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Bittrex’s bankruptcy is the latest in several other crypto exchanges or lending platforms recently filed for Chapter 11 protection, including FTX, BlockFi, Celsius, and Voyager Digital. From this review, we can safely say that CoinSpot is definitely not a scam but rather a fantastic cryptocurrency exchange 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. CoinSpot does not currently have a desktop or mobile wallet, but you are able to store your cryptocurrency on their online wallet, which you can access anytime you login. However, it is never recommended to store large amounts of crypto on any cryptocurrency exchange, even if they do have an impeccable safety history like CoinSpot does.
One of the criticisms of CoinSpot is the lack of advanced markets, such as derivatives trading. This is because they focus on a user-friendly experience for new and intermediate crypto investors. If you are an experienced trader, we suggest you look at Bybit or MEXC Global, where you will find derivatives and margin trading. When taking into account the lack of security features (such as multi-sig or cold storage of customer funds), we cannot say it is fully unsafe. However, safer options are there which are better in many other aspects.
This is where the CoinSpot exchange stands out, as it provides users with a 24/7 Live Chat support team, which can resolve most basic queries and create a more convenient trading experience for traders. Another advantage that the CoinSpot platform offers is the ability to easily and instantly purchase cryptocurrencies through the use of your credit or debit cards. There are a variety of security features that the platform uses in order to protect its users, their funds, and their data.
This feature also comes with the ability to utilise a CoinSpot Account Manager to call you and execute the trade on your behalf 7 days a week. This premium feature is definitely highly rated and recommended if you’re making bigger trades. Coinspot offers a more in-depth trading platform that has been designed to suit intermediate traders. The Coinspot “Exchange” can be accessed by clicking on the “Market” link on the top menu. BPAY and Cash deposit methods are available however come with a small cost. Unfortunately, the exchange does not provide an option to buy Bitcoin with AfterPay or PayPal, but has recently introduced support for purchasing crypto assets with a Credit/debit card.
CoinSpot’s earn function appealed and it was easy to set up, even for my SMSF. This app provides very user-friendly interface and charts for me to invest and check the price. Stay up to date with our latest exchange reviews, promotions, how-to guides and educational articles on Bitcoin, cryptocurrency & more. Users that can’t find help in the FAQ section can get in touch with the support team by using the help widget in the bottom right corner.
How To Buy Dogecoin (DOGE) In Australia
The “instant buy” feature is a great way for Aussies to quickly and easily buy Bitcoin and 380+ other crypto assets. Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications. Coinbase has not reported any cryptocurrency hacks since its inception in 2013, which is great. We do like the fact that Coinspot verifies the identity of all of its users – regardless of what payment method is used.
The design of the platform is modern, intuitive and simple to use for newbies. The process of creating an account, completing ID verification, depositing funds, selecting an asset, buying and selling and withdrawing funds is fast and easy. CoinSpot’s market order hub allows investors to purchase several digital assets with a transaction fee of just 0.1%. Unfortunately, there are only 15 trading pairs available, severely limiting the number of assets customers can buy with low fees. ‘s referral service gives its customers the opportunity to earn $10 in Bitcoin right after making their very first AUD deposit without any additional trading fees. To get that, all you need to do is share a uniquereferral code with your friends or family.
BPAY and cash deposit at a local newsagency will incur a 0.9% or 2.5% surcharge fee accordingly. Additionally, deposits made via credit or debit car incur a 2.59% fee. Coinspot withdrawals from a crypto wallet to another exchange or a hardware wallet will incur the standard blockchain network fee, which varies on the coin and network load at the time. Coinspot supports several payment methods to deposit funds into an account to buy Bitcoin. The most popular choice to deposit funds into Coinspot is via bank transfer using a direct deposit, POLi or PayID. The CoinSpot features an amazing mobile application that is as easy and useful as its desktop version.
However, you should be careful not to use the instant buy/sell feature too frequently or for large orders, as it does attract a hefty 1% fee – plus a spread. We recommend placing orders on the market/exchange, if https://forex-review.net/ possible, as the fees are 1/10th of the size. Serious traders may wish to use a different platform, as Coinspot does not offer any crypto margin trading, or derivatives features and has limited trading pairs.
CoinSpot At A Glance
Alternatively, if you use the Instant Buy/Sell/Swap service, which allows you to buy a cryptocurrency directly from Coinspot without needing to use the exchange, then you’ll pay 1%. It is best that you avoid using this feature, as a 1% trading fee is very expensive. Ultimately, if you’re a non-Australian resident and you need to deposit funds with an everyday debit/credit card or e-wallet, then you’re best off using a more inclusive exchange like Coinbase.
- Your financial situation is unique and the products and services we review may not be right for your circumstances.
