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Too high fees, thieves!
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!
Moving elsewhere from Coinspot
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
Easy to use but has very high Fees
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.
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.
Daylight robbery. BEWARE
The spreads and fees are ridiculous. It's 1% direct fee on each side i.e buy and sell and the spreads are at minimum 3%. Which means to see $1 profit, your coin has to move up by 5% minimum. So on a 50k trade you are paying $2500 before any profit. They keep replying here that fees are 0.1% for market orders but bear in mind, the market orders are only applicable to 14 coins out of the 260. Plus there is 3% spread minimum regardless. I have easily given 1000s of dollars to this company before realising it could have stayed in my pocket if I wen...t with a different exchange for ex Binance. There is also a hidden fee when they tell you there is no fee: When you buy a coin for an amount higher than 2k-5k, keep an eye out and you'll see that your buy price increase by 0.5%. Such a shame, that they do this after keeping a massive spread. I am in the process of switching and recommend the same to all. Writing this so people are careful and do not make the mistake I did. Give coinspot a miss. You won't regret it.
Coinspot - coin prices are more than 30% more than other sites. Beware!
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
Great and easy to use platform
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.
Doesn't allow you to send coins when you want to so you miss out on massive money making opportunities
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
Extremely slow transactions
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.
Coinspot - determination of customer buy and sell prices
Although coinspot is very simple to use, I have unanswered questions around the buy and sell spread and how the final sell or buy price is determined and passed on to the customer. I understand very well the difference around ask and bid prices. The response from their chat was prompt and the responder tried to assist, but ultimately my questions around how coinspot determined at what price a sell or purchase is made through the platform and if there was an internal margin on that price on top of commission were not answered. In their defence I...was asked if I would like my questions sent higher up the tree, which I declined. Company terms and conditions as well as Fee schedules did not provide any answers on how this was done. My "take profit" sell did not go through, even though the market price was relatively well above my sell price and volumes were trading. Cancelled the "take profit". As an investment proposition I would like more certainty around my sell and buy transactions, irrespective of "cheaper" fees, which in context - are they?
App needs development
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
This one I personally like the best
This is by far the best Crypto Currency site I have seen and used and also my first, I am new to Crypto and this site was by far the easiest one to navigate and set up and trade. Crypto is not an overnight success, however if you had BTC in a span of 2wks it went from 60k to 79k for 1 BTC
There is a huge amount of info on everything and its up to date, the info there helps you understand the Crypto your purchasing. CoinSpot is fantastic if your a beginner, I love also the main page as you can tag which ones you want to follow and just favor th...em so they appear there, the wallet is very well organized. If you are a beginner then other sites can really overwhelm you. Now I am a beginner and seeing the other people statements here, about how much they charge etc, I am not that expertise to say yes or no, there is one Crypto exchange that I will do a review on and wow unless I have done it already. Personally I like CoinSpot as it really just easier to understand than the others - have tried 3 now, it was the least frustrating to verify who you are and by far the easiest to trade on. I love the swap feature they have. I will stay by my rating regardless whether someone else says otherwise and if I do start making some good profits I will experiment with some other platforms I have applied my affiliate - so if you join I do get some income - my others I did not apply the affiliate so its not a reward for writing this review but its a reward if someone decides to join [Link Removed]
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.
Thx for the warning guys
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
Wanted to make money on crypto, ended up making money for Coinspot
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.
Crypto enthusiasts beware!
I have used many exchanges over the years as I have been heavily involved in crypto since the beginning of 2017.
Coinspot has been the worst for % fee on completed transactions and market spreads. The spreads are literally the laughing stock of the community in Aus.
I'm sure they will post some crap copy & paste response attempting to justify their ludicrous spreads, detailing how the transactions are completed instantaneously at a "locked in price", which is not true, I've seen my buy/sell price change significantly by simply changing the a...mount I wish to sell or buy by as little as $500 AUD. I would like to further reiterate my opinion on this exchange, stay away unless you want to pay 3-7% per transaction. Do not even consider using the exchange if you are a day trader as you will be bled dry. If crypto wasn’t so volatile and lucrative and this exchange dealt with anything other than crypto, it would cease to exist. I will not provide any positives as the Coinspot representative will certainly use that to overshadow my actual opinion, as they have done on almost all other reviews.
Good platform, terrible profitability.
Love using coinspot, it's simple, quick, and allows you to deposit/withdraw very quickly. However, the 1% fee is not accurate. I have read the reviews on here and there are many 1 star reviews with the same issue, so I am not making this up. I have sold $2,000 positions only to receive $1,900 (aka 1% comission plus 4% slippage/loss/spread/rort?). That means, any position you buy and sell you're looking at 8%-10% just to get in and out of. Cryptos may move a lot but it is simply unacceptable to lose 8%-10% for buying and selling. I don't underst...and how this amount of money can simply 'evaporate' from participants on the exchange. I look forward to my corporate response on the matter telling me to read the terms and conditions, and for the fake apology that goes nowhere and means nothing. Honestly believe we need more regulation and ASIC/ACCC should jump in because it's just unfair.
Made a withdrawal in early February, still no money arrives to my account today
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.
fees are too expensive - security is poor
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
Great, trustworthy platform.
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.
Questions & Answers
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?
Does anyone know much a bout Coinbase? I am looking to start investing using platforms other than Coinspot
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.
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...
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.
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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