CoinSpot is a cryptocurrency exchange, initially focused on Bitcoin, but now supporting an impressive number of altcoins, including Ethereum, Dash, Litecoin, Ripple, Monero, NEM and more. Launched sometime in April 2014, the operation has always been exclusively Australia/New Zealand focused, promising its clients instant delivery and easy verification. Things have changed quite a bit in the world of cryptocurrencies since though, and nowadays CoinSpot looks a bit like an operation whose best days are behind it.
CoinSpot is also a multi-cryptocurrency wallet with built-in trading features. Users can store many coins, including Bitcoin, Dash, Dogecoin, Litecoin and others.
The site operates under bank-level security and it offers a multi-coin wallet-service, with low transaction fees. Calling these fees low is obviously a subjective matter though: one of the main complaints regarding the services offered by CoinSpot is that its fees are way too high.
The site does not feature an About Us page, and learning anything about who is behind the operation is borderline impossible. From the About section of their Facebook page, we learned though that the actual address of the exchange is 114 William Street, Melbourne, Victoria, Australia.
From the BitcoinTalk forums, we also learned that the person who launched the operation back in 2014 calls himself Russell. While Russell was around in the beginning, answering various questions asked by the community, he no longer seems to be active in the said Bitcointalk thread.
From the same thread, a virtual history of the operation unfolds. While the fees were high in the beginning, and while Russell did later address complaints, saying the fees had been adjusted, still, even in 2017 there have been complaints about this same problem.
Currently CoinSpot caters to the local Australian and New Zealand market only. Cryptocurrency is a borderless technology, but exchanges like CoinSpot are still 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 that also offers Australian-based customer service.
The CoinSpot does not currently have a mobile phone app. This website is fully responsive meaning it has been optimised for use on mobile phones, allowing you to use CoinSpot on the go.
- Instant Buy and Sell. The fee for buying and selling coins is 1%.
- Market Orders. When buying or selling on the BTC, LTC, ETH and DOGE markets, the fee is 0.25%.
- Wallets. When sending coins to wallets outside CoinSpot you will be charged a standard transaction (mining) fee.
- Deposit AUD.
- POLi payments deposits have no fee.
- BPAY payments have a 0.9% fee.
- Cash payments have a 2% fee.
- Withdraw AUD. It is free to withdraw AUD from your CoinSpot account to your Australian bank account.
CoinSpot is registered under an Australian Business Number (ABN), and is a member of the Australian Digital Commerce Association. CoinSpot also complies with Australia's latest AML/CTF laws, which are enforced by AUSTRAC. This means the platform must verify the identities of its customers, report suspicious transactions and those that exceed $10,000, and keep transaction records for seven years.
You'll need to complete a strict verification process before you can start trading on CoinSpot. This includes providing and verifying your email address and phone number, as well as uploading a photo of your ID, a photo of yourself holding a signed statement, and providing proof of your address.
CoinSpot also 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 your account
- Platforms: Web
- Validation Type: Centralized
- Wallet Features: 2 Factor Authentication (2FA)
- Url: https://www.coinspot.com.au/multicoinwallets
- Anonymity: Medium
- Security: Third Party
- Ease Of Use: Easy
See Also on BitcoinWiki
- https://www.scambitcoin.com/coinspot/ ScamBitcoin – CoinSpot
- https://www.finder.com.au/coinspot-exchange-review Finder – CoinSpot exchange review