Buy bitcoin and over 100 other digital currencies on this popular cryptocurrency exchange.
CoinSpot is an Australian cryptocurrency exchange where you can buy and sell bitcoin, Ether and 100 other digital currencies. Founded in 2013, the platform is accessible from multiple devices and focuses on providing a straightforward user experience for cryptocurrency buyers.
Recent upgrades in early 2018 saw CoinSpot lower its fees and also achieve compliance with Australia’s new anti-money laundering and counter-terrorism financing regulations. So, is this platform the right choice for you when buying and selling digital currencies?
To find out, let’s take a look at the features it has to offer.
Andrew Munro is the global cryptocurrency editor at Finder. After previously writing about insurance and other areas, he now covers the latest developments in digital assets and blockchain and works on Finder's comprehensive range of guides to help people understand cryptocurrency.
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider,
service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and
involve significant risks – they are highly volatile and sensitive to secondary activity. Performance
is unpredictable and past performance is no guarantee of future performance. Consider your own
circumstances, and obtain your own advice, before relying on this information. You should also verify
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have holdings in the cryptocurrencies discussed.
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.
Safe Exchange Coin
Basic Attention Token
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.
Limit raised to $20,000 per 24 hours if you have deposited at least $2,000 and 7 days have passed
BPAY deposit limit
$10,000 per 24 hours
Cash deposit limit
$8,000 per 24 hours
How fast will my funds be available?
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.
Yes, but you will not be able to deposit or withdraw any Australian dollars. A non-verified account can only use CoinSpot to trade between cryptocurrencies, which is how you can trade crypto as a Canadian trader.
Once you’ve submitted an account application, CoinSpot’s verification team will contact you via phone or email within 48 hours.
If you’ve submitted everything according to the instructions and it’s taking a while, it might just mean CoinSpot is dealing with a high volume of applications.
CoinSpot advises that you:
Don’t submit support tickets unless you’re having actual trouble with the process. Your verification might be delayed while the ticket is attended to.
Don’t call CoinSpot back if you missed a call. They’ll call you back later.
Check your email and make sure you’ve followed all steps provided. The email is email@example.com. You can add it to your contacts to make sure it’s not blocked or sent to the spam folder.
If you are able to become verified as an Australian resident, once you reach a certain AUD withdrawal threshold, you may receive an email from CoinSpot requesting extended verification. This is an extra security measure to confirm that it’s you making the withdrawal, and to double-check some details before CoinSpot sends out a large amount of money.
Global traders may find the platform’s local Australia-only access frustrating
Transaction fees higher compared to other exchanges
Frequently asked questions
The platform currently only supports withdrawals to Australian bank accounts.
CoinSpot supports cryptocurrency deposits in BTC, LTC, DOGE, ETH and more than 50 ERC20 tokens on the Ethereum network. To send these currencies to your CoinSpot account, go to each of these wallets on the platform and generate an address, before sending the relevant coins to that address.
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