It is now 2018, is CoinSpot a scam? We review the CoinSpot platform to identify whether the exchange is a scam or if it is a well trusted exchange platform in Australia.
What would make us think this is a scam?
One of the main reasons why potential investors think CoinSpot is a scam I guess, is because there are plenty of coins available on the website, usually when a cryptocurrency exchange website has plenty of coins and claims to be regulated in Australia. The info is a tad blurry.
CoinSpot, Is it regulated?
Regulation of cryptocurrency exchange can come in many forms, one of the main forms is by the ACDA. This is a private union in Australia which ensures that online exchanging websites and trading platforms adhere to the regulations of Australia, this is very similar to Fair Trading and the Financial Ombudsmen of Australia.
Has anyone been scammed or mistreated by CoinSpot?
We can confirm after looking through many Australian forums that no body has been scammed by CoinSpot. The only information we can find where many customers where not happy, was the event in November when Bitcoin shot up to $26,000 and nearly every person in Australia was trying to create a CoinSpot account. This of course left a lot of pending new accounts for almost 2 weeks. But we also looked at many other exchanges around the same time and nearly every single major exchange
Did you say coinspot has over 90 coins?
That is correct, CoinSpot has over 90 coins, Bitcoin, Litecoin, Ripple, Verge, Ethereum and heaps more. Every single other cryptocurrency exchange in Australia has a maximum of 3-5 coins. Which is a really poor effort. CoinSpot does a great job of providing all of these extra coins. I have used coinspot for a while now. Have spent over $150,000 on this platform alone during the past year.
The creator of Coinspot?
The creator of CoinSpot is Russell Wilson, I actually spoke to Russell on a few occasions in the past year, as I am a cryptocurrency miner of different coins. Mainly Bitcoin. I mine directly from the genesis blocks and help the crypto community and 100% support the blockchain movements of the world. So I have been selling my mined coins on the platform, hence the amount of money I put through this program.
I have seen this platform grow from a small time crypto exchange with 4 coins to a monster of a exchange to 95 coins and growing fortnightly. They have a great team and support centre, in which all claims are answered within a couple hours, even weekends.
What is the CoinSpot Platform like?
Is it a real simple interface which is perfect for beginners, it is also very easy to use for experts, the reason the interface stays simple even for experts is because it is such a fast platform. It is well thought out, there are no missing features, and it is easy enough to use with everything you need right in front of you without overwhelming you.
Some other trading platforms have charts and complex data all over it, this isnt really needed, what I mean by this is, for example on a complex exchange you will click VERGE (XVG) and you will see the XVG to USD, XVG to BTC and nearly every other coin comparison, you do not need this, your fiat currency is enough. You can look at this data if you click sell XVG and choose your coin to sell to, it will give the data in a second.
You do not need 90 coins comparison with 10 charts in front of your face. It is simply information overload, it looks like Wall Street in the 90’s. CoinSpot however, resembles the iphone or mac store, It is simple, great design and fast.
If you have not heard of CoinSpot before this article, I will show you a few powerful features that many exchanges simply do not have.
- A multi coin wallet – CoinSpot has a integrated Multi Coin Wallet, this means for every coin you buy from the website you can also store the coin on the platform. This is helpful because you do not need to download 90 different wallets from online, you can use the facility that coinspot provides.
- 2 Factor Authentication – CoinSpot has never been hacked, this is mainly because of integration of security features such as 2 factor authentication. 2 factor Authentications works by providing you a code which changes every 20 seconds installed in your phone, you need this to sign in to the platform. (the service is provided by Google) It adds an extra layer of security that a strong password cant provide. Although we recommend a strong password just so you know your safe.
- Big deposits – Most crypto exchanges such as CoinBase (only provides 2 coins) but has limits of $200 a day for new accounts, very frustrating. With CoinSpot you can deposit over $5,000-10,000K a day.
- Any Device – The best part about CoinSpot is that you can literally use any device to trade, I use my phone in bed to conduct my first trades, when I arrive at my office I then switch on the PC and share the screen to my wall mounted TV and study the coins. You can use this platform on Macs, Windows, Androids, iPhones even Linux.
If you are ready to open a CoinSpot account, please do so by clicking below to be taken directly to the CoinSpot register page:
Register Here: Coinspot Official Link
Please check out our other blogs.