Cryptocurrencies are confusing and difficult to understand.
The cryptocurrency market is growing fast, but it’s still a very new concept for most people. Even if you have no interest in investing in crypto yourself, there’s a good chance that your friends or family might ask you about it someday.
This review of Coinspot is the first step towards understanding cryptocurrencies and blockchain technology. We’ve made this guide as clear and simple as possible so everyone can understand what exactly these technologies are all about! You’ll learn how they work, why they’re important, and where to invest your money wisely.
What is CoinSpot?
Since 2013, CoinSpot has been at the forefront of the blockchain revolution in Australia. Their aim is to offer a simple service that has everything a trader need for purchasing, selling, and managing several cryptocurrency accounts. Users can trade more than 300 cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin and more recently, NFTs & DeFi.
The Australian government modified its rules in April 2018 to apply to all firms offering digital currency exchange services. This meant that enterprises providing these services had to be certified, and CoinSpot applied for registration the day after the regulations changed and was approved on the same day. CoinSpot has just been licensed by AUSTRAC, Australia’s financial intelligence agency, to supply digital currency exchange services in the country, which is a major development for both the platform and the sector as a whole.
In April 2018, CoinSpot announced that they were lowering fees across the board by 30 percent. This was owing to the legal framework and financial partnerships strengthening in Australia. It’s fantastic news for all Australian users wanting to trade cryptocurrency on their platform.
CoinSpot is a cryptocurrency exchange that prides itself on providing exceptional customer service and truly revolutionizing the market in Australia by being the first secure platform to trade using. The Cryptocurrency industry has grown considerably in recent years, but it’s still an area that most people are unfamiliar with. Because of this, CoinSpot believes there is a great potential for growth. The platform is user-friendly and accessible to both new and experienced users, allowing anybody to easily get involved with cryptocurrencies.
History of CoinSpot
The company behind CoinSpot is Casey Block Services Pty Ltd, with an ABN of 19 619 574 186. Russell Wilson launched CoinSpot, a Bitcoin trading platform, as a sole trader in December 2013 using his prior ABN from IT consulting work. In 2014, he formed a company called PTY LIMITED to own and run the CoinSpot platform. However, he continued operating as a single trader before finally closing the PTY LTD in December 2016. In 2017, the firm went through significant changes as a result of the growing popularity for cryptocurrency in Australia, an increase in staff size, and the conclusion of corporate organization. Having had attention on strong security throughout has aided them since they are now recognized as the most secure and reputable Cryptocurrency exchange in Australia.
Within the platform, there are several options for Coinspot users for what to do with their crypto coins.
Buy & Sell
The sheer number of coins available is one of the first things you may notice if you are new to Crypto. There are over 290 distinct cryptocurrencies to select from. It’s frightening, especially if you’re unfamiliar with the cryptocurrency asset class.
However, if you aren’t at least somewhat familiar with the top 5-10 cryptocurrencies by market cap, it is recommended that you do some additional research before purchasing crypto.
Once you’ve decided which coin you want to buy, the system provides a very uncomplicated way to complete the transaction. Instant purchases/sales (1% fee) or market orders (0.1% fee) are available.
You may acquire either one of these cryptocurrencies using Australian dollars. Purchase is as simple as choosing the amount you wish to purchase and completing the transaction. A market buy, on the other hand, necessitates that you set a price at which you will purchase cryptocurrency, as well as the quantity.
If the cryptocurrency hits that price and you have adequate funds at that moment, this order will only be executed if necessary. The process for selling your chosen cryptocurrency is similar.
The ability to purchase Bundles in the Coinspot app is a fantastic feature. The Crypto ETF is a basket of cryptocurrencies that tracks an index, much like this one.
Bundles are pre-determined groups of cryptocurrencies that include predetermined proportions for each coin you may invest in. If you pick the top 3 market capitalization bundle, it has Bitcoin, Ethereum, and Binance.
If you bought the package for $500, it would distribute ⅓ of the money across each currency. This transaction would only be regarded as one, which helps to reduce costs. Especially if you were going to purchase each currency separately.
Bundles are a fantastic concept, so if this interests you, make sure you’re satisfied with what you get.
You can exchange your existing cryptocurrencies for other cryptocurrencies through the Coinspot app, provided that you have some. Instantaneously executed trades will cost 1% in fees, as the name implies.
One important thing to bear in mind is the volume and volatility of the currencies you’re swapping. Given the speculative nature of this asset class, such changes may occur rather quickly.
Who is CoinSpot designed for?
For those who prefer a simple, minimal approach to cryptocurrency trading, CoinSpot is an excellent choice. It’s great for traders of all levels, although more advanced traders may find it wanting in terms of functionality.
