What is CoinSpot?

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CoinSpot is headquartered in Melbourne and was founded by Russell Wilson in 2013 as one of Australia’s earliest cryptocurrency exchanges.

CoinSpot is headquartered in Melbourne and was founded by Russell Wilson in 2013 as one of Australia’s earliest cryptocurrency exchanges.

As it grew it continued its mission of offering the most complete list of cryptocurrencies in Australia, and it now has hundreds of different coins available.

It’s designed to be easy, accessible and user-friendly for both beginners and experienced cryptocurrency enthusiasts. CoinSpot holds certifications under ISO27001 Standards for Information Security and Blockchain Australia’s code of conduct demonstrating their commitment to security and customer support.

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: AUD
  • Supported cryptocurrencies: Approximately 308 cryptocurrencies
  • What cryptocurrencies are supported?

Which payment methods are accepted?

  • Bank transfer
  • BPAY
  • Cash
  • Cryptocurrency
  • POLi
  • PayID

Is CoinSpot safe to use?

  • Regulation. CoinSpot is a certified member of Blockchain Australia, member of the Australian Digital Commerce Association and is registered with AUSTRAC as an Australian Digital Currency Provider.
  • Year founded. CoinSpot was founded in 2013, making it one of Australia’s earliest cryptocurrency exchanges.
  • Verification process. With instant verification you can be verified and trading in minutes with only a Passport or Drivers Licence. To increase deposit limits above $2,000 AUD per day you will need to complete an extended verification process requiring an additional photo to meet CoinSpot’s Know Your Customer (KYC) requirements ensuring the safety of the platform
  • Safety features. CoinSpot maintains industry best-practice by securing a vast majority of assets in highly secure offline locations. CoinSpot has a suite of customisable account security settings such as Two-Factor Authentication, custom withdrawal restrictions and session timeout limit settings available to all users to improve the security of your account.

Buying Selling on CoinSpot

Once you’re officially registered and verified with CoinSpot, you can start buying and selling! There are a myriad of options available, and you may want to do some research into Bitcoin and other cryptocurrencies if you’re a beginner, before you get caught up in the process of buying and selling different coins.

You can make trades at any time of the day or night – whenever suits you best.

Buying or selling is as simple as clicking on Buy/Sell in the top panel, then choosing your desired coin and entering the amount of cryptocurrency, or the amount in AUD you wish to spend.

The panel will automatically calculate the cost of the coins you wish to purchase. 

For example, if you were to enter $1000 AUD, it will automatically tell you how much Ethereum you are able to afford. In this example with Ethereum costing $540.81, you would be able to purchase 1.79520321 ETH tokens. 

It also works in the opposite way – if you were to enter how many ETH tokens you wish you purchase, it will automatically calculate how much that would cost in AUD. 

What are the Accepted Payment Methods?

So you’re all set to make your first bank transfer deposit with CoinSpot, but how exactly? Well, CoinSpot has a great array of payment methods to choose from, and there should be something to suit everybody. CoinSpot’s payment methods include:

POLi Pay:

A tried and tested bank transfer method that is owned by Australia Post and has been around for years which has gained the trust of thousands of establishments and individuals. POLi payments are deposited instantly and are fee-free. This makes it a highly favourable option.

BPAY:

BPAY is another proudly Australian brand that is accepted at over 45,000 different vendors. With numbers like that, it’s guaranteed to be a trusted payment method. But what is it, exactly? It is a e-wallet system that processes payments within a day- which is pretty good considering industry standards.

Blueshyft Cash Deposit:

Blueshyft keeps things old school by providing an avenue for you to directly deposit cold hard cash for your online needs-in this case CoinSpot. Blueshyft has over 1,200 branches all over Australia at selected news-agencies . So chances are that there is a branch just around the corner from you.

PayID:

Like POLi Pay, PayID is another instant bank transfer deposit method that CoinSpot offers and uses the using the Australia wide New Payments Platform (NPP). Deposits are completely free, but you’ll have to check with your banking provider for the daily limits, as they can vary. 

Direct Deposit (instant with Osko):

The direct deposit method is simply a bank transfer which you can do with your chosen online banking provider. If your bank supports Osko, then the good news is that these bank transfer deposits are instant. There are no fees using the direct deposit method to get your funds into CoinSpot. 

Conclusion

From this review, we can safely say that CoinSpot is definitely not a scam but rather a fantastic cryptocurrency exchange with a lot going in its favour. CoinSpot may have a few limitations and downfalls but it is the perfect platform for beginners and traders who want to keep things simple because of their straightforward navigation and simple site.

With CoinSpot you have options and options that are a significant advantage! You have options when it comes to payment and withdrawal methods, which cryptocurrencies you want to trade and if you want to do this all on your mobile or desktop.

All in all we can say that CoinSpot is an excellent choice of crypto exchange platform if you are based in Australia.

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