CoinSpot Review

CoinSpot Review

CoinSpot Review

I am a current customer of CoinSpot and I have my coins stored with them.  This CoinSpot Review is my first hand experience.  I joined not long ago and I found their service to be quite good.  Their target customers are Australian and New Zealanders.

COINSPOT

  • Address: 114 William Street, Melbourne, Australia
  • Founder: Russell Wilson
  • Start date: December, 2013
  • Products: Bitcoin, Ethereum, Ripple, LiteCoin, Ethereum Classic, NEM, Dash, IOTA, Monero, Stratis, Zcash, AntShares, Golem, Steem, Siacoin, Waves, ByteCoin, Augur, Stellar, DogeCoin, Lisk, Ardor, Factom, MaidSafeCoin, Nxt, DigiByte and PeerCoin.
  • Sending to CoinSpot: only accept Bitcoin, Litecoin and Dogecoin. They will add more later on.
  • Sending out from CoinSpot: All products.

When you first registered as a customer, there are information you have to supply.  At the beginning I found it a bit tedious, but later on I found out why it is necessary and I will explain it later.

Information that you need to supply are:

  1. Email Address
  2. Mobile Phone Number
  3. Facebook verification (optional – it will speed up the process if you have Facebook account)
  4. A copy of your driver licence
  5. Verification Photo – you have to hold up a piece of paper on which you write your name and saying you want to apply for a trading account. (I found this a bit annoying, why do they need to do this)
  6. Recent Utility Bill – to verify your current address.

Later on, I found out all this is to comply with Australian ARSTRAC guidelines.  The aim is to implement systems and controls necessary to mitigate the risks of money laundering and terrorism financing.  Criminals will find it hard to survive in Australia. Ha ha….  Also, because of Anti-money Laundering Act, there is a $5000 transaction limit per day. That means if you have brought $5000 of coins, then you have to wait 24 hours before you can buy again.

When I applied, I spent 15 minutes submitting all the above information.  Within half an hour, I got a phone call from the company.  The guy on the phone asked me a few questions and he approved my application immediately.  I was able to buy the coins I wanted a few minutes later.  As compare to Gatehub, another popular exchange, which took 5 days to approve my application.

To buy coins, you needs to have “Internet Banking” and you can pay with POLI if you are customers of the following banks.  POLI is secure online banking and it is very easy and you don’t need to setup if you have internet banking.

Australian Banks

  • ANZ, Bank of Melbourne, BOQ, BankSA, Bankwest, Bendigo Bank, Citibank, Commonwealth Bank, IMB Building Society, ING Direct, ME bank, NAB, Newcastle Permanent, St. George Bank, Suncorp, Westpac.

New Zealand Banks

  • ANZ, ASB, BankDirect, Bank of New Zealand, Kiwibank, TSB Bank, Westpac.

You can ask questions on their Facebook and Twitter pages shown here.

They have a Facebook page: https://www.facebook.com/coinspotau

A Twitter account: https://twitter.com/coinspotau

I have a few questions that I wanted to ask them.  I started a Facebook chat window and someone answered my questions promptly. I was quite impressed with their quick response.  I have also submitted a email on their “Submit a Request” link.  They also answered my questions within an hour.

There are few complaints about their services on the internet.  It could be just my luck and I don’t have any problem at all.  Or they have improved their service since they first start up a few years ago.  Whatever it is I do not know.

If you have any question or you want to get them to approve your account faster, you can email them at support@coinspot.com.au

After you brought your coins, you can transfer them to your own digital wallets.  Or you can leave the coins and they will store it safely for you, which are stored off-site in a secure location.  You  can sell your coin any time you want 24 hours of the day.  The website is easy to use on your mobile phone.

I have transferred coins to my wallets on my computer and to my phone.  Also, I have sold some coins with no trouble at all.

If you want to buy coins from Coinspot, CLICK HERE TO ENTER THE SHOP.

If you need help or ask a question in CoinSpot, you can scroll down to the bottom of the front page.  Then click “Help Centre”  and click on the top right hand corner “Submit a request”.

It is better to buy from company in Australia than to buy from other company overseas .  The reason is if anything goes wrong, you can go to their office and sort things out.

10 thoughts on “CoinSpot Review

  1. This is an interesting post. I have heard about bitcoin but none of the others. There are so many!

    I am interested as to why you by this type of currency. Is it an investment? Do they increase in value over time?

    It’s great to know that there is a trustworthy Australian company to deal with for purchasing this currency. Thank you for the detailed review.

    1. The aim of buying these cryptocurrencies are for long term investment.  You can also trade them like you do share trading.  It is another way to make money.  This Australian company I am promoting is indeed trustworthy.  You can feel safe buying digital coin from them.  

      Thanks for visiting and good luck.

  2. Hi Mister wailor!
    first things first, you have a very detailed post with quality information. it was very clearly to read. I also have a question: how do you make money with bitcoins and do they raise over time? the website design is also very quality

    have great day,
    berend

    1. Hi Berend,

      Yes, you can make money with cryptocurrency investing.  You can read my other post. “Should I invest in bitcoin?” It will give you a better idea. I believed digital currencies will certainly increase in value over time.  It is the future that is going to come and we will not be using paper money very soon. 

      “Early bird gets the worm”, so we should get in early.  Then we can make a lot of money before the rest of the uninformed people knows about it.

      Cheers,

      MisterWailor

  3. Cryptocurrency still kind of confuses me,there seems to be so many popping up, although bitcoin is probably the most well known and if I do ever invest it will probably with Bitcoin.
    Are there many places in Austrailia that accepts bitcoins as payments? I always wonder with cryptocurrency how it will be regulated and will criminals be more prone to exploit it than traditional currency.

    1. Hi Minhaj,

      There are quite a few places you can buy Bitcoin, they are called bitcoin exchange or cryptocurrency exchange.  Some of them just trade bitcoin and nothing else. As for CoinSpot, they have quite a large selection of coins beside bitcoin. It is one of the reasons why I want to promote their service, and they have good customer service, too.  At the moment, there are no regulations on cryptocurrency and nobody know what will happen in the future – will bitcoin still exist in 5 to 10 years? But I believed that digital currency is what the future holds.  

      Cheers,

      MisterWailor

  4. Hi there,

    Thanks very much for your post. It help remove some of the confusion around how bitcoin can be linked to an actual auzzy bank for transfers. So do you tend to store your Bitcoins with company or your own wallet? Are there any advantages storing them with this company?

    Cheers
    James

    1. Hi James,

      It is safe to store your coin with CoinSpot, but if you are not sure then you can store it on a hardware wallet which is the safest.  But it cost you money to buy them.  The advantage of storing your coin with this company is you don’t have to transfer it back when you want to sell them. 

  5. Im a techie and i’m still a little dubious about these new digital currencies. I know they have been around for along time now. WHat influences these currencies like the FX market. IS it the same news which drives the value. Sorry for all the questions, Learning more about these will help!

    Thanks

    Trevor

    1. Hi Trevor,

      This digital currency market is the same as FX market, but it is more volatile and unpredictable.  Since it is so volatile, the potential gain is much higher. 

      Cheers,

      MisterWailor

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