Ok but getting expansive.
Joining is easy, easy to use, buying and selling is ok. Very high fees, massive spread and consistently higher prices then other platforms such as BNB. Now moved n saving.
decent exchange inhabited by wolves
Firstly, the fee is great in the market. There isn't much choice in the market by enough to play for a while. The UI is clean, is simple, but got the information. Obviously it is not Binanace, so many trading tools are not there. the biggest problem is the limited number of traders on coinspot, and they don't trade with the price, You can technically sell at anything on the market and buy in instantly on any other exchange and make money that way, because they are like couple of % off. The lack of trading make each trader just hold their limite...d orders until some FOMO or paper hands to make the deal. It is fun, because I have to derive a special strategy just for coinspot to account for their traders behaviour , whereas big market like binance would always follow the price since they got enough traders there to have a healthy market. the second biggest problem is the slow response of the system. Sometimes, they can't process your orders if the market went crazy and you could missed out even if the price is right, they just skip your orders. Also, the UI could missed an order on the history for some reason.
Easy to use, bit pricey and deposits take over 24hrs
- Very easy to use
- Trades are instant (fast)
- Lots of coins to choose from
- Pricey transaction fees
- Deposits via PayID are not instant as advertised - made several deposits that take over 1 day to come through. Have verified the issue is not the bank as the use of PayID to others are more or else instant.
- Questionable 5 star reviews from 1 review accounts here on Product Review.
- Bottom line - it is an OK service but great for beginners and non-tech savvy people, do not recommend if you want to buy crypto instantly from deposited funds\.
Find out how CoinSpot compares to other Cryptocurrency Exchanges
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Let down atm, otherwise not bad!
Honestly disappointed by the lack of support in the past week. Been on live chat three times in queue for up to an hour with no response. No response to tickets either.
Site interface is nice, but instant buy/sell fees and spread are quite average if not below. Withdrawals usually arrive same night, yet my last hasn't arrived in 3 days.. Might consider a new exchange after this. Up until this point haven't had too many issues, apart from coin withdrawals being significantly delayed a few times.
I like the simplicity of CoinSpot as a new user, and have enjoyed the experience so far though finding communication has been difficult and staff dont seem to have basic knowledge in solving fundamental issues. At present ive been trying for 2 weeks to have a very simple question regarding a transaction clarified with no success. Even giving records obtained from the exchange with very basic outlines of the issue ,have returned no results.
And am starting to feel that im being fobbed off. Extremely frustrating and disappointing.
I expect the reply to this review will give a well mannered response and ask me to contact support @CoinSpot.
For those that use digital currency please be aware of fees.
That form of payment was made to lower bank fees and to be fast and competitive with credit cards. etc.
But is not so cheap.
If You want to transfer the digital currency is not so cheap ......
If You buy they charge You 1% so let say 100$ fee is 1$
if You sell is still 1% so it makes 2% already.
But if You send let say bitcoin there's operation fee of about 0.0005 btc at the moment.
and that makes about 6$.
I had to send about 9$ so i have paid 9 cents in buy fees and 5.7$ in sending fees that makes about ...
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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