If you’re an investor looking to start trading and get involved in the ever-growing world of bitcoin and cryptocurrencies, you’ve probably heard of an Australia-based cryptocurrency exchange called Coinspot.
It has shot up recently, but like all cryptocurrency exchanges, it’s important to do research and check out the valuations before you take the plunge and start buying and selling bitcoin on the site without knowing too much about the Coinspot exchange.
The purpose of this Coinspot review is to provide you with an objective and in-depth look at the exchange and what it has to offer in terms of buying and selling crypto currency or bitcoin.
Introduction to the coin compartment
This Coinspot review will cover the basic information of crypto-currency trading. It is a cryptocurrency exchange that focuses on buying and selling various cryptocurrency coins and was opened and established in 2013 with an initial focus on buying and selling bitcoin.
Since then, Coinspot has become one of the largest and most popular bitcoin trading sites in Australia, offering a wide range of cryptocurrencies with trading features such as limit orders and margin trading.
The owner and founder of Coinspot is named Russell Wilson and is active in all the major areas that CoinSpot will benefit from, putting it at the top of cryptocurrency exchanges with faceless or passive leaders.
Getting started – Creating a Coinspot account
The Coinspot exchange makes it easy to create a Coinspot account because the process is simple and this is one of the best features that the crypto exchange offers.
The hardest part of creating a Coinspot account in the beginning is going through the verification processes. For example, if you want to get a confirmation of your Coinspot account, you will be asked for your full name, Australian mailing address, mobile phone number, government issued photo ID, etc. B. A driver’s license and utility bill as proof of residency.
Once you have gone through this person and your information is verified, you will be asked to set up a two-factor identification that will verify your email number and mobile phone number for your Coinspot account.
You shouldn’t worry about the amount of information Coinspot asks for, as most other cryptocurrency exchanges that focus on anti-money laundering and online theft prevention do, and it’s also a requirement of the Australian government.
The initial verification process may seem time-consuming, but these anti-money laundering techniques are excellent at preventing Coinspot users from falling victim to scammers or hackers, given the fantastic customer service the Coinspot support team can provide.
The verification process takes up to 48 hours on average after all relevant documents and photos are provided, although in most cases it can be completed within a few hours.
Trading cryptocurrencies on a coin market
Once you have completed the verification and identification process required by their support team on Coinspot, you can start buying and selling crypto-currencies on Coinspot. Coinspot offers a variety of crypto-currency options, so you’ll need to do some research and assessment to determine which crypto-currency you want to buy.
Buy Coinspot is available to users 24 hours a day, 7 days a week, so you can buy and sell cryptocurrencies at any time of the day. Once you have selected a crypto currency and the amount you want to buy, all you have to do is select the Buy-Sell button in the top panel and then enter the type of crypto currency you want to buy and the amount in AUD you want to buy and sell.
After entering your information, the Crypto Exchange Panel will automatically calculate the cost of the transaction. For example, if you buy A$50,000 worth of bitcoin and bitcoin is then worth about $43,964.56, you can buy 1.137279663 bitcoin tokens. It works in a different way: When you enter the number of Bitcoin coins you want to buy, the price in Australian dollars is automatically calculated and displayed.
If you are using Coinspot to buy cryptocurrencies, the wire transfer method will be the easiest way to trade cryptocurrencies as the Coinspot cryptocurrency exchange allows you to either store your funds in your account via wire transfer or withdraw cryptocurrencies as UADs to your bank account via wire transfer.
You will need to log in to your Coinspot profile each time you want to make a buy/sell transaction. Therefore, you need to make sure you remember your registered email address and the unique password you started with.
Means of payment
Earlier in this review, it was mentioned that the cryptocurrency exchange Coinspot has an easy bank transfer option to use when buying crypto-currencies. But how does it work exactly? The Coinspot crypto-currency exchange actually offers several additional payment methods for direct purchases of crypto-currency.
POLI PAY : Australia Post’s bank transfer service, POLi Pay, is a popular and reliable method of transferring money to buy cryptocurrencies, as Australians can make buy and sell transactions instantly, and deposits are made instantly, while still being paid. POLi Pay is therefore an easy-to-use transfer option that you should take advantage of.
BPAY: BPAY is an e-wallet system accepted by over 40,000 different merchants. BPAY is also a user-friendly deposit method that users can use on the Coinspot crypto-currency exchange. While they are not an instant purchase option like POLi Pay, which takes about a day to process payments, they are still more reliable payment methods you can use to get your cryptocurrency coins.
