de | cn | ru

CoinSpot Review - is it scam or safe?

CoinSpot Review - Is coinspot.com scam or good cryptocurrency exchange?

RATING: 3.8 / 11 REVIEWS CoinSpot

RECOMMENDED BITCOIN BROKERS


Trading Accounts

Account type Daily Limit Leverage Bitcoin Fee Altcoin fee
Standard $2,000/$10,000 None 2%  3% 

 

CoinSpot is one of the leading Australian cryptocurrency "gateway" companies i.e. a service which allows the purchase of crypto with fiat money. They put a lot of emphasis on domestic clients.

 

The company, security of funds

Company

Country Regulation
Casey Block Services Pty Ltd  Australia N/A

 

CoinSpot was founded in Melbourne in 2013. At the time of writing of this review they are not registered with a relevant Australian body, simply because the legislative process in the country is still in progress. You can read a brief summary of the current situation, as well as find reviews on the other major players in the space in the link below. 

 

>>Australian cryptocurrency exchanges<<

 

That being said, CoinSpot is a member of ADCA - the Australian Digital Commerce Association. This may not be a regulatory body, but it shows a long term commitment to the adoption of blockchain technology and it is viewed as a major player by its peers.

 

The company offers traders multiple wallet support, which is not the case with one of their direct counterparts CointTree. On top of that there is a mobile app which allows you to send crypto-payments on the go.

 

There aren't any reports of a massive hack, like the one experienced at Bitfinex, for CoinSpot. This is no guarantee of future security, but is still a nice sign.

 

The user reviews for CoinSpot are very mixed. Some people enjoy their service, while others are dissatisfied with the verification process, the speed of bank transfers (when selling coins) and the fees. Their service is definitely not cheaper than trading coins on some of the other exchanges, but at least they are very transparent when it comes to fees.

 

Trading conditions

 

Trading instruments (cryptocurrencies)

Over 30 coins are provided by CoinSpot. This is a very wide array, especially for a company which specializes in accepting fiat currencies. As a comparison, Coinbase offers only Bitcoin, Ethereum and Litecoin. 

 

Maximum daily volume

The initial maximum daily purchase volume at CoinSpot is $2,000. This can be increased to $10,000 a week after you have hit the first cap. While the company does not exclusively mention it, these levels are probably in Australian dollars.

 

Leverage

Leveraged trading is not supported at CoinSpot, which is quite understandable, given their targeted customers. This is simply a place from which one buys cryptocurrencies with Australian dollars. 

 

>>Forex brokers providing Bitcoin trading<<

 

It is worth mentioning, that if you are only looking to speculatively trade Bitcoin, instead of use it four transfers, another type of service may be better for you. We are talking about forever brokers, who offer cryptocurrency trading, like the industry leaders at IG. We must mention there are a few specifics to this kind of service and you should read our guide.

 

 

Fees

The fee structure at CoinSpot Is very clear, which is not the case with all companies who offer direct purchases of coins with fiat currencies. For instance the similar Dutch company Bitonic provides little information about its markups, which many users dislike.

 

CoinSpot charges between 2% (for Bitcoin) and 3% (for altcoins), when trading against the AUD and 1% for crypto to crypto trading. While the direct trading commission may be considered reasonable, 1% is high for digital asset trading. Other exchanges typically charge 0.20-0.25% for this activity.

 

>>List of all cryptocurrency exchanges we have reviewed<<

 

Additionally, the company charges fees on some AUD deposits. This varies by payment method and we will cover the details below.

 

 

Trading platform

 

CoinSpot does not provide what one would typically call a trading platform. The service has a convenient dashboard, which allows you to monitor your different wallets. It looks like this:

 

 

When buying a cryptocurrency one is greeted by a simple order-entry form, which gives you an estimate of the AUD you would have to pay for the given amount of coins. Here is a preview:

 

 

If you want to convert one coin for another, you would have to go through the sell menu. This felt very counter-intuitive, but then again you can find much better exchanges to do this (check the fees section for more information).

 

Additionally, a very simple form of charting is provided, as seen here:

 

 

The overall summary of this “platform” is that it does the job. Experienced traders will not enjoy this, but newbies will enjoy the simplicity.

 

Methods of payment

 

When depositing fiat currencies to CoinSpot, one can choose between POLi Payments, Bpay and a “cash” option, which features going to a newsagent and using Blueshyft. The fees for making a deposit are as follows:

 

POLi payments – free. 

BPAY payments – 2% fee. 

Cash payments – 3% fee. 

 

If you were to sell coins at CoinSpot, you would be funded via Bank Transfer. The company will not charge you anything for that, but the bank may. The actual cost and speed of the transfer will depend on the bank you use.

 

Conclusion

 

CoinSpot is an Australian cryptocurrency exchange, which allows trading against the AUD. They are a well known company, which is respected in the local Bitcoin community. The entire service is very beginner-friendly, but this comes at a cost. While the fees for fiat to crypto trading are acceptable, trading one coin for another comes at much higher rate than with other exchanges. This feels like a solid Australian entry level company, but active traders will prefer dealing with another exchange. Here is a summary: 

 

Pros   Cons
No major hacks yet Slow bank withdrawal times
Multiple payment methods (for AU clients) High crypto to crypto fees
A lot of altcoins supported Focused on Australia (only a con if you are non-AU)
Easy to use interface  

 

Latest news about CoinSpot
No news about CoinSpot. Check back later.
Forex
Broker Country Regulation Min deposit Max payout Review
Australia ASIC $50 88% Review Website
Cyprus CySec $200 89% Review
Cyprus CySEC $250 83% Review

Traders` reviews for CoinSpot

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Do not Recommend

The site has many coins, but their market is for the Crypto ignorant and misinformed. They charge a massive fee, their buy and sell price is waaaay off from the actual market price. To make it all worse, the more you spend on a transaction the more they charge you because and I quote "o accommodate for the additional depth of orders necessary to complete the requested trade"
Definitely wouldn't recommend it to anyone. Crypto is here to eliminate these bank hidden schemes and unfortunately sites like coinspot are corrupting the crypto market with similar schemes.

