If you are serious about being active in the rapidly expanding world of cryptocurrency, you might have come across or heard about CoinSpot, which is an Australian cryptocurrency exchange site that has gained considerable popularity. Is it better to learn about all the other aspects of crypto currency before you dive into it and trade or exchange on a site where you do not know much about it?

Read our full review of Coinspot. We will give you unbiased and informative information about what the exchange is all about and what they have to offer.

This is basic information.

Name: CoinSpot

Product Type: Australian Cryptocurrency Exchnage

Established: Founded in December 2013, Melbourne Australia

Fiat Currencies Available: Australian Dollars (AUD)

Cryptocurrencies Available: Bitcoin, Ethereum, Litecoin, Ripple and 100+ more.

What does Coinspot mean?

Coinspot is a marketplace where individuals can easily purchase and sell many types of cryptocurrency coins and tokens. Coinspot opened its virtual doors in the first half of 2013 and started focusing on bitcoin trading.

In the years since, it has grown and evolved to become one of Australia’s most well known Bitcoin and Crypto trading sites. The services offer a wide array of cryptocurrencies, features and payment options. 

Russell Wilson, founder and director of the company. He has been actively involved in the media and on internet forums, talking about the company ever since it was founded.  The fact that the founder of Coinspot is alive represents a huge advantage for Coinspot. It puts it ahead of many other cryptocurrency exchange platforms with people who are faceless and nonexistent.

The official offices of Coinspot are listed at 114 William Street, Melbourne, Australia.

You can create an account on Coinspot.

Coinspot makes it very easy to set up an account, it is one of the best features of Coinspot.

The most difficult part of signing up for a service is getting verified. For verification you must provide Coinspot with your full name, your Australian street address, your mobile phone number, a photo of some form of identification, such as a driver’s card or learner’s card, and a photograph of a utility bill to prove you own the property.

After you have done that, you have to set up your two factor identification, which uses your email and phone number to verify that you are who you say you are.

Do not be afraid of what the others ask. The laws against money laundering by the Australian government and cryptocurrency exchanges apply to all large cryptocurrency exchanges.

What will be a long process to get verified? At the end of the day, this process serves to protect the Coinspot Community from scammers and hackers. We can definitely say that it is worth the effort, especially when you consider the fantastic services that you will receive once your verification process is completed.

The person confirming your identity is usually notified within 48 hours of submitting all the documents and photos, although in many cases that can be done within a couple of hours.

When you’ve completed all those steps, you can log into your Coinspot account and start trading!

Buying cryptocurrency in Australia is extremely easy with CoinSpot. You simply sign up to create an account, verify your account, choose your payment method (bank transfer, POLi payment or Blueshyft), and then purchase your coins.

Go to the Coinspot website right now.

This blog is for buying and selling things, on Coinspot.

After you have been officially registered and verified by Coinspot, you can purchase and sell anything. There are a myriad of options, and if you are a beginner, it would be good to do some research on bitcoin and other cryptocurrencies before you get involved with buying and selling different coins.

In addition, you can make trades during any part of the day or night, if it suits you.

It is as easy as clicking on Buy and Sell in the top panel. Simply click on the coin you wish to purchase and enter the amount of cryptocurrencies, or the amount of money in USD that you wish to spend.

The panel will automatically calculate the price of the coins that you desire to buy. 

If you enter a number, for example, $1000, the calculator will automatically calculate how much ethereum you are able to afford. As shown above, you would have purchased 1.79520321 Eth tokens if you purchased them at a cost of $540.81. 

This operation works like it works in reverse. If you enter the number of Ethereum tokens that you wish to purchase, it will calculate how much they would cost in AUD. 

buying ethereum on coinspot

It is best to have internet banking. It will be much easier for you to conduct bank transfer transactions. Either you store your funds in your Coinspot account or you can exchange your crypto funds for other currencies. You may withdraw the funds from your normal bank account anytime you want.

You must log into your Coinspot account each time you decide to buy or sell something. It is necessary to give us your email address and a unique password. You are free to buy and sell what you want.

As with all other cryptocurrency exchanges, it is recommended that you log out once you have finished trading.

What types of payment are accepted?

You are all ready to make your first bank transfer to Coinspot. However, how exactly does it work? Coinspot has a variety of payment methods available for you to choose from, so there should be something for everyone. Coinspot offers various methods of payment.

Poli pays.

There is a bank transfer method which is owned by Australia Post. It is used by thousands of businesses and individuals. All Poli payments are instantly deposited and are fee free. This indicates that this option is favorable.

BPAY:

Bpay is another Australian brand that is proudly and widely accepted by more than 45,000 different vendors. If your number is that, it is guaranteed that your payment method will be trusted. What is that exactly? This is an electronic cashier system that allows for payments to be processed within a day, which is pretty good considering industry standards.

