CoinSpot Review: Is it legit, safe and trustworthy for UAE citizens and residents?
Before choosing a platform to trade cryptocurrencies on, it is important to
familiarize oneself with the many cryptocurrency exchange guides and reviews
available online. This will make it much simpler to zero in on the platform that
best suits your needs. The internet is home to hundreds of reviews of CoinSpot.
In this evaluation of CoinSpot, we have made an effort to examine all of the
essential aspects linked to the platform, including as its features, services
offered, fees, registration procedure, and so on, to assist traders in making an
informed decision. Visit CoinSpot Website.
CoinSpot is a cryptocurrency exchange that was established in 2013 and is situated in Australia (with its headquarters located in Melbourne). It was established by Russell Wilson, a well-known individual who has significant expertise in the development of internet security software.
The website offers users a trustworthy and secure environment in which they may trade cryptocurrencies by purchasing, selling, or exchanging them. The company has taken the necessary steps to become an official member of the ADCA, which stands for the Australian Digital Commerce Association. This association is a non-governmental organization that is well-known for its unwavering dedication to the provision of legal protection to its registered customers.
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CoinSpot is an exchange that gives its registered customers the ability to rapidly purchase or sell cryptocurrencies. These users can be individuals, investors in Super Funds, or corporations (mainly Bitcoin). Additionally, it enables individuals to engage in open market trading by enabling them to speculate on the values of cryptocurrencies and potentially generate earnings.
In order to protect the interests of its customers and investors, the cryptocurrency exchange known as CoinSpot holds a license issued by "Casey Block Services Pty Ltd ABN 19 619 574 186" and is controlled by the highly regulated financial industry in Australia.
CoinSpot operates exactly the same as any other form of digital currency trade platform. It does this by matching buyers and sellers and charging a trading fee, which is also commonly referred to as a "spread" for its services. When customers initially establish their account with CoinSpot, they are required to make a deposit into their CoinSpot account. This may be accomplished through a bank transfer or through the usage of cryptocurrencies. Traders are able to immediately begin trading on the platform as soon as their accounts have been paid.
The following benefits are available to customers who have registered their accounts on the CoinSpot exchange:
The user-friendliness of the platform was prioritized to meet the requirements of all investors, regardless of their level of expertise.
The 'Trading View' charts and other advanced order types are available on CoinSpot.com.
Traders have the ability to quickly trade cryptocurrencies (buy, sell, or exchange) from among the extensive list of supported crypto coins; CoinSpot now supports more than 210 different crypto coins.
In addition to accepting deposits of cryptocurrencies, the platform also accepts deposits of fiat currencies and cash using methods such as BPAY, POLi payments, and PayID.
The exchange has strong security protocols in place to safeguard customer dollars and information, and it also has ISO certification for its information technology safeguards.
Traders can take use of our responsive customer support team and our "Over-the-Counter" service desk (Australian Super Fund investors).
Users can earn rewards of up to 30 percent on referrals by participating in a "Affiliate program" that the company offers.
The following advantageous features set CoinSpot apart from other cryptocurrency exchanges: - CoinSpot is an instant cryptocurrency exchange that enables traders to buy or sell Bitcoin without readily negotiating its price; the platform owns crypto assets that can readily be traded by registered traders; CoinSpot is the only cryptocurrency exchange that possesses these advantageous features. In addition, it gives users of both the desktop version and the mobile app access to an extra price chart, which makes it easier for them to carry out technical analysis.
Due to the fact that CoinSpot charges a transaction fee on deposits of fiat currency, the amount of money generated by the platform is directly proportional to the number of trades that take place on the platform and are funded by deposits of fiat currency. As a result, the exchange developed an affiliate scheme that users could participate in to incentivize them to bring in other customers. One can earn a commission of up to 30 percent on the trading fees of other people who have joined using their referral link if they participate in the affiliate program and promote new users. As a result, users have the ability to reduce their trading fees by recruiting more users and earning commission on the trading fees of those new customers.
When new users make their first payment in AUD using the platform and provide the referral code that they were given, the referring user will get $10 in Bitcoin.
Having begun its journey with only Bitcoin, CoinSpot now supports over 200 different cryptocurrencies that are available for instant trading (buying and selling) in Australian dollars. These cryptocurrencies include Bitcoin, Ethereum, Litecoin, Ripple, EOS, Stellar, NEO, Tron, and many others. In addition, CoinSpot accepts DeFi tokens and supports other financial protocols such as Aave, Uniswap, and Compound.
CoinSpot bundles are specialized trading instruments that assist investors in broadening the scope of their cryptocurrency holdings. Traders are able to purchase a substantial number of crypto assets in a single transaction when they buy coins in bundles. This helps them save a lot of time as well as money on transaction costs.
The Good and the Bad of CoinSpot:
More than two hundred different cryptocurrencies are supported and may be bought and sold by dealers.
Only Australian nationals are permitted to deposit fiat cash into their accounts.
There were no reported hacks.
There is a prohibition on shorting coins.
Platform that is simple to operate.
Transaction costs in cryptocurrencies that are just moderately high.
Measures for the robust protection of information
The benefits of participating in affiliate and referral programs are quite remarkable.
The procedure of logging in to CoinSpot is quite straightforward and may be finished quickly by following these steps in order:
In order for traders to open an account on the cryptocurrency trading platform provided by CoinSpot, they must initially go to the CoinSpot website and locate the "Register" button, which is located in the upper right-hand corner of the screen. After this, users may immediately begin the process of registering for an account by clicking on the "Create Account" button. This will open a registration form that requires personal data such as a username, a password, and an email address. To verify the user's email address, a link that was automatically created will be sent to the user's email address. In addition, the account will be activated, and this will bring an end to the primary login and registration procedure.
