Australian cryptocurrency exchange services provider that facilitates fiat currency to crypto trade. CoinSpot was established in Melbourne, Australia in the year 2013. The broker is not regulated because the Australian government still figuring out the framework. A standard account is offered without leverages but the commission is applied. The reviews about this broker are mixed type. However, we will provide you with the ultimate one-stop knowledge about it in this CoinSpot review.
The company called Casey Block Services PTY LTD is the owner of this broker. The official address provided is Melbourne based and it is a member of the Australian Digital Commerce Association. As said before the Australian government is currently working to develop a regulatory framework for cryptocurrency brokers so the broker is not regulated yet. There are over 30 crypto coins are offered for trading. The initial purchase volume for the first day is $2000 and after 7 days it can be $10000. The company fails to provide which fiat currency it accepts but considering its Australian nature we can say that the AUD is accepted. CoinSpot does not support leveraged trading. This offer will turn down many traders. The fee structure of CoinSpot is very clearly defined. Commission on Bitcoin exchange is 2% and for alternative coins, it is 3% against Australian Dollars. Also, 1% is charged for crypto to crypto exchange. However, this is quite high considering cryptocurrencies volatile nature. A simple dashboard is offered as a trading platform. It provides a simple order entry form and shows an estimate in terms of AUD. It also offers a chart for crypto coins value ups and downs. Payment is performed by POLi Payments, Bpay, and others. Bpay has 2% processing fees and 3% for cash payment. The broker also features support to many electronic wallets to store coins.
Is CoinSpot scam or legit?
The broker is not regulated yet and it is worrying fact. The leverage trading is absent and spreads are high. It also applies several commission on each transaction. MetaTrader is not available instead a simple dashboard. The broker has it’s services designed around Australian traders. Therefore we call CoinSpot a potential scam cryptocurrency broker. The cryptocurrency trading market is unregulated in most of the parts of the world and traders must be alert while trading.