Coinspot - Frustrations

Ldave-t on 05/01/2018 - 09:35
Last edited 05/01/2018 - 10:18 by 1 other user

Coinspot has to be one of the worst organisations I have ever dealt with. Forget your ISP, Telcos and and other companies. Coinspot takes the cake for lack of communication with its customers.

Coinspot literally took 3 weeks to approve my account, on the website they advised I would get a call to confirm my account was approved. No call whatsoever.

Website crashed frequently, sometimes for over an hour.

Prices seem to be delayed, there is a huge discrepancy in price between BTC market and even https://coinmarketcap.com/.

Can't transfer coins 95% of coin into coin-spot from your wallet.

The latest fiasco is halting new deposits and not being able to buy with AUD. I mean imagine if Woolworths and Coles decided to stop selling food. If you're running an exchange and one of your prime functions is to buy Crypto Currency, how do you expect to stay in business if you don't allow new deposits.

The worst part is the lack of communication - NO updates on site of when the deposits will be open - not even a tweet. For the company who is meant to be managing thousands of dollars of your money, it's very poor service.

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Comments

  • unco on 05/01/2018 - 09:42
    +23

    Thanks for signing up to Ozbargain just to tell us.

    • sajidmib on 05/01/2018 - 11:01

      OzBargain ..no place for rich people?

  • dust on 05/01/2018 - 09:43
    +2

    Cannot comment on your other concerns but regarding the prices, as I understand it, Coinspot is not an exchange as such and is free to set whatever price they want. Coinmarketcap is also in USD so you'd have to taken into account forex differences. That's why I'd recommend having accounts on multiple exchanges and checking which one has the best price before purchasing!

  • [Deactivated] on 05/01/2018 - 09:44
    +7

    have a snickers

  • whooah1979 on 05/01/2018 - 09:48
    +5

    for the company who is ment to managing thousands of dollar of your money

    this company and other like it is operating in an unregulated industry. are you really that surprised that some of them aren't as quick to provide support after you hand them your money?

    link for more information.
    http://forums.whirlpool.net.au/archive/2638548

    • dave-t on 05/01/2018 - 09:50

      thanks for that link

  • BensonP on 05/01/2018 - 09:55

    I've been using CoinSpot for over 6 months and had none of your issues.

    When I signed up they rang me within the hour to confirm my signup.

    Of course there is going to be SMALL discrepancies in prices, they are a broker, basically.

    The only time I saw a 40% discrepancy in IOTA I emailed them, and it was fixed within the hour.

    As for the deposit freezing, this is a reflex action due to customers having their banks freezing their accounts when depositing. The sooner banks realise that their strangle hold on the average wage earner is being threatened, they'll do what it takes to stop it.

    If you don't like CoinSpot, there is other alternatives like Bittrex, Binance and CoinBase.

    Good luck, and remember…HODL!

    • Diji1 on 05/01/2018 - 13:43
      +1

      their strangle hold on the average wage earner

      Do you really think the average wage earner wants to replace centrally regulated Australian currency with unregulated cryptocurrencies?

      Because at the moment cryptocurrencies appear to be suffering wild swings in value which usually doesn't happen to currencies that are regulated because an entity controls the supply of it.

    • Adam3330 on 05/01/2018 - 13:54

      I was exactly the same. Signed up on a Sunday even, and received a call and was fully verified a few hours later.

      The problem now is that everyone is trying to sign up at the same time with FOMO due to all the media attention that it has generated over the past 6 months or so. So this is going to give them significant backlog with their verification and support

  • FSTB on 05/01/2018 - 09:58
    +4

    Make the move to one of the better Aus exchanges.

    Never had any issues with Independant Reserve.

    Coinspot is a joke.

    • 2jzzzz on 05/01/2018 - 11:09
      +1

      YEah buy BTC on Independent Reserve, move to Binance straight away.

