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Coinspot Multi Coin Wallets altcoin Review

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Coinspot Multi Coin Wallets altcoin

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An Overview of CoinSpot Wallet

CoinSpot serves as a wallet that supports a broad spectrum of over 50 cryptocurrencies, encompassing a wider variety compared to most wallets available. However, it's important to note that the private key is stored by CoinSpot, which results in users relinquishing control over their funds. As an Australian company, CoinSpot uniquely offers support for the storage of fiat currency Australian Dollars (AUD), making it a distinctive choice. The integration of fiat currency support sets CoinSpot apart, allowing seamless transitions between cryptocurrencies and AUD.

Distinct Features and Limitations

CoinSpot's trading feature is a standout aspect of the platform. Once cryptocurrencies are deposited into the CoinSpot wallet, users can instantaneously trade among the array of supported cryptocurrencies. This eliminates the need to withdraw to an external exchange for trading and then redepositing back into the wallet. Additionally, users have the option to enhance their security by enabling two-factor authentication.

However, it's worth mentioning that CoinSpot lacks certain essential features present in some competitors. Notably, it lacks hierarchical deterministic functionality and multi-signature capabilities. Moreover, the fact that CoinSpot's code is not open source hinders a comprehensive assessment of its security level.

Fee Structure

When it comes to fees, CoinSpot employs a transparent structure. Instant buying and selling transactions incur a 1% fee. Market orders for Bitcoin, Litecoin, Ethereum, and Dogecoin carry a 0.25% fee. Standard mining transaction fees apply to sending outside of wallets. Notably, withdrawals of AUD to an Australian bank account are free of charge. However, the fees for depositing AUD vary based on the chosen method.

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Pros & Cons

  • Supports more than 50 cryptocurrencies
  • Enables immediate trading between the supported cryptocurrencies
  • Includes support for AUD within the wallet
  • Reasonable transaction fees
  • Provides users with the option to enable two-factor authentication
  • Well-suited for the Australian market
  • Users relinquish control of their private keys to CoinSpot
  • Not based on hierarchical deterministic technology
  • Lacks the option for multi-signature functionality
  • The codebase is not open-source

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