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 few months 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, Bitcoin Cash, IOTA, Ripple, Litecoin, Dash, Bitcoin Gold, Monero, NEM, Cardano, Ethereum Classic, Stellar Lumens, NEO, EOS, Lisk, Stratis, Zcash, Qtum, OmiseGO, Waves, Tether USD, Nxt, Ardor, BitShares, Bytecoin, Steem, Salt, Ark, Vertcoin, Decred, Komodo, Augur, Dogecoin, Golem, Siacoin, PIVX, MaidSafeCoin, TenX, Walton, Power Ledger, Basic Attention, Kyber, Factom, Byteball Bytes, Raiden Network, Zcoin, GAS, DigiByte, Monaco, GameCredits, FunFair, Nexus, Verge, Ox, Ethos, Civic, Metal, Peercoin, AdEx, Reddcoin, Enigma, Rise, LBRY Credits and Safe Exchange Coin.
  • 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 .  I have contacted them few times and they come back with an answer quickly.

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 and you can also use your mobile phone to access their site.

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.

43 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.

        1. Hi Josh,

          I know that the fee are a bit higher than other exchange. But when you sell, they give you a higher rate too. So it makes not much difference. Are you comparing USD to AUD?

  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

  6. Is this a “crypto currency discussion board” or a CoinSpot review?

    I stick to the latter and your “heading” and say: Stay away from CoinSpot! Full stop.

    – Rip-off fees
    – No support (Zero and with evidence on hand)
    – Malfunctioning website (can’t even get a login feature properly going and those “experts” you’d entrust your money? Think again!)

    True Blue OZ rubbish professionalism.

  7. Hi Stephen/admin , congratulations on your website great work, I was somewhat sceptical about the crypto situation but was impressed with your work cause now I think I get it (at 63yo ) anyway could you please tell me how you arrived or how I can get on the lists of people who accept bitcoin for goods and services that I produce (eg list of places on your website ). I am an organic grapegrower health food producer and winemaker and want to add this alt payment system to my business/website and connect with buyers for my products we do have a qr product code so there must be a procedure , I didn’t want to ask those on your list unless I have to , I also hope to barter goods for services etc and I liked your donation idea to help fund your website . ( are donations anonomous ? I didnt get much help from helpdesk at coinspot where I have purchased some coin. I too love this country and its people and especially for the future of my kids and grandkids , hoping you can advise as I’m so busy doin the physical work of my business . cheers ( ps looking fwd to retirement one day so I can help others )
    Kind Regards, steven

    1. Hi Steven,

      You just send me your website URL if you have a website. Otherwise, you can send me you own short description of your business with contact details. I will post it on my website.
      You can get a better description of your business when you are writing it yourself.
      I am glad that you can still learn new things and get into technology at your age. I hope you do well in your business.

      Cheers.

  8. Hi All,
    So Coinspot is a trusted wallet that I can use to buy altcoins that I want as I see Coinspot have a great range, more than others…also am I correct in saying that with Coinspot I can just purchase with aud dollars transfer straight from bank account to the selected coins I wish to purchase & I don’t need to purchase these with bitcoins?

    1. Hi Paul,

      That is correct, you just use AUD to buy the coin directly. As long as you have internet banking and it will go through your bank account.
      Coinspot is a trustworthy exchange and I have been using it for half a year now.

      Cheers,
      Stephen

  9. Hi Stephen,
    Thanks for your quick reply, that’s great to know as many you need to purchase with BTC so this is rare…is it also easy to transfer the coins to my external hardware wallet after I have purchased them & what are the fees like for transferring to my hardware wallet like that?
    Still waiting on verification to get cracking on this also…

    1. Hi Paul,

      The bitcoin transaction fee is 0.001 BTC. It used to be 0.0005 before but have gone up since the network is very busy. Many people complain about the high fee for bitcoin. Other altcoins, each one has a different fee. To speed up your verification, you can email support@coinspot.com.au. You can also ask Coinspot whatever questions you wanted.

      Cheers,
      Stephen

    1. Hi Paul,

      I will send a email to them and see what they say, I believe there are lots of people wanting to buy bitcoin at this moment. But nevertheless 10 days is too much. I will send a email to them and see what they say.

