Coinspot Review – Is Coinspot Safe & Legit?
The Complete Guide to Coinspot Review (Is Coinspot Safe & Legit, Fees, Features) And How It Can Help You Make a Wise Investment Decision
It is imperative to read through the numerous cryptocurrency exchange guides and reviews before choosing any cryptocurrency exchange platform.
In order to help traders make the best decision possible, we have attempted to cover all the critical aspects of CoinSpot’s features, services, costs, registration process, etc. in this review.
There are numerous difficulties when getting started with cryptocurrencies and ecpecially beginners might feel overwhelmed which is why we examined CoinSpot in detail.
Basic Coinspot Details
Name: CoinSpot
Product Type: Australian Cryptocurrency Exchange
Established: Founded in December 2013, Melbourne Australia
Fiat Currencies Available: Australian Dollars (AUD)
Cryptocurrencies Available: Bitcoin, Ethereum, Litecoin, Ripple and 100+ other coins
Web Address: www.coinspot.com.au
Main location: Melbourne, Australia
Mobile app available: Yes
Deposit Methods: Bank transfer, OSKO, BPAY, POLi, PayID, Cryptocurrency, Cash
Trading Fees: Market order: 0.1%, Instant buy/sell: 1%, OTC: 0.1%
Deposit Fees: POLi & PayID: Free, BPAY: 0.9%, Cash: 2.5%, Direct Deposit: Free, Bank transfer: Free
Withdrawal Fees: AUD: Free, Crypto: Varies depending on the coin
Fiat Currencies: AUD
Cryptocurrencies: BTC, ETH, LTC, XRP, EOS, TRX, ADA, GRT & 360+ more
Introduction: What is Coinspot Exchange?
Coinspot is an Australian-based cryptocurrency exchange. Coinspot’s mission is to make it easy for Australians to buy and trade cryptocurrencies, whether they are beginners or experts.
It was founded in 2013 by Russell Wilson.
The company has a range of features that allow users to trade with confidence and find the best deals. on the market.
The platform offers a secure and trustworthy environment for trading (purchasing, offering for sale, or exchanging) cryptocurrencies. The business has joined the Australian Digital Commerce Association (ADCA), a non-governmental organization renowned for its unwavering dedication to offering legal protection to its registered clients.
Australia’s top cryptocurrency exchange Individuals, Super Fund investors, and businesses that have registered with CoinSpot can instantaneously buy or sell cryptocurrencies (mainly Bitcoin). Additionally, it enables people to trade on the open market by speculating on cryptocurrency prices and potentially making money.
To protect the exchange’s activities with its investors, CoinSpot is licensed by Casey Block Services Pty Ltd, ABN 19 619 574 186, and subject to strict financial sector regulation in Australia.
On 19 December 2017, Coinspot had a security breach when it was hacked by cybercriminals who stole more than $6 million in total.
The major cryptocurrencies that were stolen included Bitcoin, Ethereum, Litecoin and Ripple. As of March 2018, the company has been working with a new platform to facilitate trading but is still recovering from the hack.
The company has a range of features that allow users to trade with confidence and find the best deals on the market.
Coinspot Features: Pros & Cons
Coinspot Pros
Simple and quick sign-up procedures allow you to begin trading right away.
Easy to understand user interface.
If you’re new to the world of cryptocurrencies, CoinSpot is a wonderful place to start because it has an easy-to-use interface that makes it simple for new crypto investors to get started.
Additionally, it offers seasoned cryptocurrency traders a second price chart window that they can simply access from the Dashboard whenever they want to perform technical analysis. Both the desktop version and the CoinSpot app provide access to the feature.
$20 in Bitcoin is given when joining CoinSpot with this link.
Buy right away with AUD and pay nothing up front with PayID or a bank transfer.
360+ coins available for purchase, sale, or exchange. One of the widest selections of supported cryptocurrencies is offered by CoinSpot, which supports well over 360+ different cryptocurrencies at the moment.
CoinSpot also enables trading on PC and mobile devices. Both their Android and iOS apps, which can be downloaded from the Google Play Store or the App Store, as well as a web browser can be used to access it. For serious traders who want to fast buy and sell cryptocurrencies while monitoring market values, this is a requirement.
Earn interest on 21 cryptocurrencies.
Marketplace NFT.
Low fees for making Market Orders of merely 0.1 percent.
Registered with AUSTRAC
There are trading apps for both Android and iOS that are available 24/7.
