CoinSpot Review 2023: Is It Safe? Withdrawals Explained

Additionally, users can access a responsive 24/7 support team through live chat and help desk options. CoinSpot has an approval rating of 4.5/5 stars on TrustPilot based on 1,872 reviews which are exceptional. However, the biggest negative with the CoinSpot platform is the expensive trading fees to instantly buy and sell crypto, there are no Coinspot withdrawal fees back to a bank account. Overall, the advantages of using CoinSpot far outweigh the disadvantages, and is a recommended crypto exchange in Australia for beginners due to its easy-to-use interface and mobile app.

There is no need to waste time or fees exchanging one coin for another before getting your hands on an NFT. CoinSpot has been around since 2013 and has never been hacked, and it maintains industry best-practice by storing the vast majority of cryptocurrency in highly secure cold storage. There are also a wide range of customisable security features that users can implement to ensure their account is always safe.

• To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available.
• CoinSpot is a cryptocurrency exchange that operates on the Australian continent and has its headquarters in the city of Melbourne.
• Traders can do this by clicking on the ‘Account’ tab and then filling in the bank details and account number they wish to send their funds to.
• CoinSpot is one of the largest and most popular exchanges in Australia.
• 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.

Compared with the top exchanges in Australia, CoinSpot offers one of the largest selections of digital currencies that can be bought and sold using AUD. There are currently over 370 coins that are supported on the Instant Buy/Sell platform which includes the major assets, DeFi coins and exotic altcoins. The exchange is regularly adding new coins and projects to its marketplace. CoinSpot advertises “Buy and Sell more cryptocurrencies than any other exchange in Australia,” which I believe to be correct – you can see all the coins you can buy from them here. Only a small fraction of the coins you can buy on CoinSpot through their instant buy/sell feature have a market where you’d only pay a 0.1% fee . CoinSpot does not charge any fee for making crypto deposits via a bank transfer.

Over The Counter (OTC) Trading

Founded in 2014, Bitnation strives to provide reliable and accurate blockchain news, investing guides, market forecasts and reviews. NFTs are ordinarily priced in ETH tokens due to the fact that the majority of them have been developed on the Ethereum blockchain. Nevertheless, you are free to use any wallet or token of your choosing in order to buy and sell NFTs. Through the affiliate programme, users may acquire their own referral IDs and potentially earn money or cost rebates for referring new users. For illustration’s sake, let’s say you want to put away a certain percentage of each of your paychecks into Bitcoin every single month.

What you need to do is just share a unique referral code with your friends or family. When they register a CoinSpot account, get fully verified and make their first AUD deposit, you will both get AUD$10 worth of Bitcoin. However, the exchange lays it out simply, so you only pay one transparent fee and avoid any hidden costs as on other platforms. It is a breeze to make buy and sell orders for the crypto assets listed on the exchange or use their instant buy/sell feature for the easiest experience. While cryptocurrency has no borders, a cryptocurrency exchange still needs to understand their target market, and that’s where CoinSpot has thrived, catering to Australians from the beginning. I believe coinspot to be one of the safest most secure places to hold coins for long term investment.

Once your account is funded, you can then begin trading at Coinspot. CoinSpot provides rapid crypto exchange, allowing you to buy and sell Bitcoin or any of the other 380+ cryptocurrencies in an instant. Investors can buy or sell crypto instantly using AUD or other supported currencies.

Opening a CoinSpot Account

It also requires a trader to upload a selfie photo that has him holding any of the IDs. CoinSpot has a range of deposit methods but unfortunately if you are hoping to pay with your debit or credit card, this is not possible. Choose one of the other deposit methods, or if that is your only option, you can use Swyftx, which is a similar crypto exchange that accepts debit and credit cards. CoinSpot excels in this area, with industry-leading live chat support that is available 24/7.

The information regarding performance may be different from the time of publication. While we believe that all content was accurate at the time of posting, it is possible that some offers included in the content may no longer be valid. You can choose any phrase, and CoinSpot can verify your identity if you need to contact support about accessing your account. If you cannot converse over live chat, CoinSpot provides alternative measures through their help desk, where you can respond whenever you are ready. The support staff will contact and help you address your problems within 24 hours.

