaction|
|Buy (All Other Coins)||$20,000 Per Transaction|
|Sell (All Other Coins)||$5,000 Per Transaction|
It’s good to know that there is no limit to how much you can withdraw to your bank account, so if you decided to take everything out right now you are able to start the process. Something to remember however is that banks can take upwards of 3 days to move the money into your account so it won’t be instant.
Another limitation that CoinSpot has is that for the first 7 days of creating your account you will not be able to deposit more than $2,000 into your account. Once your total deposits have reached over $2,000 then the daily limit will be increased to $10,000. Note that the so-called ‘daily limit’ does not reset at a certain time but 24 hours after you have reached the limit.
What are the fees
While it’s great that CoinSpot is very user friendly and supports an almost ludacris amount of coins, the downside starts with the higher than average fees. To start off the fees begin when you first deposit money into your CoinSpot account.
Once you money is in your CoinSpot account there are relatively small fees in relation to other exchanges that are out there. These include a 1% instant buy and sell fee, market orders fee of 0.1% and a wallet transfer fee if you want to move your coins to a different online wallet. These fees are calculated based on the time (how many people are also doing it), coin type (How complex the coin is) and miners fee.
What CryptoCurrencies does CoinSpot Support?
The amount of coins you are able to buy and sell on CoinSpot really feels endless, from Bitcoin (With a market cap of $264.8B) all the way down to Ontology Gas (With a market cap of $274K). The benefit of having such a wide array of choice when it comes to what currency you want to buy and sell means if you see an opportunity to turn a profit you’re able to quickly and easily make that move.
Top Features of CoinSpot
If you are new to crypto trending, you will be surprised to see how complex it is to understand the stats displayed on your dashboard. Unless you are truly familiar with trading, you will find it challenging to understand the lows and highs, past statistics and future predictions, etc. Thankfully, CoinSpot is not like most of its competitors. Its dashboard is clutter-free, and you get to see the live status of the cryptocurrency you choose from the drop-down menu.
Easy signup and instant account setup can be considered as its second biggest advantage. Most “international” people trading platforms takes around three days to even weeks to verify your documents, your credentials and to verify your account and only then you can make deposits and use their platform to buy and sell digital currencies.
Outstanding customer support with best in class security features is its third important feature. Unlike most other competitors where you will have to wait days for any reply to your questions, CoinSpot’s representatives reply within 24 hours. Furthermore, they use ZenDesk, which makes it easy for both you and CoinSpot’s support team ask, track, and answer any questions related to the platform or cryptocurrency.
Just like there are many different cryptocurrencies to choose form and wallets to put them into, there are also hundreds of exchanges to choose from. So what makes CoinSpot stand out from the crowd? Well to start off for what has been said before, we can’t stress enough how user friendly CoinSpot really is. From signing up to withdrawing money it is beginner friendly with a clean UI and instructions to follow.
This leads us onto our second top feature CoinSpot offers, if you aren’t able to work out their site or have gotten stuck and need some help the support team are ready to help with any questions you might have about further understanding what they offer. This is what really allows them to stand out from the crowd especially as cryptocurrencies are growing among the general population there needs to be a business willing to become customer centric and CoinSpot has filled that gap.
How to use CoinSpot
While it’s probably not necessary to talk you through the process of how to use CoinSpot as they offer a very comprehensive user interface, it’s important to allow you to understand what everyone else sees to help compare to other exchanges.
Getting started is quick and easy requiring only 2 bits of information; An email a password.
Once you have logged in, it will take you to the dashboard. This is your most useful screen as it has a generalised overview of your account information. So now that you have made your account it’s important to verify all of your account details (This can be found under the “Verification” tab in the dropdown menu at the top right of the dashboard).
Now you’re really on your way to buying/ selling and trading cryptocurrencies with CoinSpot. A tool you will find very useful is under the “Markets” tab, this will allow you to use a graph to better understand the markets movement sin your specific currency of choice.
Now that you have decided what cryptocurrency you would like to buy, all you need to do is go to the buy/sell option on the top right of your dashboard and select ‘Buy’ and it should come up with a screen such as this:
The same style of screen will appear if you then decide to sell your currencies.
Now it’s time to withdraw the money from your online CoinSpot account, remember there is no limit to the amount of money you want to withdraw so feel free to move it all around!
To find where to withdraw your money just go to the dashboard and at the middle left of the screen next to ‘deposit AUD’ there will be a ‘Withdraw AUD’. All you need to do is ensure your bank details are up to date and with 2 more clicks you can withdraw straight into your bank account.
How Much Does CoinSpot Cost?
