CoinSpot cryptocurrency exchange review
CoinSpot is one of Australia’s most popular cryptocurrency exchanges. The main reason it’s so popular is probably because it’s local. That means Australians can make fast exchanges, and avoid transfer and currency exchange fees to get much better value for money on CoinSpot than elsewhere.
It also lets you buy and sell more than 60 cryptocurrencies with AUD, including bitcoin, Ether, Monero, Ripple and all the other top performers.
Plus, it’s well-established. It was founded in 2013, and has long-held reputation for reliability.
It has a lot of advantages for Australians, but how do the platform fees and features compare to others in the market?
What exactly is CoinSpot?
CoinSpot is a virtual currency that uses cryptography for security. The Cryptocurrency was founded in 2013 by Russel, an Australian software engineer. The main objective of coming up with CoinSpot was to remedy key shortcomings of the previous Cryptocurrency, Bitcoin.
https://www.coinspot.com.au?affiliate=DZYBY
Since Bitcoin was established in 2008, Russel became obsessed with cryptocurrencies and wanted to help the community to understand how they work. He was particularly driven by the ability of the Bitcoin to address the shockwaves that came with the 2007–2008 economic global recession.
Initially, Russel started CoinSpot as a free online wallet that soon grew as an important shopping point for other cryptocurrencies especially Bitcoin, Litecoin, and Dogecoin. However, CoinSpot runs into problems because of strict policies from PayPal for all Cryptocurrencies especially those on Bitcoin. This prompted Russel to start working on a full blown Cryptocurrency to bring the experience from prior cryptocurrencies to the new platform and make everything better for users.
Initially, CoinSpot was run as a sole proprietorship using Russel’s IT consulting license. Today, Russel indicates they are finishing the final company structure that will be used globally.
How does CoinSpot work?
Just like other cryptocurrencies, the first step of operating with CoinSpot is signing up an account with them. The user is required to go through several authentication stages that ensure they fully understand the rules of operating with CoinSpot.
To make the process more water tight from fraudsters, CoinSpot ensures that its support staff makes a direct call for all the users. With your identity fully verified, you can now start running the account by making deposits from your Australian bank, and trading on assets of choice.
The main features of CoinSpot
The moment Russel started running CoinSpot as an independent Cryptocurrency, one thing became clear; he was working against other established giants such as Bitcoin. To make CoinSpot more attractive, CoinSpot comes with more features that make it easy to trade and achieve personal targets. Here are the main CoinSpot features.
Support for multicurrency
When compared with other cryptocurrencies, this is perhaps the most outstanding feature. The multiple currency features allow CoinSpot users to select the preferred currency to enhance personal trading efficiency. The Cryptocurrency further allows its traders to directly link with their bank accounts in top Aussie banks via the Poli system. This was a surprise pull by Russel on other bigger cryptocurrencies. If a user’s bank is in the Poli system, it means that one can easily load the CoinSpot from any place in the globe conveniently using a mobile phone.
The USB safe
While other cryptocurrencies strictly insist that their currencies can only be stored in their systems, CoinSpot operates differently. Users are allowed to store their digital currencies store in USB key with all details on saving, use, spending, and security. More people have found the USB safe a great feature because it helps them understand cryptocurrencies and start trading successfully in others such as Bitcoin and Litecoin.
https://www.coinspot.com.au?affiliate=DZYBY
Decentralized assets for users
When users join CoinSpot, they are interested in trading on coin differences. For newbies, this can be an uphill task as they try understanding the full operations of the Cryptocurrency. In fact, even pro traders at times find it difficult to run cryptocurrencies. To help users, CoinSpot provides users with the most traded assets so that they can decide whether to trade in Silver or DGEX among others.
CoinSpot is ideal for mobile users
While other cryptocurrencies have had difficulties linking their operations with mobile platforms without compromising personal security, CoinSpot allows users to operate from any place on their mobile phones. This has made it possible to trade even when away from the desktop. This is one of the reasons making CoinSpot popularity to grow very fast.
CoinSpot integrates well with top e-commerce systems
While other cryptocurrencies insist so much on secrecy and rarely want to get integrated with other systems that can identify clients, CoinSpot can be used for online shopping without compromising users’ security.