Stop loss and stop limit orders are two order types that may be used to reduce risk. Stop loss and stop limit orders are useful for de-risking transactions. Institutional investors, for example, who wish to trade larger amounts of money are entitled to a dedicated SMSF team and an OTC (Over The Counter) trading desk.
The OTC market is one of CoinSpot’s strong suits. It’s the ideal platform for big traders who want to place huge orders without disturbing the market. Now, they may use the CoinSpot OTC desk to avoid slippage and minimize trading risks by placing their orders.
Self Managed Super Fund (SMSF)
It is now quite common for Australian residents to put their retirement funds in cryptocurrency, as many of them feel that virtual assets are a more secure and profitable long-term investment.
You can open an SMSF account on CoinSpot, a cryptocurrency exchange platform, where you can safely store your crypto assets. To start an account, you must provide the platform with the registered trust name and address, a copy of the trust deed, and information about your beneficiary.
Referral and Affiliate Program
If you’re happy with CoinSpot and want to share it with a friend, both of you get $10 worth of Bitcoin when your buddy makes their first deposit. It’s such a simple way to make money by spreading the news.
Similarly, if you advertise CoinSpot’s services on your company’s website, you may join their affiliate program and earn a 30% commission each time a new member joins by clicking your link.
Is CoinSpot safe?
Since 2014, CoinSpot has been a Certified Digital Currency Business and a member of Blockchain Australia. They are also the only Australian crypto exchange to be ISO 27001 certified and regulated by AUSTRAC.
On top of their prestigious accreditation, they have stringent offline cold authentication procedures in place, such as customizable account-level security.
For AUD deposits, Coinspot offers a variety of payment choices, allowing customers to select the one that best matches their buying preferences. The following are some of the available payment options:
- The most common payment method among Australian customers is POLi Payments, which is run by Australia Post.
- Next is BPAY, an Australian-developed e-wallet system that handles transactions in a day.
- The electronic payment service PayID, a popular way to deposit funds throughout Australia that utilizes the New Payments Platform (NPP).
- Direct deposit, a common bank transfer mechanism that goes through your chosen online banking service. The fact is that if you use Osko, such transactions are completed almost immediately.
- A popular alternative for individuals who only use hard currency is Coinspot’s Bluehyft Cash Deposit, which is a fantastic substitute for those who rely on hard cash alone. With a vast network of over 1,200 locations across Australia at selected retail shops, Coinspot is one of the few Australian cryptocurrency exchanges that accept Bitcoin payments through Bluehyft terminals.
CoinSpot is one of the most cost-effective exchanges for traders in Australia, with fees starting at 0.1% and no hidden costs. A 1% charge applies to instant purchases and sales. Take profit, stop loss, and recurring orders are all charged a 1% fee.
When sending digital currency to an external wallet, you will be charged a standard bank transfer fee. When compared to other exchanges, which have an unclear fee structure, CoinSpot’s fee structure is very transparent.
CoinSpot has teamed up with ZenDesk, an American customer support platform, to guarantee consistent and timely customer service. Their services are utilized by over 200,000 firms and small businesses worldwide, including the crypto sector. You may submit a request for assistance via email and expect a response from the support staff within a day or two.
Furthermore, CoinSpot offers a separate help center site with numerous general and specific pieces to assist customers with their issues. There is no live chat or phone line to direct contact the company.
What Are the Best CoinSpot Alternatives?
CoinSpot is one of Australia’s first exchange sites, having launched in 2013, and it’s definitely worth a try. It has a basic user interface, minimal transaction costs, and many digital currencies for traders who like to trade with a varied portfolio.
It’s also straightforward to move money around on this site. The dashboard includes visual elements to assist you track your assets, and the site is not regulated by any authority.
If you are still looking for alternatives, here are few options:
Why choose CoinSpot over competing exchanges?
There are so many different exchanges to select from that picking the best one may be difficult. If you’re searching for a hassle-free, low-cost, and efficient service that gets the job done and stays out of your way, CoinSpot is an excellent choice.
It’s a pretty basic crypto exchange. Aside from trading coins, NFTs, and DeFi, it has few other features. If you’re a seasoned trader, you’ll miss out on some of the more sophisticated tooling and capabilities available on services like Binance, such as futures trading and so forth.
To summarize our CoinSpot review, we believe this is one of the most trustworthy Australian crypto exchanges, and traders are encouraged to give it a try. You can trade a variety of altcoins and DeFi tokens, with several deposit options with minimal costs. The daily limits imposed by CoinSpot, as well as the fact that you can only transfer funds in one fiat currency – Australian Dollars, should be remembered. CoinSpot is a reputable Australian cryptocurrency exchange that has been operating for almost five years. We believe you won’t have any trouble using your local currency because CoinSpot is only accessible to the Australian crypto market, so you’ll save on fees as well. If you want to make large volume purchases, CoinSpot offers its own OTC desk.