Bitcoin Forum

Hi all,

I'm Russell and I founded www.coinspot.com.au.  We currently have a bunch of open buy orders for Bitcoin and it's free to sell your coins, if anyone is interested on finding out more let me know I'm happy to answer any questions.

Briefly
for sellers: It's free to sell, you'll get same day processing of withdrawals to Australian bank account
for buyers: You only pay a 1% commission, It's safe as we keep the funds and coins in escrow.

It's Australia and New Zealand only, sorry.

Regards,
Russ

Hi can you please contact support so that I can help get your issue sorted out.

Trade on Coinspot with CAUTION!

This is both a small review and an attempt to get in touch with the owner Russel.

Coinspot has reasonable liquidity for an Australian exchange, but less than BTC Markets and probably Independent Reserve. (Coinspot don’t provide stats). They have low fees 0.8% buy and 0.4% sell and up until now have been a reliable place to trade in Australia.
Personally for deposits POLi is a pain in the arse but others may like it, unfortunately they changed to only accept AUD deposits via POLi.


On a very frustrating and negative note, the support, particularly of recent has been very poor, practically non-existent.??? The support in the past has never been quick but it was frank and genuine.

I would consider myself a reasonable customer trading $40K+ this year, yet I have still been waiting now for three weeks for a response other than "I'll check for you maybe got stuck somewhere.”


It’s a shame I would have liked to build trust with this exchange.

After posting here and a couple of other places Russell quickly sorted things out for me.. Disappointing what it took to get a response from support.

So if you've got time and patience (like any one does in trading   :P)  this is still a fairly trustworthy place to trade in Aus

Just thought I'd put my review up so everyone can see the unprofessionalism used by Coinspots support team or Russel. I just started using their website so I encountered what I thought was a problem at the time.
I was direct and honest, I even said I like their website and that they have great functions. And their response was I'm "Bagging them out and impolite".

This is very rude and unprofessional. I have attached a link to the screenshot for everyone's convenience.

https://www.facebook.com/photo.php?fbid=10207892620542465&set=o.1413393022234893&type=3&theater

if every trade taker and maker can charge fee 1%
i think is not competitif exchanger site
majority exchanger site in fee trade under 0.1 - 0.3%
and several exchanger support in zero fee sample huobi and okcoin use pair yuan

Hi all, I wanted to leave an update on this one to ensure everyone that this issue was resolved by the support team and we now have one more happy customer!  

If anyone is interested learning more about the services we provide contact support via our website or on our facebook page and I'm happy to answer any questions.

Hi the details in this repost are several years old and our fee structure has moved on quite a bit since then.  We now offer near zero rates for volume traders and a brokerage service for anyone looking to quickly make a purchase.

If you are interested to find out more contact support via the site or our facebook page.

Anyone dealt with Coinspot lately? How long does it take support to respond?

I had a problem depositing money on Saturday and Russel replied withing about 10 minutes.

It's been a good experience through the whole process.

Update- Received a call for verification and account is approved now , regardless the whole process is bit slow

How long did it take you to receive verification after submitting in the end Esh777? Being patient but just after an idea.

@A$AP

2 days

As a fellow Australian, I'm happy to see movement in the local Bitcoin space. One question - Do we have to send in proof of identity? I'm not sure if Australia has a strict KYC policy, but if there is, that's an instant turn-off for me. I don't feel safe putting my personal information on the internet, open to fraud and misuse.

While this site looks promising I Could NOT recommend Coinspot. Once you look below the surface they offer a very limited service.  They can't get basics like two factor authentication working. Their website does not do currency conversions. They wont allow transfer of Ether to your wallet from another account. Until they fix these basics you are better off with a site like CoinBase or LocalBitcoins.
Edit:
Two factor authentication turned out to be a user error. This site is looking promising.

Site requires drivers license plus a photograph with a sheet of paper plus your face with a code on the paper.

Still not verified after 40 hours. Owner is responsive on Facebook messenger after a few hours. Will update this post when authenticated..

Edit : now authenticated. After 48 hours wait, contacted them on Facebook Messenger to ask if there was a problem. (I uploaded a PDF utility bill when they wanted jpg or png, which might have caused it, or they were just busy.)

Interesting, it's the first time I've used Poli payments - a system whereby this payment processer asks for your internet banking password in order to set up an EFT - feels 'wrong' but has been in operation for many years and enables CoinSpot to credit your account with them immediately. Still, would suggest not using this service with a bank that holds any significant sum just in case.

Hi all,

A lady called me yesterday to tell me that my account was verified and I can start buying coins. I bought coins worth $500 yesterday and initiated a transfer to my wallet which shows "failed" from the email that Coinspot sent me and "Pending" from their website. No response on my email that I logged with support. The automatic reply that I received after logging an issue with the support has incorrect link to the website ( It asks me to login again even if I am logged in already and even after trying the login Details it says incorrect ID and password while you are already logged in in another tab ! )

I also tried to ping the Coinspot on messenger from Facebook and they did not respond.

They do not have any phone number listed on their Website.

The name of the moderator just says "Russell" withought any other details.

I think have just been conned for $500 here . Guys please beware and DO NOT use this website until I get a solution of my issue right here .

Thanks for the reports. The does anyone recommend any other Aussie exchanges?

YOU ARE STEALING!!! YOU STATE THAT YOUR BANKING IS DONE ON TUESDAY NIGHTS!!!!! THEN 'WHY' WEREN'T MY FUNDS DEPOSITED INTO MY ACCOUNT!!! WHY ARE THEY STILL IN MY COINSPOT ACCOUNT!!!! YOUR SO CALLED COMPANY IS EXTREMELY UNPROFESSIONAL!!! NEVER ANY REPLIES!!! HAVE MESSAGED VIA FACEBOOK SO MANY TIMES AND NOTHING!! SORT THIS OUT NOW!!!!! OR I WILL TAKE THIS FURTHER!!!!!
WARNING TO EVERYONE, 'DONT DEAL WITH COINSPOT!!!'

Hi Russell are you there???

I am trying to join your site and they're telling me they won't accept a valid Australian passport as identification?

This is proposterous. I run a mining farm and was planning to recommend your service to my Australian customers but this is extremely frustrating! Plus they emailed me saying they tried to call 3 times but that's a load of crap I didn't receive one call.

Email is simenzie@hotmail.com please resolve this for me ASAP or I'll have to seriously reconsider transferring over to your site.

Thanks,
Simon.

Hi Russel.

As you would already know your fees are excessively high. Bittrex exchange charge a flat 0.25% commission for buying and selling.
Coinspot charges between 2 and 3% commission for buying and selling . And says the exact amount is written on each coins buy and sell pages. Which it is not.

So if I want to withdraw $100,000 you'll take $3000.00. and Bittrex will take $250.00.
And If I want to buy something now that is going to make me $100,000. Because of your higher fees. You'll cost me about 5 grand worth of coin because of the higher buying price. Then there's the selling fees. Which would put a 100,000 dollar profit down about 10,000.

Just so we are both clear on this?

I know this is an old topic, but I came across this and wanted to say how great a job Russ and the team have done in finally updating their spreads and margin on CoinSpot. I guess it goes to show you have to make some gains to get to a point where you can be more efficient and cut the margins; those fees have been reduced now to around 1% for most coins. Great job. I first started trading on Coinspot as a way to buy cryptocurrency in Australia (https://auscrypto.life/the-best-cryptocurrency-exchanges-in-australia/) when it started going nuts last year, and very happy to see that CoinSpot has only improved since then.

How is Coinspot (https://coinhubia.com/coinspot-review/) performing today as a crypto exchange?