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. As an Economics degree holder from the University of California Santa Barbara, he’s well versed in topics like cryptocurrency markets and taxation. We update our data regularly, but information can change between updates. Confirm details with the provider you’re interested in before making a decision. This site is protected quebex by reCAPTCHA and the Privacy Policy and Terms of Service apply.
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This means CoinSpot has gone through rigorous external audits to ensure its security measures meet industry best practices. The platform offers useful features like recurring buys, a crypto spending card, SMSF support and an NFT hub. While CoinSpot and Swyftx do not provide leverage trading options like margin or futures trading, Bybit does. This makes Bybit one of the top platforms for margin trading, especially for users in Australia. Security is a top priority at CoinSpot, as emphasized in this CoinSpot Review.
- People can buy many of the coins and tokens they want without thinking about trading, or any other cumbersome and frustrating elements.
- However, its web platform is fully responsive meaning that you can access it through the mobile web browser on your phone and use it.
- People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active.
- Coinspots customer support can be reached on the platform through live chat from 9am – 8pm weekdays and 9am – 5pm on weekends!
CoinSpot Reviews 2,496
This means that people can engage in full NFT trades and swaps with ease. The company lists a wide array of NFT collections, including Bored Apes and Hashmasks. For people outside of Australia who are looking to make NFT trades, Binance also has a marketplace set up on their platform.
CoinSpot is a good choice for Australians that want a safe and secure exchange to buy crypto. However, serious crypto traders may find the platform lacking a few advanced trading features. CoinSpot’s been around since 2013, which makes it one of the oldest crypto exchanges in Australia — and over time, it’s built a reputation for being super secure, reliable, and beginner-friendly. Even with newer platforms like Swyftx popping up, CoinSpot has held its ground and is still the most widely used exchange in the country, with over 2.5 million Aussies on board. It also supports over 11 fiat currencies, including Australian dollars (AUD). According to this CoinSpot Review, AUD withdrawals via bank transfers, such as POLi and PayID, are free of charge.
Calculate Your Crypto Taxes
This is a natural starting point for any review, as it highlights what makes the platform so exciting and enticing to its growing user base. Naturally, this discussion will help clarify our answer to “What is CoinSpot? 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. In conclusion, there’s a reason so many people have chosen CoinSpot, and that’s because it is suitable for all user profiles, with features and tools tailored to each level of expertise. This process requires that you enter your full legal name and contact information including your physical address.
- This process usually wraps up within just a few hours, but it might extend up to two full days on occasion.
- There are various tactics that are used to try and get one more payment.
- But if you engage in high-volume transactions, the Over-The-Counter (OTC) trading desk may be the best option as it offers instant settlement and lower fees at 0.1%.
- We’ll explain this process step-by-step further down in this review.
CoinSpot’s Appeal
Whether you’re an artist looking to sell your unique digital artwork or a passionate collector looking to expand your collection, CoinSpot’s NFT Marketplace is the ideal solution for you. This feature provides you with a unique opportunity to generate additional returns on your cryptocurrency investments without having to sell the coins. This is why staking has become a popular investment strategy for those looking to maximize their return on investment. Buying crypto on CoinSpot is very easy especially if you’re in Australia and use AUD as your preferred currency. This is important because you can avoid paying currency conversion fees which may sometimes be quite high. Recognising these limitations and known risks enables users and businesses to implement complementary strategies that balance convenience with security, ensuring a safer overall crypto experience on CoinSpot.
However, you cannot use credit or debit cards to fund your account for cryptocurrency purchases. In this CoinSpot Review, it’s clear that the platform offers an impressive range of over 440 cryptocurrencies for trading. This extensive selection allows traders to access a diverse portfolio of assets, catering to various trading preferences and strategies.
With a user-friendly interface, 24/7 live chat support, and reasonable fees for all transactions, it’s not hard to imagine why this exchange is so popular. CoinSpot actively encourages users to report vulnerabilities via the HackerOne bug bounty program, demonstrating a transparent approach to security improvements. While it did experience a hack in the past—no customer funds were lost—experts still advise not leaving large sums on any exchange unless necessary. Keeping critical assets in personal cold wallets remains best practice, even with CoinSpot’s high standards. CoinSpot is currently the number one cryptocurrency exchange in Australia for this very reason.
Read our comprehensive overview of the MEXC exchange covering its trading features, safety measures, pros, and cons. CoinSpot has a friendly and knowledgeable customer support team available 24/7 to help you with any questions or issues. The app also has biometric security features such as fingerprint and face recognition to protect your account. You can download the CoinSpot app from the App Store or Google Play Store. You can also join an affiliate program to earn a lifetime commission. CoinSpot makes it easy for you to buy, sell, swap, and trade crypto.
Additionally, depositing funds through certain means, such as PayID or direct deposits, have no fees compared to other methods. It’s crucial for users to conduct their own due diligence, thoroughly research and compare different exchanges, and make informed decisions based on their individual circumstances and risk tolerance. However, it’s important to note that the severity and frequency of these issues may vary between exchanges, and it’s up to individual users to assess which platform best suits their needs and preferences.
What Account(s) Can You Open On CoinSpot?
While CoinSpot’s responses aim to address the concerns raised by users, it’s important to critically evaluate their claims and assess whether their actions and policies align with their stated commitments. This is an extremely steep rate, which makes it feel like beginners are paying a high premium for using a simplified interface. While it is frustrating to come across a company that does not offer its services within your own country or region, it is also deeply understandable as to why platforms like CoinSpot exist.
Yes, CoinSpot is considered one of Australia’s most secure crypto exchanges. It holds ISO certification, uses cold wallets for offline asset storage, and implements strong account-level protections such as two-factor authentication and custom withdrawal limits to keep user funds safe. Within this CoinSpot Review, choosing between Coinspot and its competitors depends on your priorities.
This variety is ideal for both beginners looking to purchase popular coins like Bitcoin or Ethereum and advanced traders who want to explore altcoins or diversify their portfolios. Moreover, Coinspot’s NFT marketplace allows users to buy and sell non-fungible tokens, adding another layer of flexibility to the platform. Coinspot is renowned for its simplicity, making it an ideal platform for beginners in the crypto space. The interface is clean, intuitive, and easy to navigate, allowing users to buy, sell, and manage cryptocurrencies without hassle. Additionally, the platform offers an instant buy and sell feature, making the process fast and efficient for those who want quick transactions. If you’re new to cryptocurrency trading or prefer a straightforward approach, Coinspot’s design could be highly appealing.
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