CoinSpot has been around since 2013 and has never been hacked, and it maintains industry best-practice by storing the vast majority of cryptocurrency in highly secure cold storage.
CoinSpot maintains industry best-practice by securing a vast majority of assets in highly secure offline locations. The platform also offers customisable account security settings such as Two-Factor Authentication (2FA), custom withdrawal restrictions, and session timeout limit settings to improve account security.
CoinSpot's free multicoin wallet provides your very own wallet address for every asset on the CoinSpot exchange. Simply go to the Receive section of your desired wallet where you will find the Generate Deposit Address button.
CoinSpot uses a multi cryptocurrency wallet system meaning they provide a wallet for each and every crypto asset they offer and use bank-level security meaning the risk of a hack is low.
Upon inputting a 2FA code, victims see redirects to the official CoinSpot website, which helps hackers limit suspicion. Afterwards, attackers can apply the account credentials to a legitimate login page and can take control over a victim's account. Attackers have been observed taking over accounts in real-time.
Never give your 2FA code, user name and password or sensitive information to someone on the phone or via email. CoinSpot will never request these details over the phone or via email. Store coins and tokens in your own private cold storage device. Do not send coins and tokens to any individual you do not 100% trust.
Just by creating your CoinSpot account you will automatically be given your own unique wallet where you can store your Secret for free. If you are holding Secret as a long term investment, you can utilise a cold storage wallet and send your coins there from your CoinSpot account.
AUD withdrawals are FREE. CoinSpot does not charge any fees to withdraw your AUD to your nominated Australian bank account. There is also no minimum or maximum withdrawal amount.
CoinSpot Fees
Clear & simple fees with no hidden costs anywhere. Australia's lowest fees from 0.1%. Multiple trade options to suit your needs.
Easily buy and sell a wide range of cryptocurrencies, with fees as low as 0.1%.
CoinSpot PTY LTD is also a registered company under ASIC. The founder of CoinSpot is named Russell Wilson who has amassed an incredible net worth due to being the only owner of the business.
Do you own your keys on CoinSpot? No, CoinSpot is a centralised exchange and so you won't own your keys. Only non-custodial and decentralised exchanges give users ownership of their keys.
Hot wallets are extremely accessible and fast due to their internet connectivity, for example your CoinSpot account. Hot wallets like exchanges or other applications normally have high levels of security and provide a greater level of convenience.
Conclusion: In conclusion, keeping your cryptocurrency on an exchange is the least safe option. It is recommended that you store your cryptocurrency in a hardware wallet or a cold wallet. These wallets are offline and offer better security for your cryptocurrencies.
How do I set a Stop Loss Order for Bitcoin? Select the price (Trigger) you would like to sell your Bitcoin if the market rate falls. Enter the quantity you would like to sell if the market rate falls to your selected price. Click 'Set Stop Loss' to confirm your BTC Stop Loss and your order will be created.
There is no limit on how many trades can be made!
Summary: CoinSpot is considered one of the most expensive crypto platforms in Australia due to its 1% instant trading fee and wide spreads of up to 2% on digital assets.
Fees for CoinSpot Deposits
Deposits made through POLi, PayID, or Direct Deposit (via OSKO) are free of charge. Meanwhile, BPAY deposits will be subject to a 0.9% deposit fee (which is charged by the provider, not CoinSpot), and physical cash deposits at Blueshyft locations will be charged a 2.5% deposit fee.
As for deposit and withdrawal fees, CoinSpot does not charge any fees to withdraw AUD. For crypto withdrawals, CoinSpot will charge anywhere between 0.0003 - 0.001%.
The first withdrawal may take up to one business day, after this you can look forward to near instant AUD withdrawals directly to your bank account. At CoinSpot we understand that the ability to easily deposit and withdraw funds is essential for any trader, and we strive to make the process as seamless as possible.
Withdrawing AUD has been made easy using the CoinSpot Mobile App! CoinSpot features the use of instant AUD liquidity, which can then be withdrawn directly to your chosen Australian Bank Account! We also offer this through the CoinSpot Website.
The fee for our Instant Buy and Sell is always a fee of 1%. This fee is higher than our Market option however it provides Instant liquidity at a confirmed price. Stop Loss, Take Profit, Buy Stop and Buy Limit Orders via our Instant Buy/Sell pages allow you to execute your custom trade also at a 1% fee per trade.
Cold storage (or offline wallets) is one of the safest methods for holding bitcoin, as these wallets are not accessible via the internet, but hot wallets are still convenient for some users.
CoinSpot now has over 2 Million customers!
Thank you to each and every one of our two million users, we appreciate you for your ongoing support!
A cold wallet is a type of cryptocurrency wallet that securely stores your private crypto keys offline, usually on a physical device. It's also known as a hardware wallet, and it protects your digital crypto assets from online hackers by using a flash drive-like device that isn't connected to the internet.