It’s worth noting that when sending digital currency to an external wallet, a standard bank transfer fee will be applied. A well-respected digital currency exchange based in Australia, it permits customers to buy and sell Bitcoin, among other things. If you want to trade at Coinspot on the move, then you will need to access the platform via your mobile web browser.
CoinSpot features a solid mobile trading app to buy, trade, sell, transfer from the wallet, view price graphs, display coin information and monitor a cryptocurrency portfolio in one place. The CoinSpot app can be downloaded from the Google Playstore or iOS Store. The ease of use of the app has been improved over time and is comparable to the top crypto apps in Australia for buying and sell digital assets with AUD. Coinspot allows exchanges between coins, and also offers coin bundles, which are diversified offerings of multiple cryptocurrencies similar to a ‘fund style investment’. Coinspot conforms to ISO27001 Standards for Information Security, is AUSTRAC compliant and is one of Australia’s oldest crypto exchanges, making it one of the safest crypto exchanges. The OTC desk is a service for wealthy Australian traders, legal entities, entrepreneurs, and other businesses looking for a safe way to enter the cryptocurrency market and invest in digital assets.
- CoinSpot supports over 382 unique coins, including all major cryptos and those unavailable on smaller exchanges.
- The exchange is only available for Australian residents and aims to provide an easy-to-use platform for Australians to buy, sell, and trade over 400 cryptocurrencies.
- On the “Markets” tab, Coinspot offers TradingView charts with technical indicators and features.
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. From our test, Coinspot’s best price to buy Bitcoin was 1.89% which was 12th place. If you use a limit order or instant buy, which has a 1% fee, the total fee is even higher. They have a clean track record since being founded in 2013 and have multiple security layers like storing funds in cold storage and giving users 2FA for logins and withdrawals.
What coins can I buy on CoinSpot?
More advances trades on coinspot such as instant trades, Take Profit, Stop loss, Limit orders and Recurring Buys sit right on this limit of mine, charged at 1.0%. Coinspot conforms to ISO27001 Standards for Information Security, is AUSTRAC compliant and is one of Australia’s oldest crypto exchanges, making it one of the safer crypto exchanges. However, that being said, no ‘hot wallet’ or crypto exchange is 100% entirely secure so you should consider use of a cold wallet for your crypto. More than 2 million Australians use it to buy, sell, and swap cryptocurrencies.
However, in 2021, when cryptocurrency prices rose rapidly, its users were targeted in a phishing campaign through a series of Yahoo email addresses. CoinSpot, the Melbourne-headquartered cryptocurrency exchange that paid its owners $700 million in dividends over the past two years, has been hacked, with more than $2 million drained from accounts. All in all we can say that CoinSpot is an excellent choice of crypto exchange platform if you are based in Australia.
Special Features
This means that users have to verify their identities when they sign in by inputing a unique code that is on their mobile. CoinSpot also makes users verify withdrawals by clicking on a link that is emailed to you as soon you try to withdraw. This makes it exceptionally difficult for hackers to access your funds. AUD withdrawals from CoinSpot to your bank account will generally arrive in your bank account the next day if the withdrawal is submitted before 2pm. Withdrawals that are submitted after 2pm, will be processed the following day.
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Once the account is verified, users can fund it with Australian dollars or other supported fiat currencies and begin trading on the platform. CoinSpot stands out in this regard by offering industry-leading 24/7 live chat support. In fact, https://forex-review.net/coinspot-review/ it was the first Australian crypto exchange to introduce this feature, subsequently inspiring several other exchanges to follow suit. When I personally assessed the responsiveness of CoinSpot’s live chat team, I was thoroughly impressed.
Buying diversified bundles of cryptocurrency on Coinspot
As our CoinSpot review shows, CoinSpot offers an abundance of benefits, such as automatic features, having their own platform wallet, and providing more than 200 cryptocurrencies. Coinspot supports several payment methods to deposit funds into an account to buy Bitcoin. The most popular choice to deposit funds into Coinspot is via bank transfer using a direct deposit, POLi or PayID.
Whenever you swap crypto with another CoinSpot user, you will only pay a 0.1% commission. The CoinSpot exchange has a user-friendly and straightforward dashboard where you can monitor multiple coin wallets in a single space. CoinSpot customers can use the “instant buy” buttons to quickly buy bitcoin or any new coins that become listed.
This review is based on the author’s personal experience and research, and individual results may vary. The author is not affiliated with any of the exchanges mentioned in this review and does not receive compensation for their mention. It is recommended that readers conduct their own due diligence and consult with a financial advisor before making any investment decisions. This crypto exchange doesn’t charge a transfer fee when transferring your crypto to another CoinSpot account. But when sending coins to wallets outside CoinSpot, you will be charged a standard transaction (mining) fee. The customer service team is also active on various platforms to answer any queries from their users.
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. One of the most appreciated features among CoinSpot users is the ease of buying and selling. The inclusion of hotkeys on the dashboard enables quick and efficient transactions, with the current live price displayed alongside.
Funding your Coinspot account
The CoinSpot mobile app is available on both Google Play and App Store, so you can easily download and install it on your smartphone. The app allows you to select coins and stay in front of the markets with the interactive coin list. You can swipe between coins/tokens and stay updated about the biggest gainers and losers over the last 24 hours.
The only AUSTRAC-regulated and ISO certified cryptocurrency exchange in Australia. Coinspot also has its own NFT marketplace that let’s users to easily list, buy, sell, and trade their favourite NFTs. This involves providing personal information such as full name, address and an Australian phone number. CoinSpot requires all users who want to deposit or withdraw AUD from their platform to undergo KYC (Know Your Customer) verification.
The fee will be different per coin as the fee is dependent on the particular blockchain. Then, enter all your details and click ‘Create Account.’ When you receive the verification link on your email address, click it. Your CoinSpot account gets created after the verification of your email address. Launched just two years after Bitcoin (BTC), Kraken has emerged as one of the most seasoned players in the crypto exchange arena. In addition, CoinSpot’s information centre includes helpful tutorials for newbies and a FAQ section for new investors to buy Bitcoin and other digital currencies.
You will find all of the major coins, such as BTC, ETH, LTC, XRP, BNB, as well as many small altcoins that you have probably never heard of. Yes, CoinSpot has introduced an NFT marketplace in conjunction with OpenSea to offer its customers a variety of well-known https://forex-review.net/ NFT collections. Customers will need to fund their wallets with ETH to access collections such as Bored Ape Yacht Club. For example, if you want to quickly buy Ethereum, the asset is selected from the list and an order entry box is displayed.
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After that, you can avail this information to speculate and earn from short-term price movements of a coin. The information regarding performance may be different from the time of publication. While we believe that all content was accurate at the time of posting, it is possible that some offers included in the content may no longer be valid. It is worth noting that CoinSpot’s certification process is highly stringent, as it requires an in-depth assessment of Information Security Management systems and practices.