Coinspot wallet review

Coinspot
Intuitive Ease of use,  Low Privacy,  Wallet platform Private Keys Stored

Coinspot is a digital multi-currency exchange and wallet platform in Australia. They offer a hot wallet for every coin they trade. It has an intuitive interface that makes it easy-to-use for all type of consumers. They offer a wide range of Cryptocurrencies and Australian dollar support.

Coinspot is a multi-Crypto wallet platform designed for all types of consumers and is easy to use. The consumer can use a bank account to deposit AUD and to withdraw without any fee. There are no monthly costs included. Currency exchange is peer-to-peer.

Company / organization behind the wallets

The company is based in Melbourne, Australia and it was founded by the former programmer Russell Wilson in 2013. His purpose was to enable anyone to enter the digital currency market by offering trustful and easy-to-use services. There have been no major issues reported with this platform.

Traditional Currency Support

  • Australian Dollar (AUD)

Language Support

  • English

Supported Systems

  • Windows
  • OSX
  • Linux
  • Android
  • iOS

Partners and integrated software

  • Poli Payments Systems

Coinspot has a strong user verification process. When the user wants to sign up, extensive personal information is required in accordance with AUSTRAC requirements. Transactions are available after full verification of the information provided. This is a server side wallet designed for easy accessibility and versatility. It is not recommended for saving large amounts of coin.

Summary:

Security
Low
2 Factor Authentication
Yes
Multi-Signature
No
Private Keys Stored On
Wallet platform
Storage Type
Hot storage
Transactions Validation
Centralized validation
Hierarchical Deterministic
No

What happens in the event of a disaster/theft/loss?

The user has a 'root key', 'recovery phrase' or 'word seed' that can be used to regenerate private keys.

Coinspot is designed for each type of user. After an involved process of verification, the platform offers several features. They also have an affiliate program and deliver moderate customer service. The user can buy, sell, send, spend or store digital currencies without too much hassle.

Summary:

Overall, Coinspot is a multi-currency platform where no special or technical skills are required. In accordance with Australian law they have a strong verification process and your account is not anonymous. Because it's a hot wallet, we recommend users to transfer their assets to cold storage for savings.

Ease of use
Intuitive
Suitable For
Millennials
Account activation process
Involved
Transaction fees
Dynamic Transaction fees
Setup fee
$0.00

Functionality:

  • Buy coins using bank account
  • Exchange coins crypto to crypto
  • Withdrawal funds to bank account

Coinspot is a multi-Crypto wallet platform designed for all types of consumers and is easy to use. The consumer can use a bank account to deposit AUD and to withdraw without any fee. There are no monthly costs included. Currency exchange is peer-to-peer.

The wallet platform has built the exchange function in their own software and manages it locally.

Help and
support:

  • FAQ section
  • Contact form

Personal information for activation account:

  • Name
  • Email Address
  • Phone Number
  • Passport/ID
  • Proof of address
  • Facebook
  • Verification photo

Most common
customer complaint:

sign up process is intrusive, slow customer support