CoinSpot cryptocurrency exchange – November 2019 review
Buy bitcoin and over 100 other digital currencies on this popular cryptocurrency exchange.
To find out, let’s take a look at the features it has to offer.
|Product Name||CoinSpot Cryptocurrency Marketplace|
|Cryptocurrencies||BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, TRX, DASH & over 120+ more|
Instant buy: 1%
Market order: 0.1%*
*Applies to BTC, XRP, LTC, DOGE, ETH, NEO, POWR, GAS
|Withdrawal Fees||None for Australian bank accounts|
- A local exchange headquartered in Australia
- Allows users to buy directly in AUD
- Low and no fee deposits and withdrawals
- User-friendly interface
- Wide selection of cryptocurrencies
- Compliant with AML/CTF laws
- Lacks advanced trading features
- Rates may vary, so it's important to check before you trade to see how much you're paying
What is CoinSpot?
CoinSpot is a cryptocurrency trading platform that allows users to buy, sell and exchange more than 100 different cryptocurrencies.
Cryptocurrencies are digital assets exchanged around the world, but getting started usually means buying with fiat currency (ie, government-issued currency like Canadian dollars).
Since CoinSpot is based in Australia, it can allow users to deposit AUD into a CoinSpot trading account, as well as to withdraw funds to an Australian bank account only. If you are a Canadian trader, you will face an exchange rate from CAD to AUD when depositing funds into your account.
As a Canadian trader, you can deposit BTC, LTC or DOGE to trade for other altcoins. Keep in mind that you won’t be able to become a verified member unless you are an Australian resident.
Which cryptocurrencies can I trade?
CoinSpot supports over 100 different crypto coins and tokens, including the world’s largest cryptocurrencies and a host of more exotic offerings. Check out the full list of supported currencies below.
Which countries is CoinSpot available in?
Currently, CoinSpot caters to the local Australian market. Cryptocurrency is a borderless technology, but exchanges like CoinSpot are still subject to local laws and regulations. This can be both an advantage and a disadvantage.
Traders who want more flexibility might prefer a service that’s not subject to Australian law, but others might enjoy the peace of mind that comes from using a compliant exchange that also offers Australian-based customer service.
As of April 2018, CoinSpot also complies with new AML-CTF (anti-money laundering and counter-terrorism financing) rules monitored by the Australian Transaction Reports and Analysis Centre (AUSTRAC). This means the platform must verify the identities of its customers, report suspicious transactions and those that exceed AUD$10,000 and keep transaction records for seven years.
Cryptocurrency regulation in Australia is subject to ongoing debate in Canberra. This is something all crypto traders should be mindful of when weighing investment risks. Nonetheless, it’s clear the Australian Government is taking a progressive attitude towards cryptocurrency and blockchain technology. Future regulation may change how cryptocurrency is purchased, traded or taxed locally but, at least for the foreseeable future, Australia looks to remain a crypto-friendly environment.
Which payment methods are accepted?
As mentioned above, you must be an Australian resident in order to buy and trade using Australian dollars. As a Canadian trader, you can only deposit BTC, LTC or DOGE, however you can trade for a huge variety of other altcoins.
Fees and charges
The exact transaction fees on CoinSpot can vary from coin to coin, but the breakdown of costs is relatively straightforward.
|Transaction type||Percentage of transaction total|
|Market orders (BTC, LTC, ETH and DOGE markets)||0.25%|
|Withdrawal of coins to a wallet outside CoinSpot||Varies*|
*This fee varies between coins, and depending on how busy that coin’s network is. This fee will typically be almost identical across most exchanges worldwide.
- Wallet transfers. CoinSpot indicates most transfers will be sent immediately, once a send action has been confirmed. However, the platform does say that this may take up to 12 hours when sending coins to a wallet outside CoinSpot. Manual approval is also sometimes required for certain wallets, so it’s important for you to keep this in mind when considering processing times.
Is CoinSpot safe to use?
CoinSpot is registered under an Australian Business Number (ABN), and is a member of the Australian Digital Commerce Association. CoinSpot also complies with Australia’s latest AML/CTF laws, which are enforced by AUSTRAC.
Australian residents are required to complete a strict verification process before they can start trading on CoinSpot. This includes providing and verifying your email address and phone number, as well as uploading a photo of your ID, a photo of yourself holding a signed statement and providing proof of your address.
CoinSpot also utilizes a two-factor authentication (2FA) system requiring users to verify their identities via their emails and cell phones. 2FA provides an extra layer of security against any viruses or attempts to hack your account
CoinSpot features a customer support service run through Zendesk, allowing you to submit support tickets whenever you need. It also offers the option for direct contact via email enquiry, and there’s a large selection of FAQs and answers available through the platform’s help section.
How do I create a CoinSpot account?
Signing up to CoinSpot is similar to most exchanges, although verification requires some additional steps compared to other services. Note that you must be an Australian resident to become a verified member.
CoinSpot verification requires you to:
- Enter your full name and current Australian address
- Provide an Australian cell phone number
- Upload a photo of your driver’s licence, learner’s permit or proof of age card to provide proof of name
- Upload a photo of a utility bill or bank statement to show proof of address
- Set up two-factor authentication
You will also need to upload a photo of yourself with a signed statement saying: “I, [Your Full Name], submit this photo to apply for a CoinSpot account to trade digital currency and my code is [Your Code number]. [Your Signature]”
Your code number can be found under the Account > Verification section, as part of the verification process.
A CoinSpot representative may also contact you on the phone number provided to ask some questions and confirm certain details.
Pros and Cons
- User-friendly interface
- Wide selection of cryptocurrencies
- Global traders may find the platform’s local Australia-only access frustrating
- Transaction fees higher compared to other exchanges