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CoinSpot Review 2023 Fees, Comparisons & More

It’s a welcomed feature that simplifies buying and selling some of the most popular NFT collections. The NFT marketplace has a carefully chosen list of reliable non-fungible token projects, including prominent artworks by Australian artist BossLogic and the Bored Ape Yacht Club. On CoinSpot, there are a few different transaction fees, as they offer multiple services.

coinspot reviews

I have chatted with the support crew and they have asked for my bank details that the money was deposited from and said they will review it and get back to me in a few days. As you could understand, we cannot get into the specifics regarding your CoinSpot account on a public review page. If you would like us to investigate any interaction with our team, please provide the ticket number/s you have received.

Finally, swaps do not charge any fees for swaps between trading accounts; this makes them much cheaper than CEXs in many cases. Does the things it is supposed to and by reputation is a very secure platform.. The only downside is the trading premium, 1% doesn’t sound like much but it is 10 times that of other platforms this is where coinspot becomes less viable for frequent trading. Be careful when considering high-risk investments like cryptoassets & cryptocurrencies (e.g. bitcoin). Their value can go up and down significantly, without any warning. CoinSpot Australia services are restricted only to Australian citizens.

Crypto swapping is a form of cryptocurrency trading that allows users to exchange one digital currency for another. Crypto swap sites make this process easy, fast, and secure by providing the necessary tools and services. The best crypto swap site depends on what you are looking for in terms of fees, convenience, supported currencies, among others. CoinSpot is truly one of the best cryptocurrency exchanges in Australia, and it supports over 211 cryptocurrencies.

CoinSpot Review – Cryptocurrencies Supported

Beginners may not have any idea how to get started, which is why we have reviewed CoinSpot, Australia’s most trusted crypto exchange site, which is perfect for newcomers. They have nine years’ experience, boast over 2 million valued customers, and they are the most secure crypto exchange in Australia. CoinSpot charges a trading fee of 0.1% for market orders in BTC, XRP, LTC, etc. (i.e. top cryptocurrencies only). For Instant buy, there is an exchanged based 1% fee and for OTC trades 0.1% fee. CoinSwitch, a secure platform that is user-friendly for Indians, allows users to buy 100+ cryptocurrencies such as Bitcoin, Ethereum, Ripple etc at the best rate. After completing KYC/AML, users can access the pooled liquidity from the top Indian…

It also allows them to trade in the open market by speculating crypto prices and earning potential profits. At Trading Browser we aim to protect the end-user by delivering content that is fully transparent and aimed at user experience, trust, and security above all else. In a nutshell, we are a crypto guide with the right ambitions and values. Trading Browser is a global crypto guide for all traders and investors and our focus is always to deliver high-quality content for you, our readers. Some of our platform recommendations might be our partners and we may earn money through our links on our website but this does not change our opinions as all our recommendations are our own. Deposit methods include POLi payments, PayID or direct bank transfer from the quick deposit section.

coinspot reviews

With fees starting at 0.1% and no hidden costs, CoinSpot is one of the cheapest exchanges for traders in Australia. Take profit, stop loss, and recurring orders also attract a 1% fee. More than 2 million Australians use it to buy, sell, and swap cryptocurrencies. https://forex-reviews.org/ Instant buy and sell fees on CoinSpot are 1% which is high compared to Swyftx (0.6%) and Digital Surge (0.5%). You can access lower fees by trading on the market, for just 0.1%, but unfortunately you can only trade 14 coins there.

Why CoinSpot

CoinSpot’s main support option is provided by the leading customer service provider ZenDesk that has over 200,000 clients around the world, and thus its customer service cannot be questioned. The platform is user-friendly to suit all new or experienced investors’ needs. The platform provides a safe and reliable platform for trading cryptocurrencies. Yes, CoinSpot is considered a trustworthy exchange and was the first crypto exchange in Australia to receive an ISO certificate for information and security.

  • BPAY deposits may take up to 0-2 business days to process and have a limit of up to $10,000.
  • Yes, CoinSpot is licensed under ‘Casey Block Services Pty Ltd’ and regulated under the highly governed financial sector of Australia.
  • Coinspot is a top cryptocurrency exchange in Australia and was established seven years ago.
  • However, you can only stake a certain amount of coins, such as DOT, AVAX, and MATIC.
  • Market trades are when you set a price at which you want to buy or sell a cryptocurrency, and your order will be filled when another trader places an order at that same price.

