CoinSpot Review 2024: Pros, Cons and How it Compares

Coinspot takes security seriously and complies with the International Organization for Standardization for its security systems. CoinSpot is one of the only cryptocurrency exchanges in Australia to be accredited for its security systems, receiving the coveted ISO27001 award for excellence in security. Funds stored on the Coinspot wallet are kept safe until transferred to a secure hardware wallet. The equivalent amount of Bitcoin is displayed at the current market rate. The trading fee is not displayed with the transaction details and should be shown to provide clarity for the investor.

Fees Schedule

If you decide to use CoinSpot, don’t forget to sign up using this link to receive $20 Bitcoin for free. On many platforms, users need to start their process by buying a top coin like BTC or ETH, and then going through various steps to trade it in for their ideal asset. However, with the range of altcoins that the CoinSpot exchange supports fiat buying for, this step is entirely cut out. People can buy many of the coins and tokens they want without thinking about trading, or any other cumbersome and frustrating elements.

Before jumping into my CoinSpot Australia review, I want to answer the all-important question of “What is Coinspot? ” This is by no means a household name in the crypto space, yet despite this, it has been making waves in the industry and building a relatively solid user base. That all being said I think CoinSpot is a great Platform and meets all the needs for me. As a Long term platform I will definitely consider using it, however I am also looking into other platforms such as digitalsurge for some shorter investments, as was referred to me by other Redditers. If the transaction involves a bank or another payment processor (e.g., PayPal), contact those entities immediately. The goal of a scam operation is to extract the maximum amount of money.

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Namely, Lido Staked Ether, LEO Token and USDS, which are in the top 20 cryptos by market cap. Coinreviews.net provides in-depth reviews and analysis of cryptocurrency products and services, offering reliable insights for crypto enthusiasts. This CoinSpot Review also highlights the CoinSpot Mastercard, which allows users to spend their cryptocurrency anywhere Mastercard is accepted.

• Just like with the pros, this will also help us answer such questions as “What is CoinSpot?
• When using CoinSpot, users entrust their assets to the exchange’s custody.
• When it comes to security, CoinSpot fortifies your digital treasures like a well-guarded vault.
• Security patches help protect against newly discovered vulnerabilities and hacking techniques.

They make it very easy to buy crypto, regardless of your experience and their mobile app is one of the most popular crypto apps in the country. There are numerous payment methods to deposit funds in the account. The most common choice is through bank transfer, using a direct deposit, POLi, PayID.

CoinSpot’s cold storage protocols involve housing assets in physical, offline hardware wallets—such as Trezor and Ledger, popular choices among crypto businesses globally. These devices safeguard your private keys (the ones controlling access to the actual coins on the blockchain), meaning no one can access your coins unless they have the physical device and its credentials. Most assets on CoinSpot are stored offline in cold wallets, which helps protect funds from online threats. Users also benefit from features like two-factor authentication (2FA), custom withdrawal limits, and session timeouts, empowering individuals and businesses to control their account safety. However, it also has some drawbacks, such as high fees for instant transactions and a lack of advanced trading features like margin trading and futures. While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e. KuCoin or Kraken), there are other very well-known industry leaders that are located all over the world.

• Using a strong, multi-factor authentication process also helps to verify your identity, maintain security, and prevent any fraud.
• There are only approximately 15 trading pairs available when using the CoinSpot exchange, and the interface is basic and orders need to be manually entered – which can result in errors.
• A basic Coinspot account allows you to explore the features of the website, but you cannot deposit or withdraw funds until verification is completed.
• You can have all the features and coins in the world, but if the platform isn’t secure, it’s just not worth the risk.
• Otherwise, if you use cash or cards, you will pay 2.5% and 2.58%, respectively.

Is CoinSpot Legit?

This adds a vital second layer of security beyond your password by requiring a code from your phone or authentication app. It drastically reduces the chances of unauthorised access even if your login details are compromised. The ISO certification requires independent audits not just for initial certification but on an ongoing basis, ensuring that CoinSpot consistently meets stringent security criteria. Join 500,000 people instantly calculating their crypto taxes with CoinLedger. In 2023, CoinSpot faced a hack where $2 million was stolen from the platform. David has been deeply involved with the cryptocurrency industry since 2017.

In addition, the CoinSpot affiliate program as users to earn a commission of up to 30% on the trading fees whenever the people use their referral link to get registered on CoinSpot. Coinspot offers a more in-depth trading platform that has been designed to suit more experienced traders. The Coinspot “Exchange” can be accessed by clicking on the “Market” link on the top menu.

How do I buy crypto?

Bybit offers the widest selection, with over 802 cryptocurrencies available, while CoinSpot has more than 400, and Swyftx offers over 310. For those interested in exploring a variety of tokens, Bybit stands out as the top choice. Other centralized platforms with earn and staking features include Crypto.com, Swyftx, eToro, OKX, Kraken, Coinbase and more. Swaps let you easily and quickly convert one cryptocurrency to another without having to covert to Australian dollars first. On the „Markets“ tab, Coinspot offers TradingView charts with technical indicators and features. You’ll also see a bitit review live order book, depth charts and your open and completed orders on this page.

In addition, CoinSpot supports well-known DeFi coins and tokens as well. Furthermore, you can store all the available cryptocurrencies in CoinSpot Wallet. Additionally, this platform also offers a set of customizable security settings for your account. For example, custom withdrawal restrictions, Two-Factor Authentication, and session timeout limit settings can secure an account.

You can have all the features and coins in the world, but if the platform isn’t secure, it’s just not worth the risk. The whole system is designed to block any unauthorised access or tampering, whether it’s digital or physical. Coinspot allows exchanges between coins, and also offers coin bundles, which are diversified offerings of multiple cryptocurrencies similar to a ‘fund style investment’. Coinspot conforms to ISO27001 Standards for Information Security, is AUSTRAC compliant and is one of Australia’s oldest crypto exchanges, making it one of the safest crypto exchanges. CoinSpot is ideal for beginners seeking a straightforward and secure platform to buy, sell, and exchange over 400 cryptocurrencies using AUD. It has similar trading fees to Binance for market trades (0.1% vs. 0.1%) but charges higher fees for instant transactions (1% vs. 0.1%).

Buying diversified bundles of cryptocurrency on Coinspot

Swap existing cryptocurrency with over 200 available cryptocurrencies on CoinSpot. You can use this option without KYC and swap currencies without giving any identity information. You can click any coin market to access the current prices and other data points. After that, you can avail this information to speculate and earn from short-term price movements of a coin.

How to Buy Crypto with Barclays Bank

Stay up to date with our latest exchange reviews, promotions, how-to guides and educational articles on Bitcoin, cryptocurrency & more. Coinspot provides the option to buy and sell cryptocurrency instantly to do so by clicking on the ‘Buy/Sell‘ link at the top of the page. There are over 200+ coins that can be purchased instantly or sold back to AUD. CoinSpot currently offers 11 crypto bundles that can be purchased with AUD.

CoinSpot’s customer support is a testament to their commitment to user satisfaction. However, Binance is better for more experienced traders who want more features such as trading bots, dual investment, a launchpad for new projects and crypto IEOs, and crypto copy trading. In this CoinSpot review, we will give you the scoop on what sets this exchange apart. We’re talking about a platform that promises easy trading, a wide range of supported cryptocurrencies, and a strong security system to keep your investments safe. CoinSpot is one of Australia’s oldest and most reliable crypto exchanges for digital currencies, with more than 2.5 million users.