Traders are not permitted to make deposits or withdrawals on their CoinSpot cryptocurrency bank account unless they have first completed the ID verification process (as per the AML policies). This process requires traders to upload scanned documents, preferably government-issued ID proofs such as a passport or driving address that includes details such as their full name, address, date of birth, and phone number. A merchant is also required to provide a selfie photo of themselves carrying one of the acceptable forms of identification.
Once the verification process is finished, traders will be able to directly deposit funds into their accounts using any supported deposit method. The funds can be deposited in AUD (Australian dollars) or any other supported cryptocurrency, and traders will be able to begin trading without any restrictions.
The usage of a credit card to finance a user's CoinSpot cryptocurrency bank account is not currently supported as a deposit option. However, this Australian cryptocurrency exchange does provide wire transfers as one of its deposit methods. POLi payments, PAYID payments, and immediate AUD deposits are all examples of other payment options. The organization does not levy any fees in connection with these deposits. On the other hand, payment service providers will assess a flat cost of 0.90 percent for BPAY transactions and a flat fee of 2 percent for any cash deposits made.
POLi Pay is a convenient alternative for many people since it is a bank transfer method that is controlled by Australia Post and enables customers to make immediate deposits of monies without being charged any fees.
BPAY is just another well-known Australian brand that is utilized by 45,000 different suppliers worldwide. It is more comparable to an electronic wallet system that can handle daily payments quickly inside the same day.
Blueshyft Cash Deposit Blueshyft is a service that enables its customers to instantly deposit cash into their CoinSpot accounts. Over 1,200 locations of the brand's stores can be found across Australia in a variety of news settings.
PayID is another another quick deposit option provided by CoinSpot. It is run on the NPP (New Payments Platform) in Australia, which stands for the New Payments Platform. Even though PayID deposits are free, different banks have different daily limit amounts.
The direct deposit technique is also a direct bank transfer method that may be used in conjunction with Osko, which is another Australian payment service provider. If a customer chooses to deposit funds into the exchange using either this direct deposit option or via a bank transfer, CoinSpot will not charge them any fees.
CoinSpot does not levy any fees on users when they make cryptocurrency deposits through bank transfers. However, there is a specific fee that is charged if the deposit is made using fiat currency or cash. The exchange charges a fee of 2.5 percent (for cash deposits) or 0.9 percent (for BPAY deposits), which are actually the transaction processing fees and surcharge that are charged by traditional banks.
When you remove funds from your account via a bank transfer method such as POLi or PayID, you will not be subject to any withdrawal fees. When users transfer bitcoin from one exchange to another or from a hardware wallet, they are subject to a minimal mining cost, also known as a blockchain network fee. The amount of this fee depends on the coin being withdrawn as well as the current load on the network.
In the normal course of events, trading fees are applicable to novice investors who are just beginning their careers in trading AUD for cryptocurrencies. The CoinSpot exchange imposes a trading cost of 1 percent regardless of whether users are buying, selling, or exchanging cryptocurrency. This fee is charged each time a deal is executed on the platform. The same one percent charge applies whether you place an order for a take profit, stop loss, or recurrent buys (in the event that you are using dollar-cost averaging). While the commission for using the Over-the-Counter (OTC) desk of the exchange is only 0.1 percent of the trade amount.
CoinSpot, in contrast to other cryptocurrency exchanges, does not classify its customers according to the maker-taker model. Instead, the company charges a standard fee of 0.1 percent to each and every one of its customers. As a result, the one percent flat charge is applicable to both the producers and the takers of transactions on the cryptocurrency market. Additionally, the trading costs that are levied by CoinSpot are lower than the industry average (which is often around around 0.25 percent elsewhere), which gives the platform an advantage over its competitors.
CoinSpot is a cryptocurrency exchange that was established in 2013 in the
country of Australia by Russell Wilson. Because you can buy more than 150
different cryptocurrencies and assets using Australian dollars, they have
quickly become one of the most popular cryptocurrency exchanges in Australia.
This has helped them rise to the top of the industry (AUD). They provide a
built-in multi-currency crypto wallet in addition to a CoinSwap feature that
enables you to easily swap any of your coins for any other coin that they
support. This can all be accomplished in a single transaction, which not only
saves you time but also ensures that you receive the best possible price for
your coins. Users in Australia will find that it is a robust and convenient
exchange to utilize. Our analysis of CoinSpot will guide you in determining
whether or not it is suitable for your needs.
CoinSpot is a digital currency exchange that is based in Australia. They are one of the major gateway firms into the world of cryptocurrencies, which means they permit the purchase of cryptocurrencies using fiat cash. This makes them one of the leading companies in Australia. The exchange was established in the year 2013 in Melbourne. They are involved with ADCA, which stands for the Australian Digital Commerce Association as a member organization. Despite the fact that ADCA is not a regulatory organization, the membership nonetheless demonstrates some type of long term commitment to the use of blockchain technology.
On the home page for CoinSpot, the company highlights three things as unique advantages associated with using the CoinSpot platform. They highlight the fact that "trade has been expedited" thanks to it. They imply that you may quickly deposit funds and make trades from within your CoinSpot account by saying this. There is no requirement for any "deposit diversions" or other such actions. In addition to this, they highlight the fact that they have an experienced and knowledgeable support crew. Users who are having trouble with any difficulty will always benefit from this. Finally, they mention that they have a wallet that can hold several coins.
On this market, investing from the United States is not permitted. Therefore, if you are an investor in the United States and you wish to trade at CoinSpot, you will need to reevaluate where you want to conduct your trades. Make use of our site's Exchange Finder to choose the platform that best suits your needs.
