Should you happen to be a crypto investor, speculator or trader from Australia then you may have heard of CoinSpot, the Australian based cryptocurrency exchange. It is undoubtedly one of the most used Bitcoin/crypto exchanges within Australia and they seem to be doing a lot to please their users. Let’s jump in and take a closer gander at CoinSpot in this article.
So, Tell Me What CoinSpot Is?
CoinSpot is very simply, a place to purchase and sell off a large amount of cryptocurrencies with fiat money (for example, Australian dollars). You basically transfer in your Australian dollars, select the coin you want to buy and then buy it, all within a few clicks of the mouse button.
See the CoinSpot Review 2018 - Australian Cryptocurrency Exchange page to read more about it.
They do have a bit more of an advanced section where you can trade cryptos like you would on a ‘normal’ exchange, but I would only recommend using that type of exchange if you really know what you are doing. That type of exchange is also a bit slower, because if you submit a price that you wish to sell your coin for, you will need to wait for someone to come along and buy the coin for that price - this could be days or weeks, depending on how the market is performing at that present time. The same can also be said for buying your coins.
The exchange just recently completed an overhaul of the site, soon they will be adding more features to become more of an advanced trading platform and also offer new things like OTC (over the counter) trading. This is where large buyers or sellers can trade large amounts of coins off of the public markets.
Why Should You Use the CoinSpot Exchange?
Quite simply: it’s so god damn easy to use! Once you have signed up and gotten yourself verified (which can take a couple of hours - maybe a little bit longer if it’s the weekend or an absurdly late time of the night), you can then instantly transfer in your Aussie dollars using their POLi pay service and then start buying your Bitcoin and other cryptocurrencies! It literally couldn’t be more simple and is by far the easiest exchange that I have ever used. Trust me, I’ve used a lot.
Not only is it incredibly easy to use, they also abide by all Australian laws and regulations so you know that CoinSpot is a legitimate company.
Another awesome thing about this exchange is the sheer number of altcoins that they have available, they currently have more than 100 and they seem to add more and more each week (which isn’t exactly helping my crypto addiction - I kid).
Is CoinSpot Safe?
In my experience, yes - CoinSpot is extremely safe. They have never been hacked or anything like that. On top of that, they offer 2 factor authentication so you know that your account is safe and no one can access it unless they have access to your mobile phone as well.
It is said that they keep a lot of users funds kept in cold storage as well - which is exactly where you want them.
Overall, CoinSpot is an awesome, quick and simple way to get started with cryptocurrencies. The exchange has everything you would need if you’re just looking to buy a few coins and not do much trading (which would be correct for most people).
The future looks bright for this Australian exchange.