What is the best way to get started with cryptocurrencies? This is a question that people with interest in the cryptocurrency keep asking. The answer is picking the right cryptocurrency wallet. One of the best of these crypto wallets is CoinSpot. This is an Australian based multi-currency exchange and wallet for sending, receiving, and trading cryptocurrencies.
At a time when everyone is considering the blockchain technology to do almost everything, your success or failure depends on the selected wallet. Indeed, a lot of scams have hit the fast-evolving crypto world as fraudsters target stealing from unsuspecting users. To avoid falling into these nefarious scammers, consider going for great pieces we bring you in this space. One of them is the CoinSpot. In this review, we focus on how the wallet works, its key features, and major pros of using it.
How does CoinSpot work?
Using CoinSpot is relatively easy compared to other crypto wallets. Simply visit their website and provide personal details. The wallet will also require you to authenticate the details using an ID or driver’s license. More importantly, they require a user’s phone number which they call to confirm all the details.
Once you get a phone call from the CoinSpot team and everything is confirmed, it is time to start using the rich features. You can deposit cash, convert fiat currencies to preferred cryptocurrency asset, and trade on the exchange.
The wallet works by storing your private keys and public address. These are the most important components that point to the stored crypto assets. Every time that you want to make a transaction, the password you created at startup and address will be required. The private key should never be revealed to any other person. It is only known to you and the wallet.
The main features of CoinSpot
CoinSpot remains outstanding because of the following unique features.
CoinSpot design targets helping users to operate safely when sending or making transactions. The USBSafe is a unique feature that allows users to store their private keys offline. Therefore, you will have total control of the keys and prevent them from getting stolen or lost.
Great customer support
Since they entered the market, the CoinSpot team has created a very elaborate customer support to assist users address issues arising from wallet’s use. Whether you get stuck at the signup stage, sending cash, or in the exchange, you can do the team an email, visit their social media pages, or call directly.
The affiliate program
The CoinSpot’s affiliate program is crafted to help users make more and attract more users to the wallet. Users are encouraged to introduce their friends, recommend the wallet, and even use personal networks to get new users. They are rewarded with a small percentage of what the new entrants make.
A vibrant exchange with progressive metrics
For those who want to trade in different cryptocurrencies, CoinSpot allows them to follow over 47 cryptos in the market today. This makes it one of the wallets that support largest crypto assets in the blockchain world today.
To allow users to trade in different cryptos seamlessly, CoinSpot also works as an exchange. This feature provides regular metrics especially performance of different crypto assets in the market. Whether you want to trade in DASH or Ethereum Classic, there is no need to start guessing. Simply check the progress of every asset for the last 30 days to make a more informed decision.
Major pros of CoinSpot
The wallet operates within the Australian legal framework
Over the last few years, many governments have been struggling to set up frameworks on legislating cryptocurrency operations. In China, the crypto exchanges have been closed severally. But CoinSpot has been structured in line with the Aussie’s financial framework. This means that you are free from scammers and funds in the system are safe.
The wallet allows users to work with multiple cryptocurrencies
Whether you prefer working with Bitcoin of the more aggressive IOTA, the wallet makes it very easy. By supporting over 47 cryptocurrencies, it is very easy to shift to the more profitable cryptos. For example, when China recently blocked Bitcoin and made its price to fall sharply, traders on CoinSpot only needed to shift to other better-performing assets.
The wallet is very easy to use
The main target of the CoinSpot team is helping to make the blockchain technology an everyday application. They help to promote this by making the registration process short, easy, and convenient. You only need to provide personal details and confirm them with Australian ID and phone number.
Great funds management system
Just like a personal bank account, the CoinSpot has an inbuilt funds management system. It allows users to track their spending habits to manage finances well. You can even set the wallet to send direct notifications when spending hits a specific point.
The wallet is available for both mobile and desktop users
While getting into the cryptocurrency world is fancy enough, those who join never want to miss an opportunity to trade in the latest crypto asset or take advantage of a new opportunity such as the recent Bitcoin fork. To anchor this focus, the CoinSpot wallet is both a desktop and mobile friendly. No matter where you are, simply open the app on the phone and start trading.
The key disadvantages of using CoinSpot
- The system is specifically designed for Australia. If you are not from Australia, it is very difficult to use CoinSpot.
- The wallet is highly centralized in managing the keys and users’ funds. This is a deviation from the common cryptocurrencies’ core principle of being fully decentralized.
- CoinSpot only allows users to deposit funds from very limited sources. This means that you must have an Australian bank account to make deposits. However, payment to other accounts is not limited.
Security, Software Info and Is Coinspot safe to buy from?
100%. I’ve been buying most of my crypto from Coinspot and haven’t had any problems. CoinSpot operates in a stable regulatory environment with bank level security.
How much are Coinspot’s fees?
The fee for buying and selling coins for AUD is between 2% to 3% depending on the coin, the exact rate is listed on the buy and sell page for each coin. When trading between coins the fee is 1%.
Is Coinspot worth joining?
Long answer short, definitely yes. Coinspot has an excellent product with a great selection of coins, features and security.
The final take
CoinSpot has over the years won a lot of trust from people because it operates within the law, connects people to their banks, and makes it possible to spend crypto coins in the conventional markets. Though it is only limited to the Australian market, there is no doubt that its future is really bright. However, we strongly recommend that people consider having one or two other wallets especially if you target trading on cryptos outside Australia.