A highly effective funds management system
When trading in cryptocurrencies, just like ordinary shares, it is prudent to have the right funds management. CoinSpot helps users to track their operations, habits and even spending so that they can maintain absolute control of their accounts.
Main disadvantages of using CoinSpot
You are not allowed to receive cash outside the recommended wallets
Limitations on the movement of cash to a few online wallets particularly Poli requires users to follow very lengthy procedures that end up being very expensive. Note that CoinSpot limitations are only on cash getting in and not moving funds outside the system.
CoinSpot operates as a private business as opposed to a registered company
The founder of CoinSpot indicates that they are still working on the structures that should be used to run the Cryptocurrency. This has created fears about the legitimacy of the operations and even scared some of the people interested in joining its system.
https://www.coinspot.com.au?affiliate=DZYBY
There is great limitation on cryptocurrencies one can trade in
When users join CoinSpot, the target is being able to trade in top currencies. Though CoinSpot allows users to trade on some currencies, they charge a premium for top ones such as BitCoin. This fee has been a great discouragement that at times even scares traders away.
Security, Software Info and Is Coinspot safe to buy from?
100%. I’ve been buying most of my crypto from Coinspot and haven’t had any problems. CoinSpot operates in a stable regulatory environment with bank level security.
How fast will my funds be available?
Wallet transfers. CoinSpot indicates most transfers will be sent immediately, once a send action has been confirmed. However, the platform does say that this may take up to 12 hours when sending coins to a wallet outside CoinSpot. Manual approval is also sometimes required for certain wallets, so it’s important for you to keep this in mind when considering processing times.
Withdrawals to AUD. All withdrawals from CoinSpot are processed within 3 business days of the withdrawal request being received. Once the request has been processed, the transfer then depends upon standard domestic processing times.
These limits are in place because CoinSpot is bound by Australian financial regulations. Due to Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act, and the present debate surrounding crypto regulation, it’s possible that the rules surrounding daily limits may change in future.
Is CoinSpot safe?
CoinSpot is registered under an Australian Business Number (ABN), and is a member of the Australian Digital Commerce Association. These two factors are strong starting points when you’re assessing CoinSpot’s approach to privacy and security on their exchange.
CoinSpot utilises a two-factor authentication (2FA) system requiring users to verify their identities via their emails and mobile phones. 2FA provides an extra layer of security against any viruses or attempts to hack. It also helps to decrease risk of identity theft or other traders using a false persona to trade with on the platform.
In addition, CoinSpot operates in adherence to Australia’s Privacy Act 1988. The terms of use contain the standard disclaimers you see in many exchanges of this kind — that you must not engage in illegal activity, and if you do your information may then be made available to authorities. Other than that, CoinSpot terms offer privacy for users.
Customer support
CoinSpot features a customer support service run off the industry standard, Zendesk. It also offers the option for direct contact via email enquiry. In keeping with its user friendly approach, CoinSpot ticks the boxes in this regard for offering a help section and clear channel of communication when needed, although some users have reported delayed response times.
https://www.coinspot.com.au?affiliate=DZYBY
How do I create a CoinSpot account?
Signing up to CoinSpot is similar to most exchanges, although verification requires some additional steps compared to other services.
CoinSpot verification requires you to:
Enter your full name and current Australian address
Provide an Australian mobile phone number
Upload a photo of your driver’s licence, learner’s permit or proof of age card to provide proof of name.
Upload a photo of a utility bill or the back of your driver’s license to show proof of address
Set up two factor authentication
You will also need to upload a photo of yourself with a signed statement saying: “I, [Your Full Name], submit this photo to apply for a CoinSpot account to trade digital currency and my code is [Your Code number]. [Your Signature]”
Your code number can be found under the Account > Verification section, as part of the verification process.
A CoinSpot representative will also contact you on the phone number provided to ask some questions and ask you to confirm certain details.
Click here to sign up for your free CoinSpot account
Pros and Cons
Pros
A local exchange headquartered in Australia
Allows users to buy directly in AUD
Direct deposits available via bank account, BPAY and POLi
User-friendly interface
Wide selection of cryptocurrencies
Cons
Global traders may find the platform’s local Australia-only access frustrating
Transaction fees higher compared to other exchanges
Transaction speeds may be too slow for daily traders long term