The invention of Bitcoin and other Cryptocurrencies has led to the creation of Crypto Trading websites. Back then it was all about forex. Brokers are developing sites on cryptocurrencies until now you cant tell which is legit. Here we review site to establish their legitimacy.
Owner: Mr. Russell Wilson
Price: $50 deposit for cash deposits
Clients: Cryptocurrencies Traders
Overall rating: (2.4 / 5)
What the Heck is Coinspot?
Is Coinspot a Scam? Coinspot is an Australian based cryptocurrency wallet that gives you the largest selection of blockchain asset choices in Australia. The company was founded in 2013, soon after the cryptocurrency environment was born. It was founded with the idea to cater to the cryptocurrency market in Australia. It promotes a strong cryptocurrency-backing community with the purpose of strengthening the future of blockchain assets in Australia.
Coinspot is a cryptocurrency wallet and marketplace that allows you to trade, buy, sell, and store cryptocurrencies against Australian Dollars or other cryptocurrencies. This is one of the numerous currency wallets that have recently boomed with the popularity of cryptocurrency. It is essentially a multi-cryptocurrency, trading-enabled wallet and the trading features are built directly into the wallet itself. They offer a trade of about 47 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Dash – the major 4 in the market now.
CoinSpot does not provide what one would typically call a trading platform. The service has a convenient dashboard, which allows you to monitor your different wallets. It looks like seen in the picture.
Which cryptocurrencies can you buy/sell?
CoinSpot offers exceptional variety by any standards but especially compared to most Australian exchanges. It also tends to be very good about offering brand new coins as soon as they’re available, so investors can get in at ground level.
CoinSpot offers as many as 65 different cryptocurrencies. It’s hard to imagine a better exchange for anyone who wants to invest AUD into a diverse cryptocurrency portfolio, all in one place.
Which countries does CoinSpot support?
Currently, CoinSpot caters to the local Australian market only. Cryptocurrency is a borderless technology, but exchanges like CoinSpot are still subject to local laws and regulations. This can be both an advantage and a disadvantage.
Traders who want more flexibility might prefer a service that’s not subject to Australian law, but others might enjoy the peace of mind that comes from using a compliant exchange, and offers Australian-based customer service.
How Coinspot Works
Is Coinspot a Scam? Coinspot is typically an easy to use cryptocurrency wallet. Perhaps that’s also one of the major advantages of the wallet; even a novice or a beginner in the cryptocurrency trading world can use the wallet.
You can buy a range of about 47 different blockchain assets in this wallet by just choosing the asset you want to buy or sell and clicking a simple button after choosing how much you want to buy or sell.
If you are buying or selling against AUD, this can also be selected. As you choose the amount of the selected cryptocurrency you want to trade, the wallet will display the amount required in AUD for the purchase. Simply click buy and pay with the payment mode of your choice.
While selling, you have the choice of converting your cryptocurrency to AUD and transferring it to your account.
The other choice you have here is to trade against other cryptocurrencies that the wallet supports and you can trade at the market prices in effect at the time of trading. The process is the same as trading with AUD.
The shopping feature in this wallet is very simple to use and you can choose to pay for your online purchases with the choice of cryptocurrency you have in the wallet.
All your transactions from this wallet are highly secure and you can keep track of every transaction that you have made here, be it trading or shopping related. But with all this being said, there is always a bad side to everything.
Is Coinspot a Scam?
The mark-ups on the currency are sometimes high. This can eat up your profits if you do not trade wisely.The response to the overall market price fluctuations is sometimes slow when you want to take advantage of currency price drop. You have to wait for the right time in Coinspot to buy Bitcoins or Litecoin at a market low.
From the Bitcointalk forums, we also learned that the person who launched the operation back in 2014 calls himself Russell. While Russell was around in the beginning, answering various questions asked by the community, he no longer seems to be active in the said Bitcointalk thread.
CoinSpot seems like a legitimate cryptocurrency exchange, which appears to be somewhat neglected by its owner – especially lately. Its fees are still too high and while it supports an impressive number of altcoins, users are becoming disillusioned with the “limited” services that it brings to the table.
With the above information, I would not recommend coinspot to anyone. Not that it is fully scam but, the information available about coinspot is not sufficient enough to trust them. I would recommend that you look for a more reputable broker.
Is Coinspot a Scam? If you are in Australia and are wondering whether it may be beneficial for you to use this particular wallet for you cryptocurrency trading, the answer has to be a yes. But to us who are away from Austria, we will have to track a bit and source for a great Broker. Coinspot is not for us it seems to suit better those living in Austria.
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I wish you the best!
Crypto trader and blogger on: