Coinspot Review

COINSPOT REVIEW

Coinspot is one of Australia’s most popular cryptocurrency exchanges. It has over 50+ different cryptocurrencies available for purchase in AUD.

PROS

  •  Huge range of cryptocurrencies available. Currently 78 on offer. Click to see list
  • User friendly interface. Easily accessible for beginners.
  • Deposit in AUD by using POLi, BPAY or cash deposit.
 

CONS

  • Only Australian customers can get verified to deposit and withdraw AUD. Overseas customers can still deposit BTC, ETH and LTC which can then be exchanged for any other Crypto. This can then be sent outwards to the preferred wallet.
  • Customer ID verification can at times be slow likely due to huge amounts of new registrations. (Edit- Coinspot have announced on facebook they have rectified this and average time is 2 hours)
  • Higher fees for some pairs than other Australian exchanges.
 

INTERFACE

Below is the interface for buying and selling.  

A buy order here is essentially a market order and you lock in the price before you proceed with the order.

Once you have entered the amount or AUD value you just need to confirm your purchase.

Normally the coins will be in your wallet within 10 minutes.

From this screen you can sell your coins back to Coinspot or transfer to your own wallet. (always recommended) 

SUMMARY

 Coinspot is a great place to buy various cryptocurrencies if you are from Australia. We have been using Coinspot for over 2 years without any problems. Withdrawals to AUD are fast and free and POLi is free to deposit.
 
There are however cheaper exchanges to buy BITCOIN, ETHEREUM, and RIPPLE. If you are after these coins it is worth checking out Independent Reserve and BTC markets.
 
These exchanges require a little more technical knowledge to understand how market and limit orders work on an exchange orderbook.
 
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