CoinSpot 2022 Review: Safety, Fees, Pros & Cons, and More
Published February 23, 2022.
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CoinSpot is one of the leading platforms in the cryptocurrency market, and as of 2022, the company is trusted by over 2 million customers globally. Of course, this is a quite reliable company, as it has been in the market spotlight since 2013. In this CoinSpot review, we will share our research about the platform and everything you need to know to get started with CoinSpot.
- Allows the use of a credit card to deposit funds in AUD
- Instant trades once your profile is verified
- Wide range of assets to trade with, including NFTs
- Automated purchases by scheduling orders on a daily, weekly, or monthly basis
- AUSTRAC-regulated and ISO-certified
- Not the most beginner-friendly platform
- Relatively high fees
The Trading Experience at CoinSpot
CoinSpot offers a variety of cryptocurrencies to buy, sell, and swap. Namely, it has proven to be a reliable cryptocurrency exchange thanks to the licenses it has received from multiple authorities. All in all, the company provides a flexible trading environment for anyone interested in cryptos, so we would rate the experience as a positive one. In case of an issue, the customer service team at CoinSpot is available 24/7 through their help desk.
Who CoinSpot Is Best For
A question worth asking is whether or not CoinSpot is good for you. The company offers a relatively smooth and simple dashboard, meaning that most traders will understand how the platform works. Keep in mind that CoinSpot is especially suitable for intermediate traders who plan to dive deeper into the crypto world, as it provides flexible trading and swap opportunities for its customers. We also liked how you don’t need to spend hours in front of the chart to have an order executed, thanks to CoinSpot’s feature to pre-set buy and sell market orders. On the other hand, if you're doubtful about your position in the long run, you can place stop-loss orders.
That being said, if you know your basics and you’ve set your focus on some cryptos, you can make a solid profit at CoinSpot without having to trade daily. Unlike some crypto exchanges that only offer major cryptos like BTC, ETH, SOL, and others, CoinSpot provides many assets, including many altcoins.
Available Cryptocurrencies on CoinSpot
CoinSpot offers more than 300 different cryptos as of 2022, including many minor and major ones. Here is the list of the most popular coins that CoinSpot offers.
- Bitcoin (BTC)
- Ethereum (ETH)
- BNB (BNB)
- USD Coin (USDC)
- Ripple (XRP)
- Cardano (ADA)
- Solana (SOL)
- Terra (LUNA)
- Avalanche (AVAX)
- Dogecoin (DOGE)
CoinSpot App Review
Many platforms provide a solid trading experience online, and we were quite satisfied with what CoinSpot has to offer in this regard. As far as the mobile app is concerned, it is well-designed, loads relatively fast, and isn’t difficult to navigate through.
Specifically, it’s best for intermediate traders that already know a thing or two about crypto. The CoinSpot mobile app is available for both iOS and Android, though unfortunately, we wouldn’t rate it as being the most beginner-friendly.
According to our research, CoinSpot is one of the few crypto exchanges that hasn’t had a major security incident since its inception in 2013. In fact, our research concluded that it has a robust security system in place, as it’s the first cryptocurrency platform in Australia ever to receive the internationally recognized ISO-27001 certification for security.
Among its customers, it has a reputation for security and trustworthiness. According to the team behind CoinSpot, this is one of the reasons it charges relatively higher fees, which leads us to the deposits, withdrawals, and banking at CoinSpot. So, is CoinSpot safe and reliable? Yes, CoinSpot is one of the safest crypto platforms you can be at.
Deposits and Withdrawals
For deposits, CoinSpot accepts fiat currency deposits in AUD (Australian Dollar) that you can deposit into your trading account via any Australian Bank, including Westpac, ANZ, and Commonwealth Bank. You can use some of the most popular deposit methods like PayID/Osko, SWIFT, EFT, and POLI.
On the other hand, for non-Australian residents, the deposit method is restricted to crypto deposits only. Therefore, you would need to buy crypto from an exchange to deposit funds into your CoinSpot account or transfer them from a cold storage wallet. Luckily, CoinSpot does not charge direct fees on AUD withdrawals, regardless of the amount.