Trading perspectives might vary greatly between various markets. In addition, there is no perspective that can be described as "the finest" overall view. You should assess for yourself which trading view is most suitable for you in order to maximize your profits. The order book, or at least a portion of the order book, a price chart for the cryptocurrency of choice, and an order history are often displayed in each of the views. This is generally the only thing that all of the views have in common. In addition to that, they often have purchase and sell boxes. Try to get a feel for the trading view of an exchange before you commit to using it so that you can determine whether or not it resonates with your own preferences. The image that may be found below depicts the trading perspective at CoinSpot:
In addition, customers have just (6 March 2020) been given the ability to place buy stop and buy limit orders using the site.
The costs associated with trading are obviously quite important. A trading fee will be assessed to your account whenever you place an order on the exchange. In most cases, the amount of the trading fee is expressed as a percentage of the total value of the trade order. At this trade, there is no differentiation made between those who take and those who create. Instead, they levy a "flat fee" of 0.10 percent of the whole transaction amount. This indicates that both parties involved in a transaction are responsible for paying the 0.10 percent transaction charge. CoinSpot has an edge over its competitors since its trading costs are at 0.10 percent, which is much lower than the industry average of roughly 0.25 percent.
CoinSpot also has a function that allows users to make immediate purchases and sales. Because of this functionality, users of the site are given the ability to convert the proceeds of the sale into any other cryptocurrency that is already on the market. As an illustration, one XRP transaction might be converted into one TRX transaction. A one percent commission is charged for transactions completed using the quick buy and sell tool.
There are a lot of exchanges that have trading costs that are more or less competitive, but then they hit you with their withdrawal fees. Let's imagine you've already accomplished your financial objectives and are now wanting to buy a property using bitcoin. You will need to take the money out of savings in order to purchase that dwelling. When this occurs, the exchange may compensate for its cheap trading costs by charging you large withdrawal fees just as you are about to leave the building.
CoinSpot, on the other hand, will only charge you for the network costs if you decide to withdraw cryptocurrency. This gives CoinSpot a significant advantage over its competitors in the industry and sets it apart from the majority of the other big cryptocurrency exchanges.
Depositing funds can be accomplished using wire transfer on this trading platform; however, credit card deposits are not accepted. This transaction is considered a "entry-level exchange" since wire transfers are allowed after completion of it. Entry-level exchanges are exchanges that make it feasible for new cryptocurrency investors to get their feet wet in the world of cryptocurrencies. These exchanges are also known as "beginner exchanges."
You can make a wire transfer using POLi payments or PAYID immediate AUD deposits (the exchange and the appropriate payment service provider do not charge a fee for these deposits), through BPAY payments (the payment service provider charges a fee of 0.90 percent), or through Cash payments (2.00 percent fee is charged by the payment service provider). The processing of BPAY payments occurs three times every day.
In point of fact, CoinSpot is the very first cryptocurrency exchange in the history of Australia to be awarded the ISO 27001 accreditation for information security.
Getting started with cryptocurrencies comes with more than a few obstacles to overcome. It's possible that beginners won't have the foggiest clue how to get started, which is why we examined CoinSpot, which is the cryptocurrency exchange platform with the highest level of credibility in Australia and is ideal for novices. They have been in business for nine years and count over two million satisfied clients among their clientele.
A cryptocurrency exchange still has to understand their target market, despite the fact that cryptocurrency does not have any boundaries; here is where CoinSpot has succeeded by catering to Australians from the very beginning of its existence.
Contains AUD transactions.
OTC services for high-volume traders provided by a company that is a member of the Australian Digital Commerce Association (ADCA).
4.5 stars out of 5, based on more than 1,400 reviews on Trustpilot
Over 360 different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and ADA, are supported.
Comprehensive network with more than 2 million users.
Mobile app available
Live customer service chat with regularly updated frequently asked questions
CoinSpot has built its name on the fact that it offers a platform that is user-friendly for both inexperienced users and seasoned experts. Additionally, the benefits accrue to both parties, making this a win-win situation.
Simply said, CoinSpot's expertise is one of the primary benefits that customers may take use of. In any industry, having a solid reputation is quite valuable, whether one is trying to find a reliable mechanic or a new family physician. CoinSpot is now one of the oldest and largest cryptocurrency exchange platforms in Australia, and the company has achieved this growth while adhering to the industry's most stringent security and performance requirements.
Due to the fact that they have been involved in the cryptocurrency industry for such a long time and have built up such a huge client base, CoinSpot has developed an incredible feature that they refer to as their CoinSpot Markets. Here, you may engage in direct trades with any of the other 2 million CoinSpot clients for a trading charge that is an unbelievable 0.1 percent of the total transaction. This indicates that you are not only obtaining the benefit of access to the greatest client base for crypto exchange, but you are also able to do so for the lowest trading rate we have seen anywhere on the internet.
Users of CoinSpot not only have access to an extensive selection of more than 360 cryptocurrencies, but they can also stake on 22 of those coins. Simply by keeping your cryptocurrency stored in the exchange, you may now earn interest on the value of that coin.
CoinSpot has also launched an NFT Marketplace, which allows users to purchase and trade non-traditional currencies. These days, everybody is talking about them, and regardless of whether you believe in them or not, there is no denying that they will continue to exist in the future. Paying for your very own NFT with any cryptocurrency you want, right from within your CoinSpot account, is the simplest way to obtain it. There is no requirement to mess about with Opensea in order to link an external wallet. CoinSpot simplifies the process of NFTs.
Additionally, it is simple to fund your CoinSpot account with Australian Dollars. PayID and POLi both allow you to make free deposits in AUD currency. You can make deposits using BPAY or cash at any one of the thousands of BlueShyft locations spread out across Australia, and there is a fee associated with using either method.
