Ray takes a look at Coinspot.com.auSeptember 22, 2017
Account Sign Up and Verification
We’ve been looking around for exchanges, especially ones that are Australian specific. Recently I signed up to coinspot.com.au and thought I would report on my findings. Firstly, the sign up process is relatively painless, but it was when I commence the verification of the account that things got a little interesting.
From my experience of signing up to various exchanges; coinspot.com.au enforces a level of security and verification that others seem to seldom do. Verifying your email, phone number and even Facebook account are simple enough, just enter your details and commence verify – and then enter in the response codes as they arrive via email or SMS etc.
The next steps were a different story
Taking screenshots of a recent bill along side a photo of my license and verification photo; the verification process kept rejecting. I was submitting the documents one at a time. The rejection notice wasn’t clear as to what was going on. After a few attempts I logged a call with the support desk who promptly replied. I discovered you need to submit them altogether and they must all pass; or you need to submit the verification photo first and then the other two. A trick for young players. I submitted them all together and it went through.
Shortly after the verification was approved, I was greeted with a pleasant phone call from a coinspot.com.au representative who rang to confirm my identity, ask some questions pertinent to my account and complete the verification process. As someone who works in IT Security; I found this attention to detail from a security perspective very reassuring. I posed a few questions which the representative answered and the process was completed.
As eluded to earlier I have some significant experience in IT Security; while not a CISSP or security expert by qualification, I have spent considerable time hardening environments, conducting audits, enforcing policies and developing hacking countermeasures as well as responding to breaches over my two decade IT Career. For me all additional security is important.
Already using the Google Authenticator on my phone for other applications, it was a natural progression for me to use it for coinspot.com.au since it is offered. Once installed on your phone, you can use it for 2 factor authentication with your coinspot.com.au account, further enhancing your security and validating your activities.
Buying and selling Cryptocurrencies
The buying process is relatively straight forward. It’s what you expect. Put in your bank account details; and get started. My initial deposit limit has been $2000AUD per 24 Hours. Selling off and cashing out is a similar matter. Just transfer out what you wish and the transfer to your saved bank account begins immediately.
I’ve been purchasing via coinbase.com however; as the rates seem better to buy in – and then transferring the money to coinspot.com.au via QR Code and straight into the wallet. The transfers seem to take between 1-30 minutes to fully verify; though sometimes it’s been a little longer. Keep this in mind.
At the time of writing this; these currencies are available: Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dash, Litecoin, NEM, IOTA, Monero, Ethereum Classic, Neo (AntShares), Omise, Lisk, Qtum, Zcash, Tether, Stratis, Waves, Ark, Steem, Bytecoin, MaidSafeCoin, TenX, Basic Attention Token, Golem, EOS, Augur, Stellar, PIVX, Metal, Factom, Siacoin, Ardor, Civic, DigiByte, Nexus, GameCredits, Dogecoin, Verge, Monaco, FunFair, Nxt, Bitquence, Rise, Peercoin, Reddcoin, Safe Exchange Coin, LBRY Credits.
For those wishing to trade cryptocurrency, coinspot.com.au provides a simple trading platform as well.
Simply choose the parameters for your buy in, either in BTC or the value of in AUD. Somewhat set an forget, you can opt to put in your buy order in the queue at the specific buy price you wish. When the market gets there, assuming your order is processed in time, your order will execute. You can create a pegged order and beat others to the mark and get the best price also. You can read more about that here: https://www.coinspot.com.au/blog/Be-the-bitcoin-market-maker-pegged-orders. Like wise on the sell, just set your sell parameters. Again you are at the mercy of the queue; but this is one way to ensure you sell at the price you want, or as close to it.
We’re just starting out with coinspot.com.au and frankly for the most part I like their platform. The security seems adequate, the interface is clean and there is a wide variety of choices for different alt-coins. It’s simple enough to understand how to drive it, but be mindful of the headaches I experienced in sign up. Fast and secure transactions back and forward with fiat is good, as well as having a local company that is abiding by Australian Law is a plus for Aussies entering this market.