CoinSpot Trading Fees
- Instant Buy Fees: 1%
- Market Buy Fees: 0.1%
- Spreads: 1-2%
CoinSpot Overall Rating: 4.5/5
To conclude our opinion on CoinSpot, we think it is one of the most reliable crypto exchanges you can be at, and it has a flexible exchange system in place trusted by over 2 million customers. Of course, the negatives are worth mentioning, too, like the relatively higher commissions and the extra deposit effort in place for non-Australian residents. All in all, the team behind this CoinSpot review would give the platform a positive rating.
Fortrade is a British-based broker that is regulated by the FCA, NBRB, ASIC, IIROC, CySEC and FSC. The company specializes primarily in derivative trading on more than 300 forex currency pairs, indices, stocks, commodities and ETFs. One of the things that makes Fortrade such an enjoyable broker to use, is how it makes financial derivatives easier and more accessible to traders, regardless of how much (or how little) experience they may have. The Trading Academy available on the website is one of the best we have seen, offering a wide range of eBooks, training videos, webinars, regular market analysis, and several extremely helpful trading tools. Also, the customer service—in the rare event that there is a problem—is very professional and helpful. ProsWell-regulated by the leading institutesGreat user-experience and aesthetically pleasingOver 300 instruments upon which to tradeExcellent customer supportSupports 15 languagesConsPhone support limited to a few countries and languages Fortrade Review: Trading Platforms There are two platforms from which you can trade derivatives with Fortrade. Fortrader This is generally recommended for newer trades. Fortrader is an intuitive, user-friendly platform that provides all of the basics, without overwhelming new traders with more advanced features that they are less likely to need or utilize while still getting a feel for forex trading. The platform can be accessed via the internet, or downloaded to any computer, tablet or smartphone. Fortrader is also available in each of the 16 languages supported by the website (see list below). MetaTrader 4 (MT4) The MT4 is a more sophisticated trading platform that was first launched in 2005. It supports a wide range of tools for technical analysis, as well as the automated trading tool Expert Advisor (EA). Like the Fortrader, the MT4 can be accessed online or downloaded to any computer or mobile device. MT4 is the most popular and most widely used trading platform for forex and derivatives in the world today. Fortrade Review: Supported Countries and Languages Fortrade is accessible worldwide, with a few exceptions such as the United States, Hong Kong, Japan and most of Canada (accessible in Ontario and British Columbia). The Fortrade website is available in the following languages: • English • German • Spanish • French • Italian • Dutch • Swedish • Portuguese • Russian • Polish • Slovenian • Croatian • Arabic • Albanian • Macedonian • Hungarian Fortrade Review: Customer Support The Fortrade support team is available by phone during regular business hours, Monday through Friday, as well as by email and by Live Chat via the website. We found the support to be courteous, professional, and most of all, very efficient when we had both technical and financial queries. Fortrade Review: Opening an Account Opening a Fortrade account is a very simple process of filling out registration and banking details. When you first register, the program automatically brings you to a practice account, where you are “credited” with $10,000 of virtual money. This practice account can be accessed and used without depositing any funds for as long as you wish, with no financial risk at all (although, of course, no financial gain either). Use the practice account to learn the market trends and movements, and to develop a trade strategy that fits your personal style and needs. When you are ready to switch to a real account, simply deposit funds into your account, and you can begin trading on the available derivatives. While it is possible to trade with as little as 100 USD/EUR/GBP in your account, it is highly recommended that traders maintain an account minimum of 500 USD/EUR/GBP. Fortrade accepts deposits via all major credit and debit cards, as well as wire transfers, Neteller and Skrill. Fortrade Overall Rating 9.8 / 10 We’ll be honest – we really like the Fortrade website and platform. It is user-friendly and intuitive, and actually fun to use! The site offers more trading instruments than most brokers, a wonderful educational academy, and a support staff that is extremely efficient and courteous. The site is well regulated, so we feel secure investing funds, knowing that it is safe, and that we can withdraw money whenever we want without the hassle of bureaucratic paperwork. The spreads are as little as 2 pips, and the leverage goes as high as 1:200, so the trading experience is a very positive one and made even more enjoyable by both the Fortrader and MT4 platforms.
