CoinSpot review – Australian crypto exchange

CoinSpot is an Australian-based cryptocurrency exchange founded in 2013. It allows users to sell and buy over 300 different cryptocurrencies. It includes crypto-to-AUD and crypto-to-crypto trading pairs. The platform offers real-world fiat deposits only for the residents of Australia. If you don’t live in Australia but have an Australian bank account, you can still use their platform.

How to open an account at CoinSpot?

For opening an account at the exchange, you need to follow the following steps:

Registration and login:

Click “register” on the home page of CoinSpot. Fill in all your data and click “create account”. You will get the verification link in your email to activate your account. Your account will be created after email address verification. Now you can log in to your CoinSpot account.

Account verification:

Account verification is essential to deposit and withdraw your funds. You need to prove your identification documents to complete the verification process. After verifying your account, you can deposit AUD 2000 per day as well as withdraw funds. You will need to provide the documents given below:

• Full name
• Phone number
• Residential address
• Date of birth
• Selfie photograph showing ID document
• Copy of your valid ID card or your passport for residential address validation

CoinSpot regulation:

From 3rd April 2018, All companies in Australia providing  DCE (Digital Currency Exchange) services are regulated under some new laws. According to the laws businesses must be registered to provide DCE services.

DCE businesses need to follow AML/CTF obligations, which includes:

• Accepting and maintaining an AML/CTF program to mitigate, identify and control terrorism financial risks and money laundering.
• Identify and proving the identities of their clients. 
• Reporting any AUSTRAC suspicious matters and transactions including physical currency of USD 10,000 or more. 
• Keeping a record for 7 years. 

CoinSpot is registered with AUSTRAC to provide DCE services in Australia. 

CoinSpot features:

The exchange offers some fascinating features for its users. Here are some features you must know about CoinSpot:

Instant sell and buy:

CoinSpot offers an instant sell and buy option for its users through which you can confirm your price and get your money instantly in your wallet.

Swap:

The exchange provides an amazing swap option through which you can swap between over 290 currencies easily by using locked pricing at CoinSpot. It has benefits like:

• Let your trade with confidence and you can lock in prices with Coinswap instant prices. 
• Save time 

Bundles:

CoinSpot offers the easiest way to buy a diversified portfolio of cryptocurrencies. It can ease you by providing these benefits:

• You can buy multiple assets in one transaction
• You can diversify your holdings by accessing different cryptocurrency projects
• Avoid paying multiple fees and save your time.

OTC

You can get the leverage of the largest trading desk by accessing the various crypto assets in Australia. It helps you to get advantages like:

• Use lock-in pricing to avoid slippage and lowers the risks linked with high volume trading.
• Direct access to an expert trading broker for your trading inquiries. 
• Get access to all the trading assets right after trade settlement. 

CoinSpot Tutorial

Payment methods:

CoinSpot accepts deposits in the following ways:

POLi – Instant deposit

• Minimum Deposit – $1
• Deposit Fee – Free
• Limit for every 24 hours – $20,000 

BPAY Deposits – 1-2 Business days 

• Minimum Deposit – $1
• Deposit Fee – 0.9%
• Limit for every 24 hours – $10,000

PayID – Instant

Please be aware that the first deposit can take up to 24 hours based on your bank.

• Minimum Deposit – $1
• Deposit Fee – Free
• Limit for every 24 hours – $20,000*

Direct Deposit through OSKO – Instant

Please be aware that the first deposit can take up to 24 hours based on your bank.

• Minimum Deposit – $1
• Deposit Fee – Free
• Limit for every 24 hours – $100,000*

Cash Deposits – Instant

• Minimum Deposit – $50.00
• Deposit Fee – 2.5%
• Limit for every 24 hours – $8,000

Is CoinSpot safe?

CoinSpot stores the coin’s private keys and other data securely to maintain the integrity of the system. It protects users’ coins and crucial information in highly secured centers that are operated by third-party. Datacenters used for this purpose have PCI DSS7 compliance and ISO 270175,  270186, and 270014 certifications. CoinSpot ensures that your information stays secure by managing access control like permission, identity, security credentials, and access management. 

Access to your personal information is given only to the employee who is assigned the duty to support customers. Powerful, multi-factor authentication is used and the access is taken back when no longer required. All the transactions you make from the platform to the user, platform, or any third-party website along with all withdrawals from CoinSpot to your bank account will be accomplished by using two-factor authentication. 

CoinSpot fees:

Trading fees:

• If you are placing a market order or doing an OTC, you will be incurring a fee of 0.1% 
• Using the instant sell, buy and swap option or on buying repeatedly, you will be charged a fee of 1%.
• If you use Take profit, limit  or stop order , you will be charged 1% fee. 

Deposit and withdrawal fees:

• If you do deposit with payment methods like POLi, Direct deposit, and PayID or withdraw AUD, you will not be charged any fees. 
• For using BPAY as a payment method, you will be charged 0.9% fees
• If you do deposit/withdraw via cash, you will be charged 2.5% fees

Who is CoinSpot best suited for?

CoinSpot is a perfect platform for newbies or beginners from Australia because of its straightforward and simple interface. It is very easy to handle if you want to trade for the first time along with a diverse range of cryptocurrencies to choose from such as NTF tokens, DEFI.

Conclusion:

CoinSpot has gained a good reputation in the crypto market over time. It is considered the safest exchange in AUSTRALIA and has been awarded the ISO 27001 certificate. The exchange closely observes your transactions for any illegal or fraudulent activity to protect your accounts.

For your account security, CoinSpot uses a multi-factor authentication system to avoid malicious attacks. There are no complaints received yet of any hacking of accounts or security breaches.