Forex Trading

CoinSpot Review Australian Crypto Exchange

Please feel more than welcome to continue communication with our team to assist with your account and answer any outstanding questions. Coinspot team, you should do more to help your customer- Ignore your customers and they will go away .This will surely affect your credibility and reputation. The exchange employs robust security measures to protect client funds and information and possesses ISO accreditation for IT securities. CoinSpot offers ‘Trading View’ charts and other advanced order types. The editorial team of Trading Browser is required to use first-hand sources to collect and share information regarding the businesses we promote. Among these sources, you will find LinkedIn profiles, Trustpilot reviews, Sitejabber ratings, whitepapers, government reports, and other reputable sources.

coinspot reviews

To start trading on CoinSpot Australia, you must first have a CoinSpot account. The CoinSpot registration procedure is relatively simple, and you can follow our registration guide above. Then, you can trade a wide range of coins on CoinSpot with very reasonable transaction fees. It is also easy to access CoinSpot’s knowledge base and support team for any queries you have along the way. CoinSpot is geared towards investors of all levels, thanks to its straightforward and easy-to-use and versatile interface.

Account Creation

The hotkeys in the dashboard allow you to buy and sell quickly, with the current live price next to it. You can also scroll down to check your portfolio of coins to easily track how your personal investments are trending. 1)CoinSpot has built an extremely user-friendly platform that makes it simple for even a complete beginner to buy and sell any available cryptocurrency directly using AUD. The interface is simple on both the desktop site and mobile app. An excellent feature for any new user is 24/7Live Chat support with a real person.

CoinSpot is a trusted and reputable cryptocurrency exchange that has not been h acked since it was established originally in 2013. It is the first crypto platform in Australia to ever receive the internationally recognized ISO certification for its robust information security systems. CoinSpot grants all users access to Multicoin Wallet, CoinSpot’s unique wallet that stores most, if not all, of their digital currencies. Still, because third-party or hardware wallets are safer, CoinSpot recommends using the latter for long-term storage. When you’re ready to deposit cryptocurrency into a digital wallet, open the Wallets page of CoinSpot and click on the wallet you want to use for your deposit.

While the trading fee to use the exchange’s Over-the-Counter desk is 0.1%. CoinSpot levies a transaction fee on fiat currency deposits, and thus the more traders buy or sell on the platform by funding their accounts with fiat currency deposits, the platform generates more revenue. Thus, the exchange engineered an affiliate program for users to encourage them to bring in more users. With the affiliate program, one can earn a commission of up to 30% on the trading fees of those who have registered using their referral link. Thus, users can decrease their trading fees by bringing in more users and earning commission on their trading fees.

SimpleSwap is not particularly clear about its fees, but several reviews suggest that the prices offered for swaps are likely to have the fee added already. Although the platform does not explicitly disclose its fee amount, it is in the ballpark of 1.04% for ETH/BTC transactions. It could go as high as 1.12% for coins with lower liquidity and trading activity. And with the rise of crypto swapping, it’s easier now than ever before to swap one type of cryptocurrency for another – no matter which platform you’re on. We’re pleased to hear that you find our platform easy to use and have had such a good experience with our support team. I was surprised at how quickly I got the hang of how CoinSpot functions.

  • Compared to the likes of Binance, CoinSpot is streamlined and relatively pared back.
  • With their Multicoin Wallet, you can load and withdraw any digital currency listed on the CoinSpot platform, without having to pay extra fees.
  • To start using the services of the platform, you will have to open a CoinSpot account.
  • After your friend has made the first AUD deposit, you both will receive $10 worth of Bitcoin.

With the CoinSpot app, users can convenient and easily buy, trade, transfer, and sell different cryptocurrencies from the CoinSpot walelt. Users can also view graphs, price charts, and track their crypto portfolio under one single platform. If your bank doesn’t accept POLi payments, BPAY payments offer the second-lowest fees on CoinSpot. Deposit and withdrawal fees are at a low of 0.9%, but you need a minimum cash deposit of $1 to make a transaction. Like with POLi, you may deposit up to 10,000 per day, but deposits take one to three business days to process.

You are rewarded based on how long coins are staked for, and you have the flexibility to unstake your holdings at any time. There is a textbox for placing orders to sell or buy cryptocurrencies against the Australian dollar. You must enter the amount of AUD required to purchase Bitcoin in the entry box. An equal amount of Bitcoin will appear at the current market rate. These include government-issued identification proofs such as your passport or driving licence with your full name, address, date of birth, and phone number.

Is it easy to deposit and withdraw funds?

With CoinSpot, you can buy an NFT straight from your account, with any cryptocurrency you like. If you want to sell an NFT, you can also do so straight from CoinSpot. One of the criticisms of CoinSpot is that there are no advanced markets, such as derivatives trading.