Customer Support via Helpdesk assistance and live chat.
During business hours, CoinSpot has a Live Chat option so you may receive help right away. Live Chat is accessible Monday through Friday from 9 am to 8 pm AEDT and on weekends from 9 am to 5 pm AEDT.
You won’t have to go through a bot to determine what question you need help with because real humans are right there to answer your questions. Additionally, you won’t have to wait in line to speak with a support representative, and the team can address any issues you may have immediately.
Coinspot Cons
Even if CoinSpot has a lot going for it, there are a few things to take into account before registering: no cutting-edge choices like derivatives or leverage trading.
Payments made with credit and debit cards are not accepted.
Since CoinSpot is designed to be user-friendly, there are no complex features like derivatives or margin trading because these are geared toward experienced traders. This won’t be a problem if you’re new to cryptocurrency, but if you’re a professional trader, CoinSpot might not have enough possibilities for you.
There is no support for credit or debit cards. Although CoinSpot offers a variety of deposit options, it is sadly not feasible to use a debit or credit card to make a purchase.
If using that way is your sole choice, consider Swyftx, a comparable cryptocurrency exchange that also accepts debit and credit cards.
Coinspot Fees
It’s not bad that CoinSpot has no withdrawal fees and a modest trading charge of 0.1 percent. There are no fees associated with the most popular deposit methods (POLi, PayID, or Direct Deposit via OSKO), although there is a 2.5 percent deposit fee associated with cash deposits made at newsstands. Additionally, there is a 0.9 percent fee for BPAY deposits.
Despite the fact that trading costs are extremely cheap, there is a 1 percent fee for Instant Buy/Sell orders, Advanced Trading Orders, and CoinSwap Trade Orders (which let you buy and sell coins utilizing straightforward liquidity from one coin to any other on the network).
Coinspot Fees In Detail
Coinspot Deposit Fees
Fortunately, the most popular deposit alternatives offered by CoinSpot have no fees. Deposits made by POLi, PayID, or Direct Deposit (through OSKO) are cost-free. Cash deposits at a newsagent have a 2.5 percent deposit fee, and BPAY deposits have a 0.9 percent deposit fee.
Coinspot Transaction Fees
Here are the different CoinSpot transaction fees, and I’ll explain how they differ.
Market Trades: 0.1 percent charge – When you select a price to buy or sell your cryptocurrency, that order will be filled when another user wishes to fill it. While CoinSpot only provides 15 trading options at the time of writing, they nevertheless include the majority of the 360+ main coins. These consist of Bitcoin, Litecoin, Ethereum, XRP, Ada, Gas, NEO, and more.
Instant Buy/Sell: 1 percent charge – CoinSpot has established a price for each coin you desire to buy/sell, so you don’t have to wait for a buyer in another part of Australia. That transaction will be finished for you right away by CoinSpot. The good news is that you may buy and sell any of the 360+ cryptocurrencies that CoinSpot offers, so you don’t have to worry about price changes while you wait for your order to be filled.
OTC Trades: 0.1 percent cost – Members can use the OTC (Over-The-Counter) Trading Desk, which offers quick settlement, for high volume transactions. For transactions of $50,000 AUD or more, this choice is advised.
Advanced Trading Tools: 1% – This rate is for seasoned investors who enjoy using instruments like recurring buys, take profits, stop losses, and limit orders.
CoinSwap: 1 percent – On the platform, the ability to instantly purchase and sell coins from one coin to any other coin. There are numerous special trade pairs that are not offered on regular marketplaces.
Coinspot Withdrawal Fees
No matter how much you withdraw, there are no costs associated with sending AUD to your Australian bank account.
There is a basic transaction (mining) cost that is dependant on the coin and how busy the network is if you are sending coins to wallets outside CoinSpot. On the wallet page, the cost will be disclosed.
What Services Does Coinspot Offer
You can feel overrun by the choices with so many crypto exchanges to pick from. Here, we’ve summarized some of CoinSpot’s top offerings to demonstrate how it differs from the competition.
Instant cryptocurrency purchases with AUD are available on this Australian exchange, thus this is the first feature worth highlighting. It is simple and cost-free to add AUD to your CoinSpot account and begin purchasing cryptocurrency right now.
360+ Cryptocurrencies
By just pressing the Acquire button on CoinSpot, you may instantly buy Bitcoin or any of the other 360+ cryptocurrencies. You don’t have to wait for another trader to fill your order before your buy is made, unlike exchanges where you trade on the market. CoinSpot is able to sell goods to customers directly since it owns bitcoins.