Blueshyft requires a cash deposit.

Blueshyft is an old school platform that offers you an avenue for you to deposit cold hard cash for your online needs. The money was paid to Coinspot. Blueshyft has over 1200 branches in Australia. These branches are associated with selected news agencies. There is also the chance that a branch is right around the corner from you.

PayID:

This is a type of payment that Coinspot offers. It uses NPP, which is an emerging payment platform. The amount of money you deposit is free, but you must inquire with your bank regarding the daily limits, as they can vary. 

Direct deposit works with Osko.

You can initiate a bank transfer with your chosen online banking provider when using the direct deposit method. If your bank supports Osko, the good news is that these instant bank transfers are available. You do not need to pay any fees when depositing into Coinspot with direct deposit. 

Payment OptionFeesMaximum Daily DepositTime Until Available
POLiFreeUp to $20,000Instant
BPAY0.9%Up to $10,0000-2 Business day
Cash Deposit (BlueShyft)2.5%$8000Instant once cash is deposited
PayIDFreeVaries (check with your bank)Instant
Direct DepositFreeUnknown1-3 days (instant with Osko)

A lot of exchanges are offering more payment methods than the cryptocurrency coinspot is selling. With Coinspot, you can be certain that your money is safe. They only use the very best and most secure payment methods out there so you can be certain that your money will be secured.

What are some of the best features of Coinspot?

There are hundreds of Bitcoin and cryptocurrency exchange sites out there, so there must be something that makes CoinSpot special and unique in order for it to stand out from the crowd.
CoinSpot’s stand-out feature is the fact that their site is very simplistic – making it exceptionally user friendly and even those who are technologically impaired and new to all things Bitcoin and crypto can easily navigate their way through CoinSpot’s site.

A few of Coinspot’s best features include that it is very easy to use. There are no fees for purchasing, selling, and trading. Additionally, a large amount of altcoins and other cryptocurrencies which you can buy and sell with Australian dollars.

CoinSpot has great customer service and is a safe and secure Bitcoin and crypto exchange.
Keeping things basic has really worked in CoinSpot’s favour as the sites of its competitors are mostly cluttered, crowded and confusing.

At that point, users must decide how much they want to sell and buy on the site. It is very simple if you follow the prompts.

CoinSpot has other great features that make it very useful. But as we work our way through this review, we will learn more about those features.

What type of altcoins do you buy and sell?

Coinspot features so many currencies and altcoins on their site, which is a more prominent feature that I think is really remarkable. This website started as a Bitcoin exchange site, but in the past few years, they have expanded, and now include scores of different altcoins and currencies, for you to choose from.

If you go to the Australian market, Coinspot will surely have the best variety.

They are also known for constantly adding new cryptos to their exchange. At least two new currencies and tokens are added to the exchange each month, and it is usually at the request of the users on their Facebook page.  

Each coin is thoroughly examined before it is added to the exchange to ensure that it is free from scams.

Here is the full list of cryptocurrencies that you can buy and sell.

Here is a list of the various cryptocurrencies that are available.

XRP (Ripple)IconomiGolemBytecoin
Raiden NetworkiExecGASDigiByte
EthereumSynthetixBitcoin GoldDogecoin
Ethereum ClassicNucleus VisionAdExDash
BNBWanchainRisePeercoin
MakerWAXStellarMaidSafeCoin
UnibrightWePowerSteemFactom
WazirXSirin LabsHiveNxt
CrypteriumSyscoinEnigmaBitcoin
NumeraireOntologyBitcoin CashMonero
Streamr DATAcoinOntology GasBitcoin SVAugur
ChilizOdysseyVoyager TokenQuantstamp
Origin ProtocolThetaZcoinEinsteinium
AlgorandTheta FuelKomodoTRON
TomoChainRChainCivicICON
KavaZilliqaKyberPo.et
Fetch.aiStatusSaltVeChainThor
DecentralandAionCrypto.com (Monaco)VeThor Token
BitTorrentLoopringQtumSimple Token
HarmonyIOStokenArkDecision Token
FantomaelfGameCreditsDentCoin
SolveBancorFunFairDragonchain
Celer NetworkCindicatorSafe Exchange CoinModum
Matic NetworkRevainBasic Attention TokenAeternity
CosmosRequest NetworkStratisCanYaCoin
TezosStormXVergeAave
TaelStorjPIVXEnjin Coin
GiftoNulsTenXSingularityNET
AeronPopulousReddcoinElectroneum
Pundi XNano (RaiBlocks)MetalGold Standard
RavencoinSubstratumOMG NetworkSilver Standard
HoloNEMUSD CoinHedera Hashgraph
QuarkChainVertcoinTether USDTierion
GoChainPower LedgerLBRY CreditsDigixDAO
SkycoinZcashSiacoinFTX Token
NebulasObyteEOSREN
ChainLinkDecredNexusHorizen
SelfKeyCardanoWavesHyperCash
Elastos0xArdorBlockstack
Ripio Credit NetworkBitSharesNeoNimiq
WINGSWaltonIOTA
district0xLitecoinLisk

What are the fees for Coinspot?