Blueshift Cash Deposit: If you are looking for your preferred ways to buy/sell crypto for cash on currency exchange, you can contact Blueshyft Cash Deposit as they have more than 1200 branches in Australia in some news, so you should have no problem finding your business. This option is easy to use because you simply deposit money in exchange for your coins.
PayID: PayID, similar to POLi Pay, is another option for instant transfer without fees, but this should depend on your bank as daily limits vary.
Direct Deposit (Osko)
If you are a user of a bank that supports OSKO, then you are in luck, because OSKO is a direct and free deposit method when you use this payment method to get your coins through Coinspot.
Although there are many other crypto-currency exchanges in the world that probably offer more payment methods than Coinspot crypto-currency exchanges, you can be sure that your money is safe at Coinspot Buy because they only use the best security features to ensure that their deposit methods are safe and secure.
Characteristics of the parts trade
Since there are many types of cryptocurrency exchanges to choose from around the world, there are a few features that make Coinspot a great exchange to buy/sell crypto-currencies. One of their main features is that they make the crypto-currency exchange extremely user-friendly for everyone and even those who are not very tech-savvy can navigate through the user interface of the Coinspot crypto-currency exchange platform to buy/sell coins.
Coinspot’s crypto-currency exchanges are exceptionally easy to use, and transaction fees on their exchanges are relatively low for both buying and selling activity. In addition, there is a wide range of cryptocurrencies available on the Coinspot exchange.
Additionally, another great aspect that Coinspot offers is customer support and customer service, which helps to ensure that the trader’s experience at Coinspot is always seamless. So Coinspot does a good job of making sure the exchange experience is smooth, unlike some competitors who make things messy and confusing.
Users who buy through Coinspot still have to decide how much digital currency they want to buy, but otherwise the process couldn’t be simpler than a direct purchase.
There will be other great features of Coinspot that we can use, such as progress monitoring.
Types of coins supported by Coinspot
Another distinguishing feature of Coinspot is the number of coins that can be traded on the platform. Although they started as a bitcoin exchange, they have grown to offer a wide range of coins including XRP, Ethereum and over 200 other coins on their platform.
So, in the Australian market, Coinspot is one of the best platforms that offer a wide range of cryptocurrencies to invest in, even new types are added almost every month.
Coinspot implements a security verification process for all new coins added to the list of coins supported by Coinspot, ensuring Coinspot is fraud-free.
Committees for spare parts trading
Coinspot charges different transaction fees depending on the type of transaction, but its transaction fees are relatively low compared to all other cryptocurrency exchanges on the market.
They are taking into account community feedback and comments and are confirming their recent actions to reduce market buying fees and BlueShyft deposits.
In short, you can expect to pay about 1% per transaction, which is certainly low if you trade bitcoin and other crypto products on the exchange.
On the marketplace, bitcoin charges with other pairs at 0.1% per transaction, but you will need to check which pairs are available, as not all pairs are set up the way you want.
Schedule of fees and commissions below
Immediate conversion from Australian dollar to Bitcoin: 1% fee
Immediate conversion from Australian dollar to Altcoin: 1% fee
Immediate conversion from Coin to Coin: 1% fee
Market trading: 0.1% Fee
So you can see that the cost of parts exchange is very competitive and affordable. You may also note that, as with any other trading platform, if your daily trading volume is high, these costs can really add up.
The section on coin values is clear and easy to understand, so you don’t have to worry too much.
Purchase and sales restrictions on parts
Coinspot does not set high limits for buy and sell transactions. The amount you can buy per day is unlimited, but Coinspot limits the number of crypto-coins you can buy and sell per transaction, for security reasons.
The maximum amount you can buy and sell per transaction is limited to AUD 100,000. Depending on the document type, there are different limits per transaction, as shown below.
As for deposits, Coinspot users with POLi Pay can set the highest deposit limit of up to $20,000 per day for 24 hours, while deposits through BPAY have a maximum of A$10,000 for the same 24 hours. For Blueshyft users, the limit is $8,000 per day.
In general, deposit limits are virtually unlimited, and large institutional or experienced traders should not feel too restricted, as Coinspot ensures that these limits are in place to ensure Coinspot control and accountability.
Buy or sell in one day: No limit per day
Buy or sell Bitcoin: $100,000 per order
Buy all other coins: $500-$25,000 per transaction, depending on market liquidity
Sell all other coins: $500-$25,000 per transaction, depending on market liquidity
Withdraw money from bank: No submission limit
POLi AUD : Up to $20,000 per 24 hours
BPay Deposit AUD : Up to $10,000 per 24-hour period
AUD Cash Deposit: $8,000 per 24-hour period
Another thing to note about Coinspot limits is that although there are no limits, Coinspot’s customer support team recommends that you contact them when it comes to large withdrawals you want to make so that Coinspot is able to process the transaction in a timely manner.
