CoinSpot is a crypto currency exchange, initially focused on Bitcoin, but now supporting an impressive number of altcoins, including Ethereum, Dash, Litecoin, Ripple, Monero, NEM and more. Launched sometime in April 2014, the operation has always been exclusively Australia/New Zealand focused, promising its clients instant delivery and easy verification. Things have changed quite a bit in the world of crypto currencies since though, and nowadays CoinSpot looks a bit like an operation whose best days are behind it.
What exactly is it that CoinSpot offers though? The pitch made by the exchange is by no means too-good-to-be-true. It lets its users buy and sell Bitcoin and various altcoins for fiat currency and it promises them same-day bank withdrawals in Australia.
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The site operates under bank-level security and it offers a multi-coin wallet-service, with low transaction fees. Calling these fees low is obviously a subjective matter though: one of the main complaints regarding the services offered by CoinSpot is that its fees are way too high.
The site does not feature an About Us page, and learning anything about who is behind the operation is borderline impossible. From the About section of their Facebook page, we learned though that the actual address of the exchange is 114 William Street, Melbourne, Victoria, Australia.
From the Bitcointalk forums, we also learned that the person who launched the operation back in 2014 calls himself Russell. While Russell was around in the beginning, answering various questions asked by the community, he no longer seems to be active in the said Bitcointalk thread.
From the same thread, a virtual history of the operation unfolds. While the fees were high in the beginning, and while Russell did later address complaints, saying the fees had been adjusted, still, even in 2017 there have been complaints about this same problem.
Another shortcoming of the operation is related to support. According to complaints in the bitcointalk thread, while there had been decent support initially, later, it sort of receded to the point of non-existence.
Reddit has seen a fair amount of CoinSpot-related activity as well. The posts there mostly discussed the various altcoins as support for them was introduced at the exchange.
The registration information of the coinspot.com.au domain is public. The site was indeed registered by a certain Russell Wilson, but that’s about all the useful information that can be gleaned from there. Based on this, it can be assumed that there is no corporate entity behind the exchange, and that it may indeed be the pet project of this one person, which would explain the support-related shortcomings as he’s probably struggling to keep the operation properly staffed.
The Alexa rank of coinspot.com.au is a pretty decent 47.4k globally. Most of its traffic comes from Australia, where its Alexa rank is 687.
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CoinSpot Review Conclusion
CoinSpot seems like a legitimate crypto currency exchange, which appears to be somewhat neglected by its owner – especially lately. Its fees are still too high and while it supports an impressive number of altcoins, users are becoming disillusioned with the “limited” services that it brings to the table.
The site has many coins, but their market is for the Crypto ignorant and misinformed. They charge a massive fee, their buy and sell price is waaaay off from the actual market price. To make it all worse, the more you spend on a transaction the more they charge you because and I quote “o accommodate for the additional depth of orders necessary to complete the requested trade”
Definitely wouldn’t recommend it to anyone. Crypto is here to eliminate these bank hidden schemes and unfortunately sites like coinspot are corrupting the crypto market with similar schemes.
Terrible Spreads when trying to buy/sell and comparing to other live trading system prices.
The spreads are not consistent and vary a lot.
Obviously someone is making money here….
I do not recommend it if you want a reliable platform to trade it and see real time prices.
Staff cannot even explain how their pricing and spreads works… they only tell you that is complex and they use many pricing tools… yeah right…
They have no official documentation or a disclosure like a FSG- financial services guide where they explain the mechanism of their pricing and/or spreads.
Stay away from them in my honest opinion.
Coin Prices are not really good conversion rates USD vs AUD and higher than usual transfer fees. There are much cheaper alternatives for Australians and for most Alt Coins, you have no trading options. Not very good imo and I will stay away from it after using it for months. Binance, Huobi, Poloniex are much better.
—-Simpleton Thieves…—-STAY AWAY — BEWARE