Coinspot does not offer leverage on any of its crypto products. So if you are a US-investor and want to trade at CoinSpot, you’ll have to reconsider your choice of trading venue. Different exchanges have different trading views. CoinSpot prides itself as a leader in the digital currency industry, providing exceptional customer service and truly revolutionising the market in Australia by providing the first secure platform to trade on. Click on the “BUY/SELL” button at the top of the screen to be taken to the main trading area. It is best that you avoid using this feature, as a 1% trading fee is very expensive. Coinspot is a popular exchange that is based in Melbourne which provides a secure way to purchase crypto or other altcoins in Australia with a flat 1% trading fee. Once you have purchased your coins, click on Wallets from the top menu, then open the wallet that you wish you send coins from. Although the platform accepts real-world fiat deposits, this is only available to those based in Australia. In order to buy that house, you need to withdraw the funds. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. CryptoTaxCalculator has partnered with leading Australian cryptocurrency exchange CoinSpot, offering seamless integration between the two products.Being one of the earliest fully featured trading platforms that facilitate crypto to crypto transactions, it exciting for us to offer complete support for CoinSpot … After that, you can avail this information to speculate and earn from short term price movements of a coin. At this exchange, they don’t divide between takers and makers. And for a good while, Australians had limited options for reputable and secure exchanges to trade on. You should yourself determine which trading view that suits you the best. This is always helpful to users struggling with any issues. Once you’re on your main account dashboard, click on the orange text that says “ENABLE 2FA”. Trading on CoinSpot Placing an order on Coinspot. Watch Queue Queue Once you’ve set up 2FA, you’re now ready to deposit funds. Coinspot charges a trading fee of 0.1%. Your email address will not be published. We do like the fact that Coinspot verifies the identity of all of its users – regardless of what payment method is used. If not, click on “SEE ALL WALLETS” to see the complete list of supported coins. ADCA is not a regulatory authority, but the membership still shows some form of long term commitment to the adoption of blockchain technology. YouTube Verification process. This method also incurs other hidden fees due to the wide spread CoinSpot offer on their buy & sell pricing. Your experience on this site will be improved by allowing cookies. CoinSpot is a crypto trading veteran platform launched in 2013 in Melbourne that aims to make crypto investing and crypto purchases more accessible to both institutional and retail traders. The main drawback to using Coinspot for your cryptocurrency needs is that the exchange only accepts fiat deposits and withdrawals from Australian residents. Instagram. As noted earlier, Coinspot offers fiat currency deposits and withdrawals only to those based in Australia. If you’re an Australian resident, click on the ‘DEPOSIT AUD” button. This is because you are severely limited when it comes to depositing and withdrawing real-world funds. CoinSpot Fees CoinSpot Trading fees. You then need to link up the Authenticator app on your mobile phone with the Coinspot platform. CoinSpot provides a clean and simple experience with free instant deposit options, free AUD withdrawals & one clear fee of only 1% for instant trading (or 0.1% for market trading… This means that they can facilitate direct cryptocurrency trades for institutional investors. If trading remotely is your main priority, you’re best off using a platform like Coinbase, who now offers a dedicated Android and iOS application. Fiat trading is not available on the exchange. Eliminate slippage with lock-in pricing. Ultimately, we prefer cryptocurrency exchanges that are not only more inclusive to other countries, but in full receipt of regulatory licenses. Donations are extremely welcome. Twitter Although the platform advertises its ‘Coinspot Multicoin Wallet’, the wallet is actually nothing more than a web wallet. This will add an extra layer of security on your account, and help to keep your funds safe. If the Coinspot servers were hacked, your funds could be at risk. If you want to access the 'Instant Buy' feature, you'll pay 1%. CoinSpot OTC (Over-The-Counter) gives you direct access to a Professional Trading Broker that can assist you with all aspects of incorporating cryptocurrency into your portfolio. Ultimately, if you’re a non-Australian resident and you need to deposit funds with an everyday debit/credit card or e-wallet, then you’re best off using a more inclusive exchange like Coinbase. Although this step is not compulsory, you are advised to set-up two-factor authentication (2FA). There are two main ways to trade on CoinSpot's cryptocurrency exchange. Its users are allowed to do crypto-to-crypto trading as well as crypto-to-AUD trading. If you are determined to use Coinspot to buy coins, we would strongly recommend that you store them in a secure private wallet. This was when Binance didn’t have an Australian version of its exchange either. Step 1: Login to your CoinSpot account. And there is no “this overview is the best”-view. This trading platform offers wire transfer as a deposit method, but you can’t deposit via credit card. When you first register an account with Coinspot, you’ll need to deposit some funds. First, you need to specify the currency you intend to buy, as well as the amount in AUD you intend to pay. The main reasons for this are that Coinspot is unregulated, only accepts fiat deposits and withdrawals from Australians, and the fact that you can’t short cryptocurrencies. Founded in 2013, Coinspot is an Australian cryptocurrency exchange that supports over 100 cryptocurrencies. This video is unavailable. Trading fees are naturally very important. Buy, sell & swap cryptocurrency online. Alternatively, if you use the ‘Instant Buy’ service, which allows you to buy a cryptocurrency directly from Coinspot without needing to use the exchange, then you’ll pay 1%. BPAY payments are processed three times per day. When we made the comparison with Coinbase, we found that the platform is regulated on two fronts, they accept fiat deposits from a wide range of countries, and you can go both long and short on 15 cryptocurrencies. CoinSpot requires you to verify yourself before you can do anything, like other exchanges, and their requirements are seen by some as a little more stringent – you have to take a selfie of yourself with a piece of paper that basically says “my name is XXX and I want to open a CoinSpot account to trade BTC” along with your ID. CoinSpot was originally a Bitcoin-only exchange but as the number of cryptocurrencies was growing, so did their demand by crypto traders, prompting CoinSpot to extend its list of supported currencies. Moreover, although the Coinspot wallet offers 2FA, it doesn’t offer multi-sig logins. Coinspot offers a cryptocurrency trading platform for traders that want to buy and sell cryptocurrency that is suited to beginners and intermediate traders. Therefore, you’ll need to keep records of all your trades so you can calculate any capital gains or losses for your tax return. As wire transfers are permitted, this exchange qualifies as an “entry-level exchange”. Coinspot is also involved in the OTC (over-the-counter) space. Margin trading is not available. However, the main problem with Coinspot is that they are too focused on Australia. On the next page, you will be asked to enter your email address and to choose a strong password. The platform does not specifically make any mention regarding prohibited countries, which indicates that the exchange is accessible on a global basis. When choosing an exchange for trading, you should take into account how long it has been an active market player. Thank you! Use lock-in pricing to eliminate slippage and minimise the risks normally associated with high volume trading. There is no limit on how many trades you can make. 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