CoinSpot is a crypto currency exchange, initially focused on Bitcoin, but now supporting an impressive number of altcoins, including Ethereum, Dash, Litecoin, Ripple, Monero, NEM and more. Launched sometime in April 2014, the operation has always been exclusively Australia/New Zealand focused, promising its clients instant delivery and easy verification. Things have changed quite a bit in the world of crypto currencies since though, and nowadays CoinSpot looks a bit like an operation whose best days are behind it.
What exactly is it that CoinSpot offers though? The pitch made by the exchange is by no means too-good-to-be-true. It lets its users buy and sell Bitcoin and various altcoins for fiat currency and it promises them same-day bank withdrawals in Australia.
The site operates under bank-level security and it offers a multi-coin wallet-service, with low transaction fees. Calling these fees low is obviously a subjective matter though: one of the main complaints regarding the services offered by CoinSpot is that its fees are way too high.
The site does not feature an About Us page, and learning anything about who is behind the operation is borderline impossible. From the About section of their Facebook page, we learned though that the actual address of the exchange is 114 William Street, Melbourne, Victoria, Australia.
From the Bitcointalk forums, we also learned that the person who launched the operation back in 2014 calls himself Russell. While Russell was around in the beginning, answering various questions asked by the community, he no longer seems to be active in the said Bitcointalk thread.
From the same thread, a virtual history of the operation unfolds. While the fees were high in the beginning, and while Russell did later address complaints, saying the fees had been adjusted, still, even in 2017 there have been complaints about this same problem.
Another shortcoming of the operation is related to support. According to complaints in the bitcointalk thread, while there had been decent support initially, later, it sort of receded to the point of non-existence.
Reddit has seen a fair amount of CoinSpot-related activity as well. The posts there mostly discussed the various altcoins as support for them was introduced at the exchange.
The registration information of the coinspot.com.au domain is public. The site was indeed registered by a certain Russell Wilson, but that’s about all the useful information that can be gleaned from there. Based on this, it can be assumed that there is no corporate entity behind the exchange, and that it may indeed be the pet project of this one person, which would explain the support-related shortcomings as he’s probably struggling to keep the operation properly staffed.
The Alexa rank of coinspot.com.au is a pretty decent 47.4k globally. Most of its traffic comes from Australia, where its Alexa rank is 687.
CoinSpot Review Conclusion
CoinSpot seems like a legitimate crypto currency exchange, which appears to be somewhat neglected by its owner – especially lately. Its fees are still too high and while it supports an impressive number of altcoins, users are becoming disillusioned with the “limited” services that it brings to the table.
What are your thoughts about CoinSpot? Would you recommend it?