CoinSpot supports all of the major cryptocurrencies, as you might assume, but it also offers a variety of coins that you might not discover on smaller exchanges, totaling over 360+. This doesn’t really affect you if all you intend to buy are the common coins like BTC, ETH, ADA, XRP, and BNB, but if you’re looking for a special currency you think will do well, your best chance is CoinSpot.
Coinspot Interest
CoinSpot is one of the first Australian cryptocurrency exchanges where you may earn interest on 21 different cryptocurrencies. They presently offer 21 different coins for interest possibilities, and they are constantly expanding the list. It is a great approach to increase your long-term investment portfolio’s cryptocurrency holdings.
Coinspot NFT Marketplace
NFT Marketplace: Australians will be happy to learn that CoinSpot has added an NFT Marketplace to their site. Although everyone has heard of NFTs, obtaining one has never been so simple. There is no requirement to register with OpenSea, link a wallet, and limit your purchases to ETH. With CoinSpot, you may purchase it directly from your account using any linked cryptocurrency. You can sell an NFT directly through CoinSpot if you want to.
Since it is the first and only Australian exchange to have the highly regarded ISO 27001 accreditation for information security, CoinSpot is the safest cryptocurrency exchange in Australia.
CoinSpot was required to successfully pass an external audit conducted by SCI Qual International in order to reach the ISO 27001 standard as required by the International Organization for Standardization (an accredited JAS-ANZ certification body).
Coinspot Security
The exchange’s Information Security Management procedures and practices were thoroughly examined by SCI Qual. This comprises procedures for managing digital asset storage, data about personnel, independent contractors, suppliers, clients, goods, and services, as well as intellectual property. These strict rules are intended to prevent unauthorized use of, access to, destruction of, modification of, or closure of the information management systems of the organization.
Additionally, CoinSpot adheres to industry best practices by keeping a significant portion of its assets in extremely safe offline locations.
As a user, you can customize your account with Two-Factor Authentication, personalized withdrawal limits, anti-phishing phrases, geo-lock logins, and session timeout settings to meet your needs and take control of your security. Click here for more information on CoinSpot’s security features.
Coinspot Bundles
CoinSpot Bundles can help you diversify your holdings: Because cryptocurrencies are extremely volatile trading platforms, you must exercise prudence (for instance setting up price alerts or stop-losses).
CoinSpot Bundles are a special and extremely practical service that CoinSpot provides, allowing you to buy a range of assets in a single transaction. In addition to spreading out the risk and diversifying your portfolio, it also reduces costs, saves time, and imposes an average cost over a number of coins.
My particular favorite is “Top Ten Market Cap,” which is what it says it is: the top ten largest cryptocurrencies according to market capitalization. This is a smart investment in my opinion because it spreads out the risk to lower volatility and contains all the major currencies that I like to purchase anyhow, such as BTC, ETH, BNB, and ADA. You may view all of CoinSpot’s Bundles in the picture below.
Coinspot Security And Safety
One of the most crucial factors to consider when selecting a cryptocurrency exchange is the security measures in place to protect your savings and valuables. Due to its early entry into the Australian cryptocurrency sector, CoinSpot has emerged as the most secure of all Australian platforms.
The exchange is the sole recipient of the ISO 27001 certification. CoinSpot was required to perform an external audit conducted by SCI Qual International in order to meet this standard as required by the International Organization for Standardization (an accredited JAS-ANZ certification body).
Information Security Management methods and procedures must be thoroughly investigated and regularly audited as part of the certification process. This comprises procedures for managing digital asset storage, data on personnel, independent contractors, suppliers, clients, goods, and services, as well as intellectual property. These strict rules are intended to prevent unauthorized use of, access to, destruction of, modification of, or closure of the information management systems of the organization.
With regard to security, CoinSpot is a market leader; it stores the great majority of assets in extremely safe offline locations and offers a range of customisation choices in your individual account to guard against unauthorized account access:
Even if your password is compromised, you cannot access your account without the 6-digit Authenticator code, which is updated every 30 seconds.
Your chosen anti-phishing phrase will appear each time you sign in using two-factor authentication, letting you know it’s the real CoinSpot website and not a scam site trying to steal your data and password.
You can choose any phrase for the phone verification process, and CoinSpot will be able to confirm your identity if you need to call customer service to gain access to your account.
