Is CoinSpot Really Safe? Read This Before Signing Up
If you’re reviewing Australian crypto exchange sites, then you’ve definitely come across CoinSpot. It’s one of the top platforms in the region and is preferred by many traders. We’ve compiled all the relevant information, including safety, ease of use, and supported currencies, to give you a clear picture of what it’s all about.
Should you start buying and selling cryptocurrency on CoinSpot? Check out our comprehensive guide below!
Hi, my name is Warren, and I have been on CoinSpot for more than 7 months now.
If you’re new at crypto trading, then you’ve probably faced challenges such as high trading fees, complex navigation tools, and limited crypto assets. I did too, and these are some of the reasons that led me to try out CoinSpot.
My first impression was the simplistic interface that made the platform easy to use and a large number of digital assets. If you’re thinking of signing up on CoinSpot, here’s an unbiased review based on my experience.
Getting started; the signup process
Account creation was pretty straightforward and only took me a few minutes to complete. The signup process begins at the registration page, which you can easily find at the top of the home page.
I filled in my details and clicked on the ‘create Account’ button, after which CoinSpot sent a verification to authenticate my access to the used email address.
This verification is basic and is only done to allow you to log in for the first time.
The identity verification process was fairly complex, and I had to provide my full name, date of birth, Australian phone number, street address, and some form of photo verification.
You can either provide a picture of your utility bill (to verify your address), driver’s card or learner’s permit. I went with the driver’s card as I found it most convenient.
The next step was setting up the 2-factor authentication that verifies your identity using an email address or phone number. While this may seem like a lot of information, it also goes to show the security measures Coinspot has put in place to prevent money fraud.
Verification takes at most 48 hrs, but mine went through in less than 24 hrs.
The User Interface
I found the dashboard simple and easy to use, especially because I am able to monitor multiple coin wallets from a central location. Each trading asset also has buttons next to it to allow users to view live price charts and enable quick buy and sell orders.
CoinSpot allows you to monitor your portfolio’s overall performance using visual charts with percentages of the coin holdings. They also have trading tools for investors that use technical chart analysis.
What Could CoinSpot Improve On?
CoinSpot has stellar customer reviews, but their customer support is wanting. Adding a phone number or WhatsApp account could go a long way in improving the user experience.
Overall, this platform is one of the most trusted services, and signing up is as easy as;
Create an account > Verification > Choose payment method > Start Transacting
What are the Top Features of CoinSpot?
- It’s compliant with AML/CTF regulations.
- Websites and mobile app’s user interface is easy to use.
- They have a collection of more than 260 digital currencies.
- They’ve been around since 2013 and have not reported any hacks.
- AUD withdrawals to your bank account are free.
- Responsive customer support.
- Low to no-fee deposits.
- They offer SMSF support and OTC trading.
- They’ve been ISO certified for information security.
CoinSpot is one of Australia’s first bitcoin exchange companies and has managed to maintain a stellar reputation for almost a decade. It has a simple user interface that’s designed to suit both beginner and expert investors.
Buying and selling digital currency only takes a few minutes, and they’ve implemented strict security measures to prevent theft. Coinspot also has an instant buy feature that allows you to buy and sell cryptocurrency without using the exchange. You, however, have to pay a 1% convenience fee, which is high.
Deposits and withdrawals done using bank transfer platforms like PayID and POLi don’t incur any fees, while cash deposits and BPAY have a 2.5% and 0.9% charge, respectively. Withdrawing cryptocurrency to a hardware wallet or another exchange will incur a mining fee, which varies based on network load and the coin.
CoinSpot also has an affiliate program where you earn a 30% commission on all referrals.
Is CoinSpot Safe?
Since this platform is based in Australia, it has to comply with KYC (know your customer) regulations and AML (anti-money laundering) rules. CoinSpot is also a member of the Digital Commerce Association of Australia, which is a huger plus.
There’s just one challenge; this exchange site doesn’t have any regulatory licenses. This is a major red flag because it shows that CoinSpot lacks regulatory oversight, which is a vital aspect of secure trading.
However, despite not being regulated by a notable body, this platform has managed to maintain its security integrity as it has not reported any data breaches since its inception.
This is especially impressive because some of the top exchange sites have experienced major hacks that have resulted in the loss of data and customer assets.
CoinSpot also has strict identity verification rules that factor in all payment methods so as to prevent fraud. Most of the customer data is stored in a secure offline location as a security measure, while the information that’s stored online is encrypted.
Other security measures include;
- 2-factor authentication.
- SSL encryption.
- Mandatory verification of all customers that use fiat currency.
All factors considered, the only concerning safety issue regarding CoinSpot is that it’s not under any regulatory body. This has, however, not prevented it from putting security measures in place to protect users.
How Can You Withdraw From CoinSpot?
CoinSpot is only available to Australian citizens, which means that you can’t withdraw into a non-Australian bank account. To cash out, you have to notify the platform of the account that you’d like them to transfer your money.
Navigate to the ‘Account’ button on your dashboard, click on ‘Bank Details’, and finally, fill out the account number of your preferred account. Withdrawals can only be made in AUD.
Account > Bank Details > Account Number
Withdrawals take at most 48 hrs, and if you put in your request before midday, the funds will reflect in your account the next day. The withdrawal requests are processed immediately, but there are factors that determine the waiting time, including network congestion.
How Do You Send Digital Currency on CoinSpot?
CoinSpot has a send option that allows you to send digital currency to anyone on the globe.
To do this, navigate to the top menu and click on Wallets. Select the wallet that you wish to transfer funds from and click the send button. This will prompt you to input the number of coins you’d like to send and the address.
Ensure you verify that you’ve input the right details as any slight error could result in loss of funds. If you’ve involved 2-factor authentication, you’ll be required to put in the code sent to your phone, after which you can approve the transaction by email.
This process may seem lengthy, but it’s been put in place to discourage unauthorized parties from accessing your account.
Does CoinSpot Have a Wallet?
This platform doesn’t have mobile and desktop wallets, but it does have an online wallet where you can store all your digital currencies.
You’ll be able to access it every time you log in and can easily send and receive coins from other exchanges. It’s a great way of keeping your assets safe, especially for beginners, and is easy to use.
Offline wallets are the safest options, so it’s recommended that you refrain from storing large amounts on online wallets.
What Are the Best CoinSpot Alternatives?
CoinSpot is one of Australia’s earliest exchange sites, having been founded in 2013, and from my experience, I can safely say that it’s worth a try. It has a simple interface, low transaction charges, and has many digital currencies for investors that enjoy trading with a diversified portfolio.
Transfer of funds is also easy, and the dashboard uses visual elements to help you monitor your assets. This platform may not be under any regulatory body, but it has taken strict verification measures to ensure your account is safe.
If after this guide you’re still reviewing other options, here are my top 3 CoinSpot alternatives.