For the past year I’ve been using the CoinSpot exchange. In my opinion it’s the best cryptocurrency exchange that Australians can use. In this post I’m going to outline exactly why it is, and why you should sign up to Coinspot.
A huge range of Cryptocurrencies
The thing I like most about Coinspot is the huge range of cryptocurrencies that you can buy/trade on the site. Most Australian exchanges only offer Bitcoin, Litecoin, Ethereum and maybe a couple of others. On Coinspot they have dozens of different coins.
Coinspot has all the coins you’d expect as well as smaller and upcoming coins that could be the next big thing. And they are consistently adding new coins to the site.
Instant POLi Deposits
One of the hardest things about buying cryptos right now is getting money from fiat into the cryptocurrency ecosystem. Thankfully Coinspot makes this process super fast thanks to POLi. POLi is a payment method built and run by Australia post. It allows you to make instant payments using your bank account. And it’s all online – no need to go into a bank branch or post office. I can deposit via POLi and make a purchase all within a couple of minutes.
The price of cryptos can be very volatile so having to wait 24+ hours for a deposit to clear is frustrating. So good on Coinspot for supporting POLi!
Easy to use interface
Many crypto exchanges have awful interfaces that are hard to use. Most exchanges are designed for tradings pros. Coinspot on the other hand is beautifully minimal and easy to use. You don’t need to be a finance expert to buy Bitcoin or other coins on Coinspot. Literally anyone can use it. This is a good thing – cryptocurrency should be accessible to everyone.
CoinSpot has an excellent reputation. I haven’t heard of any major issues from people. They are a registered company in Australia and are quite transparent in their operations. Coinspot uses 2FA and there hasn’t been any security issues. But as always I recommend storing larger amounts of crypto in your own hardware wallets.
As well as being able to buy cryptocurrency, you can also sell it. Once you’ve sold cryptocurrency through Coinspot you can withdraw the funds to your bank account. I’ve found withdrawals to be quite quick and have never had any issues.
Fees on Coinspot are quite competitive. I sell/buy Bitcoin on a number of sites and I often get the best deal through Coinspot. They don’t charge any fees for POLi deposits or withdrawals to your bank account. This makes it a cost effective way to buy and sell cryptocurrency.
Overall Coinspot is a fantastic site and it’s my number 1 recommendation when people ask me where to buy cryptocurrency online. Let me know what you think of CoinSpot in the comments.