So if you’re trading any cryptocurrency on CoinSpot other than Bitcoin you should take a look at how much trading is actually taking place before doing anything. In these cases it is even more crucial to place sensible limit orders that will not take out a huge number of buyers or sellers and get you terrible execution prices. I strongly recommend not depositing cash via the BPAY (0.9% coinspot reviews deposit fee) or “Cash Deposit” (2.5% deposit fee) methods – these are a waste of money when it’s free to deposit via POLi or PayID. POLi and PayID are both instant and free and there are precisely zero reasons to go with BPAY or a Cash Deposit. In my personal experience, POLi has always worked perfectly for me and I’ve used it to deposit money for many services over the years.

Things I Don’t Like About CoinSpot

It is best that you avoid using this feature, as a 1% trading fee is very expensive. There are no deposit fees to pay if you are funding your account with a bank transfer. If you use either BPAY or a cash deposit, you will pay fees of 0.9% and 2%, respectively. Some users like to use the platform for their day trading needs, while others use it just to buy crypto.

coinspot reviews

When making a transaction in Australia, residents originally had to purchase one of the few crypto coins available, including Bitcoin , Litecoin , and Ethereum . Then, they would have to use another country’s exchange, such as Bittrex or Binance, to trade those digital coins for ones they wanted. Similarly, to cash out, residents would have to revert their coins back to the ones they originally purchased, undergoing constant trading fees as these platforms charged them for each transaction. CoinSpot is an Australian cryptocurrency exchange that has bank-like security measures to protect their customers’ information and their funds.

Affiliate Marketing Strategies

The commission rate is valid for one year since their accounts are validated. After one year, the commission you receive steadily decreases. If you’re happy with CoinSpot and want to earn some cash by spreading the good word, you can participate in the CoinSpot referral program. What you need to do is just share a unique referral code with your friends or family. When they register a CoinSpot account, get fully verified and make their first AUD deposit, you will both get AUD$10 worth of Bitcoin. CoinSpot has a Live Chat option that enables you to reach out for assistance immediately 24/7.

Is CoinSpot safe?

Considerable choice of coins, NFTs, and DeFi compared to other Australian exchanges. If you are looking to invest large sums of money, like for your SMSF, CoinSpot has a dedicated OTC trading desk and SMSF team to assist. CoinSpot is suitable for traders of all levels, although more seasoned traders may find it a little lacking in functionality. It has a minimalist user interface with excellent charting using TradingView that is relatively easy to use. Buy Bitcoin, Ethereum, XRP and over 370 other digital currencies.

If you’re already in the crypto sphere, you will certainly have heard of Australia’s most popular exchange – CoinSpot. Though this option is convenient, it has a transaction fee of 1% for convenience. The fee is relatively higher than other cryptocurrency exchanges in Australia.

Notable trading tools

That’s why they offer an extensive list of tips for conducting your Bitcoin business safely. Outside of individual security, it’s good to know how a company handles its own security. After all, If your PIN is secure at the bank, but the bank itself is hacked, the PIN doesn’t matter. CoinSpot also has excellent Live Chat customer service available 24/7 that can help you through any of your complications. A crypto obssessed digital marketer passionate about making a difference in the world.

This is one of the many new features that CoinSpot has added in order to expand its array of goods. For active traders, the fees they pay in order to trade on any given platform become a significant factor in the calculations they use to determine whether or not they are profitable. As a result, they are always looking for new platforms that will enable them to trade at costs that are more favourable to them. The sheer amount of cryptocurrencies that CoinSpot supports and provides access to is a significant part of the reason why it is one of the most successful and well-known exchanges in Australia.

For all of the other coins, you can only buy and sell directly from CoinSpot. For some investors, success has smiled on their efforts, and in that case, they may find themselves in need of different services. In crypto, they call them OTC, or Over-the-Counter account services. CoinSpot offers some of the best OTC account management for high-volume trading. The scope and experience of CoinSpot has given them insights into what investors may be looking for long-term.

As previously explained if there is any further information needed or questions you would like us to answer, our team would be happy to help. My personal favourite is ‘Top Ten Market Cap’ which is exactly as it sounds – the top ten biggest coins based on their market capitalisation. I find this to be a good buy because it includes all the popular coins that I like to buy anyway, such as BTC, ETH, BNB, ADA and it spreads out risk to reduce volatility. In the image below, you can see all the Bundles offered by CoinSpot. On top of this, CoinSpot maintains industry best-practice by securing a vast majority of assets in highly secure offline locations.

However, a nominal mining fee is levied on users for cryptocurrency withdrawals from another exchange or a hardware wallet that, in turn, depends on the coin and the network load at that time. CoinSpot does not charge any fee for making crypto deposits via a bank transfer. That said, CoinSpot selling fees of 1% are a bit higher than what you might find on other crypto exchanges. For example, Swyftx charges a fee of 0.6% and Digital Surge has a 0.5% fee.

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