His account showed that he was making his money back and he wanted to withdraw. By then his nerves were frayed, and he tried to use the fake StocksCM trading platform himself. His account manager said if he invested another $100,000, there would be an “opportunity to make his money back” in a few months through the companies developing vaccines. Alex told him that with each new investment, the company would give him bonus points.
CoinSpot offers an extensive selection of cryptocurrencies, with 380+ tradable coins available on the platform. This wide variety ensures that traders have access to a diverse range of assets, catering to different trading preferences and strategies. However, CoinSpot has significantly streamlined the entire process. You can now purchase NFTs directly from your CoinSpot account, utilizing any cryptocurrency of your choice. Furthermore, if you wish to sell an NFT, you can also do so directly through CoinSpot. I personally tested this feature and found the buying and selling process to be exceptionally smooth and user-friendly, akin to acquiring cryptocurrencies from the exchange.
- The platform has over 382+ cryptocurrencies accessible for trade, multiple deposit methods and competitive trading fees for instant traders, OTC and SMSF investors.
- You can find Binance vs. CoinSpot review, Crypto.com and CoinSpot review or Swyftx vs. Binance vs. CoinSpot Reviews.
- Users who can’t find help in the FAQ section can get in touch with the support team by using the help widget in the bottom right corner.
You can check price graphs, sell, trade, buy, transfer from the wallet, track your cryptocurrency portfolio in one place. Trading features on the dashboard let you check multiple wallets in one location. You can use these buttons for quick sell-and-buy orders or check the price chart. You can see the portfolio’s visual chart with the distribution of coin holdings as well as its percentages. Though this option is convenient, it has a transaction fee of 1% for convenience. The fee is relatively higher than other cryptocurrency exchanges in Australia.
If you use either BPAY or a cash deposit, you will pay fees of 0.9% and 2%, respectively. Coinspot Bundles lets you easily purchase a basket of cryptocurrencies in one transaction. This feature includes a fixed 1% fee a you’ll find many categories such as a Top 10 Market Cap, DeFi Bundle, NFT Bundle and more.
Alex replied that someone would call him about the ‘money recovery’ but Adam said he never received a phone call. Adam again sent an email to Alex asking what had happened to his money. By then, he’d searched harder online and found dozens of negative reviews. Adam’s manipulated account showed that he’d lost millions from his balance, and he was told his balance was too low to keep trading. Then, he was told there was a unique opportunity to invest in shares of pharmaceutical companies Moderna and Pfizer, so he invested more money. Adam was nervous in the beginning, but the company allowed him to withdraw about $6,000.
The Trustpilot Experience
Money transfers and coin purchases are fast and simple and the app user interface is easy and intuitive. This process is quite strict and requires a little more effort than verifying identity on some other exchanges. However, this is a standard process to protect the crypto exchange from involvement in money laundering or suspicious activity. The overall verification process normally takes less than 24 hours.
Ultimately, if you’re a non-Australian resident and you need to deposit funds with an everyday debit/credit card or e-wallet, then you’re best off using a more inclusive exchange like Coinbase. Don’t invest in crypto assets unless you’re prepared to lose all the money you invest…. Don’t invest in crypto assets unless you’re prepared to lose all the money you invest. With a multitude of exchanges out there in the crypto world, how do you know the one you’re using is reliable and trustworthy? Well in this article, we’ll break down why CoinSpot is the number crypto exchange in Australia and how CoinSpot’s security is iron-clad – making it one of the safest exchanges in the world.
Who Is Coinspot Good For?
Moreover, the platform also has a dedicated FAQ section to help beginners with various issues like verification and login, trading and exchange, fund withdrawals etc. A very easy to use app interface and real time price updates and transactions. And also safe considering it follows Australian regulations and security standards. Coinspot takes security seriously and complies with the International Organization for Standardization for its security systems. CoinSpot is one of the only cryptocurrency exchanges in Australia to be accredited for its security systems, receiving the coveted ISO27001 award for excellence in security.
It also requires a trader to upload a selfie photo that has him holding any of the IDs. BitMart provides an extensive array of cryptocurrencies and competitive trading fees. Moreover, with plenty of advanced features, including margin and futures trading, it’s an excellent choice for more… CoinSpot fees (deposit and transaction fees) are competitive compared to other platforms. The deposit fees via POLi, PayID, or Direct Deposit are free, while BPAY deposits incur a 0.9% fee. CoinSpot’s Australian wallet provides an address for each asset you trade on the exchange, supporting more than 300 distinct cryptocurrencies.
Cons of CoinSpot
CoinSpot’s fees are so competitive, and it is a breeze to make buy and sell orders for the crypto assets listed on the exchange or use their instant buy/sell feature for the easiest experience. There are no deposit or withdrawal fees using bank transfer methods such as POLi or PayID or direct deposit. BPAY and cash deposit at a local newsagency will incur a 0.9% or 2.5% surcharge fee accordingly. Additionally, deposits made via credit or debit card incur a 2.59% fee.
Coinspot Earn
Although the platform accepts real-world fiat deposits, this is only available to those based in Australia. If you’re a non-Australian resident, then you’ll be forced to fund your Bitcoin account. By keeping a significant portion of its assets in highly secure offline locations, the CoinSpot security features remain one of the best in the industry. The following review is for informational purposes only and should not be construed as financial or investment advice.
Trading fees
The Deposit Fee is the first fee that crypto investors will encounter. Investors must first deposit funds before they can begin trading. CoinSpot Australia accepts a wide variety of deposit methods, with the most popular options charging no fees and being instant. CoinSpot charges a transaction fee on the quebex fiat currency deposits and generates revenue. Therefore, if more users buy and sell, the platform generates more revenue. In addition, the CoinSpot affiliate program as users to earn a commission of up to 30% on the trading fees whenever the people use their referral link to get registered on CoinSpot.
CoinSpot’s registration process
It provides a read-only API interface for accountants and fund managers to monitor your portfolio. The exchange has a friendly and local SMSF support team that is always ready to help you with any questions or issues. We wonder why we can’t get adoption in the crypto space it’s because exchanges like coinspot are dodgy with buy and selling prices. When discussing the maximum rating, there isn’t much to dive into regarding coinspot.com.
An order book is positioned below the order boxes which can be useful to see the trading volume and asset liquidity. This is particularly important on altcoins that have low trading volumes. The exchange offers over 300 altcoins including some new coins that have just been released on the market. To the extent any recommendations or statements of opinion or fact made in a story may constitute financial advice, they constitute general information and not personal financial advice in any form. As such, any recommendations or statements do not take into account the financial circumstances, investment objectives, tax implications, or any specific requirements of readers.
Australia’s governed financial sector regulates CoinSpot exchange. Australian Government Financial Agency, known as AUSTRAC, keeps tabs on all the financial transactions. This agency identifies money laundering, terrorism, tax evasion, welfare fraud, organized crime.
When you have created your account for the first time and decided it is time to make your first purchase you head over to the buy&sell tab. There you will be able to access both normal charts and more advanced charts for the more experienced trader. Our methodology involved a comprehensive analysis of nearly 25 international and Australian cryptocurrency exchanges, crypto trading apps, and brokerage platforms that offer crypto trading options. Setting up an account with CoinSpot is a relatively simple and quick process. Users need to provide the necessary information and identity documents in order to complete the know your customer (KYC) verification process.