You can enable the geo-lock login option to restrict logins to Australian IP addresses exclusively, so preventing hacking from abroad.
You can choose this option to prevent anyone from withdrawing cryptocurrency or AUD from your account. You need to get in touch with support to re-enable withdrawals.
You can choose a session timeout to determine how long it will be until you have to log in again to CoinSpot. In the case that you forget to log out of your account, this prevents unauthorized access.
How To Sign Up & How To Create An Account With Coinspot
One of the best benefits of CoinSpot is the ease with which an account can be created.
Getting validated is the element of the sign-up procedure that is the most difficult. You must give CoinSpot your full name, Australian street address, Australian mobile phone number, a photo of a form of identification, such as a driver’s license or learner’s card, in order to be validated. a picture of a utility bill as identification.
Do not be startled by the information that CoinSpot requires; this is standard procedure for all significant cryptocurrency exchanges and is mandated by Australian anti-money laundering regulations.
It may seem like a long process just to get verified, but once it’s done, it does a great job of defending the CoinSpot community against scammers and hackers, so we can definitely say it’s worth the effort – especially when you consider the fantastic services you’ll receive after your verification is complete.
After you submit all of your supporting documents and images, verification typically happens within 48 hours, though it sometimes happens far sooner.
Once this is complete, you’ll be able to log in to your CoinSpot account and start trading!
Buying And Selling On Coinspot
You can begin purchasing and selling once you’ve been properly registered and verified with CoinSpot!
There are many choices, so if you’re a beginner, you might want to learn more about Bitcoin and other cryptocurrencies before being sucked into the buying and selling of other coins.
You can do trades whenever it fits you best, day or night.
Simple steps to buy or sell include clicking Buy/Sell in the top panel, selecting your preferred coin, and entering the desired amount in either AUD or bitcoin.
The panel will automatically determine how much the coins you want to buy will cost.
It will instantly tell you how much Ethereum you can afford, for instance, if you enter $1000 AUD. With Ethereum costing $540.81 in this example, you could buy 1.79520321 ETH tokens.
It also works the other way around; if you enter the number of ETH tokens you want to buy, an automatic conversion to Australian dollars will be made for you.
Accepted Payment Methods On Coinspot
You’re ready to use CoinSpot to make your first bank transfer deposit, but how do you do that? CoinSpot offers a wide variety of payment options, so there should be something for everyone. A few of the ways to pay on CoinSpot are:
A POLi Pay:
a long-established, trusted bank transfer mechanism that is run by Australia Post and has been used by thousands of businesses and people. POLi payments are free and quickly deposited. This makes it a very advantageous choice.
BPAY:
Another distinctly Australian company, BPAY, is recognized by more than 45,000 different merchants. It is certain to be a reputable payment option when the numbers are so high. But exactly what is it? Given industry standards, the e-wallet system’s ability to process payments in a single day is fairly impressive.
Cash Deposit with Blueshyft:
Blueshyft maintains the status quo by giving you a way to deposit cash directly for your online needs, in this case CoinSpot. More than 1,200 Blueshyft locations can be found in chosen newsrooms around Australia. There is likely a branch nearby, so take that into consideration.
PayID:
PayID, another fast bank transfer deposit option offered by CoinSpot and utilizing the Australia-wide New Payments Platform, is similar to POLi Pay (NPP). Although deposits are absolutely free, you should check with your bank about the daily restrictions because they may change.
Instantaneous direct deposit using Osko:
In order to use the direct deposit method, you only need to send money using your preferred online banking service. The good news is that these bank transfer deposits are instantaneous if your bank accepts Osko. Using the direct deposit method to put money into CoinSpot is free of charge.
What Are The Best Altcoins To Buy & Sell On Coinspot
Another noteworthy aspect of CoinSpot is the sheer number of currencies and altcoins they support on their website. Originally only a Bitcoin trading platform, they have expanded to offer a huge selection of alternative coins and fiat money.
CoinSpot unquestionably offers the greatest selection on the Australian market.
They are also well-known for often adding new cryptocurrencies to the market; typically in response to requests from Facebook page visitors, several new coins or tokens are added each month.
Prior to being listed, each coin is thoroughly examined, ensuring that the exchange is devoid of dubious schemes.
The complete list of cryptocurrencies you can purchase and sell is provided below:
Coinspot Buy And Sell Limits
The buy and sell limitations on CoinSpot are fairly flexible. There are caps on the number of cryptocurrencies you can buy or sell in a single transaction, but there are no restrictions on the total amount you can purchase each day.
