Which Australian Crypto Wallet Should I Get? Look no further then Coinspot
When it comes to Crypto currency wallets, dont look past Coinspot, I will tell you why. There is a myth going around that Exchange wallets arent safe, that is incorrect, with 2 Factor Authentication, it is one of the safest wallets out there, with a dedicated support team in Melbourne.
Coinspot Wallet Online
Coinspot has over 60 Wallets in 1, No longer need to remember passwords for 50 different wallets, if you are a investor.
Below is a snapshot of a wallet in Coinspot, it basically shows all your coins, and every added coin, a new wallet will open for that particular coin. If you are worried about the safety of your coins, we recommend getting a hard ware wallet which you will store your capital, you can send to these hardware wallets after you purchase your coin.
Give it a go, get on board, at the start of this year Bitcoin was $900. if only you had bought one, that today, almost 10 months later is worth $25,000. It is predicted to reach $50,000 by Opening 2018 and a whopping $500,000 by 2020 ( market cap will need to be 1-2 Trillion. (currently sitting at 200 Billion).
Click the following link to sign up. Coinspot. It is easy, the sign up process is pretty secure because it is a financial trading company mainly governed by AUSTRAC.
Buy bitcoin with Australian dollars and enjoy free withdrawals to your bank account on this popular cryptocurrency exchange.
CoinSpot is one of Australia’s most popular cryptocurrency exchanges. The main reason it’s so popular is probably because it’s local. That means Australians can make fast exchanges, and avoid transfer and currency exchange fees to get much better value for money on CoinSpot than elsewhere.
It also lets you buy and sell more than 50 cryptocurrencies with AUD, including bitcoin, Ether, Monero, Ripple and all the other top performers.
Plus, it’s well-established. It was founded in 2013, and has long-held reputation for reliability.
It has a lot of advantages for Australians, but how do the platform fees and features compare to others in the market?
What is CoinSpot?
CoinSpot is a cryptocurrency trading platform that allows users to buy, sell and exchange dozens of different cryptocurrencies.
Cryptocurrency is a digital asset exchanged around the world, but getting started usually means buying with fiat currency (ie government-issued currency like AUD).
Because CoinSpot is based in Australia it can offer some special advantages. The main one is that it streamlines the trading process by making it simple, quick and cheap to deposit AUD into a CoinSpot trading account, as well as to withdraw funds to your Australian bank account, with minimal transfer fees.
These advantages, combined with its unique features, mean a lot of Australians choose CoinSpot to buy their first cryptocurrency, and many experts keep using it simply because they like it so much.
What makes CoinSpot unique?
Trading cryptocurrency can be confronting. Anyone who’s compared enough exchanges has encountered too many poorly designed websites, with confusing layouts, unclear features and unattractive interfaces.
CoinSpot’s easy-to-use interface is a nice change that other exchanges could learn from. The hardest part is deciding which crypto to buy and how much to invest, but actually buying and selling is very straightforward.
Just pick the crypto you want from the list, and click on it. That shows you the current prices. It even includes the commission fee so you can see how much it actually costs.
All you need to do then is choose either how much crypto you want to buy or sell, or how much AUD you want to spend or earn. The page automatically updates the prices when you enter your amounts. Once you’ve found the amount you want, just click the buy/sell button.
Which cryptocurrencies can I buy/sell?
CoinSpot offers exceptional variety by any standards, but especially compared to most Australian exchanges. It also tends to be very good about offering brand new coins as soon as they’re available, so investors can get in at ground level.
As of the time of writing in December 2017, CoinSpot offers 65 different cryptocurrencies. It’s hard to imagine a better exchange for anyone who wants to invest AUD into a diverse cryptocurrency portfolio, all in one place.
Basic Attention Token
Safe Exchange Coin
Which countries does CoinSpot support?
Currently CoinSpotcaters to the local Australian market only. Cryptocurrency is a borderless technology, but exchanges like CoinSpot are still be subject to local laws and regulations. This can be both an advantage and a disadvantage.
Traders who want more flexibility might prefer a service that’s not subject to Australian law, but others might enjoy the peace of mind that comes from using a compliant exchange, and offers Australian-based customer service.
