Hi Guys,
Just wondering which is the best website in Australia to trade in Cryptocurrency. Came across Coinspot, how good is this site to trade if anyone has used or any other reliable website to do the same.
Which Website to Buy Cryptocurrecy from?
d-hunterz on 09/06/2017 - 14:27
Comments
Whilst Coinspot has been used by many Aussies and it genuinely works….it is also a sole trader registered business.
I use BTCMarkets, fees are higher (minor in big picture) but I am more comfortable dealing with a registered company.
Sole traders are personally liable. Registered businesses are most commonly limited liability companies. All else being equal I'd trust sole traders more. Being a registered business need not mean much.
I've never seen anyone ever run a financial service that directly handles people's money as a sole trader. Related to that they can completely run their business on debt even if they can never pay it back (insolvent) and answer to nobody, and yeah that means they can live on your deposits in reserve. Even if a Sole trader cops the heat and becomes personally liable, they declare bankruptcy, go on a payment system that will never get paid so the liability means nothing. Being bankrupt still allows them to pop up another business and continue doing what they've been doing. Perhaps some hope that their personal home could be collateral in liabilities, but too bad because they've probably thought two steps ahead of you and the home was in their spouses name not theirs.
I think i'd have a tiny bit more trust in someone who can be bothered running a business that is forced to pay $200 a year to ASIC.
Hi Aussie,
How quick did your order get filled?
Also have you ever put in a sell order, how was that in terms of clearing funds into your bank account?
The coins seem to appear in my account within a few minutes.
I haven't tried a sell order yet.
After reading @plmko comment it does make me worry a little. I have a few different altcoins so it would be inconvenient to store and manage them in their own private wallets… not sure what other options there is.
Coinbase for Debit card convenience. High fees, but depending on the market it can sometimes work out to be the same pricing
BTCMarkets usually though. Downside is that it uses POLI Payments if you care about that. Otherwise they might allow bank transfer if you provide more ID
Can't sell on Coinbase - otherwise debit card is convenient.
Has anyone tried to sell on their bitcoin platform? I've always wanted to buy some speculative BTC but have always been scared of people being transferred money then to have the money "charged back" by the bank for a fraudulent transaction with no way of charging back the BTC when they try to sell it
Depends on the coin, Independent reserve is worth a look for ETH or BTC. Once you have that, you can trade on Poloniex with few dramas into most coins.
Coinjar to buy BTC.
Bittrex for purchasing alt coins with BTC.
I use Coinspot and am quite happy with it. Very easy to purchase coins.
It can hold all of of the main altcoins in their own wallets.
You can import money very easily into your account using POLi (internet banking) which has no fee (some other companies charge a fee for this).