About CoinSpot Wallet

CoinSpot is a versatile cryptocurrency wallet that stands out for its support of over 50 different cryptocurrencies, a more extensive variety compared to many other wallets. However, it's important to note that CoinSpot stores users' private keys, which means users relinquish control of their funds to the platform. Additionally, CoinSpot is an Australian company, offering the unique ability to store Australian Dollars (AUD) alongside cryptocurrencies.

Notably, CoinSpot is one of the few wallets that allow users to seamlessly switch between cryptocurrencies and fiat currency (AUD). This feature sets it apart, as most wallets do not support fiat currencies. It's a clear indication that CoinSpot caters primarily to the Australian market with this functionality.

Trading Convenience

One of CoinSpot's standout features is its trading capability. Users can instantly trade between the various supported cryptocurrencies once they've deposited them into the CoinSpot wallet. This eliminates the need to transfer funds to an external exchange, perform cryptocurrency trades, and then deposit the new cryptocurrencies back into their wallet. CoinSpot simplifies this process for its users, saving them time and effort.

Security-conscious users have the option to enable two-factor authentication (2FA), adding an extra layer of protection to their accounts. However, it's worth noting that CoinSpot lacks some important features found in its competitors. It does not support hierarchical deterministic wallets and lacks multi-signature functionality. Furthermore, the code used by CoinSpot is not open-source, making it difficult to assess the level of security rigorously.

Fee Structure

Regarding fees, CoinSpot charges a 1% fee for instant buying and selling. Market orders for Bitcoin, Litecoin, Ethereum, and Dogecoin have a 0.25% fee. Standard mining transaction fees apply when sending cryptocurrencies outside of the wallet. Withdrawals of AUD to an Australian bank account are free of charge. However, depositing AUD incurs varying fees depending on the chosen deposit method.