There are certain fees and charges that you might encounter when you make certain transactions on Coinspot, but generally these are relatively low.

The company listened to the feedback of the users and decided to reduce the fees for instant buying, market buying, and blueshyft transactions.

If you are buying or selling something immediately expect to pay a fee of 1%, which is relatively low if we look at industry standards.

Purchase goods from the market will cost you 0.1% per transaction. However, not all of the coins are available in the market section. There are currently thirteen pairs of currencies that are trading on the market. These are BTC/AUD, LTC/AUD, DOGE/AUD, NEO/AUD, XRP/AUD, TRX/AUD, XLM/AUD, RHOC/AUD, GAS/AUD, and RFOX/AUD.

TransactionFee
Instant AUD to Bitcoin1%
Instant AUD to Altcoin1%
Instant Coin to Coin1%
Market Trading0.1%

Coinspot is a very reasonable company with fair fees.  

On Coinspot it is very easy to trade many currencies, but is transparent so you can use it and understand it. 

Go to the Coinspot website right now.

The limits are bought & sold on Coinspot.

Coinspot allows its users to buy and sell coins. They are very lenient. There are no laws concerning the amount of cryptocurrencies you may buy or sell each day. However, there are rules that govern the amount of cryptocurrencies you can buy or sell each transaction.

It is allowed to purchase bitcoin for a maximum of $100,000. 

There are other coins that have different limits per transaction – see the table below.

Details of how much you can deposit into your POLi Pay account. The smallest deposits may be placed on POLi Pay, but BPAY is allowed to deposit as much as $10,000 in the 24 hours, with some minor restrictions on new accounts in the first week (see below). If you are depositing funds through Blueshyft, you are allowed to deposit only $8,000 per day.

There are still nice amounts of deposit that can be put into the account. So even big spenders and crypto professionals should not feel restricted by what Coinspot allows them. It may seem unnecessary to have any restrictions, but it helps in ensuring that people have control over what the Coinspot platform does.

ActionLimit
Buy or Sell Per DayNo Limit Per Day
Buy or Sell Bitcoin$100,000 Per Order
Buy or Sell XLM, XTZ, DASH, ATOM, LINK, IOTA, ETC, ONT, XEM, BAT, ZEC, QTUM, VET, DOGE, ICX, OMG, ZRX, WAVES, RVN$50,000 Per Order
Buy All Other Coins$25,000 to $500 per transaction depending on market liquidity.
Sell All Other Coins$25,000 to $500 per transaction depending on market liquidity.
Withdraw to BankNo Limit*
POLi AUD DepositUp to $20,000 Per 24 Hour Period**
BPay AUD DepositUp to $10,000 Per 24 Hour Period
Cash AUD Deposit$8000 Per 24 Hour Period

Coinspot recommends you contact the company before you withdraw any funds. That way they can process your withdrawals quickly.

You are limited to a maximum of $2000 per 24 hour period during your first week of joining Coinspot. If you deposit $2000, you cannot deposit more money until the same time the next day. The time will not reset until midnight. You may withdraw $20,000 per 24 hour period when you deposit a total of $2000.

What is the period of time it takes to complete a transaction?

Transaction times are one of the main features of any exchange platform. You do not want to wait days or weeks for your funds to clear. The information should be easily available online, and the clearing should occur easily.

By using the poli payment bank transfer system you can get your funds in your coinspot account immediately. By using the bpay bank transfer system, you can get your money within 1-2 business days.

If you submit withdrawals from Coinspot to your bank account before 2pm, the funds should be in your bank account the next day. Requests to withdraw after 2 pm will be processed the following day. 

Is the coin pot safe?

Crypto users share a high concern with the security aspect. Every day bitcoin and other cryptocurrency scams appear in every part of the world and nobody wants to become the victim of one of them.

Firstly, Coinspot will give you some peace of mind. They have been around since early 2013 and have been around since that time. This alone gives them confidence. The founder Russell Wilson was a part of the group, so they have a positive reputation, active followers on social media and the presence of the group.

The people at Coinspot have some other impressive credentials, they are members of the Australian Digital Commerce Association. They are officially registered with the Australian business number. The company also follows all the guidelines set out by Austrac, an Australian regulator of money laundering and counter-terrorism funding.

The Australian laws and regulations are very strict, and the lengths that Coinspot goes to comply with these laws and regulations, in order to remain a legitimate trading platform gives Coinspot a lot of credibility.  

