Coinspot: All you need to know about this Crypto Exchange
June 27, 2021
Coinspot: All you need to know about this Crypto Exchange
Coinspot is a cryptocurrency exchange that was founded in 2013. It has been the fastest-growing Australian-owned bitcoin market since its inception and currently offers both BTC trading pairs as well as ETH, LTC, XRP, and BNB markets. In this article, we will discuss all you need to know about Coinspot crypto exchange!
What is Coinspot.com?
CoinSpot is headquartered in Melbourne and was founded by Russell Wilson in 2013
Coinspot is a cryptocurrency exchange that was founded in 2013. It has been the fastest-growing Australian-owned bitcoin market since its inception and currently offers both BTC trading pairs as well as ETH, LTC, XRP, and BNB markets. Coinspot charges no fees for deposits or withdrawals (AUSDT transaction) but does offer a 0.50% fee per trade ($0.01 minimum). The company also operates an affiliate program with both free and paid tiers where affiliates can earn commissions on referral trades by sharing their unique referral link via social media channels like Facebook, Twitter or Reddit, etc…
Why chose Coinspot.com as your primary crypto exchange?
Coinspot has been in the bitcoin market since its inception. It has grown to be a trusted name in the cryptocurrency space and offers many different coins on their platform.
Coinspot is also known for having no fees if you are withdrawing your AUSDT out of the exchange (AUSDT transactions). They do not offer margin trading or advanced features such as stop-loss but what they do provide is an easy-to-use interface with 24/hr customer service available via a live chat feature on their website.
Is Coinspot safe to use?
Coinspot is a regulated company in Australia. It also operates as an exchange under the Australian Digital Commerce Association (ADCA) and holds licenses for Anti-Money Laundering, Payment Services, Financial Investment, Electronic Transactions Act 2000 and AUSTRAC.
They have two types of wallets on their platform: hot wallet which connects to the internet via server or cold storage that does not connect with the web – both are protected by multi-signature technology making it difficult for malicious activity to occur.
This crypto exchange has been operating since 2013 without any major security breaches so they provide a safe trading environment if you do decide to trade cryptocurrencies here.
Register an account on Coinspot.com and get $10 in BTC
To sign up for an account, you’ll need to provide the following information:
The verification process on Coinspot
It’s fairly simple, all you have to do is send in a few documents like your driver’s license or passport. You can then choose to upload these photographs either from the gallery on your phone, go to “scanner” in-app, and press capture – this will allow you to take a picture of them for uploading later. If you’re having trouble with any part of this process there are plenty of tutorials that offer step-by-step instructions, so it shouldn’t be too difficult if you’ve never done anything like this before.
There is no need for long verification processes as Coinspot has all the information needed already available: through their KYC (Know Your Customer) program they have all relevant documentation recorded such as proof of address and date of birth which means users don’t even have to verify their addresses.
How to buy your first crypto on Coinspot.com
Coinspot is one of the easiest and most reliable platforms to use for beginners. The process can be broken down into two stages:
Create an account with us by clicking ‘Join Now’ in our top navigation bar or downloading the app from Google Play or Apple Store onto your phone. Once you have created your account go ahead and deposit some funds into it (we recommend using AUD) so you are ready when we get to stage two!
After depositing money to Coinspot you can then buy your first crypto. Click ‘Buy/Sell’ on the top navigation bar and then select what you want to purchase from Bitcoin, Litecoin, Ethereum, or XRP by clicking its corresponding button.
Then click search at the bottom of the screen for a list of exchanges where that currency is available to be purchased with AUD and choose an exchange based on their current availability (you may need to do some more research into each one).
Once chosen go ahead and start trading!
If this seems too overwhelming feel free to contact their friendly customer service team who are always ready to help out 24/hrs per day via Live Chat or email.
Coinspot trading fees
As stated above, Coinspot has no charge for withdrawing AUD or Bitcoin.
There is a 0.25% fee to buy and sell on their platform, which may seem high but when you consider the average fee of other exchanges it’s pretty standard.
If that seems too much contact them via email as they do offer discounts occasionally!
As you can see Coinspot has some great features that make trading easy while also making sure any beginner gets all the information necessary along with helpful customer service if anything goes wrong. This Australian exchange will quickly become your go-to crypto destination so don’t hesitate to sign up today!
Coinspots pros and cons
Positives with Coinspot would definitely be their lack of fees and customer service.
Cons would be that there’s only a small variety of coins to trade with and the verification process can take some time, but this is expected for any exchange as it needs to make sure you’re not doing anything illegal or suspicious.
Wrapping things up
Coinspot.com is a cryptocurrency exchange, meaning that it allows you to trade one type of cryptocurrency for another or buy and sell them outright. The company is based in Australia but has established itself as an international player in the digital currency market with its USD trading pairs and ability to convert crypto into fiat currencies like GBP, CAD, AUD, NZD, and many more (you can find all supported countries on their site). If you’re looking for a safe way to purchase cryptocurrencies such as Bitcoin without having to go through any complicated processes then this may be the right choice for you.