It is imperative to read through the numerous cryptocurrency exchange guides and reviews before choosing any cryptocurrency exchange platform; there are hundreds of CoinSpot reviews online, making it simple to locate the best one.
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.
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What is CoinSpot?
CoinSpot is an Australian cryptocurrency exchange with its main office in Melbourne. It was established in 2013 by Russell Wilson, a well-known figure with significant experience in developing internet security software.
The platform offers a secure and trustworthy environment for trading purchasing, or offering cryptocurrencies for sale. The business has joined the Australian Digital Commerce Association (ADCA). A non-governmental organisation renowned for its unwavering dedication to offering legal protection to its registered clients.
To protect the exchange’s activities with its investors, CoinSpot is licenced by Casey Block Services Pty Ltd, ABN 19 619 574 186, and subject to strict financial sector regulation in Australia.
How Does CoinSpot Work?
The way CoinSpot operates is the same as for all other exchanges of digital currencies. It connects buyers and sellers and collects a trading fee, often known as a “spread,” in exchange for its services. Users must make a deposit into their CoinSpot account when they first sign up for an account, either by a bank transfer or by using cryptocurrency. Traders can immediately begin trading on the platform after funding their accounts.
Features of CoinSpot
The following features are available to registered users of the CoinSpot exchange:
The platform is easy to use and can accommodate the demands of both novice and seasoned investors.
‘Trading View’ charts and other sophisticated order types are available on CoinSpot.
From the extensive list of supported cryptocurrencies—more than 210 crypto coins are available at CoinSpot—traders can rapidly trade cryptocurrencies (buy, sell, or swap).
The site also permits cash deposits and deposits using fiat currencies like BPAY, POLi payments, and PayID in addition to bitcoin deposits.
The exchange has ISO accreditation for IT security and implements strong security procedures to safeguard client funds and information.
responsive customer service representatives and a traders’ over-the-phone support desk. It uses a “Affiliate programme” to pay users up to 30% in referral commissions.
Services of CoinSpot
With the following helpful features, CoinSpot outshines other cryptocurrency exchanges.
The site owns cryptocurrency assets that can be easily swapped by the registered traders, making CoinSpot one of the top fast crypto exchanges that enables traders to purchase or sell Bitcoin without effortlessly haggling its price. Additionally, it offers a second price chart for users of the desktop and mobile apps, assisting them in successfully conducting technical analysis.
CoinSpot charges a transaction fee on deposits made in fiat money, so the more traders who fund their accounts with deposits made in fiat money to buy or sell on the platform, the more money the business makes. To encourage users to recruit new users, the exchange designed an affiliate scheme.
By utilising their referral link to join, users can earn a reward of up to 30% on their trading fees through the affiliate programme. By attracting additional users and earning commission on their trading fees, users can thus lower their trading fees.
Bundles from CoinSpot are unique tools that assist traders in diversifying their bitcoin holdings. However, Trading large quantities of crypto assets in a single transaction is made possible by buying coins in bundles, which helps traders save a lot of time and money.
Deposit & Withdrawal Methods
Wire transfers are one of the deposit options available on this Australian cryptocurrency exchange. Although credit card deposits to CoinSpot crypto bank accounts are not permitted. POLi payments, PAYID payments, or immediate AUD deposits are other payment options.
The business does not charge a fee for these deposits. However, the payment service providers impose a flat fee of 0.90% on BPAY payments and a flat 2% on any cash deposits.
CoinSpot Mobile App
The CoinSpot is a fantastic mobile app that is just as user-friendly and practical as its desktop counterpart. Users can quickly and simply buy, sell, trade, and exchange supported cryptocurrencies from the CoinSpot wallet using the CoinSpot app.
On this exchange, they can also check price graphs and charts and keep an eye on their bitcoin holdings. You may quickly download and start using the CoinSpot app from the Google Playstore.
Is CoinSpot Safe to Use?
For all cryptocurrency users, whether they are novices or experts, safety and security are the most important issues. It is even more important now that new cryptocurrency scams are appearing frequently since nobody wants to fall for one. As a result, CoinSpot uses strong security measures and adheres to the security standards set forth by the International Organization for Standardization.
People feel confident when trading on CoinSpot because it is one of the biggest cryptocurrency exchanges in Australia and completely complies with all applicable financial laws. Additionally, its improved security mechanism makes it a trustworthy exchange for both experienced and novice cryptocurrency users.
Our analysis of CoinSpot leads us to the safe conclusion that it is not a fraud but rather a fantastic cryptocurrency trading platform with a lot working in its favour. You can also trade with Kraken crypto exchange. It is quite similar with Coinspot in terms of features.