Is CoinSpot a scam? Australian Review

Or is it legit? We review the cryptocurrency exchange trading platform known as CoinSpot here and guide you how to buy and sell cryptocurrency such Bitcoin, Litecoin, Ripple, EOS and hundreds more.

Rating:

97/100

Our Rating based on:

Our Personal Experience – 100% Real

User Interaction – 100% Real

Forum Approval rating – 90%

No, Coinspot is not a scam, as a regular user of Coinspot myself, I use the platform to buy and sell cryptocurrency in australia through coinspot, the website has come along way since its inception in 2013. The website has been updated with nearly 150 alternative cryptocurrency coins to purchase. Making it the biggest coin exchange in Australia, many of the coins are Australian based companies.

1% Fees

CoinSpot has the lowest fee structure compared to all the exchanges. Previously was the highest.

AUD Trading

All trades are conducted in Australian dollars to make sure you are not hit international fees and conversion rates.

UX Design

Buy anywhere, anytime on any smart device. All you need is a internet connection to become your own bank.

EXCELLENT SUPPORT

A interactive support system in which help is received by many different customer service reps almost instantaneously.

Secure Storage

Bank level security systems to ensure your funds are kept safe. Unbreakable encryption of each multi wallet.

MULTI WALLET

Have over hundreds of different crypto wallets to use at anytime. all in one easy to use screen. This is called CoinSpot Wallets.

DECENTRALIZED

You do not need to rely on a governent bank. You control your funds, you own them afterall.

Charts & Real Time Info

Great history charts and live charts, you do not need to have 10 different web pages open, CoinSpot is your all in one.

IS IT SAFE TO KEEP MY COINS ON COINSPOT?

Yes, the platform has bank level security, is regulated by the ADCA finance regulatory body. Your coinspot are kept safe on CoinSpot.

If you want to move them out? See below

Back a few years ago, even as soon as last year, the the prices for bitcoin and Altcoins where more attractive through CoinSpot then any other exchange, however, there was a catch, this was that any coins purchased where not allowed to be sent out from CoinSpot.

Merely making it a haven for traders only. This has changed from the last few months and CoinSpot now allows the users to send to there hard wallets, we do not recommend sending to other exchanges as an exchange to exchange transaction could get lost in the crypto chain.

Instant Trades

It takes all of about 10 seconds once you are logged in to find and buy a coin you are after

This is such a good feature as Cryptocurrency prices can be volatile depending on the coin and you will need to sometimes be ahead of the game and purchase in different environments, such as out shopping, in a Uber, or relaxing on the couch.

Build your portfolio

The multi wallet features you can see all your coins and the value of them building up right in front of your eyes.

CoinSpot features a online virtual wallet which can store many coins in them.

Free Tutorials & Courses

Learn trading, advanced cryptocurency lessons and Blockchain technology.

Conclusion

CoinSpot is not a scam, it is 97% safe, which is among the highest ratings an exchange could possibly get, I recommend this platform over many other

 

You can check out this step by step guide to help you sign up to CoinSpot. It is easy to learn, and will help you get verified and trading, buying or selling in no time.

 

FAQ

Is CoinSpot registered with AUSTRAC?

From 3 April 2018, all businesses providing Digital Currency Exchange (DCE) services in Australia are regulated under new laws.

CoinSpot submitted its application to AUSTRAC and we are pleased to announce that we have been successful. CoinSpot is now registered to provide digital currency exchange services in Australia.

This is a big step for the industry in Australia and we are excited to be a part of it.

PHow can I guarantee to receive coins and tokens from a fork, airdrop or similar events?

CoinSpot encourages its Members to actively conduct their own research regarding forks and airdrops and take initiative in sending their coins to a private wallet before the fork occurs.

QHow do I contact CoinSpots support team?

If you are unable to find the answer to your query in our Help Centre articles, please click Submit a Request (top right) and select the appropriate category for your query. Once you have logged a Support Ticket our Member Experience Team will be in contact as soon as possible.

How many Blockchain confirmations are required?

We require 6 confirmations before the coins clear in your CoinSpot wallet.

Transactions will appear immediately on your wallet page as soon as they are sent so you can confirm everything has gone through correctly.

What are your fees?

The fee for buying and selling coins for AUD is 1%. When trading between coins the fee is also 1%.

Market orders have a 0.25% fee and the fee is taken out of the total value of the coin (e.g. BTC, LTC, DOGE or ETH) you receive.

How do you calculate GAS and when will I receive it?

All CoinSpot NEO/ANS holders will receive GAS monthly.

We will calculate the amount of GAS to distribute to holders of NEO/ANS based on the amount of NEO and the period of time the NEO is held for during the previous month.

The total amount of GAS you receive from your NEO holdings is the ratio of NEO you hold during the month against the total CoinSpot customer NEO holdings.

Do you have an app?

We do not currently have a mobile phone app.

Our website is fully responsive meaning it has been optimised for use on mobile phones, allowing you to use CoinSpot on the go.

Free Courses

Browse our many free tutorials around cryptocurrency and Blockchain technlogy. We have tutorials on how to buy & sell, how to set up wallets.

Premium Courses

Get straight into the power courses, we call them power courses because of the attention to detail in these courses.

Ready to get started with CoinSpot?

Get in touch, or create an account