- 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. It managed to become the most popular exchange in Australia. Important to say, Coinspot always increase the number of the supported cryptocurrencies. And now has more than 120 crypto tokens, currencies, and ICOs available for buying and selling, including IOTA, Ripple, Stellar, EOS, Tron, Cardano, etc.
Furthermore, Coinspot has a solution for institutional and large volume traders. It’s called OTC – Over-The-Counter trading desk. By offering probably the widest variety of crypto assets, there is no surprise that the exchange reached number 1 in Australia. By the way, it takes an important role in the financial system of the country as well.
This exchange can brag about being 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. Besides all these great things the exchange provides, we’ve covered much more in this Coinspot review.
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. Since the biggest cryptocurrency made has passed already, there shouldn’t be any noticeable delays now. We still recommend verifying an account in before placing the first order.
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, a 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 a 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 active Australian phone number and be a resident in Australia or at least live there.
Starting with an SSL certificate, Coinspot has a little more security features like 2-Factor Authentication. In addition, it has email notifications. They arrive when the specific actions are done. It’s worth mentioning that Coinspot supports built-in crypto wallets which can be accessed together with logging in into the account. However, users can disable withdrawals and in order to activate them again, the account owner has to contact the exchange’s support team.
For the help, Coinspot offers knowledge base and an FAQ in the first place. Furthermore, the exchange gives an option for the support request for a more personalized answer. The help is provided through the Zendesk platform.
Still, phone support or live chat isn’t available. Since the exchange operates in Australia alone, the feature wouldn’t be too hard to keep. On the other hand, the dedicated support team is pretty fast for solving the issues. So for daily operations, it should be more than enough.
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. The one more great feature – Self Managed Super Funds. It’s like a trust (fund).
However, only two payment methods are available to bring funds into Coinspot. Also, verification may take some time as it’s pretty strict.
Besides the cons, Coinspot is probably one of the best places to buy Bitcoin in Australia. Not to mention the huge contribution to the whole community of cryptocurrencies.
Coinspot Review Update December 14th, 2018: We’ve increased the rating of the exchange from 3.7 to 4.5 because of a lot of improvements it has made.
On the other hand, we still miss more options for depositing. That’s why we cannot give the better rating for now.
Reviewed by Coinsmaniac