CoinSpot Review: Australia's Most Trusted Exchange
Summary: CoinSpot is Australia's largest exchange that offers the best investing experience for over 320 different cryptocurrencies. They are a secure and regulated platform that is trusted by over 2 million Australian's.
CoinSpot Crypto Exchange Review
Interest in cryptocurrency investing amongst Australians has risen as a quarter of its citizens invest in the rather nascent financial sector. As per Independent Reserve Cryptocurrency Index (IRCI) research, over 29% of people Down Under now own crypto. This is a 57% increase from 2020's 18.4% ownership of crypto investments.
The awareness, confidence and trust body attributes this uptake in crypto ownership to positive experiences shared by crypto investors. In addition, word of mouth amongst friends and family has played a huge role in attracting new cryptocurrency traders and investors.
One entity that has played a huge role in enhancing trust in crypto is easy to use and secure exchanges such as CoinSpot. CoinSpot is a leading Aussie exchange with top notch security features. It is also so easy to use that beginners can withdraw, deposit and purchase cryptocurrency without breaking a sweat. On top of that, CoinSpot has excellent customer support offering a Live Chat option to traders.
Who is CoinSpot?
CoinSpot is a Melbourne based cryptocurrency exchange. It is also one of the oldest cryptocurrency exchanges in the world. The veteran exchange was launched in 2013 as a BTC exchange. Its founder is Russell Wilson. Wilson has a cybersecurity and software engineering background.
He is also a well-known crypto enthusiast who is quick to engage investors on social media, promoting his business's values, such as transparency. CoinSpot is now close to a decade old, a massive cryptocurrency industry feat.
It has held its ground in the face of the massive instability, security and technological changes that the market has encountered in the last decade. It has expanded its crypto portfolio to 290+ plus assets within that period. This exchange seeks to lower the barrier of entry to crypto investments. It eases access to on-demand crypto assets amongst retail and institutional investors.
Is CoinSpot a Registered Business?
CoinSpot has an Australian business registration number. It is also licensed by the AUSTRAC, abiding by the regulator's laws and guidelines. To this end, CoinSpot users have investor protections that shield them from actions such as criminal abuse of their capital.
Every CoinSpot user has to undergo a variety of Anti-Money Laundering, and Counter-Terrorism Financing (AML/CTF) checks before using the platform. On top of that, CoinSpot is a member of Blockchain Australia.
CoinSpot has a competitive fee pricing model. POLi, PayID and Osko bank transfer deposits are free. POLi and PayID deposits are instant. BPAY and BlueShyft users will pay a 0.9% and 2.5% fee on deposits.
The CoinSpot markets transaction fee is 0.1%, while the Instant Buy & Sell feature has a 1% charge on trades.
Is CoinSpot Safe?
CoinSpot is a secure cryptocurrency exchange. Despite its long history, it has not reported any hacking incidents. In addition, it has undergone an SCI Qual International security audit and now holds an ISO 27001 standard security certification.
The ISO 27001 standard certificate is proof that CoinSpot’s information security management systems are secure, eliminating unauthorized access, modification or use for malicious intent. Beyond that, CoinSpot accounts have Two-Factor Authentication log in processes. On top of that, they have layered security features such as geo-lock log-ins and session timeout limits.
Flexible Multicoin Wallet
The CoinSpot Flexible Multicoin Wallet significantly eases the crypto purchase process. The CoinSpot system automatically assigns each identity a unique Flexible Multicoin Wallet address to store their crypto assets. In addition, the wallet will display user balances and their sell, buy and swap activities.
The Multicoin wallet accepts AUD deposits via POLi Pay, BPAY and PayID. You can also use Blueshyft to deposit cash into your CoinSpot account. CoinSpot also accepts Osko direct deposits.
CoinSpot Instant Buy & Sell
The Instant Buy & Sell interface is easy to use, designed with the beginner investor in mind. You do not need prior crypto purchase experience to swap your AUD for cryptocurrencies on the Buy & Sell feature.
Simply navigate to the window, choose the asset of your choice and click buy. The platform will route all your purchases to the Flexible Multicoin Wallet. However, the Buy & Sell feature has a higher transaction fee of around 1% per trade.
Coinswap supports crypto to crypto purchases or swaps. CoinSpot has over 330 cryptocurrencies available for swaps on its Coinswap feature. It is also a very easy to use feature, automatically showing you just how many crypto assets you can swap by calculating the balance in your wallet.
Bundles are a CoinSpot feature that packages a variety of crypto assets into one transaction to speed up and ease the crypto investments process. Use the Bundles feature to diversify your portfolio. Its most popular bundles include the Dominant Duo or ETH and BTC bundle and the Top Market Cap, which comprises ETH, BTC and BNB. Additionally, they have the Top 10 Market Cap, Bitcoin, Gold/Silver Ratio, DeFi, Green and the NFT Bundles.
Over-The-Counter (OTC) Trading Desk
The OTC counter serves large scale and institutional investors that perform high-volume transactions. It has benefits such as access to professional trading brokers, less slippage via lock-in pricing mechanisms and ease of access to assets after trade settlement.
The experienced trader will opt for the CoinSpot markets’ 0.1% transaction fee. CoinSpot markets is a trader's paradise supporting quick peer to peer trades of crypto pairs at an affordable cost. You will also access your crypto purchases at the best market prices on CoinSpot markets.
Simply make an order, set your price target, and the CoinSpot market's engine will match your order to your rate and automatically execute it on your behalf.
AUD withdrawals are free. Cryptocurrency withdrawals from the Flexible Multicoin Wallet to a different exchange's wallet or an alternative cold or hot wallet will incur standard blockchain transaction charges.
CoinSpot Mobile App
CoinSpot has an iOS and Android compatible mobile app. Use to track your trades and their prices while on the move. Their mobile app is widely regarded in Australia to be the best Crypto app in the country thanks to their slick user interface and trading tools.
CoinSpot has an impressive 4.5 rating on Trustpilot. This is after 1,671 reviews. 70% of its users rate its services as excellent. Only 5% of CoinSpot users report a negative experience on the platform. Most users give CoinSpot a five-star due to its ease of use and efficient plus prompt support.
Therefore, less crypto savvy investors can join CoinSpot with confidence that the customer support services will not leave them to flounder in the risky waters that are the cryptocurrency market. Their customer support services are available on Live Chat every weekday between 9 am and 8 pm AEDT.
You can also contact them on weekends between 9 am and 5 pm AEDT. Unlike other exchanges, CoinSpot does not direct inquiries to bots. Instead, it has human assistance in waiting, and there is no queue as well.
If you encounter a challenge during the off-hours, contact CoinSpot via Help Desk 24/7. This is a ticket system that has a 24-hour guaranteed response timeline. On top of that, the exchange has a comprehensive information centre that has lots of answers to most FAQs that a beginner might have.