Our CoinSpot review also wants to highlight the platform carries non-fungible tokens and decentralized finance tokens for global banking. Wilson and his team, however, discuss CoinSpot in multiple online forums where the team and users communicate regularly to relay present concerns and hopes for the future. After this, set up your 2 Factor Authentication for increased security so it is harder for anyone to hack into your CoinSpot account.

As a result, given that greater positions are being opened, this will amplify the gains that the trader will experience as a result of their actions. Because experienced traders use margin trading so frequently, CoinSpot’s lack of this feature is a significant shortcoming of the platform. Margin trading is one of the most used forms of trading in the world. The phrase “margin trading” is commonly used to describe a trader’s capacity to borrow funds from an exchange in order to build positions. Because of this, traders can open positions with a greater value than the capital they have placed into the transaction. If a trader deposits AU$1,000 and borrows the remaining AU$9,000 from the exchange, the total position size is AU$10,000.

Digital Coins and Payment Methods Available on CoinSpot

Established in 2015, this dynamic platform has gained attention from tech behemoths like Binance and is trusted by secure wallets, including Trezor, Exodus, and Coinomi. Beautifully simple, easy and straight-forward platform to navigate even for beginners. Fantastic Customer Support which is super-fast and super-friendly. We are pleased to hear that you had a good experience with our support team.

Instead, a single 1% trade fee is applied to all types of trades conducted on the platform. A flat commission will be applied to each and every deal that you execute, which is the other type of trading cost that an exchange may charge you for. This is often a relatively tiny proportion of the trading volume and is calculated in a manner that decreases over time. This means that the bigger your trading volume, the lower the fees that you will be required to pay in this respect.

coinspot reviews

This basically indicates that it is to the platform’s best advantage to make sure that as many users as possible sign up for the platform and start trading through it as soon as they possibly can. As a result, it developed an affiliate programme with the purpose of encouraging people to bring in new users to the network by offering financial incentives. The CoinSpot ecosystem is comprised of a number of components, each of which contributes to the exchange platform’s robust position in the competitive cryptocurrency trading market in Australia. There is a bonus available for those who wish to fund their accounts with fiat currency or cash.

Affiliate Marketing Strategies

One of the first features that CoinSpot offers is simply their experience. Whether it’s a trusted mechanic or a family doctor, having a good reputation is invaluable in any business. CoinSpot has grown into one of the oldest and largest cryptocurrency exchange sites in Australia, and they’ve done it while maintaining the highest standards of security and performance. Starting out in cryptocurrency presents more than a few challenges.

You can choose to buy, swap, or sell from over 250 cryptocurrencies. Ethereum, Bitcoin, Litecoin, Ripple, NEO, EOS, Stellar, Tron, and others. In addition, CoinSpot supports well-known DeFi coins and tokens as well. Furthermore, you can store all the available cryptocurrencies in CoinSpot Wallet.

In a same fashion, a flat cost of 1% is charged on each transaction for some specialised orders, such as stop-loss orders, take-profit orders, and recurring coinspot reviews purchase orders. Coinspot does not offer leverage on any of its crypto products. Once you have funded your account, you can then begin trading.

This implies that depending on what you enter as your market price, you could find yourself waiting anywhere from a few minutes to several days. CoinSpot’s market trade section does not include all 350+ coins. At the time of writing, it included 15 popular options, including the majority of the major coins.

CoinSpot supports more than 211 cryptocurrencies to buy, sell or swap. One of the criticisms of CoinSpot in Coinspot review is that there are no advanced markets such as derivatives trading. They focus on a user-friendly experience for new and intermediate crypto investors. If you are an experienced trader, check out Bybit or MEXC Global.

Write a review

CoinSpot is best suited for crypto investors and traders from Australia that are looking for a high-security, beginner-friendly, and well-established digital asset platform. CoinSpot is an Australian-based cryptocurrency exchange that opened its doors in 2013. Founded by cyber-security expert Russell Wilson, it was one of the country’s first major crypto exchanges. Since its inception, it has consistently provided broad selections of digital assets in the crypto market. As our CoinSpot review shows, CoinSpot offers an abundance of benefits, such as automatic features, having their own platform wallet, and providing more than 200 cryptocurrencies. The CoinSpot exchange has a user-friendly and straightforward dashboard where you can monitor multiple coin wallets in a single space.

Having been in cryptocurrency for so long, and having developed such a large customer base, CoinSpot has delivered an amazing feature they call their CoinSpot Markets. Here you can trade directly with any of the other 2 million CoinSpot customers for an astonishingly low 0.1% trading fee. That means you’re not only getting the benefit of access to the largest customer base for crypto exchange, but you can do it for the lowest trade rate we’ve seen on the web.

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