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coinspot review

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coinspot review

What is CoinSpot ?

CoinSpot is headquartered in Melbourne and was founded by Russell Wilson in 2013 as one of Australia’s earliest cryptocurrency exchanges.

As it grew it continued its mission of offering the most complete list of cryptocurrencies in Australia, and it now has hundreds of different coins available.

It’s designed to be easy, accessible and user-friendly for both beginners and experienced cryptocurrency enthusiasts.

History of CoinSpot

The business behind CoinSpot is Casey Block Services Pty Ltd with the ABN 19 619 574 186. Founded in December 2013 by Russell Wilson, CoinSpot was setup using Russel’s existing ABN which he had from IT consulting work, running CoinSpot as a sole trader with the trading name of CoinSpot.

He then registered the PTY LTD in 2014 and planned to set up the company to own and operate the CoinSpot platform but continued to operate under the sole trader and eventually closed the PTY LTD in late 2016. In 2017 the company went through some huge changes with the increase in popularity for Cryptocurrency in Australia, growing his team substantially and finalising the company structure.

Having had focus on strong security throughout has served them well as they are now known as the most secure and trusted Cryptocurrency exchange in Australia.

Fees and limits

Platform trading fees

Platform fee type Fee
Market order
(for BTC, XRP, LTC, DOGE, ETH, NEO, POWR, GAS only)
0.1%
Instant Buy
1%
Deposit fees
Deposit method Fee Minimum deposit Maximum deposit
Online bank transfer (using POLi Payments)
None
$1
$10,000 per 24-hour periodRequest CoinSpot for a higher POLi deposit limit

 

BPAY
0.9%
None
$1,000 per 24-hour period
Cash (via blueshyft)
2%
$50
$1,000 per 24-hour period
Withdrawal fees
Withdrawal type Fee
AUD withdrawal (Australian bank accounts only)
None
Cryptocurrency withdrawals to external wallet
Network fees apply
Transaction limits
Transaction type Limit
POLi deposit limit
$2,000 to $20,000 per 24 hours

 

  • Initial limit of $2,000 per 24 hours
  •  
  • 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
Withdrawal
No limit

 

Is CoinSpot safe?

Out of all of the exchanges available in Australia, CoinSpot has the most reputable background also complying with Australia’s new AML/CTF laws enforced by AUSTRAC. CoinSpot requires a strict verification process to protect its platform and its users. As many other exchanges do, CoinSpot uses the two-factor authentication (2FA) security method which requires you to enter a code on your phone each time you login to the platform. This makes your account much harder to hack and is the preferred method for most exchanges around the world.

The platform offers a multi cryptocurrency wallet system with built-in trading features. This means that it provides a wallet for all of the Cryptocurrencies it has on offer so you can safely store them in escrow and move them whenever you need to. CoinSpot uses bank-level security in its system meaning there is a very low risk that the platform will be hacked.

You are free to send your Cryptocurrencies to other platforms/devices whenever you want to with no restrictions.

How do I create a CoinSpot account?

Enter your email address in the main page signup box. You should receive a confirmation email. Follow the prompts in the email sent to you by CoinSpot to verify your address.
coinspot account

Follow the prompts provided after verifying your email.

You will need to provide some personal information throughout the signup process, including a selfie and other identifying information.

This is a common procedure for cryptocurrency exchanges that let you deposit Australian dollars. It’s similar to opening a bank account.

You can deposit AUD or supported cryptocurrencies to fund your account.To deposit Australian dollars, select the cryptocurrency you want to buy and your preferred deposit method.

 

To deposit cryptocurrencies, find your wallet details in the Wallets section. You may need to generate a wallet address prior to deposit.

Select the cryptocurrency you want to buy and choose your preferred payment method.

Which countries are supported by CoinSpot?

CoinSpot is for Australian users only.

Which forms of ID does CoinSpot accept for account verification?

CoinSpot currently accepts an Australian driver’s licence, an Australian learner’s permit or the Australian proof of age card.

Can I withdraw funds to a non-Australian bank account?

The platform currently only supports withdrawals to Australian bank accounts.

What customer support does CoinSpot offer?

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.

Is there a CoinSpot app?

There’s no CoinSpot app, but the CoinSpot website is fully responsive, meaning it works well on mobile devices.

How do I send cryptocurrencies to my CoinSpot wallet?

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. You can then send coins to these addresses.

Disclaimer: 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
the nature of any product or service (including its legal
status and relevant regulatory requirements) and consult the
relevant Regulators' websites before making any decision.
DealPikcy, or the author, may have holdings in the
cryptocurrencies discussed.

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