  • pantsparty on 05/01/2018 - 10:13

    You made a new account to complain that you are being slowed down when gambling on digital currencies? zzzzz

    • dave-t on 05/01/2018 - 10:19

      that and price discrepancies, lack of communication - not being able to transfer from an outside wallet and also prolonged account approval time :)

      • Korban Dallas on 06/01/2018 - 01:38

        I asked them a question 3 weeks ago and haven't replied. If you want a serious company to deal with roomofsatoshi https://goo.gl/FgbC2h based in Brisbane their API rate is reasonable and amazing service with quick turn around time. Took 2 days for the money to hit my account. Also a heap of other crypto. Based in Brisbane. You can actually do the exchange in their office or online. If you want to screw around with exchange rates we'll they will screw with you.

  • [Deactivated] on 05/01/2018 - 10:22
    -1

    i can sell you some monopoly money if you want

    • Korban Dallas on 06/01/2018 - 01:28
      +1

      Why do people think it's fake. Uneducated. I've cashed my 'monopoly' money into real money. Stop listening to Koshie on Sunrise people.

  • 2jzzzz on 05/01/2018 - 11:09

    Been good to me, cashed out a bunch through them a few times now.

  • yasirfarabi on 05/01/2018 - 11:21
    +1

    Buy ETH in BTC markets, transfer to Binance. Trade there. Trading fee is I think 0.1%, much less than coinspot.

    Trading in Binance also exposes you to FOREX risk, risk of movement from the base currency you are trading with and also the currency you are buying or selling. But it's manageable.

    • dave-t on 05/01/2018 - 11:31

      thanks alot for the info

  • myusername on 05/01/2018 - 12:17

    invest in drugs like the rest of us

    • Steptoe on 05/01/2018 - 12:32
      +2

      Consuming isn’t technically investing

      • twocsies on 08/01/2018 - 11:31

        Don't use the product.

  • Diji1 on 05/01/2018 - 13:37

    Yep, that what you get when a whole bunch of people start inventing money without calling it money.

  • TheBilly on 05/01/2018 - 14:25

    Alot of peoples frustration stems from the volatility of cryptos and lost oppoetunity to make money rather than coinspot. They see a crypto they like go up and down 100% every day for 2 weeks and then they shit their pants, login to see whether account is verified yet and nope it's not verified.

  • Looking4Bargians on 05/01/2018 - 17:10
    +1

    An ex-banker in Berwick (VIC) with couple of computers is COINSPOT.COM.AU

  • Korban Dallas on 06/01/2018 - 01:25

    Use room of satoshi :) https://www.livingroomofsatoshi.com/?code=8A3P quick bank transfer and you can pay bills with a variety of crypto currencies

  • jt0505t on 06/01/2018 - 07:03
    +1

    His fees are high, but i've made a 5 x times return in 2 months. its the best exchnage in australia for multiple alt coins.

    • Korban Dallas on 06/01/2018 - 16:48
      -1

      Indeed, people squabbling over a few dollars here and there, people forget to pay a premium for good service.

      • weeenis on 09/01/2018 - 04:30

        Good service ?? … no live customer support .. take them week t reply to an email .. sometimes never at all … Please show me where the "premium price" is equitable to service ?

  • modgod on 07/01/2018 - 22:54

    Signed up and got approved few days ago

    But I can’t seem to buy more than $500 for any coins… read somewhere you have to wait a week?

    “Your 24 hour deposit limit is $500”

    • dust on 08/01/2018 - 13:36

      Looks like you answered our own question. (I think it takes time for your limit to increase.)

  • weeenis on 09/01/2018 - 04:35
    +3

    Talk about fees !!

    1% to deposit your own money (sometimes 3%)
    3% to buy
    3% to sell
    1% swap coins

    takes weeks to get approved take days for you deposit to go through … sometime stop deposits altogether …. for an industry and fluctuates minute by minute and can cost users 1000's of dollar … coinspot is an ABSOLUTE JOKE !!!

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