Trading with Coinspot.com.auOctober 5, 2017
Following the initial setup review of coinspot.com.au, I’ve had the opportunity to trade about AUD$250 on the coinspot.com.au platform and as a result of about 2 weeks getting lucky on a number of dips, managed to turn that into about $490. After fees and other bs, I exited with about $470 odd dollars.
So this is the main trading window. Frankly, it’s spartan. It doesn’t allow changing the graph to shorter time frames, I like to work in 5min to 60min ranges at a minimum, faster if possible. Sadly, you cannot do it.
I’m not going to lie, it made trading difficult. You have to go long, in many respects. I’ve complained to coinspot.com.au but we’ll see if they do anything. For me, the biggest disappointment is the lack of heiken ashi candles.
Buying and selling coins is simple, as shown in the screenshot. It should be pretty self explanatory, you can choose whether you want to buy or sell in the cryptocurrency of your choosing or in Fiat. It makes it easy to convert (including fees) and get started.
Likewise, selling is the same process. When you sell, the money goes back into your ‘wallet’, aka your account. You can re-enter the market at a time of your choosing or you can cash out back to your bank account. At the time of writing, buying and selling came with a 0.9% fee.
Being able to put in buy and sell orders at a chosen crypto value is handy, in that you can somewhat set and forget (in one direction) knowing that assuming the value gets to where you want it, it will execute your chosen action (assuming there is a buy/sell order that matches). No, you cannot short, you cannot set stop loss and many other traditional expectations are at this stage, sadly missing.
Checking the open orders, you can see at a glance what the other users on coinspot.com.au are up to. Some humourous sell orders are there, for gargantuan amounts only able to be completed when bitcoin gets to the moon.
Completed orders is self explanatory.
At this point in time, there isn’t that much more to report. It’s a simple platform, and is missing alot of things that would be expected by seasoned traders. I think this is simply down to immaturity of the platform, and over time it will continue to improved. This seems to be the charm of the platform, if you’re a beginner, you can get your toes in the water without overwhelming complexity. Buy low and try to sell high. As the platform matures and gets more intricate, so can you, growing with it.
If you want to give it a go, head on over to coinspot.com.au and sign up!