My Honest CoinSpot Review in 2018
“How can I get started with cryptocurrencies?”. This is a question that most first time investors in cryptocurrency tend to ask. The answer is finding the right crypto wallet and exchange within your region. One of the best wallets available is CoinSpot.
Indeed, there has been an increasing amount of scams that have occurred in the crypto world as fraudulent exchanges steal from new users. In order to avoid falling into scammers, consider searching for exchanges that are transparent, reliable, and easy to use. CoinSpot is a prime example of this, and we'll focus on how this exchange works, its main features, and the major advantages of using it. For this review, I have used my own experiences of trading on CoinSpot, as well as referencing the CoinSpot review on FindBitcoinATM.com.au.
Coinspot is an Australian crypto exchange founded in 2013. As of now, they are not completely registered with an Australian legal body because the country's legislative process is still in progress. With CoinSpot, Australian traders are offered the largest exchange that allows them to buy, sell or trade cryptocurrencies against their native Australian dollars. CoinSpot is one of the many crypto wallets that boomed once cryptocurrency reached the critical masses.
What is Coinspot?
Essentially, CoinSpot is a multi-cryptocurrency, trading wallet whose trading features are within the wallet itself. In fact, CoinSpot allows users to trade up to 47 different cryptocurrencies, including Bitcoin, Litecoin, Dash, and Ethereum - the major 4 currencies in the market as of now.
CoinSpot offers 2 different types of exchange. The differences between the two forms of exchange might cause pause when deciding which one is the best means to gain your cryptocurrency. The first method; traditional, requires an understanding of how markets and trading works and can also take longer for you to purchase your cryptocurrency if you want to get it at a certain price. What Exchange Should I Choose?
But if you want to use the peer-to-peer exchange, you’ll obtain cryptocurrency faster, usually within a matter of minutes. However, you’ll have to pay a higher margin over your regular price, which might result in a negative experience.
If you want to exchange your currency faster than the normal speeds, you should choose a peer to peer exchange. Once you select a direct payment method, you won't have any issue finishing the trade quickly. Like we stated earlier, when choosing a peer-to-peer trade system, you might have a few payment options available. The payment method you choose will determine how much you pay and the time it takes to receive your cryptocurrency due to the different risk levels associated with each method. However, if you aren’t in a rush to obtain your cryptocurrency, or if you’re taking a large purchase, it’s better that you get a traditional exchange. With traditional exchanges, you’ll be able to trade with a legal and reputable company, and the benefit of good competitive prices, which is necessary for large purchases. CoinSpot provides some unique advantages if you’re trying to buy cryptocurrencies in Australia. This wallet gives you the largest amount of cryptocurrencies to choose from in Australia’s market. It gives you flexibility into which one you choose and how you want to trade for it (ex. Fiat money, or other cryptocurrencies). Also, the wallet provides a lot of security when you make transactions through its platform. It gives users a safe place to store their cryptocurrencies without worrying about it getting stolen by hackers or other third party threats. One feature that most users like CoinSpot for is its ease of use. Beginner traders found it easy to utilize the wallet and receive friendly advice from CoinSpot’s customer support team. While the transaction fees change from coin to coin and time to time, there are no hidden charges. Each transaction is straightforward, fast and simple, making it great for users who want to receive their cryptocurrency within a few hours. When compared to other crypto exchanges, this is CoinSpot's most outstanding feature. With this feature, users can select their preferred currency to increase their trading efficiency. It allows users to directly like their bank accounts using the Poli system. This makes it easier for you to load CoinSpot’s app from any location using your mobile phone. CoinSpot is known for their high-quality customer service. It allows users to contact their customer service team through email. With this customer support system, users are able to get their questions answered faster than competing crypto exchanges. While some crypto exchanges insist that your currency is stored in their system, CoinSpot changes that notion. You are allowed to store your digital currencies with a USB key with all the features in security, use, and savings. Most users found that USB safe is a good feature as it helps them understand how to use cryptocurrency and then trade successfully into the larger ones such as Litecoin and Bitcoin. When you join CoinSpot, chances are you want to learn how to trade with currency differences. For new users, this can be a difficult task when trying to learn cryptocurrency’s full operation. In fact, professional traders experience difficulties trying to use cryptocurrencies. To assist users, CoinSpot displays their most valuable and traded assets so they can decide if they want to trade in DGEX or Silver amongst others. While cryptocurrencies rarely want to be integrated with systems that can identify clients, CoinSpot is one of the few crypto exchanges that can be used for online shopping without placing the user’s security at risk. When you trade in cryptocurrencies, like traditional shares, you need to have the correct funds management. CoinSpot helps their users track their spending habits, and operations so they can have complete control over their accounts. When looking for a good cryptocurrency exchange, you need to check for its features to ensure that it works according to your preferences. Here are the main features you’ll experience when using CoinSpot. CoinSpot’s website looks good on any device. Whether its iPhone, Android, PC, and tablets. Users can control their coins with the touch of the button and buy and sell cryptocurrency on their lunch break. CoinSpot allows users to trade with their mobile phones. When using it, you can trade even when you’re away from your desktop. Because of this, this one of the many reasons why CoinSpot’s popularity is increasing so quickly. As we’ve stated earlier, CoinSpot gives users a wide array of cryptocurrencies to choose from. In comparison, exchanges such as Coinbase only offer Litecoin, Bitcoin, and Ethereum. To advanced traders who want to trade altcoins, this can be rather limiting. With CoinSpot’s trading instruments, you’ll be able to trade your favorite altcoins such as: Bitcoin Monero NEO Dash Cardano With such variability, users can trade without being limited to only cryptocurrencies that have high market share. This means that CoinSpot is a great exchange if you’re wanting to expand your crypto portfolio. With CoinSpot, your maximum daily purchase volume is around $2,000. You can increase this amount to $10,00 a week once you reached the first cap. While the company doesn’t directly mention it, the cap levels are in Australian dollars. CoinSpot’s fee structure is very clear. This is not the case for some companies that allow direct cryptocurrency purchases with fiat money. For example, its Dutch competitor, Bitonic, gives limited information on its markups, which is a deterrent for some users. On average, CoinSpot charges 3% for altcoins and 2% for Bitcoin. For crypto-crypto trading, you only have to pay 1%. While its direct trading commission is reasonable, some will say that 1% is a high trading fee for an exchange. Other crypto exchanges usually charge 0.20-0.35% for this activity. Here’s how to create an account with CoinSpot so that you can start trading today! Registration is simple, but it takes time for CoinSpot to verify your account. CoinSpots asks each new users to upload a photo of them holding paper with a code and text. It sounds weird at first, but other exchanges such as Binance does this authorization process as well. However, their verification process might take some time. On average, you're going to have to wait a week before you can make any purchases. Once your account is verified, you can start depositing funds into CoinSpot with POLI payments. POLI is the simplest option as it doesn't have any extra transaction fees and is faster than other payment methods. Also, you have direct deposit options and BPAY, but these plans have extra charges. After placing funds into your account, you can buy any crypto coin that you want to buy. With over 47 currencies, it's easy for Australian traders to buy them instead of using other exchanges. When it comes to buying altcoins, the fees might be higher than other exchange rates, but it won’t make a large difference for smaller transactions since you don’t have to pay the added transaction fees for moving the coins to another exchange. We suggest that you do your own research before making large purchases on CoinSpot. CoinSpot allows users to keep their altcoin purchases in their account. You’ll be able to sell them in the future whenever the market price rises or whenever you want to trade for a different coin. If you’re going to trade in altcoins, research the altcoin first to ensure that its a legitimate option. Then, place your coins in the official wallet so that you can obtain them whenever you need them. CoinSpot is one of the easiest cryptocurrency wallets to use. That’s one of its major advantages; even a first time trader in the crypto world can start using the wallet. You can buy a multitude of cryptocurrency pairs by clicking the asset you and pressing a simple button after deciding how much you want to buy or sell. You can also buy or sell against the AUD, as this feature can be selected. You can choose how much of the desired cryptocurrency you plan on trading. CoinSpot will show how much is required in AUD to pay for it. Then, press buy and pay the amount with your preferred payment method. When selling, you can convert your cryptocurrency to Australian Dollars and then transfer the money to your account. Alternatively, you can trade cryptocurrencies against each other, and you can trade at the current market price. This process is like trading with AUD. CoinSpot's shopping feature is easy to use as users can pay for their online purchases with any cryptocurrency they have in their wallet. With CoinSpot, all of the transactions are secure, and you can keep track of any of them, whether its shopping or trading related. If you submitted all of your information and followed their instructions, and it's taking longer than expected, CoinSpot could be possibly dealing with a large volume of applications while trying to protect their system from hackers. CoinSpot advises