Reviewer Photos & Videos
Total rip off
Aside from ease of use they charge very high commission. They charge 1% buy and 1% when selling and on top of that sell price is much lower. This is simply taking advantage of there customers
Hidden transaction fees
Coinspot has a slippery definition of "standard transaction (mining) fee" - I quote: "as these fee's cover wallet security and maintenance as well as the mining fees".
In reality, their transaction fees are 2-10 times higher than the actual mining fee. I validated this by using a couple of other wallets and exchanges that I've signed up to, across multiple coins, at exactly the same time (to remove the network activity factors). The $AU cost might not be a big deal for large transfers, but for smaller transfers it's a big % hit.
So to send yo...ur crypto to an external wallet, you will pay well above what most would consider the "standard" mining fee. Be wary of opening an account if you want to send your crypto to a software or hardware wallet.
Only for Novices, High Fees & More Expensive
Ok let's start with the objective cons. First of all the fees of CoinSpot are way too high compared to a bigger exchange like Binance.
At first glance their fees don't seem that high as they are quoted at 'from 0.1%' - but this is true only for 'market orders'. But two problems here. One you cannot create a market order from your mobile app which is highly inconvenient meaning you'll have to fork 10x more when on the go with your phone (1% as opposed to 0.1%) AND secondly, newbies often can't tell the difference and therefore instant buy/sell...and pay 1% instead of 0.1%. The fees are not the worst part. The worst part is the spread and what you actually pay for your coins. Once you figure this out you'll feel so ripped off you'll struggle to contain your outrage. Let me explain. See my attached screenshot. One is the price of Bitcoin from CoinSpot, the other is from an exchange (which I recommend) called Binance. These screenshots were taken at the EXACT same time. Notice anything funny? CoinSpot is selling bitcoin (BTC) for $76,884.48 whereas Binance is selling it for $75,981.42 - that's $903.06 more!! Like paying more for the same thing? Sure be my guest and stick with CoinSpot. I don't judge the people rating CoinSpot 5-stars. They either simply don't know or favour the ease-of-use CoinSpot has. Which brings me to the pros.. The only reason I gave CoinSpot 2 stars is because it's very easy to use. I have to be objective and be honest: The user-experience factor is decent and you get readily accessible (albeit basic) info about the coin. But, this isn't enough to pay a premium IMHO. Within a few weeks, you'll quickly get your head around buying/selling coins and start feeling ripped off you paid more for your coins than your mates.
Fees are out of control
Customer service is good but the fees are truly awful and the biggest drawback to using this platform. Far better australian platforms that dont charge these crazy fees. Dont use if you plan to swap coins regularly and make money. The fee is taken out both for buy, sell and to currency exchange. not worth it.
Pros: Easy to use
Cons: Far, far too expensive. Any profits you might make out of buying and selling crypto are eaten away by Coinspot fees and margins, even on market orders. Whatever balance you think you have with Coinspot, subtract 5%.
Much, much better options out there.
High fees and can’t handle high loads
No matter what they say, their fees are extortionate compared to other exchanges. (Waiting for the cut and paste response).
This aside, yesterday I wanted to capitalise on the DOGE run so transferred from my Trezor wallet which confirmed the transaction within minutes on the blockchain. My CoinSpot account failed to show the new balance for over 8 hours, by which time the price had dropped around 25%. Will be moving to another exchange now.
Fees are not 1%
Sold $500 worth and charged $14 so not 1%, I can't imagine if it was $50,000. I've just stared trading so lucky I've now read all these reviews. I'm finding another site.
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.
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
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?
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.
Complete rip off
selling rates increases up as soon as the rates goes up. if initially bought a coin for $5 and selling was $4.8, once price is $6 and if you wanna sell the new selling rate is now $5.5.. do we traders look dumb and you still think people will stick to this crap after they know this app is rubbish. Switched to binance and also been using vpn to use US sites rather than making this people rich.
Customer support so far hasn’t been good, can’t withdraw even with a verified account.
I’ve verified my account, went to withdraw $200 and realised that my account is not set up to withdraw. When hitting up support to rectify the issue. I’ve heard nothing back!! Bit of a worry as I was going to upload 10 k next week. But if I can’t get my money out. What’s the point of continuing to buy?
My head hurts!
Have sat on the chat all day waiting to be helped because i'm not getting my emails replied to, unfortunately still nothing. Every time the list got down to under 10 it would cut me off again.
My issue was that after cancelling an open order they processed it without a confirmation email. The open order was from 3 days prior so it cost me over $300 in losses instantly. I gave 2 stars on the hope they rectify it or else it is literally theft.
Too much commission
They have commission while I purchase coin and even when I tried to sell they have CoinSpot fee and also big gap on buying and selling. When the buying is rate 22.40$ on coin and if I have to sell the coin they have selling rate for $20. $2 dollar on each share means a lot
Hidden costs to sell
Warning to all current and future users of this platform. In addition to their standard sell fee they reduce the market price of your coin significantly. In my experience this was on average a 10% loss. I have also noticed that when there is a good buying opportunity that the coin suddenly becomes unavailable to purchase until it goes back up again. This is very frustrating as I misses out on good opportunities to make profit.
I have sold all my coins and am moving to another platform.
Logging in is an ordeal.
3 hours and counting I have been back and forth with customer support trying to log into my account which I have had 3.5 years and used frequently.
The biggest mistake I made was turning on sms 2f authentication. Every since, logging in is time consuming and in consistent. You never get the same person twice from customer service even if it’s the same email thread. I feel like I am wasting my time and crypto.
Questions & Answers
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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