Hi Guys, I've done a lot reading through existing threads and even spoken to a few people privately, but I wanted to get some thoughts/advise specifically on CoinSpot I have a friend who is using CoinSpot, and at a glance it looks quite attractive They have over 40 coins that you can buy/sell, and you can also store all of your coins within your login of their site too, so for someone like me the simplicity of that is quite appealing, as opposed to having multiple wallets and dealing on exchanges They state that all coins and funds are kept in Escrow, and that their security is excellent. I could be naive, but I figure that because they are storing/holding your coins, that if anything bad was to happen to them then they would have full visibility and be able to help/take account for the problem too Their fees for buying and selling are 2-3% which seem quite reasonable I guess, and trading between coins is 1%. Being able to deposit AUD via BPAY and withdraw to my bank account is convenient too As of today, I only have a wallet with Exodus, and nothing else. I'm really looking to simplify things which is why CoinSpot seems like a good option for me, because I'll be able to buy and trade over 40 coins within one spot, and won't need to sign up to exchanges, have several wallets etc as I can do all my buying/selling/trading and storing all in CoinSpot I know I can buy various coins from SS members, places like btcmarket, bitcoin.com.au etc but then I would need wallets, and then other accounts to withdraw etc, and CoinSpot appeals to me because from what I can gather it's one site that I can do everything in I just wanted to check with the more seasoned pro's of SS to see if what I am saying is correct, and that this is a good way to go about things Would really appreciate any feedback and suggestions Cheers
I can't understand why anyone would want to pay 2-3% above spot for coins that you could buy from bigger exchanges where you would get more for your money. This % sometimes could be your actual profit if you bought cheaper elsewhere. If you think the above fees are reasonable, do some maths on say 0.1 or 0.25 fees and see if its still worth it. It may seem a bit daunting at first to sign up with a bigger exchange, but generally its the same process anywhere. Once you have cleared the hurdles to do this everything else is a piece of cake. I have had no problems using the international exchanges, although there are certain ones to avoid. If you're really serious about trying to make some profit, have a look at the prices and fees on various exchanges and compare. Over here the markups are nothing but a ripoff, not to mention the shilling that goes on also, nearly as bad as feebay!
Soprano You may want to look at the fee structure more closely Their spot rate is above market spot rates by on average 4% and above Then allow for any % Bpay fee if that is your selected method of transfer Quickly hits the tens Im with them and find their service good and as im a newbie to cryptos will swallow the cost until such time as i learn a better alternative.
Thanks for the advice guys - just what I was after As I don't plan on withdrawing anything I invest for quite some time, I think for now I might be best to just buy privately and store on Exodus If and when I get to the stage where I do want to cashout then I can look at my options then
Considering the potential gains from any coin I dont see why not spend a bit more on fees? CoinSpot isnt cheap but what else do we have as an AUD? Any recommendations
Be careful Coinspot do not allow transfer of coins into a lot of the wallets, you can only buy and sell and send.
I have been buying from Coinspot and have had no issues. When buying from the OS big players you have to factor in F exchange rates, bank fees and even International transaction fees if you pay with CC or Debit card. I also buy art Coinbase (limited range of Cryptos) depending on whether Coinbase or Coinspot has the better deal at that moment in time. (Sadly Coinbase weekly buying limits are very low initially). e.g. 3 x ETH at Coinspot $1167.36 3 X ETH at Coinbase $1170.91 Not much in it. Some AU debit cards DO NOT charge an International transaction fee (3%?). I ALWAYS send everything I buy immediaitely to my hardware, desktop or paper wallet, as the case may be.