- In addition to the trading fee, cryptocurrency platforms often also charge a variety of other incidental fees and charges.
- If you opt for physical cash deposits at Blueshyft newsagents, the deposit fee is up to 2.5%.
- Once the account is funded, traders can instantly start trading on the platform.
As of today, despite the introduction of smaller platforms such as Digital Surge, Swyftx, and other Australian crypto exchanges, CoinSpot Australia firmly retains its position as the clear leader in the market. The platform has over 380+ cryptocurrencies accessible for trade, multiple deposit methods and competitive trading fees for instant traders, OTC and SMSF investors. CoinSpot also has responsive 24/7 customer support, staking services, an in-platform NFT marketplace, and ISO accreditation for information security. CoinSpot has an approval rating of 4.5/5 stars on TrustPilot based on 1,872 reviews, which is quite exceptional. The exchange charges expensive trading fees for instantly buying and selling crypto – but there are no withdrawal fees when cashing out AUD to a bank account. Overall, the advantages of using CoinSpot far outweigh the disadvantages, and it’s a highly recommended crypto exchange in Australia for beginners due to its easy-to-use interface and mobile app.
Users can also view graphs, price charts, and track their crypto portfolio under one single platform. With CoinSpot, the first exchange in Australia to offer over 200 different crypto coins to buy, sell, and trade, users no longer have to worry about something going wrong within their multiple transactions. You can also speak to them instantly throughout the live chat operating hours! Moreover, the platform also has a dedicated FAQ section to help beginners with various issues like verification and login, trading and exchange, fund withdrawals etc. You can check price graphs, sell, trade, buy, transfer from the wallet, track your cryptocurrency portfolio in one place. Further, no additional fee gets incurred for the withdrawal of any token and coin.
Yes, CoinSpot is regulated by the Australian Transaction Reports and Analysis Centre incorporation with the Australian government to help to detect criminal abuse and prevent money laundering. Employs an ‘Affiliate program’ to reward users up to 30% of commissions on referrals.
CoinSpot so easy to use
Coinspot only supports deposits in AUD when it comes to fiat deposits. Users have a variety of deposit methods to choose from, including Poli, PayID, and Direct Deposits which are all free of charge. Offers a comprehensive information centre with regular articles and tutorials for newcomers and has a FAQ section to assist new investors in buying Bitcoin and other cryptocurrencies. 3) CoinSpot’s list of over 370+ different cryptocurrencies is one of the widest ranges in Australia. You will find all of the major coins, such as BTC, ETH, LTC, XRP, BNB, as well as many small altcoins that you may not even have heard of. CoinSpot also supports earningcrypto interest on 21 coins, so you can grow your investment in the long term.
On the other hand, if traders choose to use the platform’s OTC feature, then the fee that they are charged on this trade is just 0.1%. Unlike most other exchanges, CoinSpot does not charge fees based on a maker-taker structure, and all kinds of trades are charged with a flat 1% trade. Margin trading is the ability to borrow funds from the exchange and open positions, thereby giving traders the ability to open positions for higher amounts than their capital investment.
It is important to note that cryptocurrency is a highly volatile and speculative market, and there is no guarantee of profit or loss. This review is based on the author’s personal experience and research, and individual results may vary. The author is not affiliated with any of the exchanges mentioned in this review and does not receive compensation for their mention. It is recommended that readers conduct their own due diligence and consult with a financial advisor before making any investment decisions.
Instant Buy and Sell
There is a set price determined by international order books for each coin you wish to buy/sell, and CoinSpot will help you complete your transaction instantly. Fees are how crypto exchanges and platforms earn money in the end, so investors need to understand “What are CoinSpot fees? Keep reading this CoinSpot review to learn about CoinSpot trading fees, security and other features to know the answers to these questions. CoinSpot advertises “Buy and Sell more cryptocurrencies than any other exchange in Australia,” which I believe to be correct – you can see all the coins you can buy from them here. Only a small fraction of the coins you can buy on CoinSpot through their instant buy/sell feature have a market where you’d only pay a 0.1% fee .
The exchange is regularly adding new coins and projects to its marketplace. All the major features can be accessed with just the click of a button – for example, you can click the “Wallet” coinspot review tab to instantly see their portfolio. The top coin gainers for the day are shown on the platform’s landing page, which lets customers quickly buy and sell these assets after login.
You can buy an NFT straight from your account, with any cryptocurrency you like. If you want to sell an NFT, you can also do so straight from CoinSpot. We tested this out ourselves, and the buy and sell process was seamless, just as easy as if you were buying crypto from the exchange. Being an Australian exchange, the first feature worth mentioning is the ability to buy crypto with AUD.