All of these new phrases might be a little intimidating for some investors, especially those who are just starting out. CoinSpot connects their website to several social media sites, so if this is the case for you, you may participate in the dialogue that their other 2 million customers are having on those platforms. That ensures that you won't be going through it alone yourself. CoinSpot also provides an outstanding Live Chat customer support that is available to assist you through any difficulties you may be experiencing.
If you have been trading cryptocurrencies for some time, you probably already have a good sense of which cryptocurrencies you want to put your money into. On the other hand, if you are just starting out in the world of cryptocurrencies, you might want to take advantage of the packages that CoinSpot offers. You may think of the bundles as being analogous to classic stock indices such as the S&P/ASX 200. CoinSpot's bundles are perfect for you if you don't know which cryptocurrency you want to put your money into, or if you want to build a diversified portfolio to hedge against potential losses.
Right now, on their website, they provide ten different bundles, and one of those bundles involves investing in all of the Bitcoin offshoots, as well as investing in currencies that pertain to the supply chain. Not only does purchasing a bundle provide you with the peace of mind that comes with having assets in a variety of markets, but it also allows you to save money on the fees because you simply pay one cost for the entire bundle rather than paying each fee separately (in some cases ten at a time).
When you've got the hang of investing, CoinSpot also gives you the option of arranging your investment choices according to the type of coin you want to buy or sell. For instance, you may investigate various indexes of decentralized finance (DeFi) or non-financial trades (NFTs) (non-fungible tokens). Because of this, you will have the ability to invest in coins based on market trends in addition to investing in individual coins.
For instance, if you are reading the news cycle and notice that non-fungible tokens (NFTs) are on the rise, but you don't want to get caught up in the wash of Ethereum or DigiByte, you can look up the entire NFT index on CoinSpot to research a hidden gem that is unique to you. This is just one example.
When you want to make the most of your money, you should consider exchanging one coin for another rather than putting it up for sale on the open market. For example, if you want to make a significant sell of Bitcoin but the majority of your assets are tied up in another currency, rather than completing two separate transactions, you may utilize CoinSpot's Coin Swap and take advantage of their locked-in rates. This will save you time and money. This enables you to do the trades you desire on the market in a more streamlined and expedient manner.
They have gained insights into what long-term investors may be searching for thanks to CoinSpot's extensive expertise and breadth of operations. Because of this, they now provide a variety of resources for retirement. CoinSpot can assist you in putting your cryptocurrency investments to work for you, regardless of whether you are considering establishing an SMSF or already have one in place.
CoinSpot has a specialized SMSF staff that is ready to answer any questions you may have and assist you with onboarding your current SMSF if you already have one. If you don't already have it, they can help you set up your cryptocurrency investments so that they can contribute to your self-managed super fund (SMSF).
Due to the fact that CoinSpot has prior experience dealing with retirement company, they are aware of how important it is to have simple tax reporting. In order to remove elements of uncertainty and anxiety from the process, they advocate for EOFY reports to be completed quickly and simply.
In the event that certain investors' efforts have been rewarded with success, they may find themselves in a position where they require a new kind of service. Over-the-counter account services are referred to as OTC in the cryptocurrency industry. The OTC account management that CoinSpot provides for high-volume trading is among the finest in the industry.
OTC account management is offered with a cost that is among the lowest in the market at 0.1 percent, and CoinSpot provides a "Instant" option for customers that deposit a minimum of $50,000 in AUD.
The instant buy and sell fees on CoinSpot are one percent, which is a high percentage in comparison to those on Swyftx (0.6 percent) and Digital Surge (0.1 percent) (0.5 percent ). Trading on the market allows you to take advantage of lesser costs, since they are only 0.1 percent, but there is a limit of only 14 coins that may be traded there. The sole method for acquiring any other currency is through an immediate purchase.
CoinSpot is a fantastic choice for those who are just getting started with cryptocurrency; but, more experienced traders may find that there are not enough complex markets. If you look at CoinSpot and compare it to Binance, you will see that neither one of them has marketplaces like as futures trading, margin trading, P2P marketplace, or NFT marketplace. If you are a more experienced trader, Binance is a good alternative for you to consider. You can get the whole evaluation of Binance Australia by clicking here.
CoinSpot's fees are higher than average, coming in at 1 percent. When looking at the different prices, the consumer should keep a few factors in mind, which we do propose.
The first thing that must be taken into consideration is safety. The history of CoinSpot's security measures and audits are discussed in further detail in the next section. The provision of such a high level of safety comes at a financial expense; yet, they are one of the most secure exchanges in Australia.
The second thing to keep in mind is that if you use the CoinSpot Markets, you may trade with any one of the other 2 million clients for 0.1 percent, which is a really competitive cost. If you utilize the CoinSpot Markets, keep this in mind. On the other hand, you should be aware that the market only offers a select range of 15 coins for you to choose from at any one time. You can only purchase and sell all other coins directly through CoinSpot. This applies to both buying and selling.
Because CoinSpot provides two-factor authentication for all of its users' accounts, you can be certain that you are utilizing the most advanced technology available for account protection. In addition to this, after you have created your account, you will have the ability to personalize the security settings to a level that is most comfortable for you.
It is helpful to have an understanding of how a corporation manages its own security, in addition to personal safety. After instance, if your personal identification number (PIN) is safeguarded at the bank but the bank itself is breached, the PIN is meaningless.
In the realm of cryptocurrencies, each transaction is safe due to the inherent characteristics of blockchain technology; nonetheless, a cryptocurrency exchange must still take precautions to ensure its own safety. There are many other approaches to determining how secure an online organization is, but the ISO 27001 certification is now the gold standard in the industry. This particular standard was conceived of as a collaborative effort by the International Electrotechnical Commission and the International Organization for Standardization.
