Over the last couple of decades, fluctuations of common currencies that are controlled by central governments have prompted people to seek alternatives. From political regime changes to economic downturns, deposits in banks or even trading shares are no longer immune to regular changes. It is this uncertainty that has resulted in the emergence of cryptocurrencies. One of the best examples of cryptocurrencies is the CoinSpot. In this post, we bring you a complete review of CoinSpot.
What exactly is CoinSpot?
CoinSpot is a virtual currency that uses cryptography for security. The Cryptocurrency was founded in 2013 by Russel, an Australian software engineer. The main objective of coming up with CoinSpot was to remedy key shortcomings of the previous Cryptocurrency, Bitcoin.
Since Bitcoin was established in 2008, Russel became obsessed with cryptocurrencies and wanted to help the community to understand how they work. He was particularly driven by the ability of the Bitcoin to address the shockwaves that came with the 2007-2008 economic global recession.
Initially, Russel started CoinSpot as a free online wallet that soon grew as an important shopping point for other cryptocurrencies especially Bitcoin, Litecoin, and Dogecoin. However, CoinSpot runs into problems because of strict policies from PayPal for all Cryptocurrencies especially those on Bitcoin. This prompted Russel to start working on a full blown Cryptocurrency to bring the experience from prior cryptocurrencies to the new platform and make everything better for users.
Initially, CoinSpot was run as a sole proprietorship using Russel’s IT consulting license. Today, Russel indicates they are finishing the final company structure that will be used globally.
How does CoinSpot work?
Just like other cryptocurrencies, the first step of operating with CoinSpot is signing up an account with them. The user is required to go through several authentication stages that ensure they fully understand the rules of operating with CoinSpot.
To make the process more water tight from fraudsters, CoinSpot ensures that its support staff makes a direct call for all the users. With your identity fully verified, you can now start running the account by making deposits from your Australian bank, and trading on assets of choice.
The main features of CoinSpot
The moment Russel started running CoinSpot as an independent Cryptocurrency, one thing became clear; he was working against other established giants such as Bitcoin. To make CoinSpot more attractive, CoinSpot comes with more features that make it easy to trade and achieve personal targets. Here are the main CoinSpot features.
Support for multicurrency
When compared with other cryptocurrencies, this is perhaps the most outstanding feature. The multiple currency features allow CoinSpot users to select the preferred currency to enhance personal trading efficiency. The Cryptocurrency further allows its traders to directly link with their bank accounts in top Aussie banks via the Poli system. This was a surprise pull by Russel on other bigger cryptocurrencies. If a user’s bank is in the Poli system, it means that one can easily load the CoinSpot from any place in the globe conveniently using a mobile phone.
The affiliate program
The affiliate program is a unique feature in CoinSpot that targets enhancing customer satisfaction and growing the customer base. Instead of splashing a lot of cash on marketing programs, CoinSpot uses the affiliate program to reward its users who refer new clients. Once you refer a new client and he starts trading, a commission based on their profits will always be sent to your account. So effective is the affiliate referral program that some clients are assured of the monthly income of over $5000 without trading in their CoinSpot accounts.
The USB safe
While other cryptocurrencies strictly insist that their currencies can only be stored in their systems, CoinSpot operates differently. Users are allowed to store their digital currencies store in USB key with all details on saving, use, spending, and security. More people have found the USB safe a great feature because it helps them understand cryptocurrencies and start trading successfully in others such as Bitcoin and Litecoin.
Decentralized assets for users
When users join CoinSpot, they are interested in trading on coin differences. For newbies, this can be an uphill task as they try understanding the full operations of the Cryptocurrency. In fact, even pro traders at times find it difficult to run cryptocurrencies. To help users, CoinSpot provides users with the most traded assets so that they can decide whether to trade in Silver or DGEX among others.
CoinSpot is ideal for mobile users
While other cryptocurrencies have had difficulties linking their operations with mobile platforms without compromising personal security, CoinSpot allows users to operate from any place on their mobile phones. This has made it possible to trade even when away from the desktop. This is one of the reasons making CoinSpot popularity to grow very fast.
CoinSpot integrates well with top e-commerce systems
While other cryptocurrencies insist so much on secrecy and rarely want to get integrated with other systems that can identify clients, CoinSpot can be used for online shopping without compromising users’ security.
A highly effective funds management system
When trading in cryptocurrencies, just like ordinary shares, it is prudent to have the right funds management. CoinSpot helps users to track their operations, habits and even spending so that they can maintain absolute control of their accounts.
Main disadvantages of using CoinSpot
You are not allowed to receive cash outside the recommended wallets
Limitations on the movement of cash to a few online wallets particularly Poli requires users to follow very lengthy procedures that end up being very expensive. Note that CoinSpot limitations are only on cash getting in and not moving funds outside the system.
CoinSpot operates as a private business as opposed to a registered company
The founder of CoinSpot indicates that they are still working on the structures that should be used to run the Cryptocurrency. This has created fears about the legitimacy of the operations and even scared some of the people interested in joining its system.
There is great limitation on cryptocurrencies one can trade in
When users join CoinSpot, the target is being able to trade in top currencies. Though CoinSpot allows users to trade on some currencies, they charge a premium for top ones such as BitCoin. This fee has been a great discouragement that at times even scares traders away.
Security, Software Info and Is Coinspot safe to buy from?
100%. I’ve been buying most of my crypto from Coinspot and haven’t had any problems. CoinSpot operates in a stable regulatory environment with bank level security.
How much are Coinspot’s fees?
The fee for buying and selling coins for AUD is between 2% to 3% depending on the coin, the exact rate is listed on the buy and sell page for each coin. When trading between coins the fee is 1%.