Easy to use and lots of coins on the exchange.
Sure the fees and rates are higher than others so if you're concerned about that then shop around. To me the convenience , ease of use, support and number of coins on mean I'd rather pay a little bit more. I doin't trade too much anyway so if you're a hodler then the fees are less of a concern.
Good but expensive. About 9% cost to buy+sell.
Firstly a warning, the 0.1% fee is for market trade with other coinspot users and it's limited to just a small handful of crypo. They actually charge a 1% fee for standard buy and sell, but watch out, there is also a huge mark up of the trade price by 3% to 4%. Much higher than others.
Let's say you want to buy a coin that's currently going for $1
If you want to buy $10,000 worth, they will buy it for you for $1.035 + 1% fee
That means $350 loss in exchange rate, and $100 in fee.
Total cost: $450.
Want to sell? Same scenario, another $450 gone....So in a buy and sell situation you need to make sure that $10,000 has at least increased by 9% before you can even think of making a profit. Other competitors are at least 40% to 50% cheaper from my analysis.
Referral code: REFPJD7N9 for $10 Bonus
I've been using this for a few months now and been fairly happy. It is simple to use and they give you a free $10 when you sign-up so you may as well give it a go. The fees might be a touch higher than others but it's super easy to use.
Use of coinspot and question
I find coinspot easy to use and not so daunting to view, it’s a great platform. Do I gain interest on my coins and if so is there a time period for this?
Easy and fun to use
Blimey. I wish you could reply to the doomsday naysayers on this. What a bunch of whinging sooks.
As for coinspot - I joined nearly three years ago and initially only invested a few $$ and left it alone for about 2 years. Then covid kicked off and i got bored one day, and invested a bit, then a bit more and it is appreciating very quickly. Its good fun watching the peaks and troughs on the app.
Fees were a little steep when i came to taking some $$ out, but we have a saying in northern england, Owt for Nowt. I literally put a few grand in and its got sufficiently more in there now, so if there are fees etc for using this service, so be it.
I use Binance and coinspot. If you want to avoid coinspot fees buy through markets not through buy and sell from the top. It’s easy to transfer money and check your crypto. I have two different coinspot accounts.
Simple to use if you're new to trading like me. I find their fees are reasonable and if im trading bitcoin I just use their market for the lowest price.
Problem was resolved, not in a very timely or adequatly informed way but whatever, they perform the services discribed. But lack the urgency required when dealing with the financials of others
Good website - communication and contact support not good
I like the website.
But, I've sent multiple emails within their available times for support and had over 10k in coins I wanted to sell after transferring back to coinspot from secure wallet. I still haven't had a response after website suggestion says up to an hour for a response for 80% of customers.
I feel sick that our life's savings and investment is no where to be seen.
I hope this is rectified ASAP.
It was a safe investment but the system isn't secure and need to implement a flag if details are incorrect and send back to where they came ...
Couldn't have been easier!
Really easy site. Does everything without any fuss and they have loads of crypto's. Wasn't sure how to access stop loss orders but I asked on the live chat and the team were super helpful. Let me know they also have an app which has been great for quick trades and checking my account.
Great way to get into Bitcoin/Crypto
Very easy to use app with multiple crypto currencies to purchase. I use many different apps/wallets to buy/sell and hold my coins and have found this as one of the best to buy on them transfer to my physical crypto wallet.
If you sign up with this link you will get $50 free worth of Bitcoin(usually $10) https://www.coinspot.com.au/join/REF8MVYGC
Great for HODLers
It is fair to say the security process was a little time consuming and sometimes i think the fees may be a little higher, however if you plan to buy and hold it seems to be a good and secure webite - my 2FA works a treat - and it has a very user friendly interface. There is a wide range of coins and is also SMSF compliant.
Transfers in and out are virtually instant and with zero fees and I generally feel secure using this platform.
Seems To Be SMSF Compliant?
I have only recently setup a Coinspot account, but I have got my head around some of the main pros and cons.
• Coinspot’s security appears sound – they have 2-step authentication and remind new users with security checklists to tick off and theoretically stay safe.
• I have an SMSF and from what I can see so far from their reports they APPEAR to be ATO compliant with their reporting – but I reserve judgement on that until the actual full EOFY report is generated on 1/7/21.
• They enable you to setup read-only and full control (not recom...
A decent crypto platform
While Coinspot is not a fully-fledged trading platform, it is a great off-ramp for selling and cashing out Bitcoin or other cryptocurrencies. The verification process is smooth, they will call you up on the phone to ask you some questions, but then nothing more. I have been using Coinspot for almost three years now and have cashed out a bit of Bitcoin to AUD.
The only thing preventing Coinspot from getting a five-star rating is the UI needs work. It can be difficult to get to specific wallets if they're empty.
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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