CoinSpot Review: Scam or Not?
CoinSpot is an Australian crypto exchange which was established in 2013 by Russel Wilson.
They are a top Australian entry-level crypto exchange as they support the purchase of cryptocurrency directly with fiat currency.
The exchange is a member of ADCA – the Australian Digital Commerce Association. It should be noted that ADCA is not a regulatory authority.
CoinSpot is more focused on the local Australian market, but users from other countries are also able to use the service depending on their region’s laws and regulations. US-based users cannot register and use the exchange’s services.
The exchange supports only one fiat currency, the Australian dollar(AUD).
When it comes to its trading platform, CoinSpot does not have a regular exchange interface. The dashboard is convenient and simple, allowing the user to track its different wallets.
The charting is very basic, as well as the order-entry form which appears when you want to make a transaction. The platform is suitable for novice traders, but advanced investors should look for something else.
CoinSpot does not have a mobile version, but the site has been developed to be compatible with mobile devices.
Coinspot claims that all user funds are kept in escrow and that they are frequently audited by third-party data centers. The exchange also implements a multi-factor identification process.
In addition to its ADCCA membership, CoinSpot is also compliant with AUSTRAC, the Australian financing regulator for counter-terrorism, anti-money, and anti-laundering.
Australian residents have to go through a strict verification process before they are able to trade on CoinSpot. They have to provide a valid email address and phone number, which will then be verified, and afterwards, they have to submit a photo of their ID, and a photo of them holding a signed statement and a document that provides proof of address.
CoinSpot also has in place a 2-factor authentication (2FA) system through which users sign off on transactions via their smartphones. Users also have to verify withdrawals by clicking on a link which is emailed each time you attempt a withdrawal.
The fees for purchasing coins from the market section are 0.25% per transaction. In the market section, there are currently six coins which can be purchased with fiat: BTC/AUD, LTC/AUD, ETH/AUD, DOGE/AUD, NEO/AUD, and POWR/AUD.
CoinSpot also has a feature which allows you to perform instant buys or sells. The instant buy & sell feature has a fee of 1%. The fee applies to instant AUD to crypto transactions as well as crypto-to-crypto transactions.
CoinSPot has not set any limits to how much you can buy or sell per day, but there are limits imposed per transaction.
The maximum amount you can buy or sell in a Bitcoin transaction is of $100,000 AUD.
Deposits made in cash or through BPAY have a maximum limit of $10,000 AUD for every 24 hours, with certain restrictions for new users for the first week of their registration. Blueshyft deposits are restricted to an amount of $8,000 AUD per day.
- Buy or Sell Per Day: No Limit Per Day
- Buy or Sell Bitcoin: $100,000 Per Order
- Buy or Sell ETH, XRP, BCC, EOS, LTC: $50,000 Per Order
- Buy All Other Coins: $20,000 Per Order
- Sell All Other Coins: $5000 Per Order
- Withdraw to Bank: No Limit*
- POLi AUD Deposit: $10,000 Per 24 Hour Period**
- BPay AUD Deposit: $10,000 Per Day
- Cash AUD Deposit: $8000 Per Day
CoinSpot accepts fiat deposits through POLi Payments, Bpay and a “cash” option that involves using Blueshyft through a newsagent. Below are the fees for the three payment options:
- POLi payments – free.
- BPAY payments – 2% fee.
- Cash payments – 3% fee.
Only Australian residents are able to buy, sell and trade using AUD. All other traders can only deposit using deposit BTC, LTC or DOGE, but they are able to trade in the other altcoins available.
Selling crypto on CoinSpot is funded through Bank Transfer. While the company has no charges for that transactions, there may be bank fees applied which depend mostly on the bank you use.
When it comes to withdrawals, CoinSpot only charges the network fees corresponding to your selected cryptocurrency.
Deposits made through the POLi payment system are credited into CoinSpot accounts instantly, while BPay deposits are estimated to take around 1-3 business days before they reach the account.
When it comes to withdrawing funds, the processing time at CoinSpot is usually within 24 hours or 1 business day.
The processing time will vary depending on what bank you have selected, but it is expected that you will have to wait for another 1 to 3 days before the funds are credited into your account.
CoinSpot’s support service is run through Zendesk, a ticketing system that allows users send their queries to the exchange. The support team can also be contacted directly via email. Coinspot’s website also incorporates a large selection of FAQs that provide answers to some of the most common questions one might have about the exchange.
The online reviews regarding the service of Coinspot are mixed. Some accuse the exchange of withholding their funds when they try to withdraw, or they do not send the email verification when they withdraw. Others have complained about the high transaction fees.
On the other hand, you have some traders that have been satisfied with the trading platform. Overall, the exchange is respected in the crypto community for offering a legitimate service.
CoinSpot is a cryptocurrency exchange which is geared towards catering to the Australian user base, as they support fiat payments with the local AUD.
The company has been activating for a long time in the crypto space, and its service is suitable for beginner traders. Advanced traders, on the other hand, should look into other options. The fees for fiat to crypto trading are decent, but crypto to crypto transactions have higher fees applied.
Bottom line, CoinSpot is a good option for Australian residents that are interested in trading with fiat.