It is with great pride that CoinSpot continues to possess the ISO 27001 accreditation despite being the first and only cryptocurrency exchange in Australia to do so. CoinSpot submitted to an independent audit in order to fulfill the requirements of the ISO 27001 standard. The audit investigated all of the company's procedures, including customer data, data storage, supply chain, information management, storage, and retrieval, intellectual property, and employees.
In addition to the layered security that they offer for customers, they have also been approved as an official provider of digital currency by Blockchain Australia. This indicates that the leaders in the industry have taken notice that CoinSpot has done all of the procedures necessary to assure security, in addition to many other actions.
CoinSpot's Strengths and Weaknesses:
Exchange program in Australia that has a history and has been ongoing for a long time
There are over 360 and some cryptocurrencies.
Taking a risk with 22 coins
User-friendly UI that is appropriate for novices
the safest and most reliable protective measures
A Market Place for NFT
When purchasing or selling cryptocurrency, there will be higher costs of 1 percent.
There are no developed markets in which to trade.
It might be challenging to find a cryptocurrency exchange that is based in Australia, provides services to local customers, and is familiar with the requirements of those customers. However, CoinSpot is in the vanguard of the industry and has been since 2013.
Because it holds certificates and accreditation from virtually all of the associations that are relevant to cryptocurrencies and internet company, CoinSpot is, in our opinion, the most trustworthy alternative for investing in cryptocurrencies in Australia. We strongly suggest doing so to everyone who is new to the world of cryptocurrencies.
CoinSpot was one of the earliest cryptocurrency sites based in Australia, and the company has earned its reputation by catering to the needs of Australian cryptocurrency investors. To have a better understanding of what has contributed to their sustained level of performance over such a long period of time was a primary motivation for our participation in this evaluation.
The CoinSpot cryptocurrency exchange has developed a phenomenal mobile application that is just as user-friendly and helpful as the desktop version of the exchange. The business has revealed plans to roll out an iOS-compatible version in the very near future. Users of the CoinSpot app have the ability to buy, sell, trade, and transfer supported cryptocurrencies directly from their CoinSpot wallet in an effortless and hassle-free manner. Additionally, they are able to check price charts and graphs, in addition to keeping track of their bitcoin holdings, all inside an one platform. Downloading the CoinSpot app from the Google Play store is quick and simple, and once installed, it can be used right away.
No of their level of expertise, newcomers and seasoned crypto veterans alike share a primary focus on safety and security. It is becoming progressively more important since no one wants to fall prey to a cryptocurrency hoax, which makes the current climate even more precarious. As a result, CoinSpot implements stringent safety protocols and conforms with the requirements set out by the International Organization for Standardization for its security procedures.
Additionally, the fact that CoinSpot is a certified member of Blockchain Australia, as well as a registered member of the "Australian Digital Commerce Association," and that it is registered with AUSTRAC, an Australian organization that regulates anti-money laundering and counterterrorism, makes it safer.
In addition, CoinSpot is the first cryptocurrency exchange in Australia to have its security methods recognized and approved by ISO. In addition, the exchange implements two-factor authentication, or 2FA, which compels traders to check in to the CoinSpot platform using a code that was produced on a mobile device that was previously registered with them in order to safeguard customer money from being hacked.
To assist new traders in getting started with CoinSpot, there is a comprehensive Help Centre available on the website. Inside, you'll find helpful trading guides as well as a great customer service dedicated FAQ section. Traders on CoinSpot are able to get in touch with the support team if they need assistance of any kind while using the platform to trade bitcoin. This section provides information that is helpful in relation to the following subjects:
Despite these things, users have the ability to get in touch with the customer service team directly by using the "Help" widget located in the lower right-hand corner of the website. This is the case even if they find the FAQ section to be insufficient in answering their questions. A trader can submit a specific question through the widget, and the team will respond to it either immediately or within a maximum of twenty-four hours on business days. This service is available during regular business hours.
Because CoinSpot's primary support option is handled by ZenDesk, the industry-leading customer care provider, which serves more than 200,000 customers in more than 100 countries, there is no room for debate on the quality of CoinSpot's customer service.
Because CoinSpot is one of the major cryptocurrency exchanges in Australia and because it is completely compliance with the financial regulations of Australia, users are able to trade on CoinSpot with a sense of confidence. In addition, its heightened security system makes it a trustworthy cryptocurrency exchange for both crypto newcomers and seasoned investors.
According to the findings of our research of CoinSpot, we are able to draw the reasonable and secure conclusion that CoinSpot is not a fraud but rather an incredible platform for trading cryptocurrencies that has a lot going for it. There are options for the payment and withdrawal methods, the type of cryptocurrency traders wish to trade, the style of trading – desktop or mobile app, etc. that are provided to the registered customers. These options are really advantageous.
Since its inception in 2013, CoinSpot has remained one of the very few cryptocurrency exchanges that has not been victimized by a hacker. As a result, it is regarded as a reliable platform. In addition to this, it is the very first cryptocurrency exchange ever to be located in Australia to be awarded the internationally recognized ISO 27001 certification for its stringent information security mechanisms.
CoinSpot is authorized to conduct business by "Casey Block Services Pty Ltd" (ABN 19 619 574 186) and is subject to stringent regulations imposed by the highly regulated financial sector of Australia. Additionally, it is a registered member of AUSTRAC, Blockchain Australia, and the Australian Digital Commerce Association.
What are the steps involved in taking money out of CoinSpot? CoinSpot users have free and unlimited access to withdraw their funds at any time via bank transfer. They are required to fill out a withdrawal form, in which they specify the amount of money they desire to withdraw as well as the location to which they intend to transfer the money. Traders are able to accomplish this by first selecting the 'Account' page and then providing the bank information and account number that they want their cash to be sent to.