The most bitcoin you can buy or sell in a single transaction is $100,000 AUD.
See the table below for the transactional limits for other coins.
POLi Pay permits the greatest deposits, up to $20,000 every 24 hours, while BPAY deposits are limited to a maximum of $10,000 AUD per 24 hours, with a few minor exceptions for new accounts during the first week (see below). The maximum amount that may be deposited each day with Blueshyft is $8,000 AUD.
Even huge spenders will find the deposit amount permitted to be fairly amazing, so crypto experts shouldn’t feel too constrained by CoinSpot’s limitations. Even such limits may appear superfluous, they help maintain order and accountability on the CoinSpot network.
Although there are no restrictions, CoinSpot advises getting in touch with them before making any sizable withdrawals so they can handle them quickly.
**You have a rolling deposit limit of $2000 per 24-hour period during your first week of CoinSpot membership; if you deposit $2000, you won’t be able to deposit more money until the same time the following day. It doesn’t restart at twelve o’clock. Your deposit cap will be increased to $20,000 every 24-hour period once your total deposits hit $2000 for the first time.
Coinspot Transaction Times
When it comes to any exchange platform, transaction times are a hot topic. Since everything is done online, there shouldn’t be any need for you to wait days or even weeks for your money to clear.
Thankfully While BPay deposits typically take 1-2 business days to be in your account, the POLi payment bank transfer technology enables your funds to be in your CoinSpot account quickly.
If you request a AUD withdrawal from CoinSpot before 2pm, it will often be credited to your bank account the next day. After 2 p.m., withdrawal requests will be processed the next day.
Coinspot 2FA
According to AML standards, traders must upload scanned copies of government-issued ID documents like a passport or driver’s license that contain the full name, address, date of birth, and phone number before they may deposit or withdraw money from their CoinSpot cryptocurrency bank accounts.
A trader must also provide a selfie image of himself holding one of the IDs.
Coinspot App
The Coinspot app has been downloaded over 15,000 times from the App Store alone and it’s rated 4 stars out of 5 by its users. The app is so popular that it has the strongest response time of any Bitcoin wallet in the App Store.
Check out the Coinspot app today and find out how easy it is to buy bitcoin with a credit card. , debit card or cash.CoinSpot is the best app for bitcoin trading in Australia
It’s an easy way to buy bitcoins with your fiat currency (USD, EUR, etc).
CoinSpot has been designed by people who have experience in finance and trading , so you can be sure we’ll have you covered. At the moment, using your credit card to purchase Bitcoin is available only in Australia and New Zealand.
Coinspot Safemoon
Can You Buy Safemoon in Australia And Can You Get Safemoon on Coinspot?
Purchasing Tether (USDT) via CoinSpot, sending it to a Gate.io account, and exchanging it for the SafeMoon token are the safest ways to purchase SafeMoon in Australia.
Use this link to sign up for Gate.io and save 10% off fees when purchasing Safemoon tokens.
Unfortunately, the majority of cryptocurrency exchanges in Australia, like CoinSpot and SwyftX, do not presently allow trading of coins like SafeMoon.
This is primarily due to the token’s recent development, which may delay its listing on centralized trading platforms.
How Do I Buy Safemoon
The fastest and safest way to purchase SafeMoon in Australia is to first open an account with an Australian exchange. As Australia’s biggest and most reliable cryptocurrency exchange, Coinspot is what we advise utilizing.
To get started, adhere to the directions below:
Join CoinSpot and purchase Tether (USDT).
Register with Gate.io.
Your Gate.io account should get the USDT.
Check out the SafeMoon trading page.
USDT to SAFEMOON token exchange
Is Gate.io Trustworthy?
A trustworthy and secure cryptocurrency exchange with over 9 years of experience is Gate.io. They are among the oldest and biggest cryptocurrency exchanges in the entire world.
Instant deposits and withdrawals, spot and futures trading, leveraged ETFs, liquidity mining, and much more are all available on Gate.io.
Over 800 different coins, including Safemoon, are available with cheap fees from them.
Should I Purchase SafeMoon?
It is crucial to understand that SafeMoon is a worthless meme coin comparable to Dogecoin before purchasing it. They advertise themselves as a decentralized protocol that allows investors to get passive income.
They charge a 10% fee for each Safemoon trade, which enables investors to earn money. The 10 percent fee is then divided equally among investors, who get genuine dividend payments.