Are you looking for a more connected and social community for forex trading? In the wake of the meme stock craze, novice and seasoned investors alike are looking for outlets that blend collaboration and analysis. Sure, there is Reddit, but what about a trading platform that is essentially a one-stop shop for your investing needs, particularly in forex? Well, meet MyFXbook, an autotrade social community platform for forex traders that connects to your forex trading account. The web-based platform has several pros and cons that can make either an appealing destination for your forex needs or a frustrating experience that can complicate your forex trading endeavors. This review evaluates these and more. ProsZero commission for social tradingMany different terminals to choose fromDozens of different brokers offeredDiverse access to multiple marketsAdvanced statistics offered to improve tradingTest copy trading with a demo accountConsOutdated and limited user interfaceNo filters available for searching tradersIntricate process for finding connectionsMinimum investment for copy trading is $1,000Only 162 signal providers on the platform Who MyFXbook Is Best For MyFXbook is a welcomed resource for traders of all skills. Social trading is typically geared toward beginner and intermediate armchair investors. However, because MyFXbook maintains excellent analytical tools and resources, it is safe to say that all types of traders - from the equity neophytes to the FX viper - can use the platform to their advantage. You do not need to be a Wall Street forex robot to enjoy the fruits of MyFXbook! Features of MyFXbook The social trading community possesses a wide range of features that make it an attractive place to enhance your broader investment portfolio. But what are these features anyway? Let's take a closer look. Many Terminals MyFXbook has a diverse array of terminals to choose from to complement your trading tactics. Here is a list of how you can employ your trading objectives: MetaTrader 4MetaTrader 5cTraderOanada FXTradeFXCM Trading station Brokers MyFXbook has a large number of brokers offered on the platform, such as: AxitraderFxOpenIC MarketsPepperstoneTickmill While the social trading outlet does not have brokerage commissions, the fees might depend on your specific broker. Charts What makes MyFXbook a desirable platform are the three types of financial charts available to peruse on the website: BalanceGrowth rateProfit Moreover, you can modify these charts to your needs, specifically the timeframe, start and end date, day of the week, and exact time of the session. It should also be noted that its chart analysis service includes 70 indicators and 100 graphic tools. Signal Provider History Before you select the signal provider you want to mirror, you can gather a detailed list of transaction history, using the many different basic and technical filters listed below: Opening and closing dateBalance changeDuration of the tradePercentage of growthVolume of each lotPips statistics (take profits and stop-loss)Commissions Platform Tools When you want to add another layer to your investment journey, you can take advantage of the various platform tools at your disposal, such as: Economic calendarMyFXbook spreads and quote comparisonVolatilityNewsForex patterns, liquidity, volatility, and heat mapCommunity outlookChannel trader pro Miscellaneous Some other worthwhile features to know about MyFXbook include: Analyzing your account data within 2 minutes.Data is updated every five minutes for MetaTrader 4 accounts.Personal data is safe through SSL certificates.If your trading platform is not supported, you can contact the customer support team and you will be notified when it is available.You can add as many trading accounts as you want.The MyFXbook app helps you trade on the go. MyFXbook Ease of Use What is great about MyFXbook is the easy user experience, as the website's functionality is simple and straight to the point. It is not challenging at all to peruse and utilize the system. But how does it work? After you have opened your account and connected your broker, you then need to institute the key principles of copy trading, such as: Analyzing the profiles of traders.Monitoring their long-term performance.Copying the most successful traders.Paying attention to your results through a personal cabinet. MyFXbook MT4 Setup Now, if you are connecting your MetaTrader4 account to MyFXbook, here is a step-by-step breakdown of the MyFXbook MT4 setup: Download and install the MyFXbook installer.Restart your MetaTrader 4 software.Visit "tools," click "options," and view "Expert Advisors."Open your "Navigator" and search for the MyFXbook in the "Experts Advisors" tab.Double click on the MyFXbook EA.Adjust your settings accordingly.Once your settings are changed and saved, you will see a smiley face at the top right corner of the chart. The Bottom Line: Is MyFXbook Worth It? Should you grab your MyFXbook trading journal and begin exploring the social trading component of the financial ecosystem? In the end, MyFXbook is worthwhile to sign up for and incorporate into your broader investment strategy. The website is useful in complementing your broader trading endeavors, from the social component to the vast number of resources and tools. It is free to use, the number of signal providers is immense, and the website can help you enhance your forex fury!