So I’m sure you’re wondering just what are all the costs involved with all of this. Well the good news is, CoinSpot pride themselves with full transparency, no hidden fees or sly text written at the bottom of a contract. As stated above, the fees through the transactions you make are how CoinSpot as a business operates and makes their money. There is NO subscription fee and no extra charges if you need to use their support team.
Is there a Coinspot bonus or coupon
Of Course! CoinSpot, just like many online business’ these days, use and encourage people within the community to help grow said community through positive word of mouth without having to use edgy marketing tactics and expensive sales teams. In doing so they have an affiliate program where they offer those who have signed up 30% of ALL net fees they collect. Sadly it’s not all sunshine and rainbows as this number slowly decreases over a 3 year period therefore creating incentive to keep you on your toes and earning that commission.
This article is actually based off the CoinSpot FAQ on their website as we feel all the information that needs to be covered is the most common questions people have about the website. However here are a few extra ones we feel would be good to cover:
- Is CoinSpot registered with AUSTRAC?
Yes, as of April 2018 CoinSpot has been abiding by the new Australian laws in relation to online currency trading.
- How do I contact the CoinSpot support team?
Thankfully this is an easy one, while on the dashboard or working around the website there is a ‘Support’ button at the bottom right of the window that you can press to help you on your way to finding the support team.
- Is there a CoinSpot Mobile app?
Currently there is no mobile app for either apple or android devices, however, the website has been designed to run seemsly on your phone’s internet browser so it shouldn’t be an issue.
What are the CoinSpot Alternatives
There are seriously many different cryptocurrency exchanges out there on the market in 2019 and it would be pointless to just list them off. So we have gone through the list and will provide the top 4 alternatives that offer the same level of comprehensive trading and quality UI.
- eToro is a US based cryptocurrency trader that offers a variety of deposit method that outranks CoinSpot as they include Paypal, credit and debit cards. This opens their website up to many more potential users but then limits them again with the much smaller cryptocurrency pool.
- Uphold is another main contender in the cryptocurrency exchange market as is would be classed as the jack of all trades. It allows its users to provide a deposit through debit and credit cards in many different currencies ranging from USD to EUR. But just like many other trending exchanges it only offers the top handful of cryptocurrencies.
- Coinjar is another Australian based crypto exchange and takes the same payment styles of Coinspot while only offering around 5 of the main cryptocurrencies. The benefit here is in the fees, if you know what you’re doing and don’t need to be shown the way then this helps ensure they every percentage counts.
- BCBitcoin is another solid contender when it comes to having access to many cryptocurrencies to choose from. The other added benefit this UK based company allows is a moderate amount of currencies to work with such as JPY, AUD, CAD & USD.
What Are the Pros of CoinSpot
Thankfully the pros list will easily be longer than the cons as CoinSpot really has found a niche area of the cryptocurrency market and hit the ball out of the park. Here is the list we feel you should know:
- Very easy to use online interface with straightforward signup, deposit, buy/sell and withdraw,
- Friendly and helpful support team that are happy to assist with any problem that comes their way,
- One of the largest cryptocurrency choices any exchange has to offer,
- Quick transfer and lodging speeds,
- Security is the number 1 priority.
What are the Cons of CoinSpot
Now that we have covered the pros, it wouldn’t be a proper list without the cons:
- Slightly higher than industry average fees,
- Security checks and dual authentication can be slightly annoying in a justifiable way,
- Only available in Australian fiat currency.
Final CoinSpot Review Verdict
We have come to the end of our Coinspot Review. We have been researching and understand cryptocurrencies and blockchain since it first took the internet by storm in 2013 and especially in 2017 during the Bitcoin bubble. In doing so we have researched and tried and tested a variety of options out there to help our trading and we feel it has taught us enough to give you the low down on CoinSpot.
While we can’t stress enough how easy they have made the UI sometimes all it comes down to is the money. So for those who classify themselves as veteran traders and know the system inside and out along with the slang then we wouldn’t recommend CoinSpot as all you really need is an exchange and wallet of your choice to make it work.
However, if you are new and just starting out in the world of cryptocurrencies and are in any way worried about not fully understanding how everything works then we highly suggest digging in for the long run and going with CoinSpot to make money over time.
CoinSpot is undoubtedly a fantastic trading platform where you can sell and buy more than 30 digital currencies while paying relatively lower fees than most other competing platforms.
In short, CoinSpot should be your choice if you are looking for an excellent crypto exchange platform that offers you professional customer service and high-level security. Think we missed something in our Coinspot Review? Leave a comment below. We would love to hear from you!
Coinspot Review: Is It Australias Best Crypto Exchange?
Why a Coinspot Review? We all use money every day. But we rarely appreciate its power, influence, and its flaws. It's a tool that has been at the centre of human progress, and as we build bigger and tackle complex problems, we're going to need the best tools available.