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CoinSpot

CoinSpot (page 3 of 9)

2.6 from 180 reviews · View Statistics

Reviews

  • Transparency
    2.7 (6)
  • Rates and Fees
    2.5 (6)
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F.C.

F.C.Greater Melbourne (Metropolitan), VIC

  • 7 reviews
  • 4 likes

Too high fees, thieves!

published

Disgusted on how much profit they make on commissions plus the difference in spread! They sell for much more the real price and they buy for less the real price. I wish you to fail!

1 comment
CoinSpot
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Moving elsewhere from Coinspot

published

If you want to save profit then look for another platform. The fees and other charges are high enough to swallow a good portion of your profit. I do not recommend

1 comment
CoinSpot
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Easy to use but has very high Fees

published

After using Coinspot for a month or so, and doing a few trades (not many), the interface is easy to use and they have a good selection of crypto coins available to trade. The fees are however very high and the spreads on buy and sell are big. The spreads are artifically high meaning you usually end up buying in at higher then market and selling at lower then market on any transaction. Total taken on any given transaction is probably about 4.5% when you take into consideration the spreads used.

1 comment
CoinSpot
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Inconvenient

published

Minimum withdrawal fees are way too high. Not enough coin support for altcoins. Coin charts don't show enough data. Other than that, very simple easy use. Just not for me.

1 comment
CoinSpot
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Hussain

Hussain

  • 2 reviews
  • 2 likes

Daylight robbery. BEWARE

published
1 comment
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Kyle

KyleSouth East Queensland, QLD

  • 3 reviews

Coinspot - coin prices are more than 30% more than other sites. Beware!

published

The platform is good but
Look around at other sites and brokers on the coin prices... E.G
As I write this OAX/US is approximately 0.5675 on most sites and CoinSpot Price is 0.7798.
Dogecoin approximately 0.5884 and CoinSpot Price is 0.7937...
I could go on and on, as they all are a lot more to buy per coin.
That's a lot when trading good money.
Don't just look at fees

1 comment
CoinSpot
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Leo

Leo

  • 3 reviews

Great and easy to use platform

published

It's really weird to see all the negative comments. Ive had nothing but positive experience so far using this platform. Transactions are ultra fast, the setup was easy. It's amazing how simple it is to extract the data in CSV format for extra comparison. And the fees are not that bad. Try going to any stock broker and they charge you $25 per share transaction... Here you just pay % of how much you are investing. You can even put in 50c and you still get charged percentage, I love it.

Only feedback I can give is to have more availability and business intelligence around what you're average buy price is for each code, the current value and how much you are up $ and % per code. Other than that, great stuff.

1 comment
CoinSpot
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Doesn't allow you to send coins when you want to so you miss out on massive money making opportunities

published

This site's fees are way too high compared to other sites but I let that slide. The thing that makes this site terrible is that they don't allow you to send your coins when you want to and make you lose money doing so. I will never use this site again

1 comment
CoinSpot
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Extremely slow transactions

published

Not a good exchange for larger transactions. Anything over a few thousand dollars this will require a manual confirmation from coinspot and can take hours to process. In some instances I've had to wait half a day in some instances which is dangerous in such a turbulent market.

1 comment
CoinSpot
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Coinspot - determination of customer buy and sell prices

published
2 comments
CoinSpot
CoinSpotCoinSpot
profit or loss
profit or loss
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App needs development

published

Company is still doing KYC via a phone call. Wanting to transfer funds, lost out on a trade because sitting around for the phone to ring!
I would reckon Binance to people out there much more advanced and cheaper fees

1 comment
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lexxel

lexxelMetropolitan Adelaide, SA

  • 77 reviews
  • 49 likes

This one I personally like the best

published
1 comment
CoinSpot
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Eric

EricGreater Melbourne (Metropolitan), VIC

Terrible

published

Used Coinspot for 4 years and as I get savvy, now realized the spread is ridiculous. Bought XRP recently which was 1.5 cents more expensive than other markets. Intend to wind down exposure and move on to other exchanges.

1 comment
CoinSpot
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Joe L.

Joe L.North Queensland, QLD

Thx for the warning guys

published

I was about to sign up on this site to trade some Eth, but having read your review, I stopped. I am going to find another platform to trade these coins. Thanks a tone guys

1 comment
CoinSpot
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Carlos

Carlos

  • 14 reviews
  • 18 likes

Wanted to make money on crypto, ended up making money for Coinspot

published

Pretty much everything has been said in other reviews. Coinspot is a huge rip-off. They make money on every step of the chain. Don't make the same mistake I did, please find another plattform.

