The Most Comprehensive CoinSpot Review

To send and receive crypto coins or make any transaction in a blockchain network, you must have a cryptocurrency wallet. It is exactly nine years since, Bitcoin; the first blockchain platform was established. Satoshi Nakamoto simply opened the lid on the new technology. In fact, the subsequent rapid entry of new cryptocurrencies is not what Satoshi had anticipated. Now, there are more than 900 cryptocurrencies.

Today, the blockchain technology is now becoming the bedrock of almost everything people can think of. From sending payments to scientific research, everything is adrift toward blockchain technology. To use blockchain technology, you must have a cryptocurrency wallet. This is a special digital wallet that stores your cryptocurrency and allows transactions such as paying and receiving crypto coins take place. One of the latest cryptocurrency wallets in the market today is CoinSpot. In this post, we provide a comprehensive review of the wallet to establish what it is, its operations, features, support, and pros of using it.

What exactly is CoinSpot? How to get started?

CoinSpot is an Australian web-based cryptocurrency wallet. It is also a marketplace that allows people to store, sell, and trade cryptocurrencies against other cryptos and Australian Dollars. Though the wallet was initially created as a Bitcoin wallet, CoinSpot restructured to make it a multi-cryptocurrency wallet. This means that you can now use the wallet to transact over 100 cryptocurrencies. This is one characteristic that has made the wallet very popular.

To start using CoinSpot, you are required to visit their website and register for an account with personal details. The focus is making the process as thorough as possible to guarantee users of greater security. You will need the following to authenticate the account and get started:

• Set up a username and password

• Verifying the personal details such as driver’s license.

• Give proof of address

• Provide an Australian phone number

Your access to the CoinSpot dashboard is only provided after verification is complete.

The main features of CoinSpot

Since CoinSpot establishment in 2013, the focus has been to enrich it with unique features for greater user experience. By integrating cryptocurrency trading into the wallet, CoinSpot utility has been taken a notch higher. Here are the core features of the wallet;

Multi-cryptocurrency support

In the cryptocurrency world, the focus is using the most valuable asset to trade. But many crypto wallets are enabled to handle only one or several wallets. However, CoinSpot was restructured to handle very many cryptocurrencies. With over 100 supported cryptocurrencies, users can easily shift to the most profitable asset on the exchange. The supported cryptocurrencies include;

(a) Bitcoin

(b) Ethereum

(c) Ripple

(d) Litecoin

(e) Solana

(f) Cardano

(g) Terra

(h) Polkadot

(i) Dogecoin

(j) Shiba Inu

CoinSpot’s USBSafe

Notably, cryptocurrency wallets do not actually store the currencies. What they store are the private keys and public keys that point at your assets in respective blockchain networks. As a web-based wallet, CoinSpot is faced with myriads of risks especially from cybercriminals. To make the wallet safe, CoinSpot team made it USB safe (ability to safe the private keys in hardware) to prevent loss of the keys. This edges the wallet far ahead of other desktop and web-based only wallets.

The CoinSpot affiliate program

This is a unique referral marketing model that rewards users to introduce new members to the wallet. While it is no doubt a method of cutting high marketing costs, the feature has become a win-win factor for both the wallet and users. When you refer new users, a reward of their profits is credited to your account.

The wallet team is particularly targeting people with crypto related blogs so that they can direct all their traffic to use CoinSpot. Some people who make very large referrals can even earn a lot of money without trading on the exchange or direct mining.

CoinSpot asset’s exchange performance

This is perhaps the most important CoinSpot wallet feature. The aim is to empower users by giving them the performance of different crypto assets in the market. With the details of every coin, it becomes very easy to pick the most profitable. A performance trend of 30 days is captured for every crypto asset. Therefore, do not get stuck with one cryptocurrency; go for the most profitable asset to make more.

Major pros of using CoinSpot

The charges on the wallet are very low

If you want to send money, CoinSpot is one of the cheapest wallets out there. It allows users to easily join and start trading in preferred assets without having their cash stuck in the system.

The cryptocurrency is very secure

One major concern about using cryptocurrencies is security. Unlike banks that have inbuilt controls and checks, the cryptocurrencies are not controlled by any single entity. This raises the risk of attacks and loss of loss of funds. CoinSpot uses three layers of security that makes it extra secure for holding your funds and transactions;

• Two-factor authentication for every transaction

• Password application at all levels of wallet access and use

• Encryption of all transactions and personal details

USBSafe enabled

Using cryptocurrencies is all about securing the wallet's private keys. In an anonymous world of cryptos, the private keys hold your entry to the preferred network. If they are lost, everything you had in the respective blockchain including details of every transaction is lost permanently. As USBSafe enabled wallet, it means that you can store the keys offline to avoid loss related to a computer crash, attack by malware, or cyber-attacks.

Top notch support

You can easily tell the effectiveness of a service based on its customer support. CoinSpot has multiple lines of support that allows users to interact with the management team, seek immediate help, and enhance user experience.

The wallet links directly with various online stores

A unique characteristic of CoinSpot is its acceptability to online stores. This is a great score for the wallet because users can easily link their cryptos to the fiat currencies and do direct shopping. It is the most convenient wallet you can imagine having.

Cons of using CoinSpot

• The wallet is crafted for Australian use only

• The private keys are held by third parties. This raises the risk of access by unauthorized individuals.

• Though you can send funds from other wallets, you cannot receive from them.

Coinspot Alternatives

Coinspot is one of the top exchanges in Australia. If you are still looking for alternatives, here are few:

• Swyftx

• Binance

Coinspot Referral Code & Signup Bonus

1. Go to Coinspot's registration page.

2. Register an account (Enter the referral code: REFED7M87)

3. Verify your account.

4. Make your first purchase and receive your bonus.

https://www.coinspot.com.au/join/REFED7M87

The final take

CoinSpot is one of the most popular Crypto wallets in Australia. As a model that is fully compliant with the Australian financial laws, people feel secure when trading in its structures. Besides, its structures and enhanced security system make it a great piece for both newbies and veterans in the crypto world. We would rate it 4.7 out of 5 stars. However, it is advisable not to hold all your funds in the wallet because third parties can access your keys and it is limited to the Australian system. Consider running a parallel wallet such as Jaxx or Coinomi.