Offers a comprehensive information centre with regular articles and tutorials for newcomers and has a FAQ section to assist new investors in buying Bitcoin and other cryptocurrencies. You can buy an NFT straight from your account, with any cryptocurrency you like. If you want to sell an NFT, you can also do so straight from CoinSpot.

For instance, there is a cap placed on the amount of trading volume a user may have during the first week after creating an account on the platform. The volume limit is then gradually raised over the course of the subsequent few weeks as the platform monitors the trading activity of the user and makes evaluations. This is another issue that users of the platform face, and it is one of the reasons the platform has a negative reputation. SCI Qual conducted an in-depth investigation into CoinSpot’s Information Security Management processes and practices. This covers a multitude of processes in relation to the management of digital asset storage, information relating to employees, contractors, suppliers, clients, products, processes, and intellectual property.

BPAY and cash deposit at a local newsagency will incur a 0.9% 2.5% surcharge fee accordingly. Coinspot withdrawals from a crypto wallet to another exchange or a hardware wallet will incur the standard blockchain network fee, which varies on the coin and network load at the time. CoinSpot is a reputable and safe exchange in Australia to buy cryptocurrencies. The platform provides a safe environment for individuals, companies, and Super Fund investors to buy, trade, and sell Bitcoin and over 360 cryptocurrencies.

Where is the CoinSpot headquarter located?

The https://forex-reviews.org/ wallet is easy to use and a great way for beginners to keep their coins safe. CoinSpot supports over 370 cryptocurrencies on the exchange to buy, sell and swap in Australia such as Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, Cardano, NEO, EOS, Stellar Lumens, Tron and others. The exchange also supports popular DeFi tokens on it’s platform such as Compound, Uniswap, Aave, Yearn Finance and Sushi. Australians that are looking to buy meme coins like Dogecoin and Shibu Inu are also listed on CoinSpot. CoinSpot has introduced staking of Proof-of-Stake coins to earn passive rewards.

In comparing various financial products and services, we are unable to compare every provider in the market so our rankings do not constitute a comprehensive review of a particular sector. While we do go to great lengths to ensure our ranking criteria matches the concerns of consumers, we cannot guarantee that every relevant feature of a financial product will be reviewed. We make every effort to provide accurate and up-to-date information. However, Forbes Advisor Australia cannot guarantee the accuracy, completeness or timeliness of this website. CoinSpot offers a range of deposit methods, luckily the most popular options incur zero fees. BPAY deposits incur 0.9% deposit fee and cash deposits at a newsagent has a 2.5% deposit fee.

• CoinJar review — reasonable fees, but slightly less volume than Independent Reserve.
• Do your long term investments elsewhere and your short term investments at Coinspot.
• Once you are done with the verification and identification process requested by their support team on Coinspot, you can start to buy and sell cryptocurrency on Coinspot.
• Coinspot cryptocurrency exchange complies with Australia’s strict new AML/CTF laws enforced by AUSTRAC to ensure the safety of user accounts.

Alternatively, it’s possible to deposit via BPAY or currency at tens of thousands of BlueShyft locations across Australia for a nominal fee. Users who conduct high-volume transactions can take advantage of CoinSpot’s OTC (Over-The-Counter) Trading Desk, which offers instant liquidity and settlement into your account. For transactions of $50,000 AUD or more, this is usually the best option. This feature also comes with the ability to utilise a CoinSpot Account Manager to call you and execute the trade on your behalf 7 days a week. This premium feature is definitely highly rated and recommended if you’re making bigger trades.

Withdrawal to faucetpay

Learn more about the platform’s fees, features, security, assets, and more. Bundle together several different digital assets and buy them in one single purchase. This will save you a lot of time and you can avoid multiple fees from buying the coins separately.

Further, CoinSpot exchange has achieved ISO certification for information security and provides an effortless and comfortable experience. It’s important to note that the content on the Bitnation website shouldn’t be considered investment advice. For this reason, the staff at CoinSpot includes a number of specialists in Self-Managed Super Funds , who are able to offer guidance to customers who already have SMSFs or who are considering establishing their own SMSF. Additionally, CoinSpot members have access to bundled products, which can be utilised to immediately diversify their investment portfolios. On the other hand, if traders utilise the OTC function of the platform, then the cost that they are paid on this deal is merely 0.1%.

CoinSpot’s instant buy/sell fees are 1%, which is slightly higher than the industry average. However we do recommend the customer bear a few things in mind when comparing fees. CoinSpot has a specific SMSF team set up to answer your questions and help onboard your existing SMSF if you already have one. If you don’t, they can walk you through the process of getting your crypto investments set up to contribute to your SMSF. For some investors, all of these new terms can daunt, just a little. If that’s the case for you, CoinSpot links their website to social media channels, where you can join the conversation with their other 2 million customers.

