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CoinSpot
2.6 from 180 reviews · View Statistics

Reviews

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    1.0 (3)
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Ricky T.

Ricky T.Greater Melbourne (Metropolitan), VIC

Ripping off

published

They charge a lot when you buy and sell. They take huge profit without any risk. They are terrible in terms of fee & commission when you compare with other apps

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Terrible selling price and commission

published

There is a 2 cents difference of selling price and extra 1% buying price and 1% selling fee is terrible.

If you calculate how coinbase is working is almost 5.7% of price difference if you withdraw an amount of $500 there’s a difference of almost 27$ as it’s showing price dropped by 2 cents. My friends even tried and everyone is leaving because you are ripping off the customers by manipulating the selling price.

Note:-
I checked it in other apps and they are charging very less % and I even calculated the price difference of selling price it’s quite reasonable.

I definitely do not recommend it to anyone.

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Khal

KhalMelbourne

  • 5 reviews
  • 12 likes

Dodgy company

published

There is a huge gap between buy price and sell price. It isn't enough that CoinSpot makes a percentage of your sales, but it seems that the huge gap between buy and sell price allows them to keep part of your money.

Current Dodge coin buy price =$0.808458
Sell price = $0.784706 and sometimes the gap between buy and sell price is even wider, it is ridiculous.
I think it is time to look for other trading platforms and I and a couple of friends are open to suggestion. Suggestions please...

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2 comments
CoinSpot
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Khal
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CoinSpotIsTrash

CoinSpotIsTrashGreater Melbourne (Metropolitan), VIC

Worst Legal Scam in Crypto

published
Incentivised ReviewNo
1 comment
CoinSpot
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Beau M.

Beau M.Sydney, NSW

Too expensive and terrible service

published

Coinspot is consistently the most expensive exchange, and their support team is hopeless. I had to wait months to get my identity verified and then I was slugged 1% per transaction when Binance is 0.1%. CoinSpot is an embarrassment.

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1 comment
CoinSpot
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LEO O.

LEO O.Metropolitan Adelaide, SA

too much fee when you sell coin

published

I traded some coins at CoinSpot. In the beginning, I thought I earned 3~4% for daily trading. However, be careful! basic trade fee is 1%. And when you buy and sell a coin, it already charge 2%. The worst part does not come yet. When you sell coin in market, which means current price (I thought), it is 2% lower than the total amount on your coin wallet. That means you need to earn higher than 4% every time when you trade. If you are even during 4 trades, you will lose 15% for nothing. That is what I experienced.

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1 comment
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Muhammad N.

Muhammad N.Greater Melbourne (Inner), VIC

Ripping off People.. High transaction fee and too much differrence between Buy/Sell price

published

Too much difference between buying and selling price. Practically sell order seldom execute.selling price is normally way low than buying price.. Untill you wait for the price to further go up, you will end up in loss.. not happy with high transaction fees also.. will not recommed.. look for some alternative

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3 comments
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Muhammad N.
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Locksly

LockslySouth East Queensland, QLD

Coinspot SCAM exchange

published

Transferring user funds without permission. Not depositing users crypto if you don't contact support they transfer eth to hot wallets. Stealing user funds by only allowing a minimal decimal withdrawal limit leaving small amounts left over after each withdrawal, changing nounce on ETH transactions and stealing customers eth.

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1 comment
CoinSpot
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Excessive spreads and high fees limit your profits

published
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  • Verified

Can't withdraw $10k - Strongly advise against

published
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1 comment
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Adam

AdamGreater Melbourne (Metropolitan), VIC

  • 5 reviews
  • 5 likes
  • Verified

TOTAL SCAM - stole $4,000 from me.

published
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2 comments
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Commbank ex - customer

Commbank ex - customerMetropolitan Adelaide, SA

  • 5 reviews
  • 9 likes

Daylight thieves !!! Stay away now!

published

Transferred $$$$ through PAY ID which is instant transaction, now after two days my money does not show in my account and the support team is seemingly on holidays or hiding somewhere investing our money ...

Have been sending them help tickets NO HELP except receiving automated messages under different fake names saying that “ we have to be patient!!”

IF YOU RESPECT YOURSELF AND YOUR MONEY STAY AWAY FROM THIS ONLINE PET SHOP!!

Incentivised ReviewNo
1 comment
CoinSpot
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Robin G.

Robin G.Greater Melbourne (Inner), VIC

What a rip off

published

Use any other platform but this thieves. They will charge in hundreds even if you sell something. They cut commission on everything, I mean everything Insanely expensive, you do anything will charge you 500 to 600 hundreds bucks I mean you kidding me? Go Binance or any other stay away from them. Simply stay away from them at all cost. Only one good thing about them is faster deposit. Coz they need your money!

Shame on you coinspot. People now have more options it isnt 2014. 2021 people have way more options.

Binance charge only 1% what ever you do including exchange, sell, withdraw. way cheaper then this thieves.

Incentivised ReviewNo
1 comment
CoinSpot
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Monica

MonicaSouth East Queensland, QLD

Withdrawal but no money

published

Withdrawal of $500 yesterday morning came straight out of my account and disappeared contacted CS CoinSpot to get just wait so I did a second transaction straight in my account, they are liers and thief's do not trust this company if they lose your money it’s your fault not there’s absolutely joke of a company

Incentivised ReviewNo
1 comment
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Khal

KhalGreater Melbourne (Inner), VIC

  • 18 reviews
  • 18 likes

Absolute rip off and incorrect FAQs

published

Now only that Coinspot charges fees for every transaction, but there is also a significant gap between buy and sell prices.
Their FAQs state that there is always a gap between buy and sell price in every trading platform i.e cryptocurrency, shares stock etc..
I am not sure about cryptocurrency, but when it comes to shares, this is incorrect. I use commsec and nabtrade amongst other investment platforms and this is the on my time I am hearing or seeing this crap.
I have always sold and bought shares market price, or have capped the price for future purchased or sales.

These lot should know better.

Incentivised ReviewNo
1 comment
CoinSpot
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Commbank ex - customer

Commbank ex - customerMetropolitan Adelaide, SA

  • 5 reviews
  • 9 likes

at least 3% overpriced to buy and 3% underpriced to sell ,compared to other exchange centers.

published

this exchange center will milk you dry with ridiculously overpriced coins and once you notice this you have been already ripped off, costed me hundreds of dollars extra compared to other exchange centers, Do yourself a favor and choose a decent large exchange center which is not hungry for your gains...

Incentivised ReviewNo
1 comment
CoinSpot
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ALS

ALS

  • 3 reviews
  • 4 likes

Inaccurate prices

published

I had to move to another exchange.

On top of the 1% fee, they are inflating of the actual price of the coins in comparison to what is displayed on other exchanges. Meaning you pay more and they take more.

They will always promote and talk about the their market buys which is ok, but it’s only for select coins. When purchasing direct from their exchange, this is highway robbery, especially when you are doing 10s of 1000s or more in trades.

I don’t think this a trustworthy site. I’ve moved my entire holdings elsewhere.

Change your prices and I’ll consider coming back.

Incentivised ReviewNo
1 comment
CoinSpot
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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!

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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

Incentivised ReviewNo
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Hussain

Hussain

  • 2 reviews
  • 2 likes

Daylight robbery. BEWARE

published
Incentivised ReviewNo
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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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