Of the 10% charge for visiting the Safemoon website, 4% is given to Safemoon token owners, and the remaining 6% is added to liquidity, burned, and added to the SafeMoon Ecosystem Growth Fund.
Alternative Platform for Decentralized Exchange
The simplest way to purchase Safemoon tokens on-chain is through an automated market maker like Uniswap or Sushiswap. When compared to other AMMs on the Ethereum network, the Uniswap (V2) pool will offer the best performance because it has the best liquidity and the least slippage.
Frequently Asked Questions (FAQ) About Coinspot
You must first instruct CoinSpot where to transfer your money (in Australian Dollars) before you may withdraw it. Simply click on “Account,” then “Bank Details,” and then enter the account number for the location of your desired payment.
Do You Have a Wallet for CoinSpot?
Although CoinSpot does not presently offer a desktop or mobile wallet, you can keep your cryptocurrency there and access it whenever you log in. Even if a cryptocurrency exchange has an impeccable safety record like CoinSpot does, it is never advised to store sizable quantities of cryptocurrency there. One of the safest solutions is an offline or hardware wallet.
How Long Do Withdrawals from CoinSpot Take?
If you withdraw money before 12 o’clock, you can anticipate having it in your bank account the next day.
Crypto withdrawals are quickly completed, but the amount of time it takes for the funds to reach the recipient’s address will vary depending on a number of variables, including network congestion. That may increse the waiting time from one minute to a couple of hours.
How Do I Send Coins?
The’send’ function on CoinSpot makes it exceedingly simple to transmit your coins to anyone in the world. Once you’ve paid for your coins, access the wallet you want to send coins from by clicking Wallets in the top menu. Click Send after you’ve opened the wallet.
Enter the amount of coins you wish to send, then enter the address you wish to send to (double checking that it is correct). Then, if you have enabled 2FA (highly recommended! ), input your code and click Send. As a security measure, CoinSpot will immediately send you an email asking for your approval to complete the transaction.
How to Withdraw from CoinSpot?
You only need to carry out the following simple procedures to withdraw AUD from CoinSpot:
Select “My Account” from the menu.
Select “Withdraw AUD” from the menu.
Enter the withdrawal amount you want to make.
Select “Withdraw Funds” from the menu.
Make sure all of your bank information is accurate.
Ensure that you have enough money in your account to cover the withdrawal as it is processed. Normally, this procedure takes one business day.
Are CoinSpot Fees High?
The fees for CoinSpot are not high. They are competitive with other exchanges and the fees depend on the type of transaction you make. For example, if you want to buy Bitcoin, then you will be charged 0.1% fee for your purchase. If you want to sell Bitcoin, then you will be charged 0.2% fee for your sale.
Is CoinSpot a Good Day Trading Platform?
Yes, the exchange does permit day trading, according to our assessment. As a result, traders are able to execute trades whenever they choose during the day and finish off all open positions on the same day.
Is Coinbase or CoinSpot Better?
Coinbase is a cryptocurrency exchange and wallet provider. It is one of the most popular exchanges in the world. Coinbase was founded in 2012 and has been operating since then.
CoinSpot is an Australian-based cryptocurrency exchange that offers trading pairs with Bitcoin, Ethereum, Litecoin, Ripple, Dash, Monero and more. It was founded in 2013 and has been operating since then.
Coinbase is a better option for beginners because it offers a simple interface for buying cryptocurrencies with fiat currency (USD). CoinSpot also offers this feature but it requires you to verify your identity first before you can buy cryptocurrencies with fiat currency.
Can You Make Money from CoinSpot?
You can make money from CoinSpot by trading cryptocurrencies. You can also make money by referring people to the platform.
How Do You Use CoinSpot for Beginners?
The first step is to create an account on CoinSpot. You can do this by clicking the “Sign Up” button in the top right corner of the screen here.
Next, you will need to verify your email address by clicking on the link in the email CoinSpot sends you.
After verifying your email address, you will be able to log into your account and start trading cryptocurrencies!
Which Nations Does CoinSpot Support?
Only Australian citizens are eligible to use CoinSpot Australia’s services. The user must only deposit money using cryptocurrency if they are located outside of Australian law.
CoinSpot Is It Governed and Legal in Australia – How Trustworthy is Coinspot?
Yes, CoinSpot is authorized by “Casey Block Services Pty Ltd” (ABN 19 619 574 186) and subject to strict Australian financial regulations. Additionally, it has memberships in AUSTRAC, Blockchain Australia, and the Australian Digital Commerce Association.
