CoinSpot Review

CoinSpot Review

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, we provided details below - in this CoinSport Review.

Supported Cryptocurrencies
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • IOTA (MIOTA)
  • NEM (XEM)
  • Dash (DASH)
  • Neo (NEO)
  • Monero (XMR)
  • Ethereum Classic (ETC)
  • and more such as Golem, Steem, Waves, Zcash, EOS, Lisk, etc.
Offered Services
  • Buy or sell cryptocurrencies including BTC, ETH, LTC, DASH, etc.
  • Multicoin wallets
  • Mobile wallet
Payment Methods Accepted
  • BPAY
  • POLi
  • Cryptocurrencies
Fees
  • Deposit through BPAY - 2%
  • Deposit via POLi - FREE
  • Withdrawal to Australian bank - FREE
  • The fee for buying and selling coins for AUD is between 2% to 3% depending on the coin
  • Trades between coins - 1%
Verification Process
  • To use CoinSpot verification must be completed
  • For verification user must provide ID (driver's license, Australian Learners Permits and Australian Proof of Age Cards), proof of address (it must be shown on the ID card), have Australian phone number and be/live in Australia
Supported Countries

Australia

CoinSpot Review
Speed
  • Deposit via BPAY can take up to 3 business days
  • POLi up to 60 seconds
Limits
  • POLi payments - up to $2,ooo per 24 hours
  • POLi limit is raised to $10,000 after successful made first deposit of $2,000
  • BPAY has $2,000 limit per 24 hours period
  • Limits may be lifted by request
  • No limits for transactions between coins
  • Daily limit of $5,000 AUD per Buy/Sell order
Privacy
  • No privacy at all
  • User must provide all the documentation to get account verified
Security
  • SSL
  • Two-Factor Authentication
  • Email notifications
Pros
  • Supports a lot of cryptocurrencies
  • Easy to use
  • Pretty low fees
  • Multicoin wallets
  • Mobile app
Cons
  • A lot of limits
  • No privacy
  • Security should be improved
  • Only two deposit methods available
Conclusion

CoinSpot is an exchange for Australians only, but it's great because of a lot supported cryptocurrencies. Fees are low and everything works fast. We are happy that mobile application is available as well, so it makes trading easier and more convenient. 

However, we would like to see better security as 2FA isn't enough nowadays. In addition, users have no privacy as they must provide all the documentation. Despite that, CoinSpot is a great place for citizens of Australia to trade and exchange cryptocurrencies without a hassle.

Rating
7/10