Coinspot Review- The Australian cryptocurrency exchange

Started investing in cryptos when, I came across a great Aussie guy on YouTube named Beau at Cryptocurrency Australia over watching his video it got me interested at setting up a Coinspot account.

The scariest thing about setting up an account is the authentication process which is required by law for all the AU exchanges.

I had to submit a photo ID being a driving licence and hold up a piece of paper making a statement that I JOE Blogs would like to set up an account with coinspot and with my signature.

A couple of days later they rang me asking me a few questions and easy as that I was approved!

I Set up 2 FACTOR IDENTIFACTION, (which you really want set up for security reasons) and then I deposit some AU dollars using bpay via my bank account, it taken a few business days to clear.

Some points about Coinspot:

• Recently Coinspot added the ability to deposit using Blueshyft across multiple newsagents all around Australia, you can also deposit using POLI payment and BPAY.

• I have noticed Coinspot has higher prices, I think this is due to the commissions they have to pay. But you get a higher price when selling to so it balances out.

• Each coin has a corresponding monitoring graph which they added a couple of weeks ago. Handy if you like to see the highs and lows over time.

• A wide variety of alternative coins which the continually adding more. In the past few months, the exchange has added more coins such as ADEX, KOMODO, and Zcoin.

• Coinspot Affiliate Program is great where you receive a payment for customer transactions each month for the lifetime of the customer.

• Another new feature is the ability to set up buy and sell orders, a feature that is really handy. (Just in case a coin is a good price to buy or sell when you’re asleep).

Here are the coin they have with the Current date being 9 OCT 2017:

It’s easy to use in comparison with the others and I reckon it’s a good beginner’s exchange, I believe if you’re a day trader and not a long term holder this is great.

If you’re a keen as day trader sending some bitcoin and ethereum to Brittex from a Au exchange is the way to go, the reason for this is because you can’t but FIAT (Au dollars) and deposit to Brittex.

Why Brittex? they have even bigger selection of coins and if your buying and selling in satashi your able to see the exchange rates for each coin when comparing.

1 Satashi would be the 0.0000001 of a bitcoin for example.

Would be good if Coinspot accepted Alternative crypto and at the moment it only accepts the major coins.

Also they higher fees then some the other exchanges, coinspot still my favourite just because of its simplicity.

There are Independent reserve and BTCmarkets which are also Australian exchanges where you can deposit AU dollars.

https://www.coinspot.com.au?affiliate=UQPTH so if you happen to set up an account, be greatly appreciated if you sign up via my link.

I hope this is useful to anyone in the Qld and in turn Australia who’s looking getting into the crypto game!

Cheers,

https://steemit.com/@jamiebu
https://twitter.com/Cryptokoala_Aus