The app is easy to maneuver, and within just a few clicks you will be able to take a position or leave the market at any given point. When covering investment and personal finance stories, we aim to inform our readers rather than recommend specific financial product or asset classes. CoinSpot requires all users who want to deposit or withdraw AUD from their platform to undergo KYC (Know Your Customer) verification. This protocol aligns with the regulations outlined in Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act of 2006. OTC means Over-The-Counter, which means you trade directly with another person without using a public order book.
- Similar to the popular Bitcoin trading platforms, Coinspot exchange includes an order entry box to buy and sell cryptocurrency against Australian Dollars (AUD).
- Moreover, its enhanced security system makes it a reliable exchange for both crypto newbies and veterans.
- The app allows traders to track their holdings and crypto wallet values in a simple view.
- When covering investment and personal finance stories, we aim to inform our readers rather than recommend specific financial product or asset classes.
- Typically, CoinSpot cryptocurrency withdrawal fees are a little higher than Global Exchange withdrawal fees.
The commission rate is valid for one year since their accounts are validated. The Bundles feature not only gives you an idea of the currency to invest in but also helps you diversify your portfolio to hedge against risk. In addition, you can cut down the fees by just paying one time for the whole bundle instead of paying the fee for each coin (in some instances 10 at a time). If you opt for physical cash deposits at Blueshyft newsagents, the deposit fee is up to 2.5%. We recommend using the free options as they cost nothing and are instant.
“It wasn’t like you just randomly sent off some money to a bank account.” The fake platform showed John’s investments rising when in fact he’d simply handed money to scammers. John initially put in $7,000 to “test out” the trading platform the company was using. Using its own fake website and investment platform, the scammers had cloned the name and address of Druid ICAV — but John was none the wiser. Once you find the cryptocurrency that you want to buy, click on the “BUY” button. Choose whether you want to place a market order or limit order, enter the amount you want to buy, and then execute the trade.
Is CoinSpot safe to use?
The trading fees we analysed were based on the lowest trade volume and the most basic version of the platform for each brokerage or crypto exchange. 1)
CoinSpot is an extremely user-friendly platform that makes it simple for even a complete beginner to buy and sell crypto directly with AUD. The interface is easy to navigate on both the desktop site and mobile app. An excellent feature for quebex any new user is 24/7 Live Chat support with a real person. When you need assistance, the last thing you want is a bot who runs you in circles, or an email ticket where you wait days for a response. However, Binance is better for more experienced traders who want more features such as trading bots, dual investment, a launchpad for new projects and crypto IEOs, and crypto copy trading.
Is CoinSpot Safe to Use?
However, it also has some drawbacks, such as high fees for instant transactions and a lack of advanced trading features like margin trading and futures. If you accept the quote, you must pay the money and confirm the trade. The coins or tokens will be ready in your CoinSpot wallet after the transaction is done. CoinSpot SMSF is a great way to diversify your super fund portfolio with crypto.
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The lack of these order types is particularly confusing when we consider that the Instant Buy service, intended for beginners, actually does offer them. Most experienced traders would like to see advanced order types such as stop order, One-Cancels the Other (OCO) and Fill-Or-Kill included too. The user interface features a price chart of the selected cryptocurrency asset to trade. This is useful to provide you with an overview of the recent price history using a candlestick or line chart.
Crypto hack suggests Australia’s CoinSpot has been compromised
Therefore, we can say that CoinSpot Wallet is an efficient and safe solution for beginners and intermediate traders. Further, no additional fee gets incurred for the withdrawal of any token and coin. Moreover, it lets you keep track of all your recent transactions and your individual coin balances. Yes, CoinSpot is a safe and secure platform, as it stores most of the assets in highly secured offline wallets.
Can I use CoinSpot outside Australia?
You are rewarded based on how long coins are staked for, and you have the flexibility to unstake your holdings at any time. We believe that CoinSpot’s free managed wallet service is one of their best features with a high level of security. You won’t have to wonder if you should store your coins in a hard wallet (also known as cold or offline wallet) for extra security.
Wait for CoinSpot to review your documents and email you the result. Depending on the volume of work, the verification process may take up to 2 days. You can pick a bundle that matches your interests and goals, such as AI, Gaming, Top 3 Market Cap, DeFi Bundle, NFT, and more. CoinSpot will buy individual coins and keep them in your wallets.
Whether new to trading cryptocurrencies or a seasoned expert, CoinSpot allows Over-the-counter (OTC) trading for high-net-worth investors. The exchange offers assistance with high-value deposits & withdrawals including support for Self Managed Super Fund (SMSF) and business Account onboarding. OTC trades only come with a fee of 0.1%, but you need to be trading at least $50,000 for their trades to be accepted. Overall, the trading fees cater to beginners looking to make their first Bitcoin & cryptocurrency investment using AUD. However, the trading fees are too high for active buyers and cryptocurrency traders as the 1% fee will eat into any potential profits.
You can click any coin market to access the current prices and other data points. After that, you can avail this information to speculate and earn from short-term price movements of a coin. Further, CoinSpot exchange has achieved ISO certification for information security and provides an effortless and comfortable experience. We use dedicated people and clever technology to safeguard our platform.
Customers will need to fund their wallets with ETH to access collections such as Bored Ape Yacht Club. Users who can’t find help in the FAQ section can get in touch with the support team by using the help widget in the bottom right corner. The widget works like a form and a specific question can be asked which will be answered by the CoinSpot support team. After contacting the support team, a response was received in less than 24 hours on a business day.
If you use BPAY, you will pay a fee of 0.9% of the deposit amount. Otherwise, if you use cash or cards, you will pay 2.5% and 2.58%, respectively. You can deposit AUD fiat money into CoinSpot without paying any fees if you use POLi, PayID, or Direct Deposits. You can also set up recurring orders or use the OTC trading service for large transactions. Discover the ins and outs of the Australian crypto platform, exploring its features, usability, and safety measures.
However, if you encounter a platform that piques your interest, we encourage you to employ Scam Detector’s website validator HERE to ensure its legitimacy. This term quantifies the association, on a scale of 1 to 100, between coinspot.com and websites that have been identified as potentially malicious. Higher scores on this scale suggest a closer connection to these contentious websites. Occasionally, website owners may be unaware that their site is in close proximity to dubious ones, as these may be hosted on insecure platforms or servers. However, if the “Proximity to Suspicious Websites” score surpasses 70, it strongly indicates a high-risk website, while a score below 30 is generally considered less concerning.
Each coin/token is thoroughly vetted before being added to the CoinSpot list, ensuring that the exchange is free of scammy projects. Regarding the deposit fee of CoinSpot, you don’t need to pay any fee when you make instant deposits via POLi, PayID, or Direct Deposit (via OSKO). The only AUSTRAC-regulated and ISO certified cryptocurrency exchange in Australia. We write product reviews and comparison articles in the field of cryptocurrency. A list displaying all supported banks will appear when you begin the process of a POLi deposit. CoinSpot will charge you a standard transaction fee when you send coins to external wallets.
That said, the only way to truly keep funds safe is by utilizing a non-custodial crypto wallet. All other coins have a variable limit, ranging from $100 and $50,000 depending on market liquidity at the time of transaction. To find the specific buy and sell limits for coins, navigate to the ‘Buy/Sell’ button at the top of the page and select the desired coin. Customers can find the sell limit in the same position if they click on sell instead of buy. For example, if you want to quickly buy Ethereum, the asset is selected from the list and an order entry box is displayed. Here, you can enter the amount of AUD they want to spend buying Ethereum.