Coinspot – Crypto broker: reviews
Coinspot is a modest Australian crypto broker. In this instance, it doesn’t only mean that it was started in Australia – it’s pretty much only in Australia. This factor, of course, could diminish the number of reviews, but it somehow didn’t.
Well, it is a fairly known platform in Australia, and it seems to have some popularity outside of the continent, probably for its technical side. The bottom line is – despite traffic shortages, there are tons of reviews on Coinspot.
Let that sink in – the platform occupies its niche in the Australian trading space. If you like the features it has, you can certainly give it a try (and there’s a lot to give a try to). But really, there are platform where you could trade with more comfort. Let’s see what Coinspot has to offer.
What is Coinspot?
Coinspot has been around in Australia since 2013, and it doesn’t seem like it tried to venture out of Australia to other markets. It shows, for instance, in the currency choice. It seems that you can only trade in Australian dollars. At any rate, there’s no clear way to change to American dollars or any other currency.
In terms of cryptocurrency, however, Coinspot gives a large variety to pick from. There are about a hundred of possible currencies, including the titans like:
- Bitcoin
- Ethereum
- Litecoin
- Bitcoin Cash
- Maker
- Bitcoin SV
- Compound
It’s just a tip of an iceberg, however. Coinspot gives you an opportunity to buy and sell any of them for AUD or swap them for one another. It’s that simple. The simplicity may be taken as a sign of being new and untapped, but it’s far from that.
Coinspot is simple by design. It’s the type of extreme simplicity, wherein you don’t even see any trading slang. Even a child could understand how Coinspot works. This approach is also represented in the list of core values that company shows on home page:
- CS is designed to suit both the beginners and the experienced traders;
- The buying and selling speeds are near instant;
- High-level security
Let’s see how well the company lives up to these principles.
The ranking
The worldwide review aggregators don’t feature too many of the reviews about CS. However, the Australian mirrors of said websites are filled to the brim by mostly positive reviews.
For instance, au.trustpilot.com features almost 300 reviews, and the median rating from them all is 4.6/5 – one of the highest ratings on the trading market.
Why is it so great? Let’s see what Australians liked about this platform.
The advantages
There is a lot, actually. You can only pick a few reoccurring benefits praised in the reviews.
The website is easy to navigate. It’s easy to both set up the account on this website and use it in your everyday business. You don’t need any additional systems to buy or sell here. All you need to do is visit the website, click a few buttons and rip the benefits (or, otherwise, lose terribly, but it’s up to you).
It’s especially benevolent to the beginners, who can’t praise the platform enough. As mentioned, the platform is easy. You can attribute it to the simplistic interface or design, but it definitely helps.
The exchange speed is incredible. When you need to buy any currency at all, the process takes almost no time, it’s near instant. They say it on the front page, but a lot of other brokers say similar things, and it rarely turn out true. In case with Coinspot, however, it’s 100% genuine.
It’s probably one of the reasons why people even outside of Australia come to trade on this platform, instant exchange is a rare feature. But there’s an explanation to it.
CS is a broker. You can frequently witness crypto exchanges be called broker (for simplicity), but they aren’t. Brokers can trade you their own supply of currency, but they also do it for higher fees. It’s exactly what Coinspot does.
The service isn’t bad. The support is fairly professional and quick to help you with your issues. There aren’t a lot of issues as it is – the website is extremely simple. Therefore, you don’t contact them too often for this reason. However, you can contact them to ask a few questions, especially since there are several dubious subjects to talk about.
The disadvantages
Even such seemingly great platforms as Coinspot have their downsides. There are two major disadvantages of working with them.
The fees and spreads are unbelievable high. Coinspot, being a broker, is very interesting in getting profit any way possible. The main topic of complaints (completely overshadowed by the positive reviews) is high fees. The platform is very expensive to work with.
Every minor and major action (including, but not limited to: depositing, withdrawing, buying, selling, etc) is charged a portion of the money involved. Not to mention the spread difference, one the highest on the market.
Verification can be lengthy. Like any other security-obsessed platform, Coinspot insists you thoroughly verify your persona before trading on their platform. Despite being an ‘easy-to-use’ platform, it can take a while before you can actively participate.
In conclusion
Different aggregators are flooded with positive reviews about Coinspot. It’s suspicious, however. 4.6 is too high a rating for the website that rips its users off in every way possible.
Going through Reddit reviews, you get somewhat of a clearer picture: the website is legitimate and comfortable, but it’s not perfect – far from what reviewers on the popular websites try to tell you, if these reviewers are even impartial.