More than two hundred different cryptocurrencies may be traded, exchanged, and swapped on the Australian trading platform. Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash, NEO, Cardano, TRON, EOS, and Stellar Lumens are among the digital currencies that are supported by this platform. The exchange supports digital financial instruments (DeFi) tokens such as Aave, Compound, Uniswap, Yearn Finance, and Sushi in addition to cryptocurrencies.
Is it a Good Platform for Day Trading on CoinSpot? According to our research, the exchange does indeed permit day trading. As a consequence of this, traders are able to execute a trade at any point throughout the day and close all trade positions within the same trading day.
Only citizens of Australia are allowed to use the services offered by CoinSpot Australia. Nevertheless, if the user is located outside of Australia's legal jurisdiction, they are required to only deposit funds via cryptocurrencies.
CoinSpot is an Australian cryptocurrency exchange that was established in
2013 and has been successful in penetrating the market due to the fact that it
was one of the initial participants in the sector. Even with the introduction of
Swyftx, Digital Surge, and a number of other leading Australian cryptocurrency
exchanges, they have maintained their dominant position. They stake on 22
different coins, and they are known for being the most reputable and safe
cryptocurrency exchange in Australia. They provide over 360 different
cryptocurrencies to choose from.
CoinSpot is now recognized as the top cryptocurrency exchange in Australia, and it is my number one suggestion for cryptocurrency investors that prioritize simplicity of use and security in their trading. These are the three primary explanations for why:
1) CoinSpot has developed an exceptionally user-friendly platform that makes it simple for even a total rookie to buy and sell any cryptocurrency they want directly from AUD. This makes it possible for CoinSpot to be one of the most popular cryptocurrency exchanges in Australia. On both the desktop site and the mobile app, the user experience is straightforward. Live chat assistance with a live person is a wonderful option for brand-new users and is available on many websites. In the event that you find yourself in a position where you want assistance, the last thing you want is a bot that is unable to assist you or an email ticket to which you must wait several days for a response.
2) CoinSpot is the only Australian cryptocurrency exchange to have been awarded the highly regarded ISO 27001 accreditation, making it the most reliable and secure cryptocurrency exchange in Australia. CoinSpot has also been subjected to the most audits. For the purpose of preventing money laundering and the financing of terrorism, it is registered with both ASIC and AUSTRAC, and the majority of its assets are kept offline and secure in cold storage. CoinSpot won't misplace or steal your money as some other exchanges have in the past, so you don't have to be concerned about it happening here.
3) CoinSpot's list of more than 360 distinct cryptocurrencies is one of the most comprehensive collections of its kind in all of Australia. You will most surely be able to locate all of the major currencies, including as Bitcoin, Ethereum, Litecoin, Ripple, and Binance Coin, in addition to a great deal of lesser-known altcoins that you might have heard of. CoinSpot also provides staking on 22 different currencies, which allows you to earn income on your cryptocurrency holdings while simultaneously making long-term investments.
One of the relatively minor issues with CoinSpot is that it does not enable making deposits using credit cards. Despite this, I do not consider this to be a significant problem because CoinSpot provides a variety of handy deposit ways that do not incur any fees. Some examples of these methods are PayID and POLi.
Let's have a look at some of the most important aspects that contribute to CoinSpot's status as one of the most well-known cryptocurrency exchanges in Australia:
Signing up is fast and simple, and once you're in, you may begin trading in just a few minutes.
You may make fast purchases with AUD, and there are no fees associated with utilizing PayID or bank transfers.
Over 360 different cryptocurrencies available for purchase, sale, or trade.
A wager of twenty-two pennies
A Market Place for NFT
When making Market Orders, there are minimal costs of about 0.1 percent.
There are applications available for both Android and iOS, allowing you to trade anytime, anywhere.
24/7 Helpdesk Support and a real-time chat feature
Identified and logged with AUSTRAC
The most reliable and trustworthy cryptocurrency exchange in Australia Assets are stored in a safe offline environment, and severe security standards are followed.
Before you join up for CoinSpot, here are some things to think about, despite the fact that it has a lot going for it:
There are no more complex choices available, such as margin trading or derivatives.
There is no support for payments made with credit or debit cards.
The typical consumer may feel bewildered by all of the available cryptocurrency exchanges because there are so many to pick from. I have outlined some of the most valuable services that CoinSpot provides in order to demonstrate how it is distinct from its competitors.
Buy cryptocurrency with Australian Dollars (AUD) instantaneously Because this is an Australian exchange, the option to buy cryptocurrency with AUD is the first feature that is worth highlighting. CoinSpot makes it simple and cost-free to add Australian Dollars to your account so you can immediately begin purchasing cryptocurrency.
User experience that is uncomplicated and basic CoinSpot's user interface is uncomplicated and plain, making it easy for newbies to explore the world of cryptocurrencies. The platform offers an additional price chart window for experienced crypto traders, which can be opened quickly from the Dashboard at any moment to do technical analysis. This window is always accessible. Both the mobile app and the desktop version of CoinSpot have the option to use the service.
The simplicity of making purchases and sales is something that the vast majority of people will appreciate. You are able to purchase and sell rapidly with the dashboard's hotkeys, which also display the current live price next to each option. You may also scroll down to examine your coin portfolio, which will make it simple for you to monitor the performance of your individual assets.
Over 360+ supported cryptocurrencies CoinSpot supports all of the major cryptocurrencies, as you would expect it to; however, with its range of over 360+ different coins, it has some options that you might not find on smaller exchanges. This is because CoinSpot offers a wider variety of coins than those smaller exchanges. If you only intend to purchase the major coins like BTC, ETH, XRP, and BNB, then this won't affect you too much. However, if you are looking for a unique coin that you believe will perform well, your best bet to find it is on CoinSpot. CoinSpot is your best bet to find a coin that you believe will perform well.
