CoinSpot is an exchange based in Australia which accepts Bitcoin, Litecon, Ethereum and many other cryptocurrencies. It has a mobile application as well. Coinspot has operated since December of 2013.CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including Bitcoin, DASH, Dogecoin, Litecoin and others. On top of that there is a mobile app which allows you to send crypto-payments on the go. CoinSpot is one of the leading Australian cryptocurrency "gateway" companies i.e. a service which allows the purchase of crypto with fiat money. They put a lot of emphasis on domestic clients.
CoinSpot is simple and easy to use. Newcomers should like that definitely. Also, for exchanges outside the home, Coinspot is mobile friendly and responsive at any device.
There aren't any reports of a massive hack, like the one experienced at Bitfinex, for CoinSpot. This is no guarantee of future security, but is still a nice sign. CoinSpot is a member of ADCA - the Australian Digital Commerce Association. This may not be a regulatory body, but it shows a long term commitment to the adoption of blockchain technology and it is viewed as a major player by its peers.
The user reviews for CoinSpot are very mixed. Some people enjoy their service, while others are dissatisfied with the verification process, the speed of bank transfers (when selling coins) and the fees. Their service is definitely not cheaper than trading coins on some of the other exchanges, but at least they are very transparent when it comes to fees.
Verification process and privacy
In order to use FIAT cash to CoinSpot it requires to complete a verification for which an user must provide one form of ID (driver’s license, Australian Learners Permits and Australian Proof of Age Cards) and proof of address. In addition the user must have an Australian phone number and be a resident in Australia, or at least live there.
As a result, CoinSpot is fully licensed in Australia. And fully complies with all KYC/AML and Austrac regulations.
Note: CoinSpot targets customers in Australia. But if you are not in Australia, you are still able to use CoinSpot to trade on. You can send in BTC & LTC and sell these coins or trade for other coins on CoinSpot You can also send the coins out of Coinspot. It is only if you wish to withdraw or deposit AUD funds from your account, you will be required to have your account verified.
Trading instruments (cryptocurrencies)
Over 30 coins are provided by CoinSpot. This is a very wide array, especially for a company which specializes in accepting fiat currencies. As a comparison, Coinbase offers only Bitcoin, Ethereum and Litecoin.
Maximum daily volume
The initial maximum daily purchase volume at CoinSpot is $2,000. This can be increased to $10,000 a week after you have hit the first cap. While the company does not exclusively mention it, these levels are probably in Australian dollars.
Leveraged trading is not supported at CoinSpot, which is quite understandable, given their targeted customers. This is simply a place from which one buys cryptocurrencies with Australian dollars.
It is worth mentioning, that if you are only looking to speculatively trade Bitcoin another type of service may be better for you.
The fee structure at CoinSpot is very clear, which is not the case with all companies who offer direct purchases of coins with fiat currencies.
CoinSpot charges between 2% (for Bitcoin) and 3% (for altcoins), when trading against the AUD and 1% for crypto to crypto trading. While the direct trading commission may be considered reasonable, 1% is high for digital asset trading. Other exchanges typically charge 0.20-0.25% for this activity.
Additionally, the company charges fees on some AUD deposits. This varies by payment method and we will cover the details below.
CoinSpot does not provide what one would typically call a trading platform. The service has a convenient dashboard, which allows you to monitor your different wallets. It looks like this:
When buying a cryptocurrency one is greeted by a simple order-entry form, which gives you an estimate of the AUD you would have to pay for the given amount of coins.
If you want to convert one coin for another, you would have to go through the sell menu. This may be a bit counter-intuitive, but it works well..
Methods of payment
When depositing fiat currencies to CoinSpot, one can choose between POLi Payments, Bpay and a “cash” option, which features going to a newsagent and using Blueshyft. The fees for making a deposit are as follows:
POLi payments – free.
BPAY payments – 2% fee.
Cash payments – 3% fee.
If you were to sell coins at CoinSpot, you would be funded via Bank Transfer. The company will not charge you anything for that, but the bank may. The actual cost and speed of the transfer will depend on the bank you use.
The overall summary of this “platform” is that it does the job. Experienced traders will not enjoy this, but newbies will enjoy the simplicity.
Supporting tons of cryptocurrencies, it allows users to trade and purchase crypto coins using a mobile application.
However, only two payment methods are available to bring funds into Coinspot. Also, verification may take some time as it’s pretty strict.
CoinSpot is an Australian cryptocurrency exchange, which allows trading against the AUD. They are a well known company, which is respected in the local Bitcoin community. The entire service is very beginner-friendly, but this comes at a cost. While the fees for fiat to crypto trading are acceptable, trading one coin for another comes at much higher rate than with other exchanges. This feels like a solid Australian entry level company, but active traders will prefer dealing with another exchange. Here is a summary: