CoinSpot Review: Fees, features, traders’ opinions
The faith in cryptocurrency keeps on growing and more and more people around the globe discover this completely new field. As there are more investments, new exchanges appear on the market. Traders choose services with the best terms, most user-friendly interfaces, and the biggest choice of currencies. Is Coinspot one of the trusted options?
About CoinSpot
CoinSpot is a cryptocurrency exchange based in Australia. The company was launched in 2013. Since then, it has expanded its services worldwide and now works in countries such as Canada, Russia, England, and many others. However, there is one thing that you have to keep in mind: the exchange is subject to Australian laws. This can be a pro and con at the same time.
The service has more than 100 digital currencies. These include crypto to crypto and crypto to AUD pairs. Therefore, you can even use fiat currency, although this only includes the Australian dollar. However, only citizens of Australia or New Zealand can make deposits or withdrawals in this currency.
The interface of the exchange is user-friendly. First of all, it looks nice. It is easy to navigate among the sections and, even if you are new to this field, you won’t get lost.
Standard account terms
Once you register an account on CoinSpot, you get these terms:
- Daily limit of $2000 or $10 000
- No leverage
- Bitcoin fee of 2%
- Altcoin fee of 3%
Trading fees
The trading fees at CoinSpot vary. For instance, the instant buy and sell methods are charged 1% of the transaction amount. This method is preferred by most traders because there is no need to wait.
If you use market orders, you will be charged 0.25% of the transaction amount. Although the second method is more time-consuming, it is a good choice when you are not in a hurry.
Deposit and withdrawal fees
First of all, let us have a look at the deposit fees. If you use POLi or PayID options, you are not charged anything. The BPAY option charges 0.9% and making a deposit in cash will cost you 2.5%.
Withdrawals are a bit more complex. If you withdraw your funds in AUD to an Australian bank account, it will not cost anything at all. However, a withdrawal to any cryptocurrency wallet that is outside the service will cost you the standard fee. The amount that is charged depends on the coin you use and how loaded the network is.
Is CoinSpot regulated?
Since the changes in the Australian laws in 2018, the regulations of exchanges were enhanced. The platforms were obligated to register. CoinSpot followed all the requirements as only they were published.
Currently, the exchange is regulated by AUSTRAC and provides its services to Australians and people from other countries. The registration with the regulatory authority boosted the development of cryptocurrencies in the country. This also contributed to the change in fees: since April 2018, all users had to pay 1% instead of 3%. CoinSpot became trusted by financial institutions and got a leading position in the crypto industry of Australia.
Is CoinSpot safe?
The exchange operates since 2013. There have been no hacking issues and users did not complain about theft. To enhance the security of the service, all users are obliged to do the following:
- Verify their identity (passport or driver license)
- Provide their contact information (address, Australian phone number)
This is a standard requirement for nearly every legit exchange service. If a similar website does not request any confirmation documents, you should think about whether it is a scam or not.
CoinSpot crypto wallet
One of the things that the exchange actively promotes is its multi-coin e-wallet. Basically, it is a place where you can store your cryptocurrencies purchased on CoinSpot. The major drawback is that the owner has no control over the private keys of the wallet. It cannot be used to its full extent.
How to use CoinSpot?
Although the service does not differ a lot from its competitors in terms of usage, for some users this might be their first experience. Therefore, we have prepared a short guide on completing the registration on the website and starting trading on it.
Step 1: Open the website and fill in the info
The first thing you need to do is open the registration page on the exchange’s website. Please note that if you are not in Australia, the website might ask you to confirm that you are not a robot by entering the captcha.
You will have to enter your email, come up with a password, and confirm that you are not a robot. After that, press the “Create Account” button and proceed to the next step.
Step 2: Confirm your identity
As we have said, CoinSpot requires all users to confirm their identity. This includes their address, phone number, and other documents. You can use a driver’s license or a passport for that.
Step 3: Make a deposit
To start trading, you need to top up your CoinSpot account. You can do that by using an Australian bank card or any card with AUD. Another option is using one of the supported cryptocurrencies which are the most popular option among most Canadian investors.
Step 4: Buy crypto
Finally, you need to proceed to the buy/sell section and select the currencies you would like to work with. There will be a list of all coins that are supported by CoinSpot. The service is pretty intuitive: you click “Buy”, enter the number of coins you need or the amount you want to spend, and confirm the transaction.
Although storing all coins in one place is very comfortable, we do not recommend keeping your coins on the exchange’s balance. This is a piece of advice only if you plan to hold the crypto for long. For day trading, you do not have to worry about stuff like this.
Conclusion
CoinSpot is a regulated cryptocurrency exchange that is trusted by users worldwide. It did not have any issues regarding its security and provides one of the most comfortable terms on the market. What do you think of it?