CoinSpot founded in 2013, is a multi-crypto-currency website which has seamless trading features. CoinSpot is an Australian cryptocurrency trading website, using Australian dollars (AUD) you can buy and sell bitcoin and 100 different digital currencies. Users can store many coins, including Bitcoin, Litecoin, Dogecoin, DASH etc. This site is highly responsive from mobile and tablet devices which offers smooth user experience for cryptocurrency consumers.
- Buying and selling in single currency i.e. Australian dollars
- Large choices for alternate coins applicable for trading
- You can fund your account with cash, BPAY, and POLi
- Consist of a user-friendly interface and smoothly accessible for a beginner too.
- You can compliant as per terms of AML/CTF laws
- Multi-currency wallet which supports all listed coins.
- You need Verification for AUD installment and withdrawals
- Charting options may not tailor to an advance trader.
- There are limits of a transaction for new users
- Only Bitcoin, litecoin, ðerium can be sent into Coinspot.
|Platform Name||CoinSpot Cryptocurrency Marketplace|
|Cryptocurrency Trading||Australian Dollars (AUD)|
|Payment Methods||BPAY, Cryptocurrency, Cash, , POLi|
|Accessible Cryptocurrencies||ADA, BCH, BTC, BTG, DASH, EOS, ETC, ETH, LSK, LTC, MIOTA, NEO, QTUM, TRX, XEM, XLM, XMR, XRP, XVG
In Which countries is CoinSpot available?
Right now CoinSpot is available in Australian market only. Even now CoinSpot is made according to Australian laws and regulations. This can be both a pro and a con.
People who expect further flexibility may desire a service which is not acceptable to Australian law, but some might be pleased with the outcome came from using complaint exchange and Australian-based customer service.
A report said that in April 2018, new AML-CTF rules will be initiated by the AUSTRAC (Australian Transaction Reports and Analysis Centre). According to this rule, the platform will verify the identities of its user, and any suspicious transactions will be reported and in an exceeding amount of $10,000 there will be a verification, and transaction report for seven years will be kept.
All crypto traders should be aware of a risk of putting high investment. But, still, it’s confirmed that the Australian Government is taking gradual satisfactory steps towards cryptocurrency and blockchain platform. Future rules and regulation might change as per the situation “how cryptocurrency is purchased or traded?”
Charges and Fees
CoinSpot transaction fees can differ from coin to coin.
|Transaction type||Percentage of transaction total|
|Market orders (BTC, LTC, ETH and DOGE markets)||0.25%|
* Depending upon how busy the network is, withdrawal fees vary between coins.
Different payment methods accepted by CoinSpot
CoinSpot gives you the following choices for deposits, with various fees:
|Payment method||Fee||Minimum deposit||Maximum deposit|
|Online bank transfer (using POLi Payments)*||None||$1||$10,000 within 24-hours **|
|BPAY||0.9%||None||$1,000 within 24-hours|
|Blueshyft cash deposit||3%||$50||$1,000 within 24-hours|
*Not applicable to Australia and New Zealand Banking Group
** For higher POLi deposit limit, you need to contact CoinSpot.
Is there any transfer/withdrawal limits?
Every buy/sell order can be done at a maximum of $5,000 per transaction. But, there is no restriction on withdrawing money at once.
|Cash deposit||$2,000 per 24 hours|
|Sell order||$5,000 per transaction|
|BPAY||$10,000 per 24 hours|
|POLi deposit||$10,000 per 24 hours|
|Buy order||$20,000 per transaction|
How fast will your funds be available?
• Deposits- take up to 3 business days.
• POLi is instant.
• Wallet transfers- most transfers will be done instantly, but it may take up to 12 hours for withdrawing
• All Withdrawals to AUD. within 1 business day, may take up to 3 business days.
Is it safe to use CoinSpot?
CoinSpot also follows recent Australia’s AML/CTF laws, which can be trusted. The reason behind this is that before you start trading on CoinSpot, you’ll need to go through a verification procedure by providing proof of your address, phone number, verifying your email address and, uploading a pic of your ID, a photo of yourself holding a signed statement.