It also helps reduce the risk of identity theft or using a fake account to trade on the platform. Trusting your funds and data to any cryptocurrency-related enterprise without making sure that the platform is legit is reckless and dangerous. Happily, we have enough info to prove that CoinSpot is rather a safe platform. See the main security characteristics below to decide if you are eager to entrust your money and personal information to CoinSpot. Also, the platform does not impose any restrictions on making deposits and withdrawing assets.

Each deposit method has various deposit limits per day and timeframes as shown below. When it comes to withdrawing AUD to a bank account, CoinSpot does not have a minimum or maximum limit per day. CoinSpot offers customers interest-earning services for 20+ supported cryptocurrencies.

Once your account is funded, you can then begin trading at Coinspot. Furthermore, It provides an additional price chart for both desktop and app users, which helps them execute technical analysis for good. CoinSpot is one of the few crypto exchanges in Australia that offers an NFT marketplace. For those that want to buy NFTs using crypto, CoinSpot provides an easy and straightforward process to buy or mint NFTs. The collection includes some of the most popular NFTs such as Board Ape Yacht Club.

  • I am not a financial adviser and I do not hold an Australian Financial Services Licence .
  • CoinSpot offers a range of deposit methods, luckily the most popular options incur zero fees.
  • In such a case, you should invest in a hardware wallet as the ultimately safest solution for storing crypto.
  • CoinSpot Complete VerificationIf you skip it you’ll be redirected to the dashboard where you’ll see the amount of funds on your balance and the most popular currencies for now.

A unique and really useful service that CoinSpot offers is CoinSpot Bundles, which allows you to purchase a variety of assets in a single transaction. Not only does it diversify your portfolio and spread the risk, it also saves time, minimises fees, and affixes an average cost over a split of coins. One of the features that CoinSpot users love the most is the ease of buying and selling.

Is CoinSpot the best crypto exchange to buy Bitcoin?

Note that the content on this site should not be considered investment advice. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. bitit review Click on the “BUY/SELL” button at the top of the screen to be taken to the main trading area. On the next page, you will be asked to enter your email address and to choose a strong password. For example, if you buy $1,000 worth of crypto at Coinspot, you’d pay just $1.

Although CoinSpot offers some basic order types (Stop-Loss etc.), compared to big players like Binance and ByBit, CoinSpot is lacking in advanced trading options. There is no ability to trade with leverage or utilize derivatives. All things considered, I am eating my words and made a small purchase into Bitcoin and making a second, small purchase into Ethereum . I want to say that I don’t strictly consider this an investment . This is more of a small gamble – a bit of a fun, an educational/learning experience and somewhat of a small hedge against my own prior cynical bets.

Once verified, you can deposit up to AUD $2,000 per day and access funds from the CoinSpot wallet. There are no maximum or minimum deposits but there is an overall earn cap depending on how many customers are currently loaning their coins. If a cryptocurrency reaches 100% of its earn cap, the earn wallet will no longer be available for that particular crypto. Additionally, customers that deposit over a certain amount of an asset will be subject to lower yields.

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. In this CoinSpot review, we tried to cover all the important parts related to its features, services provided, fees, registration process, etc., so that traders can make a better choice. CoinSpot has always been the first choice for Bitcoin purchases for those who need a proven track record of the service they use. This, combined with incredibly neat design and highly responsive customer support, makes CoinSpot one of the best Australian exchanges. However, if you are a Bitcoin day trader, you may look for a more affordable and diverse alternative.

What is CoinSpot Australia?

The platform does not specifically make any mention regarding prohibited countries, which indicates that the exchange is accessible on a global basis. ZenDesk are major leaders in the industry, and their facility is easy to use. This great customer service platform is used by over 200,000 companies around the world and ZenDesk are also involved in the world of Cryptocurrency. Although there have been minimal reports of delays with regards to some customer support – for the most part you can expect a detailed response to your query within a day or less. The founder and director of the company is a man who goes by the name of Russell Wilson, who has remained active in the media and on internet forums speaking about the company since its inception.

is coinspot legit

According to our CoinSpot review, we can safely conclude that CoinSpot is not a scam but rather an amazing platform for cryptocurrency trading with a lot going in its favor. More than 200 supported cryptocurrencies available for traders to buy and sell. It is a convenient and powerful tool for cryptocurrency enthusiasts who want to manage their investments on their mobile devices and stay updated with the latest market trends anytime, anywhere. As noted earlier, Coinspot offers fiat currency deposits and withdrawals only to those based in Australia. If you’re not an Australian resident, then you will need to fund your account via cryptocurrency. The OTC desk is a service for wealthy Australian traders, legal entities, entrepreneurs, and other businesses looking for a safe way to enter the cryptocurrency market and invest in digital assets.

BTC Markets vs Coinspot

The option is available both on the CoinSpot app and the desktop version. Users that can’t find help in the FAQ section can get in touch with the support team by using the help widget in the bottom right corner. The widget works like a form and a specific question can be asked which will be answered by the CoinSpot support team. After contacting the support team, a response was received less than 24 hours on a business day.

is coinspot legit

In my personal experience, POLi has always worked perfectly for me and I’ve used it to deposit money for many services over the years. CoinSpot is a cryptocurrency exchange based in Australia that I signed up to over two years ago. In this CoinSpot review, I’ll be detailing my experiences with them and also comparing it to other cryptocurrency exchanges I’ve used extensively.

They show “BUY” price inside your wallet and you think your wallet got good profit. But when you “SELL” them you understand they are lying because the chart and amount in your wallet was belong to BUY price. I have tried to contact them but they are RUDE and UNRESPECTFUL.

History of CoinSpot

Therefore, we can say that CoinSpot Wallet is an efficient and safe solution for beginners and intermediate traders. Australia’s governed financial sector regulates CoinSpot exchange. Australian Government Financial Agency, known as AUSTRAC, keeps tabs on all the financial transactions. This agency identifies money laundering, terrorism, tax evasion, welfare fraud, organized crime. Like all other platforms that offer you the option to buy and sell cryptocurrencies with fiat, you need to verify your identity.

Blueshyft keeps things old school by providing an avenue for you to directly deposit cold hard cash for your online needs-in this case CoinSpot. Blueshyft has over 1,200 branches all over Australia at selected news-agencies . So chances are that there is a branch just around the corner from you. It also works in the opposite way – if you were to enter how many ETH tokens you wish you purchase, it will automatically calculate how much that would cost in AUD. After your friend has made the first AUD deposit, you both will receive $10 worth of Bitcoin. You will see an entry box, where you need to fill in the amount of AUD for buying Bitcoin.