1 comment
CoinSpot
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Crypto JT

Crypto JTSydney, NSW

Crypto enthusiasts beware!

published
1 comment
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Blen B.

Blen B.South East Queensland, QLD

Good platform, terrible profitability.

published
1 comment
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Kenny

KennyPerth, WA

Made a withdrawal in early February, still no money arrives to my account today

published

As soon as I made a withdrawal the transaction was marked completed but nothing arrived in my bank account. CoinSpot acted like nothing happened, still acted like nothing happened after I wrote them emails. Same useless response “investigating” every time, if I don’t write back to them, they continue acting like nothing happened. 45 days gone nothing back to my bank account and they think everything is settled. What can you do to me? Sue me? What a crap company! I want my money back.

2 comments
CoinSpot
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Adam B.

Adam B.South-Eastern Region, NSW

fees are too expensive - security is poor

published

I was trading on coin spot and scammed lost near $6000
after initial complaints my account has been locked and cannot access
I still have money on the platform which I'm seeking to retrieve
after all I have hired experts in the recovery of my funds and investigations are proceeding
my personal opinion coin spot is a complete ripoff and I would advise to seek another platform that has better fee's and more knowledge of how crypto works
I have numerous people who have also experienced issues with coin spot and we will be posting our disappointments in all forms of social media

1 comment
CoinSpot
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Dom20

Dom20Greater Melbourne (Inner), VIC

  • 16 reviews
  • 2 likes

Great, trustworthy platform.

published

I am really enjoying coinspot. Its a trustworthy and valuable platform that I check everyday (and celebrate my wins!)
it's easy to use and follow. Recommend to everyone who is into crypto- even beginners like me.

1 comment
CoinSpot
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Page 3 of 9
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Questions & Answers

Truthseeker

Truthseekerasked

Is it possible that if Coinspot spent the same amount of time on CUSTOMER SERVICE as they spend answering criticisms on here, that they'd have better reviews?

1 answer
Khal
Khal

Does anyone know much a bout Coinbase? I am looking to start investing using platforms other than Coinspot

Isabella Cameron

Isabella Cameronasked

I am extremely unhappy and disappointed with my experience with Coinspot. I have $10k in my account that I would like to withdraw NOW, and they have locked my account, I applied to have withdrawals enabled and followed the instructions correctly (twice) and was rejected both times. I do not understand why my account was locked in the first place, however, I attempted to contact customer support and I currently have 5 open cases and they haven't replied.

A customer service representative has rung me, however, the phone only rung for 3 seconds not giving me a fair chance to pick up and amend the issue.

They also do not supply a phone number for me to contact and ask for help

I find it very telling and convenient that this company will provide fast and efficient service when it comes to depositing money into the website, however when I try to withdraw money, they are very difficult to reach, ignore my requests, and lock my withdrawals.

2 answers

Sorry to hear this , I have had the same experience. I transferred money through PAY ID , the money was deducted from my bank account but did not show up in my Coinspot account . I used their online help literally ten times within two days but each single time I received the same message under different names saying “ we have to be patient “ , you know how crucial time and your money are in the crypto space which seemingly has no value in Coinspot.
Coinspot is not my exchange centre anymore...

Adam
Adam

Even as a regulated company, in Australia, the entity can still be run by d**ks. Any company holding millions or even hundreds of thousands of customer's money (crypto or cash)... every extra day they have your money is another day they are earning interest on it.

File a complaint at AFCA (http://afca.org.au) - and tell them you've done that. Luckily we are in Australia and we have things like AFCA who will get a result. There's also small claims tribunal and as an Australian company they are also regulated by ASIC. They are also a reporting entity to AUSTRAC. In Australia, companies like this will have to eventually give you your money or shut down the business as we have tax-payer-funded protections we can use in these situations.

If you paid by credit card, do a chargeback. And ultimately if you think it's not just a "commercial issue" then report it as a cyber crime to the police.

And then, tell your story on as many websites as possible so people know. It's not "trolling" or "aiming to damage their reputation" if all you are doing is telling (truthfully) your story on as many forums as possible.

Chico

Chicoasked

I would like to open a CoinSpot account for our SMSF, but I am running into difficulties, because I have already a CoinSpot account in my personal name.
1) To open the SMSF account, I tried to use my e-mail address, but it was refused, because it is already used in my personal account. The SMSF does not have an e-mail address.
2) If this can be overcome, can you use my ID you already have also for the SMSF?
3) The linked bank account would be different.

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