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CoinSpot Australian Cryptocurrency Exchange Review

Discover the easiest way to buy cryptocurrency in Australia





Buying cryptocurrency can often seem complicated with many different trading websites and cryptocurrency exchanges available including some big names such as Poloniex and Bittrex, they can often seem complicated because they are designed for traders and if you are just getting started with cryptocurrency then they can be confusing.

CoinSpot is an Australian crypto-currency exchange that allows you to buy a whole range of cryptocurrencies using Australian Dollars, among them include Bitcoin, Litecoin, Etherium, among other altcoins including Digibyte, Pivx, Monaco, and many many more with over 80 different cryptocurrencies supported on thier platform.

The great thing about CoinSpot is that they make purchasing Cryptocurrency extremely easy to do, just select your currency, enter the amount you want in either AUD or the cryptocurrency of choice, and proceed to payment.

The site uses the POLI Payments system which gets you to log in with your bank account and while this seems very insecure and feels wrong to do, it's actually pretty safe and is backed by Australia Post.

CoinSpot also support BPay, PayID, and Cash deposits at participating newsagents.

While the site is extremely easy to use, I will just cover some of the cons about the site and some important information like the fees when purchasing.

ID and verification requirements


Signing up for CoinSpot requires you to supply and verify the following information:

  • Email address
  • Phone number
  • Australian Drivers License / Proof of age card
  • Photo of yourself holding a code provided by the website
CoinSpot staff will call you to verify your account so you do require a valid phone number but the process is very simple and the call is only about 2 minutes.

Fees

When purchasing cryptocurrency CoinSpot do charge a small fee when purchasing tokens, usually 1-3% of the price, and the fee is included in the price that you enter, so if you enter that you want to buy $20 worth of Digibyte, that includes the fee.

There is also a small fee when you withdraw your coins from your account and this is usually about 0.3 of your coin but again it varies by coin. You can see the most up-to-date information about CoinSpots fees here.

CoinSpot Security

One of the most important features of a cryptocurrency exchange is no doubt security, CoinSpot recently became the first exchange in Australia to become ISO 27001 certified which is kind of a big deal, this means that the website security features is compliant with international standards.

Is compliments coinspots existing security options with two factor authentication, the ability to disable withdrawals, setting a phishing phrase, and more.

Ready to get started?

If your ready to get started buying crypto currency with Australian Dollars then head over to CoinSpot to get yourself registered!



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