      I just emailed support and here is the auto replay.
      Regarding Verifications:
      The verification team will attempt to contact you via phone or email as soon as they can. Unfortunately, due to increased demand, there is an up to 2 week waiting period to be verified.

      Looks like too many people are signing up account with Coinspot.

      Cheers,
      Stephen

      1. I am new into the crypto sphere and have a Coinspot account, so far so good.
        I guess my concerns evolve around the security of the various wallets my coins are stored in within the site.
        As it seems Coinspot have been inundated with a large volume of new accounts, queries, etc. .. Would my coins be secure in the event of their system crashing for instance.
        Thanks.

        1. Hi Geoffrey,

          That is very hard to tell. I have my account for more than half a year already and never have any problem. They store the coins off-site and would have back up all the wallet. If you have doubt, store the coins in your own device.

          Cheers,
          Stephen

  10. 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!

  11. Hi Stephen,
    If I was to pull my coins I have purchased so far out of coinspot & put in ” cold storage” as they call it in a hardware wallet like Ledger Nano S does this keep my investment more secure in case of coinspot crashing etc? & if I do this what fee would I get charged to take them out? Cheers Paul

    1. Hi Paul,

      The fee for transferring bitcoin is 0.001 BTC. This fee is for the miners who operate to keep the network running. It is okay if you plan to store it long term, otherwise you will be paying too moving it back and forth.

      Cheers,
      Stephen

  12. Hi Stephen,

    So are you able to move it back into a wallet like Coinspot from your hardware wallet to “cash out” if you are happy with the profit the particular coin has made etc? & is the fee the same putting back into Coinspot from your own wallet as taking out of Coinspot?
    Cheers
    Paul

    1. Hi Paul,

      There is no fee if you store it on your own hardware wallet. You can also write it down on paper – they called it paper wallet. You can find out how to do that on the internet. If you use a phone wallet with other providers, the fee are roughly the same.

      Cheers,
      Stephen

  13. Hi Stephen,

    Sorry but I honestly don’t understand your reply here, as you haven’t really answered my direct questions on my last post, sorry mate as still getting my ahead around the crypto world.
    Cheers
    Paul

      1. Sorry I feel this needs to be corrected.
        You can only send 3 coins back into coinspot once you have sent them out say to a hardware wallet.

        BITCOIN
        ETHEREUM
        LITECOIN

        These are the only wallets that have an address that you can send to.

    1. Hi Steven,

      Cryptocurrency is consider as a currency, same as US Dollars or New Zealand. When you are buying US dollars, there is no GST. If you are exchanging money and making money trading forex as a business, then you need to declare your earning.
      You can refer to this link https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia—specifically-bitcoin/

      Here is a brief summary:
      Using bitcoin for personal transactions

      Generally, there will be no income tax or GST implications if you are not in business or carrying on an enterprise and you simply pay for goods or services in bitcoin (for example, acquiring personal goods or services on the internet using bitcoin).

      Where you use bitcoin to purchase goods or services for personal use or consumption, any capital gain or loss from disposal of the bitcoin will be disregarded (as a personal use asset) provided the cost of the bitcoin is $10,000 or less.

      Using bitcoin for business transactions

      If you receive bitcoin for goods or services you provide as part of your business, you will need to record the value in Australian dollars as part of your ordinary income. This is the same process as receiving non-cash consideration under a barter transaction. The value in Australian dollars will be the fair market value which can be obtained from a reputable bitcoin exchange, for example.

      When receiving bitcoin in return for goods and services, a business may be charged GST on that bitcoin. If the supply of the goods and services was a taxable supply, the business will be able to claim input tax credits on the GST charged on the bitcoin they received as payment.

      Cheers,
      Stephen

  14. I too have just started to use CoinSpot and am attempting to transfer purchased coin to external wallet (TREZOR). I repeatedly receive an error message when using the address generated by Trezor : ‘Invalid Address’. Have I missed something in setting up? Can someone please kindly assist? Thank you!

  15. Anyone notice your coin values did not increase on coinspot today? even though about 90% of all the coins have been increased since yesterday until now. this is really strange, something not right at coinspot, they not calculate the value of the coins correctly. guys ?

  16. Hi,

    I understand that you can only buy $5000 worth of coin over a 24 hour period, does that limit also apply to when it comes to selling your coin? Or can I sell as much as I want? Thanks.

    Izzii

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