their users to Not send support tickets unless you’re having issues with the process. If you missed a call, don’t call CoinSpot afterwards. They’ll speak to you later in another call. Look at your email inbox and find out if you’ve followed all of the steps that’s provided. CoinSpot’s email is support@coinspot.com.au. Add it to your contacts so that it's not being sent to your spam folder. Cryptocurrency is difficult to define. For some, its a possession, an investment product, or something else entirely. It’s ahead of other regulations which makes cryptocurrency service hard to be accepted by government institutions. To remain safe, crypto exchanges will go through any method possible to ensure that their services meet every legal obligation possible. The reason why CoinSpot's verification process is so long is because they have to prevent money laundering, "know their customer," and keep their platform safe from illegal activities. Like any exchange, CoinSpot has a few flaws associated with it. Here are some of the most common disadvantages you’ll experience when using CoinSpot: However, CoinSpot doesn’t support leveraged trading. This is understandable because of their target customers. CoinSpot is a simple place where crypto enthusiasts and traders can buy cryptocurrencies with their Australian dollars. Also, if you’re only attempting to trade with Bitcoin for speculative purposes, instead of using it for transfers, CoinSpot might not be the right service for you. There are a few limitations on cash movement when using online wallets with CoinSpot. For instance, Poli requires you to follow long procedures that can become very expensive. Note: CoinSpot’s limitations are only for cash coming into its network and not transferring funds outside its system. CoinSpot’s founder states that they are working on structures that are used to run cryptocurrency. As a result, some users are skeptical about its operations which made some users lose interest in joining their system. CoinSpot has high markups on their cryptocurrencies. This can reduce your profits if you’re not trading wisely. And, it has a slow response time when it comes to market prices. So you’ll find it difficult to take advantage of currency price drops. Users will have to wait in order to buy Litecoin or Bitcoin at a market low. Also, CoinSpot is limited to Australia's legal rules and regulation. While this isn't a major issue, some users outside of Australia found it difficult to utilize CoinSpot's platform. This limitation also prevents CoinSpot from being accepted on a global scale. For Aussie traders, CoinSpot is the only cryptocurrency exchange that’s available. Unlike the US or the UK, where there are multiple exchanges available, Australian users can only use CoinSpot to keep conduct transactions. This means that any rate that CoinSpot places on their platform, every Australian user are subjected to pay them if they want to trade. One of the most common questions users tend to ask is “Can I trust using CoinSpot?” Here are some reasons why you can trust using CoinSpot as a legitimate trading platform.Why Should I Choose CoinSpot?
Multi-Currency Support
Customer Service
USB Safe
Decentralized Assets
E-Commerce System Integration
Fund Management System
Trading Features
Desktop and Mobile Friendly
Trading Instruments
Maximum Volume
Fees
How to Setup a Coinspot Account
Creating The Wallet
How Can I Increase the Verification Process?
Why is the Verification Process So Difficult?
Disadvantages
Leverage
Cash Limitations
CoinSpot is a Private Business
High Markups
Limited Only to Australia
CoinSpot’s Security
2FA Authentication
In today’s world of increasing internet fraud and digital crime, people will find it important to get involved with online security, passwords, usernames, and logins, but don’t know how Two Factor Authentication works.
With traditional security procedures (including online) only need a simple password and username; its easy for criminals (individuals or organized gangs) to obtain access to your private data such as financial and personal details. They tend to use your information to deplete your finances, make fraudulent purchases, and other cyber threats of that nature. Two Factor Authentication is an added layer of security that requires not only your username and password but also something that the user has in their possession, i.e., a form of information only they have on hand like a physical token. With 2FA, users have a username, password, and a single piece of information that only they know. As a result, its harder for intruders to access their identity or personal data. Using 2FA helps reduces the amount of identity theft on CoinSpot’s network, as well as phishing scams via email, because the attacker would have to obtain more than the user’s password and username. Thus, it's easier to conduct transactions, buy and sell cryptocurrencies, and trade it for fiat money (AUD) without the fear of being hacked. CoinSpot also abides by Australia's Privacy 1988 Act, making it a legitimate choice for those wanting to trade cryptocurrency. Australia's Privacy Act 1988 is generally used to regulate how the user's personal information is used and handled by a company. Through this Privacy Act, users don't have to worry about CoinSpot using their identity or selling it for third party data seekers. Their terms abide by the act, making it a great choice for the Australian trader who wants the safest place to invest in cryptocurrency. Australia's Privacy Act 1988
