Coinspot is a cryptocurrency wallet and market place that allows you to trade, buy, sell, and store cryptocurrencies against Australian Dollars or other cryptocurrencies. This is one of the numerous currency wallets that have recently boomed with the popularity of cryptocurrency.
It is essentially a multi-cryptocurrency, trading-enabled wallet and the trading features are built directly into the wallet itself. They offer trade of about 47 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Dash – the major 4 in the market now.
Behind The Scenes
Coinspot is an Australian based cryptocurrency wallet that gives you the largest selection of blockchain asset choices in Australia.
The company was founded in 2013, soon after the cryptocurrency environment was born. It was founded with the idea to cater to the cryptocurrency market in Australia. It promotes a strong cryptocurrency-backing community with the purpose of strengthening the future of blockchain assets in Australia.
The Founder and Manager of the company is Mr. Russell Wilson.
Opening The Wallet
Coinspot is typically an easy to use cryptocurrency wallet. Perhaps that’s also one of the major advantages of the wallet; even a novice or a beginner in the cryptocurrency trading world can use the wallet.
You can buy a range of about 47 different blockchain assets in this wallet by just choosing the asset you want to buy or sell and clicking a simple button after choosing how much you want to buy or sell.
If you are buying or selling against AUD, this can also be selected. As you choose the amount of the selected cryptocurrency you want to trade, the wallet will display the amount required in AUD for the purchase. Simply click buy and pay with the payment mode of your choice.
While selling, you have the choice of converting your cryptocurrency to AUD and transferring it to your account.
The other choice you have here is to trade against other cryptocurrencies that the wallet supports and you can trade at the market prices in effect at the time of trading. The process is the same as trading with AUD.
The shopping feature in this wallet is very simple to use and you can choose to pay for your online purchases with the choice of cryptocurrency you have in the wallet.
All your transactions from this wallet are highly secure and you can keep track of every transaction that you have made here, be it trading or shopping related.
Why Choose Coinspot?
This wallet does provide some unique advantages if you want to trade in cryptocurrencies in Australia.
For one, this wallet gives the largest selection of cryptocurrencies in the Australian market. It does give you a lot of flexibility in terms of choice.
This is a mobile wallet, which means that you can shop and trade directly from your mobile device.
The wallet provides great security when it comes to the transactions that you make and while you shop online. It also gives you a safe place to store your cryptocurrencies. They have centralized validation and maintain medium-high anonymity.
One great feature of the wallet that comes up in every user feedback is the ease of use. Novice traders have found the wallet easy to use and friendly when it comes to the advice from customer support.
Although the transaction fees vary from time to time and coin to coin, there are no hidden charges, with fast, simple, and straightforward transactions.
AUD deposits against sales have also been found to be highly satisfactory and fast.
The mark-ups on the currency are sometimes high. This can eat up your profits if you do not trade wisely.
The response to the overall market price fluctuations is sometimes slow when you want to take advantage of currency price drop. You have to wait for the right time in Coinspot to buy Bitcoins or Litecoin at a market low.
If you are in Australia and are wondering whether it may be beneficial for you to use this particular wallet for you cryptocurrency trading, the answer has to be a resounding yes. For the beginner, this place is easy and you can wait for the right time to buy the cryptocurrency of your choice. The same goes for the seasoned trader.