CoinSpot allows you to buy over 100 digital currencies including Bitcoin and is one of the most popular cryptocurrency exchanges in Australia. But is it any good?
I’ve been using CoinSpot for the last 12 months and I wanted to share with you my genuine review of the service. This way you’ll have a better idea as to whether or not CoinSpot is for you.
What can you Buy and Sell on CoinSpot?
CoinSpot offers a huge range of cryptocurrencies and other altcoins. All the big coins are available including:
As well as lots of smaller coins – many of which could have huge potential in the future. So there is an opportunity to buy into some of the smaller projects before they hit the mainstream. Some of the interesting coins I’ve bought on CoinSpot include:
What I like most about Coinspot is you can purchase all of these coins without needing to first buy bitcoin. Many exchanges only accept deposits in cryptocurrency. This is great for those who already have bitcoin, but not good for those looking to buy in using fiat.
Selling Coins on Coinspot
As well as buying coins on coinspot you can also sell them! There are a couple of limits to selling though. You can sell any coin that is in one of your Coinspot wallets. But not all coins can be deposited to Coinspot. Cpoinspot does support deposits for the large coins like Bitcoin, Ethereum and Litecoin. But with some of the smaller coins, you can’t buy them on other sites and then transfer them to coinspot. Coinspot only provides a managed wallet for these coins which don’t support deposits.
The CoinSpot Interface
CoinSpot has a simple and easy to use interface. It might look pretty basic – but thats a good thing. Too many exchanges have overly complex and crowded interfaces. I find using the wallets, buying and selling coins to be really easy.
How to use CoinSpot to buy Bitcoin
Here’s a step by step guide to buying bitcoin on CoinSpot:
- Register an account here. You’ll need to go through a verification process. This is to prevent fraud but most people will find it fairly quick and easy.
- Make a deposit. I find that using PoLi works best. It’s instant and allows you to pay online using your bank account. PoLi is a payments service provided by Australia post.
- Visit the “wallets” page. This lists all your wallets on CoinSpot. These wallets are managed by CoinSpot and are cloud based. Once you’ve purchased bitcoin you can either choose to keep it on CoinSpot or move it to your own Wallet on your own device.
- Open your Bitcoin wallet. This wallet contains the bitcoins you own. Click on the “buy” button to purchase bitcoin.
- Buy Bitcoin! Enter the amount of Bitcoin or the amount of AUD you want to spend. The transaction will happen instantly. After you hit the “Confirm Buy” button. And your coins will be available in your wallet within a couple of seconds. You may need to refresh your wallet page to see this.
Once you’ve purchased Bitcoin on CoinSpot you can send them to another wallet address (such as a wallet on your own computer), or use them to pay for things.
Which Countries Can I use CoinSpot in?
CoinSpot is based in Australia and only accepts australian customers. This is great news for Australians! In the past it was pretty difficult to find legit places to invest in Bitcoin. Coinspot uses the AUD as it’s base currency – so don’t be surprised if the price of coins is much higher than what it is on sites such as CoinMarketCap. It’s just because coins are listed in AUD.
For advanced users, Coinspot provides functionality to trade coins directly on the market. This means you can have buy and sell orders that will be filled when the market reaches that price. Currently markets are available for BTC, ETH, LTC and DOGE. For new users, I would recommend just buying bitcoin through the standard interface as you’ll still be getting the market price and paying the same fees.
Coinspot does charge a small fee on all buy and sell orders. I’ve found the fees to be very competitive and inline with most other exchanges. The fees used to be higher, but were reduced recently. Which is good news for everyone!
There are no deposit fees if depositing using PoLi. However if you wish to pay using BPay or Cash Deposit there is a small fee. There are no withdrawal fees – so if you choose to sell your coins, you’ll get your money deposited into your bank account within a couple of days.
What Deposit Options does CoinSpot have?
Coinspot currently offers three deposit options:
- PoLi – this is what I use. It’s a secure and trusted way to pay for things online using your bank account. PoLi deposits are instant.
- BPay – BPay deposits take 1-3 days to process. And they do incur a 0.9% fee.
- Cash Deposit – these are instant when the cash is deposited. They do incur a 2% fee. These can be made at one of thousands of newsagents around Australia.
Is CoinSpot Secure?
Coinspot has developed a good reputation. They have been around since 2013 and are a member of the Australian Digital Commerce Association. For your own security, Coinspot uses Two Factor Authentication on all accounts.
Is Coinspot the best place to buy Cryptocurrencies in Australia?
Currently I think Coinspot leads the Australian market. They offer a huge range of coins, have good support and are constantly adding new coins. I find the interface to be one of the best and the fees to be quite competitive. I also like the fact they support PoLi for instant deposits.