Everyone has contracted the crypto bug, be it Bitcoin or GrimaceCoin. Who would have thought a decade ago that the broader cryptocurrency industry would transform into one of the largest sectors in the world? As more people hop on the crypto bandwagon, the global marketplace has responded, including the creation of exchanges to facilitate the buying, selling, holding, and trading of virtual tokens. The latest is BitMart, an international cryptocurrency exchange that operates in more than 180 countries and offers 800 digital currencies. But how is it different from its rivals? Let's explore BitMart and everything it has to offer. ProsLarge selection of cryptocurrenciesCompetitive trading feesEasy user interfaceExcellent customer service supportSupports many different languagesUsers can earn cryptoInnovative website for advanced usersConsA relatively new system Suffered a large-scale attack in December 2021Poor mobile app functionality Who BitMart Is Best For While BitMart is open for business for anyone interested in participating in the world of cryptocurrency, the website is geared more toward traders with moderate to advanced investment knowledge. The website offers a wide range of features and tools that more seasoned crypto and trading enthusiasts would know how to exploit. BitMart does possess a few helpful resources to enhance your trading position, such as advanced charting and multiple order types. But aside from the usual help center or FAQ section, it does not have as many trading resources as exchange alternatives. Available Cryptocurrencies on BitMart With hundreds of cryptocurrencies to choose from, it can be difficult to determine which one to purchase. Of course, it all comes down to what you want for your portfolio and what your objectives are for your investment endeavors. Here is a list of the suite of offerings, from premier tokens to altcoins, on BitMart: Bitcoin (BTC)Ethereum (ETH)Avalanche (AVAX)Axie Infinity (AXS)Baby Doge (BABYDOGE)Binance Coin (BNB)BMX (crypto created by Bitmart)Dash (DASH)Decentraland (MANA)Dogecoin (DOGE)Litecoin (LTC)SafeMoon (SFM)Sandbox (SAND)Shiba Inu (SHIB)Solana (SOL)SushiSwap (SUSHI)Stellar Lumens (XLM)Terra (LUNA)Tron (TRX)Zcash (ZEC)Zilliqa (ZIL) Put simply, the treasure trove of tokens you can trade is what truly makes the website stand out from most of its industry rivals. BitMart App Review The BitMart website has been complimented on its ease-of-use trading platform. Everything about the web-based portion of the outlet, from creating an account to buying and selling virtual tokens, is user-friendly. The mobile application is a bit different. The app maintains a 3.1/5 rating on Google Play, with users complaining about many technical difficulties, such as assets not appearing on their accounts and challenges while withdrawing funds. There have also been grievances relating to the functionality of the app and cryptocurrencies delisting without giving clients any notice. Ultimately, the web-based platform is superior to the mobile trading app. BitMart Security After the plethora of data breaches and hacking and cybersecurity threats over the years, a common question many people have before joining a crypto exchange is whether it is safe or not? So, is Bitmart safe? In December, the crypto exchange experienced a security breach, with hackers stealing $200 million in virtual tokens. The infiltrators utilized a stolen private key to access one of the company's hot wallets. The website has promised to use its pool of money to return money to affected users. But this has a growing number of users complaining about the website's security apparatus and protocols. BitMart Fees BitMart has a wide range of different and unique deposit and withdrawal fees. There is no single one-size-fits-all system in place, such as the withdrawal fee for Bitcoin being different than it is for Cardano. But while deposits are free across the board, withdrawal fees and minimum withdrawals vary from coin to coin. Here are some examples: Bitcoin Withdrawal fee: 0.0005BTC Minimum withdrawal: 0.005BTC Solana Withdrawal fee: 0.05SOL Minimum withdrawal: 0.5SOL Avalanche Withdrawal Fee: 10000000SHIB Minimum Withdrawal: 500000SHIB You will also find a maker/taker model with the following fee structure: 0.1% charged from the maker and 0.2% from the taker, with the calculation based on trading volumes over 30 days. Accounts are essentially the same. BitMart Overall Rating: 4.3/5 BitMart is a worthwhile cryptocurrency exchange that is more geared toward advanced users who can fully exploit the broad array of trading tools at your disposal, such as futures and spot trading. If you are new to the world of cryptocurrency, it would not be wise to join the five-year-old company until you are fully conversed in both digital currencies and trading in general.