Cryptocurrency regulation in Australia is subject to ongoing debate in Canberra. This is something all crypto traders should be mindful of when weighing investment risks. Nonetheless, it’s clear the Australian Government is taking a progressive attitude towards cryptocurrency and blockchain technology. Future regulation may change how cryptocurrency is purchased, traded or taxed locally but, at least for the foreseeable future, Australia looks to remain a crypto-friendly environment.
Which payment methods are accepted?
The good news is that CoinSpot has very clear-cut commission fees and there are no hidden charges to worry about. Some banks could learn from that
The bad news is that CoinSpot trades with fairly wide spreads. You’re typically buying at the high end and selling at the low end of market rates, and then paying a 2-3% commission fees on top of that. It’s a high price to pay for convenience and simplicity.
However, once you factor in CoinSpot’s (lack of) deposit and withdrawal fees it starts looking like much better value for money.
AUD deposit feePOLi
None (Bank transfer only)
0.9% of transfer amount
This is the value of using a local Australian exchange. Even if you save money on better rates elsewhere, the fees will often tip it back the other way.
For some perspective, a deposit that’s completely fee-free on CoinSpot might involve a flat $30 wire transfer fee on the deposit amount plus a 5% AUD to USD currency exchange fee, when using a large global exchange.
Despite the somewhat unfavourable rates, it might still be hard to beat CoinSpot for value. This is especially true for smaller purchases that would get eaten up by flat transfer fees on other exchanges. This also works well with the exceptionally low minimum deposits available.
CoinSpotis one of the few exchanges where you could feasibly deposit some spare change to buy a few dollars of cryptocurrency at a time.
Are there any transfer/withdrawal limits?
Each buy/sell order is capped at a maximum of $5,000 per transaction and additional restrictions apply to POLi deposits from new customers. There is no limit on how much you can withdraw at once.
Limit$5,000 per transaction$2,000 per 24 hours$10,000 per 24 hour period$2,000 per 24 hour period
Additional restrictions apply to POLi deposits for new customers.
There is a deposit limit of $500 per 24 hour period for the first week
Seven days after depositing a total of $500 with POLi payment deposits, the limits are raised to $2,000 per 24 hour period.
How fast will my funds be available?
Wallet transfers. CoinSpot indicates most transfers will be sent immediately, once a send action has been confirmed. However, the platform does say that this may take up to 12 hours when sending coins to a wallet outside CoinSpot. Manual approval is also sometimes required for certain wallets, so it’s important for you to keep this in mind when considering processing times.
Withdrawals to AUD. All withdrawals from CoinSpot are processed within 3 business days of the withdrawal request being received. Once the request has been processed, the transfer then depends upon standard domestic processing times.
These limits are in place because CoinSpot is bound by Australian financial regulations. Due to Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act, and the present debate surrounding crypto regulation, it’s possible that the rules surrounding daily limits may change in future.
Is CoinSpot safe?
CoinSpot is registered under an Australian Business Number (ABN), and is a member of the Australian Digital Commerce Association. These two factors are strong starting points when you’re assessing CoinSpot’s approach to privacy and security on their exchange.
CoinSpot utilises a two-factor authentication (2FA) system requiring users to verify their identities via their emails and mobile phones. 2FA provides an extra layer of security against any viruses or attempts to hack. It also helps to decrease risk of identity theft or other traders using a false persona to trade with on the platform.
CoinSpot features a customer support service run off the industry standard, Zendesk. It also offers the option for direct contact via email enquiry. In keeping with its user friendly approach, CoinSpot ticks the boxes in this regard for offering a help section and clear channel of communication when needed, although some users have reported delayed response times.
How do I create a CoinSpot account?
Signing up to CoinSpot is similar to most exchanges, although verification requires some additional steps compared to other services.
CoinSpot verification requires you to:
Enter your full name and current Australian address
Provide an Australian mobile phone number
Upload a photo of your driver’s licence, learner’s permit or proof of age card to provide proof of name.
Upload a photo of a utility bill or the back of your driver’s license to show proof of address
Set up two factor authentication
You will also need to upload a photo of yourself with a signed statement saying: “I, [Your Full Name], submit this photo to apply for a CoinSpot account to trade digital currency and my code is [Your Code number]. [Your Signature]”
Your code number can be found under the Account > Verification section, as part of the verification process.
A CoinSpot representative will also contact you on the phone number provided to ask some questions and ask you to confirm certain details.