CoinLoft.com.au is an online exchange available to those residing within the Australian demographic. Brought into existence by Kim Beveridge of Rhino Loft Pty. Ltd. in 2013, CoinLoft has rendered crypto exchange services for Australian citizens with a straightforward business model. Unlike most Bitcoin exchanges that materialize into existence, CoinLoft has not endured exponential growth in popularity and to this day still remains a relatively unknown exchange among the cryptocurrency community.
The aim of today’s unbiased review is to provide investors with insight into the operational components of CoinLoft while laying out any discrepancies that may hinder a satisfactory investor experience. Swift through the valuable information disclosed to you to learn whether or not CoinLoft is an exchange worthy of your time and capital.
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About CoinLoft
CoinLoft provides Australians with a quick and efficient way for purchasing Bitcoin. Incepted in 2013, CoinLoft operates in accordance with the Australian Digital Commerce Association as a one-stop exchange for all Australians over the age of 18. While most crypto exchanges are one dimensional and only offer investors the ability to purchase bitcoins, investors are granted the opportunity of purchasing Ethereum through CoinLoft.
CoinLoft is owned and operated by a private limited company known as Rhino Loft Pty. Ltd. Found under ABN# 74 155 153 530 through the Australian Business Register, it appears that this corporate entity has been authenticated for nearly half a decade. Furthermore, Rhino Loft Pty. Ltd. appears to be an ASIC regulated corporation, although that doesn’t verify that CoinLoft.com.au is operating under regulatory supervision.
How does CoinLoft Work?
In the past, interested investors could utilize the CoinLoft platform without need of creating an account. However, to increase investor safety and to better verify that only ethical business practices are being pursued on their site, CoinLoft requires investors to create and verify an account before filing for withdrawal. While the site does promote and appear to offer competitive exchange rates, a heavy 5% commission fee is added for each transaction conducted through CoinLoft.
CoinLoft currently accepts 4 different payment methods which range from Flexepin, NewsAgent, POLi transfers and cash deposits through supported bank branches. The minimum exchange value accepted is $20, while the maximum allowed within a 24-hour period is $5,000. Although CoinLoft does integrate heavy service fees, their platforms rates are extremely competitive, while all payments are handled promptly through tax invoices developed by CoinLoft’s financial department.
Question Marks and Red Flags
Backed by a corporate entity that is operating in accordance with ADCA and ASIC regulatory policies is a rare discovery these days in the crypto realm. The fact that CoinLoft is operating in satisfactory compliance with these entities has limited the number of red flags or question marks regarding this exchange site. While the heavy transaction fees are questionable, every other component to date appears to be authentic.
Popularity
CoinLoft.com.au is not a reputable exchange portal and reflects a poor SimilarWeb global rank of 1,233,795 as of January 2017.
CoinLoft Support
CoinLoft provides a few channels of support for Australian residents in need of obtaining contact with their platform. Their disclosed telephone number is +61 3 8592 6901, while their email address is support@coinloft.com.au. Their provided office address listed at the bottom of their site is Suite 504, 365 Little Collins Street, Melbourne Vic 3000.
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Can CoinLoft be Trusted?
CoinLoft appears to be a verified exchange portal for Australian residents and most of the feedback found in relation to this platform is positive. This could greatly be contributed to the fact that CoinLoft is not a popular destination and fails receive a respectable number of visitors which means their operation has faced less time under community scope. Nevertheless, CoinLoft appears to be a trustworthy exchange until for investor feedback can be harvested.
CoinLoft Review Conclusion
Considering the information disclosed above, CoinLoft appears to be a legitimate exchange site for Australian residents. While the site still remains relatively unpopular, it is hard for one to discredit the authenticity of this platform. Nevertheless, we believe that their are more appropriate exchanges available not only to Australian citizens but prospective investors world-wide that offer more competitive rates and less taxing fees.
Official Site: CoinLoft.com.au
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Sir
My bank accounts have recently been scammed and several thousand dollars have been stolen.This scam came about through my Internet provider (Westnet, part of the Iinet group.) The scammer has my personal details including a photograph of me and a copy of my Australian drivers license.and I believe he may have illegaly opened up an account in my name using those details. If so, the account is a false one for which I take no responsibility. If this is the case I request that you close the account immediately as it could be being used for money laundering or other nefarious purposes. If this has occurred, kindly notify me via my Email address as soon as possible.
Sincerely
Donald Gillett.
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