You should do your own research before coinspot reviewsing in any company or product. Customers of CoinSpot who intend to engage in significant deals worth more than $50,000 each have the option of accessing the company’s over-the-counter service. 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 purchase orders. When this occurs, there is typically a disparity between the price at which you can acquire the asset and the price at which it can be sold at any given moment. This is because the price at which you can buy the asset affects how quickly it can be sold.

Services of CoinSpot

Although Coinspot is an Australian exchange with a strong focus on Australian residents, users from other countries can deposit and withdraw funds in the form of cryptocurrencies. The platform does not specifically make any mention regarding prohibited countries, which indicates that the exchange is accessible on a global basis. OKX is a cryptocurrency exchange accessible to users around the globe, except in the United States. This platform is a decent option for international crypto merchants seeking minimal… I believe customer service is among the most important criteria when we assess a trading platform.

Besides that, it also provides account-wide withdrawal bans and Two-Factor Authentication for the security of your assets. Therefore, we can say that CoinSpot Wallet is an efficient and safe solution for beginners and intermediate traders. You can choose to buy, swap, or sell from over 250 cryptocurrencies.

Compare to binance or bittrex in https://forex-reviews.org/ and they are usually more than 10% higher. To make your life easier the CoinSpot platform has created a mobile APP for you to be able to manage your investments everywhere & anywhere you go. The app is easy to maneuver, and within just a few clicks you will be able to take a position or leave the market at any given point. In short, you could expect to pay about a 1% trading fee which is certainly low when trading for Bitcoin and any other cryptos on the exchange. They do take into account community feedback and review as well as proven by their recent actions to reduce the trading fee for Market Buying and BlueShyft deposits.

On average, the verification process takes up to 48 hours after submitting all your relevant documents and photos although most of the time, it could be done in a couple of hours. The most complex part of the creation of a Coinspot account is getting through the security processes of getting verified in the initial phase. You have complete flexibility as you can sell the coins in a Bundle separately or individually. If you only want to sell one of the coins from the Bundle, you can go ahead witHowever, you. However, you will have to sell the coins individually if you’re going to sell all of the coins. CoinSpot WalletIntermediate and advanced traders have trading tools such as indicators, trendlines, and technical patterns at their disposal.

Thoughts on CoinSpot

This includes crypto-to-crypto trading pairs, as well as crypto-to-AUD. It’s not a systematic problem for someone who is level (508.) My claim rate decrease to 15min to 1hr and claims fall to 50 coins per claim. You can customise the phrase that appears each time you sign in with Two-Factor Authentication, ensuring that you are on the actual CoinSpot website and not a phoney one attempting to steal your information and password.

Traders can instantly trade cryptocurrencies from amongst the huge list of supported crypto coins; more than 350 crypto coins are available at CoinSpot. CoinSpot is an Australia-based cryptocurrency exchange founded in 2013 by Russell Wilson, a renowned personality who had acquired major experience in creating online security software. CoinSpot supports all the major cryptocurrencies, as you would expect, but it also has a range of over 370+ different coins, including many that you won’t find on other exchanges.

The reason for CoinSpot’s popularity is mainly due to its competitively low fees. The platform offers multiple free deposit methods and has provides the lowest trading fee in Australia. Coinspot is a well respected, straight forward platform for buying crypto and holding some cypto.

Sign up to hear about the latest updates, market trends, and special offers. There are different transaction fees for CoinSpot, and we’ll explain the difference here. The first Australian exchange to be awarded the internationally recognised ISO certification for information security! If you require specialised support, you can email the support team, who will respond to your issue once they get to your query. Click on the “BUY/SELL” button at the top of the screen to be taken to the main trading area. For example, if you buy $1,000 worth of crypto at Coinspot, you’d pay just $1.

This shows the platform is serious about tackling these serious issues, which provides an extra degree of safety for users. Users have the ability to stake their cryptocurrencies on CoinSpot and then receive rewards on them based on the currency and the period for which they have staked the asset. These rewards are determined based on both the coin and the duration. This is a multi-asset wallet that has the capacity to hold over 300 distinct digital currencies.