- Supports a lot of cryptocurrencies
- Easy to use
- Pretty low fees
- Multicoin wallets
- Mobile friendly
- A lot of limits
- Security should be improved
- Only two deposit methods available
Coinspot is an exchange based in Australia which accepts Bitcoin, Litecon, Ethereum and many other cryptocurrencies. It has a mobile application as well. Coinspot is fully licensed and trusted exchange operating since December of 2013.
This exchange can brag about being a simple and easy to use. Newcomers should like that definitely. Also, for exchanges outside the home, Coinspot is mobile friendly and responsive at any device.
Deposit via BPAY can take up to 3 business days. But POLi takes only 60 seconds. However, verification takes more time, especially when the exchange gets overloaded with new registrations and hundreds of orders.
Limits vary depending on the payment method and account’s verification level. POLi payments are limited to up to $2,000 in 24 hours, and then increase to $10,000. BPAY from the beginning has no more than $2,000 to deposit per 24 hours. When users exceed these numbers, user can request for a lift of the limits.
Finally, Coinspot has no limits for exchanges between cryptocurrencies. In addition, $5,000 AUD limit applies for buying or selling order a day.
Verification process and privacy
In order to use Coinspot, it requires to complete a verification for which an user must provide one form of ID (driver’s license, Australian Learners Permits and Australian Proof of Age Cards) and proof of address. In addition the user must have an Australian phone number and be a resident in Australia, or at least live there.
As a result, Coinspot is fully licensed in Australia. And fully complies with all KYC/AML and Austrac regulations.
Starting with an SSL certificate, Coinspot has a little more security features like 2-Factor Authentication. In addition, it has an email notifications.
For the help, Coinspot offers knowledge base and a FAQ in the first place. Furthermore, the exchange gives an option for the support request for more personalised answer. Still, phone support or live chat isn’t available.
First of all, Coinspot is the exchange for Australians exclusively. Supporting tons of cryptocurrencies, it allows users to trade and purchase crypto coins using a mobile application.
However, only two payment methods are available to bring funds into Coinspot. Also, verification may take some time as it’s pretty strict.
Reviewed by Coinsmaniac