Supported Cryptocurrencies

If you wish to increase your deposit limit, it is also required that you upload a selfie photo that has you holding a piece of paper with specific details. After trading on their site and doing extensive research on the exchange, we firmly believe that CoinSpot has all fantastic features and services to cater for customers, making it my top choice for Aussie crypto investors. CoinSpot offers 2FA security for all its accounts, meaning you’re getting the leading technology in account safety. In addition to that, once you’ve established your account, you can customise the security features there to any level you feel best about. It is Australia’s largest and most trusted cryptocurrency exchange, regulated by AUSTRAC, and holds an Australian Digital Currency Exchange License.

The only problem we see with this platform is for everyone outside of Australia that can’t join. This is not a problem though for all Aussies, we just have to live with knowing that they get to trade on a better exchange than us. CoinSpot has an excellent crypto Swap feature for Australian traders that lets you exchange between more than 300 digital assets including some very rare and cheap altcoins.

On the technical side, coinspot reviews utilises industry-standard SSL encryption for all website communications and offers two-factor authentication as an added layer of protection for user accounts. All user funds are stored in secure cold wallets with multi-signature access requirements. It has a strict withdrawal process that requires manual approval from a member of their team before any funds can be transferred out of the platform. This is a comprehensive review of the Australian cryptocurrency exchange, CoinSpot.

Additionally, you will have the capability to move cryptocurrencies to and from other third-party wallets, such as Metamask, when using this wallet. The website offers a variety of packages, such as the ability to sort coins by market capitalization, ESG score, and industry . One of the packs, for instance, categorises currencies by market cap. This basically indicates that it is to the platform’s best advantage to make sure that as many users as possible sign up for the platform and start trading through it as soon as they possibly can. As a result, it developed an affiliate programme with the purpose of encouraging people to bring in new users to the network by offering financial incentives.

Because of this, traders can open positions with a greater value than the capital they have placed into the transaction. If a trader deposits AU$1,000 and borrows the remaining AU$9,000 from the exchange, the total position size is AU$10,000. This is due to the fact that AU$1,000 plus the AU$9,000 they borrowed from the exchange totals AU$10,000. That’s because they borrowed AU$9,000 in addition to the AU$1,000 they already had lying around from the deal, bringing the grand total to AU$10,000.

Moreover, the other available payment methods include POLi payments, AUD deposits or PAYID payments. Further, no fee is charged from you for making deposits using these payment methods, but a flat fee of 0.90% is charged for payments made via BPAY and a 2% fee on cash deposits. The most common choice is through bank transfer, using a direct deposit, POLi, PayID. Not every payment method incurs a trading fee. BPAY and Cash deposits are not generally preferred as there is a fee.

After your friend has made the first AUD deposit, you both will receive $10 worth of Bitcoin. You will see an entry box, where you need to fill in the amount of AUD for buying Bitcoin. Investing is speculative and when you invest money, your entire capital is at risk.

CoinSpot Fees Explained

Coinspot features a mobile trading app to buy, trade, sell, transfer from the wallet, view price graphs, display coin information and monitor overall cryptocurrency portfolio in one place. The Coinspot app can be downloaded from the Google Playstore or iOS Store. The ease of use on the app has been improved and is comparable to the top crypto apps in Australia for buying and sell digital assets with AUD. There are no deposit or withdrawal fees using bank transfer methods such as POLi or PayID or direct deposit.

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. In order for consumers to be able to deposit money into their accounts, the majority of cryptocurrency exchanges need users to pay a fee. CoinSpot is unique among cryptocurrency exchanges in that it does not let customers to short cryptocurrency assets while using the site. CoinSpot’s appeal as a sophisticated trading platform is diminished as a result of the absence of this functionality due to the fact that a number of trading methods include going short on assets.

Coin Culture is an independent media outlet that aims to provide an Aussie take on crypto, digital assets, and investing. Trading cryptocurrencies requires a lot of research, analysis, and time to figure out how the market is moving and what trends are happening. The safest and most reputable crypto exchange in Australia, letting you invest and trade confidently. Although the exchange accepts a diversity of deposit options, you cannot pay using a credit or debit card. If you’re happy with CoinSpot and want to earn some cash by spreading the good word, you can participate in the CoinSpot referral program.

CoinSpot’s Australian wallet provides an address for each asset you trade on the exchange, supporting more than 300 distinct cryptocurrencies. Whenever you trade on CoinSpot, your assets are held on the CoinSpot internal hot wallet. Remarkably, there are thousands of CoinSpot app reviews on the internet, with users highly appreciating its seamless user interface and other useful features. For experienced crypto traders, the price chart window that is opened easily from the Dashboard helps them conduct technical analysis. They can see their portfolio’s visual chart with the detailed distribution of coin holdings and percentages to track how their investments are trending. To place an order on CoinSpot, click on any cryptocurrency market to see current prices and access advanced charting.