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What is Coinspot?
Many investors claim that they have liked Coinspot’s services after being their customers for a while. In the past years, cryptocurrency is a field that has gained popularity massively. Coinspot also offers a wallet that has trading features built into it. A user can store a variety of coins including Dash, Dogecoin, Litecoin, Bitcoin, and Etherum. It offers many products which will be talked about in this review. A user can not only buy but also sell cryptocurrencies with Australian dollars or against other cryptocurrencies. Coinspot is a multi cryptocurrency platform. Let’s learn a bit of history about Coinspot. Coinspot is a peer to peer platform that enables other digital currencies to trade in exchanges such as Bitcoin, Cardano, Neo, etc. It was founded in 2013 by Mr. Russel Wilson. It is located at 114 William Street, Melbourne, Australia The main objective of Coinspot is to purposely to provide a cryptocurrency –banking community to offer support to the blockchain assets in Australia.
Countries that Coinspot supports
Exchanges are done internationally but coinspot has not yet crossed the borders. It is only limited to the Australian law. Nevertheless, there is an ongoing proposal of Australia wanting to change the regulations in terms of how purchasing of cryptocurrency is conducted, revolving around blockchain technology.
It is possible that in years to come, cryptocurrency would be even be taxed locally but for now, Australia remains to be the best environment for the cryptocurrencies.
Limitations of buying/selling
- Coinspot is only limited to Australian laws and regulations.
- To buy or sell, you need important documents such as driver license, utility bill. Some people of think that it is unnecessary but it is very important because they use this information for verification, which will be talked about later. You also need an email address.
- According to Anti-money Laundering Act, you cannot buy more than $5000 of coins during a day. If you reach that limit a day, then you cannot make another purchase until 24 hours are over.
- You must have Internet banking to make transactions.
- It only offers 2 deposit methods.
- While using POLI you are limited to $2000 during a day.
- It has no limits for exchanges from one cryptocurrency to another.
Buying Payment Methods
- The payment method for Coinspot is through internet banking.
- Coinspot uses Australian banks and New Zealand banks.
- You can also use POLI, an online banking if you are a customer of any of the banks.
- After buying your coins, you can decide to transfer them to your wallets or just leave them and be assures that they will store them safely.
Supported Australian Banks
- ANZ, NAB, Newcastle Permanent, Citibank, Bankwest, BOQ, IMB Building Society, Suncorp, Westpac, ING Direct, St. George Bank.
Supported New Zealand Banks
- Bank of New Zealand, TSB Bank, Kiwibank, Westpac, ASB, BankDirect, ANZ.
Selling Payment Methods
- You also have to have internet banking for selling transactions.
- You use the same banks above for selling.
- There are no limitations to selling your coins. You can sell them anytime during the day.
- You can change your cryptocurrency to AUD then transfer to your account.
- If sending to Coinspot, the cryptocurrencies accepted are Litecoin, Dogecoin, and Bitcoin.
- If sending out from Coinspot the cryptocurrencies available are: Peercoin, LBRY Credits ,Bitcoin, Tether USD , Bitcoin Cash, Stellar Lumens, Ripple, Vertcoin, Litecoin, Bitcoin Gold, Monero, Dash, OmiseGO, NEM, Cardano, Ethereum Classic, IOTA, NEO, EOS, Lisk, Stratis, Ethereum and many other altcoins.
Coinspot requires verification. When you register to be a customer, they will require;
- Australian mobile phone number
- Verification from Facebook
- Email Address & Your full names
- Your driver license copy and a learner’s permit or an age card to prove your name
- Most recent utility bill.
- Your photo with a declaration statement containing your full names, code number, signature and reasons why you want to apply for an account
*After submitting your application, within 20 minutes they get back by calling you. They ask some questions and later your application is approved. For me, they took around 10 minutes to call and the lady from the company asked me some questions. It was really weird though, but it was all worth it.
*The verification process is very vital for security purposes. This makes coinspot a No Go Zone for conmen. After the approval, it took me only 20 minutes to buy my coins.
Coinspot Fees and Charges
- The transaction fee varies from one coin to another.
|Type of transaction||Total of transactions in total|
|Buying /Selling to AUD||2% -4%|
|From cryptocurrency to cryptocurrency||2%|
|Deposits via BPay||1%|
|Deposits through POLI||No payment|
|Withdrawal to an Australian bank||No payment|
|Coins withdrawal to a wallet not in Coinspot||Depends on the coin|
- The variation in coins depends on how busy that coin network is.
An account that is not verified can use Coinspot to trade cryptocurrencies. However, the only deposits you can make are with: Dogecoin, Bitcoin, and Litecoin.
Is COINSPOT safe?
“Is coinspot legit?” The answer is yes. This is because it is registered by Australian Business Number. Coinspot is also a member of Australian Digital Commerce Association.
A commonly asked question is, can I trust coinspot? Yes, you can! Here are the reasons why
- It uses 2FA, an authentication system used for identity verification through phones and email addresses.
- The two-factor authentication also prevents hacking and viruses.
- The system also prevents theft of identities.
- The terms of coinspot which abide by Australia’s Privacy Act 1988 offers privacy to its users.
- It allows customer to directly contact them via email
- It has a customer support service system.
- With the customer support, they respond to questions as fast as they can within a day.
- Transactions do not take long.
- Deposits through BPay only take 3 business days.
How to use COINSPOT?
- Have a coinspot account and to have one, you must have all the requirements mentioned earlier.
- You must also have internet banking to make transactions.
To buy/ Sell
- Enter your name, this is necessary for identification.
- Enter your email address, the address is used to verify your account
- Enter your password, it is used for confirmation the account is yours and for security purposes
- Choose the coin you want to buy or sell from the options given. Each coin has its rates, therefore, your choice depends on your budget.
- You choose the shop to buy from but preferably, choose a company in Australia.
- Finally, click the buy/sell button.
- Coinspot is not a scam.
- Despite the fact that coinspot has too many limitations, it is not hard to use unlike other cryptocurrencies, therefore, beginners can also use Coinspot.
- Verification takes some time but it is for the best interest of the customers. Who doesn’t want to be assured of their security anyway?
- It offers the most multi-coin wallets and it supports many cryptocurrencies.
- The coinspot fees are customer friendly.
- Coinspot is also mobile friendly.
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