Ragnar Lothbrok 04/16/2019

Investigations

Just reading your reviews and had a little look into the company and it is registered to a virtual office in Melbourne "RED FLAGS" Also other address business listed as is an accounts firm and all the failed verification from the web site is another RED FLAG it appears they may be stealing your personal identities from what you provide in the verification process i will not be using them and i hope other read this before its to late

Dan 03/14/2018

Coinspot - Shaddy STAY AWAY!!!!

Coinspot is a complete SCAM. I tried to withdraw my funds from my account and they have since froze my access. Not sure if i 100% but it is looking like a Ponzi Scheme or Exit Scam. Big red Flags with them using Poli Pay and taking your internet banking password and keeping on file. They have no phone number you can call. The staff email you using fake names and first names only. The physical address is fake. They have changed the ABN, and business name slightly almost every year. They manipulate coin buy/sell spreads which do not match the international market. Sometimes over 10% Coin Buy/sell spread plus the 6% fee to buy coin from Fiat and return to Fiat. That's over 16% they take just to transact a coin purchase and sale. They Add Coins for you to buy then they delist them shortly after which causing the price to crash. They manipulate the trading by halting buying/selling during many major movements which leads me to believe they do not even have the coins in your wallet.

They keep most airdrop coins for themselves when they actually belong to the coin holders. They fudge there charts to not show actual issues that have occurred. Ie. Last week when everyones coin wallets and Fiat Currency wallets all dropped to $0. The charts all showed this and now they have manipulated the charts to hide the data. Not sure if they were hacked or just practicing the Exit scam. STAY AWAY. STAY VERY FAR AWAY. YOU WILL MOST CERTAINLY LOSE ALL YOUR MONEY.

J Doe 03/05/2018

Unusual verification process and disqualification.

Received an email from them saying I am not allowed to type my message for the 'holding the sign up' verification. I have to hand write it. I replied by basically saying that I have a mental disability known as dysgraphia and tell them to FO.

Jefone 01/17/2018

CoinSpot - no phone numbers?

CoinSpot and the ABN at the bottom of their webpage ??????????????

There ABN 19 619 574 186 on the Australian Government Website is to a Company called Casey Block Services which was registered on the 06/06/2017. After the CoinSpot Business was deregistered off the ABN list. The melbourne address is supposed to be Level 13 114 William Street melbourne Vic Australia. No phone Numbers in Telstra Business Phone books. ??????????????? How do you operate a business without any phone numbers.

John Doe 01/11/2018

Don`t use! Very high fees

Very high fees and prices for buy & sell are different. Compare all coins prices to coinmarketcap - they are much higher on CoinSpot. Very disappointed.

Delicatessen 01/09/2018

Local fail, Waste of time, stick with a bigger exchange like Brittex

Big waste of time, save yourself the hassle and setup with Brittex exchange instead. After trying to verify since December Dec 17 I have finally given up. I received an email saying that verification can take up to a week it was much longer before I finally received feedback and the 'verification failed' yesterday. As requested I had sent a photo pf both sides of NSW drivers licence and the selfie photo with unique code and signature. Still failed. Very disappointing. I wanted to go with a local provider, at this point I have choosen to continue with Brittex, a bigger exchange with cheaper fees and they accept verification with all the safety features of two-factor authentication and additional verification documents to manually be approved. My advice, don't waste your time trying to setup CoinSpot, the worst customer service of all!

Dan 01/03/2018

coinspot verification

I am quite concerned about their verification process, myself and family members have put in everything required by coinspot for verification and all we got back was an automated email stating the verification was denied due to photo problems, phone problems etc. They did not specify what the problem was so we could fix it. The other concern is lots of other people are getting the same email , resending all the information only to get the non verification email again. This is a major concern as a lot of personal ID is given in this process. Plus the verification process is NOT simple anyway. so at the moment not happy with coinspot , we also wanted to start buying soon so now what?
Vivienne

vivienne 12/27/2017

very poor verification service and customer support

Have been waiting 3 weeks for verification, finally got the phone call and was told i would get an e-mail so i could use the account. STILL waiting for e-mail..... Send in a help request and was told to wait as they were backlogged, only to have a warning come up on login to site they would not be accepting ANY deposits into accounts until MID January . that will make it 5-6 weeks plus before i can use my account. When i applied for an account Ripple was at 0.33, its not trading at $1.44. i have lost money due to their incompetence...similar story for others coins i wanted to invest in. VERY PISSED OFF>>>>>

Steven 12/23/2017

Verification process

I have been waiting for 3 weeks to get my account verified. There has been no contact at all from this company. Get your act together if you want to keep me as a customer.

Gail 12/17/2017

True Blue OZ scam artists

Rip-off fees.
No support.
Says it all.

Norbert Harms 12/04/2017
de | cn | ru