Staking for a total of 22 different cryptocurrencies: CoinSpot is one of the first cryptocurrency exchanges in Australia to implement staking for its users on their platform. At this time, they offer staking on a total of 22 different coins, and they are always working to introduce additional possibilities. When you invest for the long term, staking is a great method to increase the quantity of cryptocurrency you hold at the same time.
NFT Marketplace: CoinSpot has expanded its platform to include an NFT Marketplace, which is a feature that residents of Australia are pleased to have access to. Everyone is familiar with NFTs, but acquiring one on one's own has never been simpler than it is right now. There is no requirement for users to register for an OpenSea account, attach a wallet, and make purchases using solely ETH. You may purchase it directly from within your CoinSpot account using any cryptocurrency that you have linked to it. You may also sell an NFT directly through CoinSpot if that's what you're interested in doing.
Support for customers: You may obtain immediate assistance whenever you need it during CoinSpot's working hours by using the Live Chat tool. Live Chat is available on weekdays from 9 am to 8 pm AEDT and on weekends from 9 am to 5 pm AEDT. After giving the function a try, I found that it actually shocked me. I was instantly conversing with a genuine person; I was not need to go via a machine in order to figure out what it was that I want. In addition, there was no line to get in front of a support staff member, and they were quite quick to resolve the problem I was having.
If you need to get in touch with CoinSpot outside of the hours when Live Chat is available, you may send a message to their Help Desk at any time of the day or night. They will react to your inquiry as soon as they can, which is often within 24 hours.
In addition, CoinSpot has a comprehensive information center, which not only offers training for newbies but also includes a section dedicated to frequently asked questions (FAQs), in order to aid starting investors in the process of purchasing bitcoin and other digital currency.
CoinSpot may be accessed through a web browser or through their applications, which are easily downloadable from the Google Play Store or the iOS App store. Android and iOS apps CoinSpot can be accessed through a web browser or through their apps. For professional traders who need to keep an eye on coin values and be able to purchase and sell rapidly, this is an essential tool to have.
CoinSpot is the most secure cryptocurrency exchange in Australia and the only one to be given the ISO 27001 accreditation. This means that security is the top concern at CoinSpot. It was also one of the first exchanges to be registered with the Australian Securities and Investments Commission (AUSTRAC). In addition to this, CoinSpot adheres to the best practices in the industry by storing the great majority of its assets in offline places that are extremely safe.
You, as a user, have the ability to take control of your account's security and customize it to meet your specific requirements by enabling Two-Factor Authentication, custom withdrawal restrictions, anti-phishing phrases, geo-lock logins, and session timeout settings, among other options. Click this link if you would want additional information regarding the safety precautions that CoinSpot takes.
Referral program: CoinSpot's referral service provides its customers with the opportunity to earn $10 in Bitcoin immediately after making their very first AUD deposit without paying any additional trading fees. This opportunity is made available to CoinSpot's customers as part of the referral program. To obtain that, all you have to do is provide your friends and relatives a special referral code that is exclusive to you. After they have created a CoinSpot account, been authenticated, and made their initial Australian Dollar deposit, you will be credited with ten Australian Dollars worth of Bitcoin. In addition, it really is as simple as it seems to be.
CoinSpot Bundles can help you diversify your portfolio in the following ways: Because cryptocurrencies are in fact extremely volatile trading instruments, you will need to exercise certain degrees of caution while dealing with them (for instance setting up price alerts or stop-losses). CoinSpot Bundles is a one-of-a-kind service that CoinSpot provides, and it is also a service that is incredibly beneficial. CoinSpot Bundles enables you to buy a range of assets in a single transaction. It not only spreads the risk among your investments and diversifies your portfolio, but it also saves you time, reduces the amount of money you have to pay in fees, and affixes an average price to a split of coins.
My own favorite is called "Top Ten Market Cap," and it is exactly what it sounds like: it is a list of the top ten largest currencies according to their market capitalization. Because it covers all of the major currencies that I want to buy anyhow, such as BTC, ETH, BNB, and ADA, and because it spreads out risk in order to lessen volatility, I believe that this is a decent purchase to make. You may view each and every one of CoinSpot's Bundles in the graphic that can be found below.
The following are a few areas in which CoinSpot has opportunities for enhancement. Let's have a look at them and determine whether or not they have an impact on your experience.
Because CoinSpot was designed to be user-friendly, there are no complex alternatives such as margin trading or trading in derivatives. CoinSpot also does not provide futures trading or other types of derivatives that are geared toward experienced traders. If you are new to cryptocurrency, this won't be a problem for you, but if you are a dedicated trader, you could discover that CoinSpot doesn't provide enough different trading choices.
There is no support for credit cards or debit cards: CoinSpot supports a variety of deposit options; however, if you were expecting to pay using a debit or credit card, you will be disappointed to learn that this is not an option. Choose one of the other deposit ways, or if that is the only option available to you, you may use Swyftx, which is a comparable cryptocurrency exchange that takes debit and credit cards. Alternatively, you can use one of the other deposit methods.
CoinSpot supports a variety of deposit ways; fortunately, there are no fees associated with the most common of these alternatives. There is no fee associated with making a deposit via POLi, PayID, or Direct Deposit (through OSKO). BPAY deposits incur 0.9 percent deposit charge while cash deposits at a newsagent carries a 2.5 percent deposit fee.
CoinSpot's transaction fees may be broken down into a few distinct categories; allow me to explain the differences.
Market Trades have a cost of 0.1 percent and allow you to specify the price at which you wish to purchase or sell your cryptocurrency. Your order will be filled if and when another user is willing to meet the price that you set. At the time of this writing, CoinSpot had 15 trading choices available; nevertheless, these options included the vast majority of the main cryptocurrencies. CoinSpot does not trade all 360+ coins now available on the market. These include Bitcoin, Litecoin, Ethereum, Ripple, ADA, GAS, and NEO, among other cryptocurrencies.