There is a rollover limit for Coinspot users who sign up in the first week, which is capped at $2000 in 24 hours. This means that once you have deposited a maximum of $2,000 on Coinspot, you will not be able to make any further deposits for 24 hours, which will reset at midnight. Once you cross the $2,000 limit, your deposit limit is increased to $20,000 every 24 hours.
Duration of operations of components
On any exchange platform, investors typically take into account the timing of a trade, as the time it takes to process a trade depends largely on the liquidity of the exchange, as well as how the system handles spikes in traffic.
Due to the volatility of the prices of cryptocurrencies like bitcoin, you don’t want to wait a few days to release funds and should expect it to happen almost immediately.
Fortunately for Coinspot users, the POLi payment method allows you to deposit funds directly into your Coinspot account, while other methods, such as the BPay payment method, take about 1-2 business days to complete the transaction.
Withdrawals from Coinspot to your bank account will take approximately 1 business day, depending on when the request is sent. If you submit a withdrawal request before 2pm, it will be processed the next day, if not, it will be processed the next day.
Foreign exchange protection
Another important factor in the choice of cryptocurrency users will be the level of safety and security of the exchange. Bitcoin and other cryptocurrency scams are becoming more common worldwide, and no one wants to be the next victim of a cryptocurrency scam.
Coinspot has been around for a long time and was first founded in 2013, the length of their existence should give Coinspot some credibility with their reputation, as well as their activity on social media and the presence of their founder, Russell Wilson.
Coinspot has some impressive track records, for example, they are a member of the Australian Digital Trade Association and are officially registered under the Australian Business Number. Coinspot also follows and adheres to the guidelines of AUSTRAC, Australia’s version of the Anti-Money Laundering and Terrorism Authority.
Australia is not a lenient country with its laws and regulations, especially when it comes to the bitcoin market. Therefore, Coinspot does everything in its power to ensure that it always respects and follows these laws and regulations in order to remain a legitimate platform and maintain its reputation.
Additionally, Coinspot uses two-factor security authentication for its user accounts. This means that all users who create an account with Coinspot must go through a verification and identification process when they log into their account by entering a unique code that is sent to their email address or mobile phone.
Another security feature is that Coinspot requires its users to verify each withdrawal by clicking on a link sent to their email each time a withdrawal request is made. This means that it will be extremely difficult for outside hackers to access your funds. However, the primary responsibility for account security should remain with the user, as all account information should remain private and never be shared with third parties.
Customer service for coin-operated machines
Coinspot has an excellent support team that is always ready to help, and the main support is provided by ZenDesk. ZenDesk is an excellent customer service platform hired by over 200,000 companies worldwide and is also in the cryptocurrency business. Although minor delays have been reported, in most cases you can expect a response to any request you make within one day or less.
Coinspot also has a unique FAQ section that can help answer the most frequently asked questions on its official website. This will save you from typing your request and waiting for the support team to reply. So if you consult the FAQ page, you may be able to solve your problem immediately.
Coinspot values the experiences and opinions of its users, as evidenced by the fact that it often collects information from users, and goes even further by allowing users to post suggestions for new cryptocurrency projects on its website.
However, Coinspot reviews such requests and must ensure that the coin in question is of some interest to the crypto community and has been vetted to ensure that it is not a scam.
Is withdrawal a game for you?
Based on this review, it is safe to say that Coinspot is one of the best exchanges in the cryptocurrency market. Although the exchange has some forms of limitations and drawbacks, overall it remains a great platform for beginners and experienced traders who prefer their cryptocurrency trading experience to be as simple and straightforward as possible.
Overall, Coinspot is a good choice if you are a trader based in Australia.
frequently asked questions
Has Coinspot ever been hacked?
CoinSpot has never been hacked in the history of its existence.
Does Coinspot have a wallet?
Unfortunately, Coinspot does not offer bitcoin or other cryptocurrency storage services directly on its site.
With over 10 years of experience as a financial analyst, Eric is well aware of the potential of cryptocurrencies, particularly bitcoin, and its impact on the global economy. He is determined to share everything he knows about cryptocurrencies here.
frequently asked questions
Is CoinSpot reliable?
Is it safe to keep coins in a safe?
Is Swyftx safe?
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