Coinspot uses two factor authentication. Users must make sure that they are true when they log in using a code that they have on their mobile phone. Coinspot also requires that users verify the information about their withdrawals. You can do that by clicking on the link you receive each time you attempt to withdraw money. Because of this, hackers are very difficult to obtain your money.

It is vital that users keep their login details and passwords entirely safe and not to store them anywhere, not even written on your computer.

What kind of support do customers receive?

If you have any issues while using Coinspot, you can contact the Coinspot Support Team. 

Zendesk supports Coinspot. Zendesk is one of the largest companies in the industry. It’s facility is easy to use. Zendesk, the most popular customer care platform, is used by more than 200,000 companies worldwide. Zendesk has been involved in the world of cryptocurrency. There have been few reports of delays when it comes to customer support. In most cases, you can expect to receive a detailed response to your query within one day or less.

If you feel that the issue or question that you are pursuing is a common one, you might want to consult the many FAQs that have been answered on Coinspot’s official website. Then you’ll save yourself the time of typing an email to the support team, and then waiting for someone to reply.

That is, by using the FAQ page, you may be able to resolve your issue in an instant.

Coinspot is committed to their customers’ needs and opinions and it is demonstrated by the fact that their users can request updates for cryptocurrency projects.

There is obviously a large amount of interest that must be shown before a coin is even considered. They should research all of the money to ensure it is not a scam.

If you have your own coin or token, you may contact the Register Officer to add it to the register, too.

Do you know of any Coinspot apps?

CoinSpot has recently released a mobile app that is available for both Android and iOS users. The app allows you to easily perform many of the functions featured on the desktop site, such as instant buys and sells, depositing and withdrawing funds, and having a clear view of all of your current digital assets in the wallet section. 

What are the pros and cons?

We have given you many information in this article, but it is always nice to summarize some things in a pros and cons list. What are the best and worst aspects of Coinspot Exchange?

Pros

  • Many different altcoins available to be bought and sold
  • Simple and straightforward site with easy navigation
  • Relatively low fees
  • Many different payment methods offered
  • Safe and secure site with all regulations in place
  • Reliable and helpful customer support team

Cons

  • Some people might consider the verification process to be a hassle
  • Only available in Australia
  • Transaction limitations in place for new users
  • AUD is the only accepted Fiat currency

These are common questions asked.

How can I withdraw my money from Coinspot?

You can withdraw your Australian dollars from Coinspot.com by telling them where you would like them to send them. It is as simple as clicking on the accounts, then clicking on the bank details, and then filling in the account number of the bank account to which you would like the funds to be sent.

Is Coinspot a wallet?

Coinspot does not have a desktop or mobile wallet, but you are able to store your cryptocurrency in their online wallet, which you can access at any time when you log in. I would not recommend storing large amounts of cryptocurrency on any cryptocurrency exchange, even if the exchange has a strong safety history, like Coinspot has. The most secure options are hard disks and offline wallets. 

How long does it take to withdraw funds from Coinspot?

If you withdraw money before noon that day, you can expect that the money will be in your bank account the next day. 

A withdrawal of crypto money is processed immediately, but the amount of time that it takes for the cash to reach the recipient depends on a range of factors, including network congestion. It is possible that the waiting time can range from a minute to a few hours or more. 

How do I send money from Coinspot?

Coinspot makes it extremely easy to use the ‘send’ function, which allows you to send your money to anyone in the world. After you have purchased your coins, click on the top menu and select the wallet. Open the wallet from which you will send the coins. When you have opened your wallet, click on the button that you want to send. Add the amount of coins that you would like to send and the address to which you want to send the coins, and verify that it is the correct address. Next, enter your 2FA code if you have it enabled, which is highly recommended. Click on “Send” button. You must approve the transaction in an email that CoinSpot will send to you. This security feature will confirm that you made the transaction. 

Has Coinspot ever been hacked?

It is often reported that currencies exchanged from overseas are being hacked. Coinspot guarantees that due to their strict security standards, they have never been hacked.  

Conclusion

In conclusion, we can say that Coinspot is definitely not a scam, but rather that it is a wonderful cryptocurrency exchange, and there is a lot of potential for it to succeed. Coinspot has some limitations and downfalls, but overall it is a great platform for beginners and traders who want to keep things simple because of their straightforward navigation and easy to navigate website.

Coinspot allows you to sell and buy assets which is a significant advantage. You have many options when it comes to withdrawing cryptocurrency coins and which cryptocurrencies you want to trade. If you prefer to trade these cryptocurrencies on your mobile or desktop, you will also need to select a payment method.

If you are based in Australia, then Coinspot is definitely an excellent choice for an online cryptocurrency exchange platform.