CoinSpot has been at the forefront of blockchain transformation in Australia since 2013. Their concept? To provide a seamless service that covers everything a trader needs to buy, sell, and manage various cryptocurrency accounts.
Users can trade more than 360 cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Ripple XRP, Cardano, and Solana, to name a few. Recently, CoinSpot added NFTs and DeFi to their list of merchandise.
Let’s take a read of a CoinSpot review by Coin Culture.
Who is CoinSpot designed for?
CoinSpot is suitable for traders of all levels, although many experienced traders may find it a bit lacking in performance. It has a minimalist interface with excellent charting using an easy-to-use TradingView.
Depending on the type of order, users can set stop losses and stop limit orders, which is helpful in reducing risky trades.
Those who wish to trade at higher prices – SMSF and institutional investors, for example – have the knowledge of the dedicated SMSF team and the OTC trading desk (Over The Counter).
Is CoinSpot Safe?
CoinSpot is owned and operated by Casey Block Services Pty Ltd (ABN 19 619 574 186). It has been a Certified Digital Money Business and has been a member of Blockchain Australia since 2014. In addition to this, they are the only Australian-based crypto exchange licensed by ISO 27001 and regulated by AUSTRAC.
Notable trading tools
CoinSpot has many tools and trading options to choose from. Having said that, their approach seems to be focused and successful on the concept of careers. Compared to Binance’s popularity, CoinSpot is well-structured and relatively comparable.
Once your account is verified, you can buy and sell cryptocurrency instantly with many fiat deposit options, including POLI payments, PayID, BPAY, credit and debit cards. It is not the only Aussie exchange with the same list of account support options.
Users also gain access to stop losses, make a profit, and set limit orders where they can make the most of market opportunities.
With investments starting at 0.1% and no hidden costs, CoinSpot is one of the cheapest trading platforms for Australian traders. 1% payment applies to immediate purchase and sale. Take profits, stop losses, and emerging orders also attract a 1% penalty.
It is noteworthy that when you send digital money to an external fund, it will be used for normal bank transfers.
Why choose CoinSpot over a competitive trade?
With so many options to choose from, it can be hard to know what to use.
If you are looking for a seamless, affordable, and effective service that does what you want and goes out of your way, CoinSpot is the best option. The fact that it was made in Australia and is active will reassure others, especially those with any concerns.
However, it does not offer much other than trading coins, NFTs, and DeFi. If you are an advanced trader, CoinSpot does not have some of the most advanced tools and features you can find in Binance favour, like future trading and more.