Review on CoinSpot by Scott Grinceri
Beware of fees and price premiums
I do not recommend using this exchange for Australians unless you have some alt coins you need to sell. To deposit using bpay there is 1% fee, when buying and selling there is a 1%. However the worst part you purchase everything with price premium 5-10% higher than market value and then you sell it well under market value. You need a price turnaround of approx %20 to make any money.
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Pros
- Australians can purchase and sell on this platform
Cons
- Fees are too high and there is price premium on purchases
New products
Comments (2)
April 17, 2020
Dear Coinspot. I appreciate your response and I was possibly too harsh in my assessment. I am very pleased with the many features you have and especially your support center, prompt and helpful, you have good security features, bundle buying, swapping etc and as a standout you a have a huge array of Alt coins to buy. However I still think it prudent for anyone who is buying certain altcoins to be aware of the sometimes big difference in buy to sell prices in the instant buy sell features you have. If I get a chance to edit my star rating
April 17, 2020
Hi Scott,
Thank you for taking the time to provide your feedback.
We just wanted to reach out and clarify a few things.
While BPAY may incur 0.9% fee, we offer POLi and PayID which incur no fees and are instant.
Whilst there is a 1% fee on our Instant Buy & Sell feature, we offer a 0.1% via our Markets or OTC.
Additionally when trading via Instant Buy & Sell, you save on many costs involved with many international markets.
You can read more on our Help Centre article titled "Pricing FAQ". This may assist in shedding more light on the benefit of trading instantly through CoinSpot.
Thanks!
