CoinSpot Review 2022: Is the exchange regulated and safe?

 

CoinSpot is a cryptocurrency exchange based in Australia that offers trading options for more than 100 different cryptocurrencies. The platform allows users to trade bitcoin, Ethereum, and Litecoin with AUD (Australian dollars).

The company was founded in 2013 and has offices in Melbourne, Australia. It also has offices in Sydney and Perth.

In this Coinspot review, we will take a look at what CoinSpot is, how it works, its features, its services/products, and its pros & cons.

Coinspot review
CoinSpot

Coinspot Review: What Is Coinspot?

Coinspot cryptocurrency exchange based in Australia. The platform allows users to buy and sell cryptocurrencies like bitcoin, Ethereum and Litecoin with AUD (Australian dollars) or USD. CoinSpot also allows users to trade over 100 cryptocurrencies through its platform.

While the company is based out of Australia it does accept traders from other countries around the world. This can be an advantage for traders who want to invest in cryptocurrencies but do not have access to local exchanges or do not wish to deal with any KYC requirements.

Coinspot does not require any personal details from its users until they reach a certain level when they will be required to verify their identity by providing their passport or driver’s license as well as a selfie holding both documents together along with your name written on a piece of paper so you can be verified against them.

Coinspot Review: How does it work?

CoinSpot offers the typical features of cryptocurrency exchange: the ability to buy and sell assets by depositing fiat currency or trading with other crypto assets. You can also use CoinSpot to store your crypto assets in their cloud wallet or on your hardware wallet.

The site is simple to use, but it is not without its quirks. For example, when you are buying or selling an asset on CoinSpot, you have to manually enter the price at which you want to make the trade, not just enter the amount of money you want to spend or receive. This can be frustrating if you are trying to place multiple trades at once because you will have to keep entering those prices over and over again.

That said, CoinSpot does offer some unique features that are worth checking out if you are looking for alternatives to Coinbase (including a mobile app). And with competitive rates for buying and selling cryptocurrencies, there is no reason not to give them a try.

Coinspot Review: Features and Pros of Coinspot. 

CoinSpot, the exchange based in Australia, offers a large range of cryptocurrency trading pairs and is particularly popular for its low fees and ease of use.

Features and benefits of Coinspot include:

Full Trading Platform – Coinspot offers a full-featured trading platform with real-time data, charts, and price alerts. This allows you to monitor price movements and set up trades manually, or automate them using one of their trading bots or strategies such as TWAP (Time Weighted Average Price). 

Margin Trading –  One of the biggest advantages of using Coinspot over some other exchanges is that they offer margin trading to their users which allows traders to borrow money to increase their buying power by up to 25x, allowing them to make larger trades than they otherwise would be able to do if they were only using their funds. This can be useful for experienced traders.

A wide range of coins is available to buy/sell/trade. Coinspot has over 50 coins available for purchase on their platform including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Dash (DASH) and more!

High liquidity – CoinSpot has good liquidity on most trading pairs, which means you can easily get your money out whenever you want to sell your coins. The only caveat here is that some coins have very low liquidity and can take a while to sell (or may not even be able to be sold).

Easy-to-use interface – CoinSpot has an intuitive interface that makes it easy for beginners to start trading without reading too many guides or watching videos first. If you’re new to cryptocurrency, this is one of the best places to start learning about trading cryptocurrencies.

Fair customer service – CoinSpot has 24/7 customer service via email, Skype or live chat. Whichever method you prefer. They also have an active community on social media where users can discuss different aspects of trading on the platform.

Buy/sell options – Users can buy or sell cryptocurrencies with AUD or other fiat currencies. They can also trade with other users through the platform’s peer-to-peer feature.

Deposit/withdrawal options – Users can deposit funds into their wallets using bank transfers or credit cards. They can also withdraw their funds using the same methods of payment.

Security features – The platform uses two-factor authentication (2FA) to ensure that all transactions are secure and safe from unauthorized access by hackers. In addition, it employs cold storage for storing digital assets offline to prevent them from being hacked or stolen during online transactions.

CoinSpot Review: CoinSpot’s Services 

Coinspot is a Bitcoin and altcoin exchange that was founded in 2013. Its headquarters are located in Australia, but it also has offices in London. The company has been involved with the cryptocurrency community for over five years, and it serves as a popular platform for users around the world to buy and sell digital assets.

Coinspot offers users an extensive range of services related to cryptocurrency trading and investing. These include:

A digital wallet that allows you to store your coins safely and securely.

An exchange platform where you can buy and sell cryptocurrencies.

Fiat-to-crypto service that allows you to deposit funds into your account using fiat currency.

A crypto-to-crypto service that allows you to withdraw funds directly from your account using cryptocurrency.

A market capitalization feature that lets you view real-time prices of different coins.

An alert system that sends push notifications when new coins are listed on the exchange.

CoinSpot Review: Cons of Coinspot

Coinspot has a lot of pros but also some cons. Coinspot has been around since 2013 and they have made a name for itself as one of Australia’s most popular cryptocurrency exchanges. They are also one of the first companies to offer bitcoin trading in Australia.

It is a good option for beginners who are interested in learning more about cryptocurrencies, but it has some drawbacks too.

The main drawback of Coinspot is its high fees. The company charges a 0.50% commission on trades, which is higher than many other exchanges like Coinbase (1%). 

However, Coinspot does give you the option to trade with no fees if you have an active balance of over $200 or more than 500 XRP in your account. Coinspot also offers a mobile app, which is convenient for traders who are on the go. However, there are some reports that the app takes up too much space on your device and causes it to crash occasionally.

Another con of Coinspot is its verification requirements which can be quite annoying and time-consuming (especially if there are numerous documents required). It can take around 10 days to get verified on Coinspot while other exchanges in Australia only ask for one form of identification document at most which can be submitted within a few days max.

Is the exchange regulated and safe?

Yes, CoinSpot is regulated by the Australian Transaction Reports and Analysis Centre(AUSTRAC).

Coinspot is one of the oldest and most reliable exchanges in the world. It has been around since 2013 and it has a very good reputation. The exchange has millions of users and it is licensed by the Australian Government.

It is considered safe amidst the reputation and number of years it has been around. 

If you are looking for more alternatives to compare, here are reviews of some exchanges you may consider.

 

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