When we talk of crypto exchanges in Australia, no discussion can be complete without talking about CoinSpot. This exchange has quickly made a name for itself in the competitive crypto market of Australia, and in the process it has enabled a new economy for hundreds of thousands of crypto enthusiasts in the country. Therefore, it makes sense to take a look at how it fares against the competition after 6 years of its inception. And that’s precisely what we’re going to do in this review. We’ll evaluate CoinSpot on 5 different criteria to determine how good or bad it is for anyone in today’s cryptocurrency markets. Let’s dive in the CoinSpot App Review
#1. User Interface
The most important thing about any cryptocurrency exchange is, of course, its User Interface or UI. If the UI is not good then it doesn’t stand a chance to survive in this crowded world of exchanges because there’s never a shortage of alternatives. In spite of that, however, CoinSpot has managed not only to survive but thrive with a strong user base of more than 1 million users. That fact alone says a lot about its UI – if it wouldn’t be providing a great experience to its users, it would never have attained this impressive milestone.
CoinSpot has a two-tiered fee structure for its exchange, depending on how someone executes a trade. For Instant Buy/Sell or Swap orders the fee is flat 1% of the transaction value. However, if you use the exchange platform or the OTC desk of CoinSpot instead of the instant method, then the fee is 0.1%. Simply put, the fee is less enough for anyone who is new in the crypto space and willing to make their first investment in Bitcoin or any other cryptocurrency. But for any active day trader, at 1% it’s enough to eat into their profits of some trades.
#3. Payment methods
CoinSpot supports a wide range of payment methods. Bank transfer, POLi, PayID, Cash deposit, BPay, direct deposit – all popular methods are supported by the exchange, which makes depositing money much easier. In addition to that, you can also deposit your money without having to pay any fees (except in the case of a cash deposit or BPay, which incur a small amount of deposit fee). Unfortunately, despite all these payment methods, CoinSpot doesn’t support PayPal or Credit Card.
This is another area where CoinSpot is way ahead of the competition. Its ISO accredited cybersecurity standards and systems put in place make it one of the most secure cryptocurrency exchanges in the world. The exchange claims to be using bank-like security protocols and systems to ensure the safety of funds deposited by its users, and this claim also holds some weight because CoinSpot is compliant with Australia’s strict AML/CTF laws.
#5. Customer support
Finally, let’s discuss the customer support of CoinSpot. The company has provided almost every kind of option that one may need to get help if they get stuck somewhere in the usage of this exchange. There’s an elaborate FAQ section to assist people if they have any questions, and there’s also a dedicated support team that responds within 24 hrs to every query on any business day.
In a nutshell, CoinSpot is a robust crypto trading platform for anyone who is getting started in this game. Its intuitive UI, robust customer support and wide range of payment options make it easy for anyone to start trading crypto. Day-traders may find it slightly expensive for their requirements, but overall it’s a good choice for a majority of crypto traders and investors.