CoinSpot is a trustworthy and authorized cryptocurrency exchange. It is safe to assume that this exchange complies with all local rules and regulations given that it has obtained the ISO 27001 certification and is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Can the ATO See CoinSpot?
The ATO can see CoinSpot transactions. The ATO is able to see all the transactions that are made on CoinSpot. This is because CoinSpot is an Australian company and they have to comply with Australian tax laws.
The ATO can see all the transactions that are made on CoinSpot. This is because CoinSpot is an Australian company and they have to comply with Australian tax laws.
Do they submit reports to the ATO?
Yes. CoinSpot is obligated to disclose all bitcoin transactions to the ATO because it is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). This is so they can make sure that any earnings from cryptocurrency trading are taxed appropriately.
Can You Lose Money on CoinSpot?
You can lose money on CoinSpot if you don’t know what you’re doing. You should only invest in cryptocurrencies if you understand the risks involved.
Was CoinSpot Compromised?
It’s good to know that CoinSpot has never experienced a breach because of their strict security measures in these times when you frequently hear about foreign exchanges being compromised.
Verdict: Could You Trust Coinspot & Is Coinspot Legitimate?
One of my top choice for cryptocurrency investors who want convenience and security when trading is CoinSpot, which is rated as the finest exchange for cryptocurrencies in Australia. The principal causes are as follows:
For Australians, CoinSpot is definitely the best exchange for buying cryptocurrency. For me, it comes down to 6 main things:
1. Security: CoinSpot is clearly the most secure and trusted crypto exchange in Australia, so you can invest and trade with peace of mind.
2. User-friendly: CoinSpot has a simple interface that is easy for beginners to use, and depositing and withdrawing is free and easy. Even though the interface is simple, CoinSpot still incorporates many features that experienced traders want in a crypto exchange, such as staking on 21 coins and an NFT marketplace.
3. Customer support: This might not be something you think about when you choose a platform to trade on, but trust me. Imagine pulling your hair out trying to find contact details for an exchange because you can’t seem to deposit funds; you will wish you had the option to speak to Customer Support! I have been in that exact situation, which is why I look for Live Chat options now.
4. Platform: CoinSpot has created a very user-friendly platform that enables even complete beginners to purchase and sell any cryptocurrency they like directly from AUD. Both the desktop website and the mobile app have an easy-to-use UI. Live Chat help with a live person is a fantastic service for any new user. The last thing you need when you need help is a helpless bot or an email ticket that takes days to get a response.
5) ASIC and AUSTRAC: CoinSpot is the only Australian exchange to have earned the coveted ISO 27001 accreditation, making it the most reliable and secure cryptocurrency exchange in Australia. It has also undergone the most audits. In order to prevent money laundering and the financing of terrorism, it is registered with ASIC and AUSTRAC. It also adheres to industry best practices by keeping the great bulk of its assets in extremely secure offline locations. As opposed to other exchanges in the past, CoinSpot won’t misappropriate or steal your money.
6) 360+ Coins: The choice of cryptocurrencies available on CoinSpot, which numbers over 360, is one of the largest in Australia. All of the well-known coins, including BTC, ETH, LTC, XRP, and BNB, as well as other smaller altcoins that you may be familiar with, are unquestionably available. CoinSpot also provides staking on 21 coins, allowing you to earn income on your cryptocurrency while making long-term investments.
The lack of support for credit card deposits with CoinSpot is one of the minor issues. However, as CoinSpot provides a variety of practical and cost-free deposit options, including bank transfer, PayID, and POLi, I don’t think this is a major problem.
It is simple to understand why CoinSpot is the top exchange in Australia as it is the most reliable and secure exchange with over 2.5 million members and offers more than 360 coins.
CoinSpot provides a quick trading interface, but because it has high Instant Buy/Sell order costs of 1%, we find it difficult to recommend it as my number one choice and as one of the best cryptocurrency exchanges in Australia. I strongly advise using CoinSmart instead because of its ease of use, superior security, and affordable fees compared to other Australian crypto exchanges.
What I Really Don’t Like About Coinspot
High Fees of 1% in Comparison to Rivals
When compared to Swyftx (0.6 percent) and Digital Surge (0.1 percent), CoinSpot’s instant buy and sell fees are higher at 1 percent (0.5 percent ). Trading on the market allows you to access lesser fees; however, you can only trade 14 coins there for a fee of 0.1 percent. You can only buy it instantly for all other coins.
