CoinSpot Review: Pros, Cons and How it Compares

Before you do anything else with CoinSpot, you've got to create an account. How does a new user get started on CoinSpot? Begin by visiting the website and clicking on the "Register" option at the top of the page.

From there, you'll fill in the details and select the "Create Account" option. After clicking on this button, you'll need to enter your email address and then verify it. Once the email verification process gets completed, you can log into your CoinSpot account and start depositing funds for transactions.

Once you've got a CoinSpot account, you gain access to exploring the website's many features. These include the ability to make deposits and withdraw funds. Of course, you can't do any of this until you've completed the CoinSpot verification process.

We've briefly talked about the necessity of email verification. But how do you verify your identity so that you take advantage of deposits of AUD 2,000 per day as well as withdrawals? You'll need to provide the following documentation:

• Full name
• Phone number
• Date of birth
• Residential address
• Selfie photograph holding up an ID document
• Copy of a valid passport or identification with proof of address

What else do you need to know about this process? It's a strict one. As a result, you must adhere to the checks and balances outlined in AML policies. 

This approach is a standard process that protects the crypto exchange from involvement in suspicious activity and money laundering. How long does this verification process take? CoinSpot will handle it in less than 24 hours. 

Once you've been thoroughly verified and approved, you can start performing buying and selling activities.

Users have multiple options when it comes to depositing funds into their Bitcoin accounts. What are the most popular choices? Consumers prefer the following means of depositing funds in their accounts:

• Direct deposit
• POLi
• PayID
• Bank transfer

Remember that when consumers use any of the payment methods listed above, they won't face trading fees. Besides these options, users may also use Cash and BPAY deposit methods. But you'll face a small cost for these choices. 

You should also note that each deposit method comes with various deposit limits per day and unique timeframes. 

What else do you need to know about CoinSpot? Unfortunately, the exchange doesn't provide any options for buying Bitcoin with a credit card. You won't be able to use PayPal or AfterPay, either.

For traders and investors using CoinSpot, you'll have access to technical charts for analysis. The interface is also equipped with trading tools such as technical patterns, indicators, and trend lines to analyze price action. 

A popular charting package, TradingView interfaces with CoinSpot. Users rave about these tools, and with good reason. They place the information you need right at your fingertips. 

But there's a caveat to all of this. You must remember that the drawing tools and indicators get removed each time you log out of the platform. So, if you want to save any of your charts, you'll need to do so as separate crypto charting websites.

After you've created an account with CoinSpot and been verified, you can immediately start buying and selling cryptos. To access these transaction capabilities, click on the "Buy/Sell" choice at the top of the page. 

You can buy and sell in more than 200 different coins as well as in AUD. Using the instant buy feature proves simple. If you'd like to buy Bitcoin, select the asset from the list. Next, you'll see an order entry box displayed where you can enter the amount of AUD you'd like to use to purchase Bitcoin.

You'll also note that the equivalent Bitcoin amount will be shown at the current market rate. That means seeing transaction details displayed along with the trading fees, providing investors with additional clarity.  

When you use the instant sell or buy option, you'll get charged a higher trading fee of one percent for convenience. You'll note this rate proves significantly higher compared to other crypto platforms in Australia.