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.
- 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:
- Email Address
- Mobile Phone Number
- Facebook verification (optional – it will speed up the process if you have Facebook account)
- A copy of your driver licence
- 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)
- 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.
- 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 email@example.com
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.