There is a fixed price by CoinSpot for each coin you desire to buy or sell, and you don't need to wait for a buyer someplace else in Australia to buy your cryptocurrency. The charge for Instant Buy/Sell is one percent, and there is a set price by CoinSpot for each coin. CoinSpot will immediately finish the transaction for you as soon as it is processed. You don't have to worry about price changes while you're waiting for your order to be filled, which is a huge plus, and CoinSpot lets you buy and sell all of the more than 360 cryptocurrencies it supports.
OTC Trades have a charge of 0.1 percent and rapid settlement. Members that engage in high-volume transactions can use the OTC (Over-The-Counter) Trading Desk. For transactions worth more than AU$50,000, this is the method that is advised to be used.
Advanced Trading Tools: 1 percent - This is for experienced traders who want to employ tools such as Recurring Buy, Take Profit, Stop Loss, and Limit Orders. Advanced Trading Tools: 1 percent
The ability to purchase and sell coins with quick liquidity from one currency to any other coin on the platform. This service is offered by CoinSwap and has a fee of one percent. There are a great many unusual trading combinations that are not provided by the majority of markets.
Tweets by CoinMarketCap
Tweets by CoinDesk
Tweets by FXStreetNews
No matter how much Australian Dollars you withdraw, you won't be charged any additional fees to withdraw them into your Australian bank account.
When you send coins to wallets that are not associated with CoinSpot, you are subject to a normal transaction cost, often known as a mining fee. This fee is calculated according on the currency being sent and the level of activity on the network. The cost will be detailed on the page for the wallet.
CoinSpot's Strengths and Weaknesses:
The most reliable and safe cryptocurrency exchange in Australia
Easy-to-use UI for first-time users
Over 360 different cryptocurrencies may be purchased 24/7 service through help desk and live chat Over 22 different coins can be staked to generate interest
A Market Place for NFT
There are no well developed trading markets, such as derivatives.
Credit/debit card deposits are not supported
When searching for a cryptocurrency exchange, one of the most essential aspects to consider is the security measures offered by the platform. These elements should guarantee the safety of your assets and investments. Due to the fact that it entered the Australian cryptocurrency sector at such an early stage, CoinSpot has become the most reliable and trustworthy of all Australian platforms. The ISO 27001 accreditation is only held by only one stock exchange, making it unique. CoinSpot was needed to conduct an external audit carried out by SCI Qual International in order to meet this standard as outlined by the International Organization for Standardization (ISO) (an accredited JAS-ANZ certification body).
In order to successfully complete the certification process, an in-depth study of Information Security Management methods and practices, as well as regular audits, are required. This comprises the activities that are related to the management of storing digital assets, information pertaining to employees, contractors, suppliers, clients, goods, processes, and intellectual property, and the administration of intellectual property. The organization's information management systems are protected from unauthorized access, use, destruction, alteration, or closure thanks to the tight regulations that have been put into place.
CoinSpot is the leader in the business when it comes to security; it stores the vast majority of assets in extremely secure offline locations and gives you a choice of personalization options inside your account to prevent unauthorized access to your account:
Two-Factor Authentication ensures that unauthorized users are unable to access their accounts, even in the event that their passwords are compromised, because they are unable to provide the 6-digit Authenticator code that is reset every 30 seconds.
Anti-phishing phrase: you have the ability to select any phrase you like, and it will appear each time you sign in with Two-Factor Authentication. This will ensure that you are always aware that you are signing in to the genuine CoinSpot website, and not a fake site that is attempting to steal your information and password.
You have free reign over the phrase that serves as your phone verification, and CoinSpot will be able to authenticate your identity should you need to call them about accessing your account.
You may switch on this option to limit logins to just Australian IP addresses, which will prevent hackers from other countries from accessing your account.
Disabling withdrawals allows you to prevent other users from taking cryptocurrency or AUD out of your account by selecting this option. You will need to get in touch with support if you want to re-enable withdrawals.
You have control over the length of time that elapses between each time that you log in to CoinSpot and the subsequent occasions on which you are compelled to do so. In the event that you fail to log out of your account before leaving, this prevents unauthorized access.
When it comes to purchasing bitcoin, CoinSpot is unquestionably the finest exchange for Australians to use. In my opinion, it all boils down to the following three factors:
CoinSpot is unequivocally the most trusted and secure cryptocurrency exchange in Australia, which means that you can invest and trade with complete peace of mind on their platform.
2. Friendly to users: CoinSpot's layout is straightforward, making it simple even for inexperienced users to use; also, making deposits and withdrawals on the platform is quick, simple, and free. CoinSpot includes several features that experienced traders look for in a cryptocurrency exchange, despite the fact that the UI is straightforward. These features include staking on 22 different currencies and an NFT marketplace.
3. Customer support: When deciding which trading platform to use, you probably won't give this much thought, but believe me when I say that you should. Imagine ripping out your hair while you search for an exchange's contact information because you are unable to successfully deposit funds; in this situation, you will wish that you had the opportunity to talk to Customer Support. Because I've been there before and know how frustrating it can be, I always search for choices that include live chat when I can.
CoinSpot provides you with rapid cryptocurrency exchange, which means you can buy Bitcoin or any of the other 360+ currencies they support by just hitting the Buy button on their website. You do not have to wait for another trader or an e-commerce counterpart and bargain on a price before you can really acquire the cryptocurrency that you want to buy, as opposed to the situation with the P2P exchanges. Due to the fact that CoinSpot already possesses cryptocurrencies, the company is able to trade assets on its own.
Sites like CoinSpot in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.