No Developed Markets
While experienced traders might not enjoy the lack of complex markets, CoinSpot is great for crypto newbies. You can see that CoinSpot and Binance lack some marketplaces, including as futures, margin trading, P2P, and the NFT marketplace. If you are a more seasoned trader, Binance is an excellent choice.
Better Coinspot Alternatives
Even though CoinSpot has a number of distinctive and practical features, there is one significant drawback that prohibits me from totally endorsing it: its costs.
Even though there is only a 0.1 percent cost for trading cryptocurrencies, using Instant Buy/Sell orders, advanced trading orders, and CoinSwap trading orders will dramatically lower your investment returns (especially in larger trades where you may lose thousands of Australian dollars in fees alone).
As a result, I advise considering a cryptocurrency exchange like CoinSmart.
I recommend it over CoinSpot for the following additional reasons:
#1 Lowest Prices in the Sector
The lowest trading costs of any cryptocurrency platform in Australia are offered by CoinSmart, which is 0.20 percent. And the savings mount up quickly. For example, if you trade $100,000 worth of Bitcoin in a year (buying and selling $25,000 worth twice), you’ll save $800 in trading costs compared to an exchange charging 1 percent ($200 vs. $1,000).
Spreads, or the difference between the Buy price and the Sell price, are maybe more significant than trading commissions. Due to the extremely low spreads offered by CoinSmart, day trading is possible and more money stays in your wallet.
2nd-Level Bank Security
As long as CoinSmart is in operation, at least 95% of the cryptocurrency belonging to its users is kept offline. As a safety precaution, only the most
2nd-Level Bank Security
As long as CoinSmart is in operation, at least 95% of the cryptocurrency belonging to its users is kept offline. Only the most sophisticated exchanges use this security feature, and CoinSmart is leading the way.
Additionally, CoinSmart is Australia’s first publicly traded cryptocurrency exchange, making it the target of significantly greater financial oversight than any other platform. It is subject to AUSTRAC (the Australian Financial Transactions and Report Analysis Centre) regulation, a TRUST official, and its finances are examined by outside experts at least once annually.
#3 Superior Customer Service
CoinSmart provides round-the-clock customer care via phone, live chat, and email, and its customer service representatives go above and beyond the call of duty to be helpful. They are incredibly attentive via live chat and email as well, and I’ve never had to wait more than about 60 seconds on hold.
The one time I had a problem with CoinSmart, I called them and they fixed it in less than five minutes. Remember that only registered users have access to telephone and live chat assistance, therefore the best method to contact CoinSmart with a query is to create an account.
Further Reading About Coinspot Exchange & Related Topics
How To Buy Ethereum In Australia
How To Mine Cryptonote An Alternative To Ethereum And Bitcoin
How To Mine Cryptonote An Alternative To Ethereum And Bitcoin
Threw Away 10000 Worth Litecoin
How To Setup A Dinerocoin Masternode
Further Paths & Next Steps With Coinspot & Beyond For Passive Monthly Recurring Income With Crypto Coins
1.
Open An Account at CoinSmart – My First Choice!
2.
Open An Account at Binance Australia – My Second Choice!
3.
Open An Account at Coinspot – My third Choice!
4.
Open An Account at Gate.io if you want to trade Safemoon
5.
6.
Check out the Plan by Dan Holling – This is the easiest and least risky way to make money with crypto because no matter if the market goes up or down you are making passive monthly recurring wiggle profits no matter what’s up with the bulls or the bears! Click here to watch the SECRET FREE WIGGLE HACK TRAINING THE GURUS DON’T WANT YOU TO KNOW and Discover Passive Profits With Wiggle Hack #1 Today Inside The Free Training here!
7.
More suggestions to come! I’m in the process of testing out some other programs right now and will let you know my results soon!
P.S.:
If You Are Looking To Make Some Passive Monthly Recurring Income With Your Own Online Business, here are my best proven & tested solutions that work and that I am getting results with because they apply the Ecosystem Principle and the Partner with an Expert Done for You Success Factor.
Doing business without these 2 Success Ingredients will only give you 1x results or you will fail miserably like I did in the beginning when I was ignorant about these 2 things.
Make sure to check out my suggestions below to Secure & Activate the Done for You Setup so that your 6x Gains are 100% Guaranteed! Make sure to get 6x results today – Click here!
