CoinSpot is a wallet which supports over 50 cryptocurrencies. This is a wider variety than most wallets support. The private key is stored by CoinSpot meaning users are giving up control of their funds. Coinspot is an Australian company and also provide the ability to store the fiat currency Australian Dollars (AUD). Not many wallets support fiat currencies so it a key differentiator that CoinSpot provide the ability to change between cryptocurrency and AUDs. This wallet solution is more catered to the Australian market based on this feature.
One of the key features of CoinSpot is the trading feature. Once cryptocurrency is deposited into the CoinSpot wallet, users can instantly trade between the supported cryptocurrencies. This saves users having to withdraw to an exchange, trade to another cryptocurrency, and deposit back to the wallet. Users also have the option to enable two-factor authentication which will add an extra layer of security. However, CoinSpot lacks some important features which competitors have. It is not hierarchical deterministic. It does not have multi-sig. The code is also not open source which means the level of security cannot be accurately assessed.
In terms of fees, there is a 1% fee for instant buying and selling. Market orders for Bitcoin, Litecoin, Ethereum, and Doge have a 0.25% fee. Sending outside of wallets will just be charged the normal mining transaction fee. Withdrawals of AUD to an Australian bank account are free. Depositing AUD has varying fees depending on the method.
- Supports over 50 cryptocurrencies
- Facilitates instant trading between the supported cryptocurrencies
- AUD is supported in the wallet
- Fees are reasonable
- Users have the option to enable two-factor authentication
- A great use case for the Australian market
- Users give up control of their private keys to CoinSpot
- Not hierarchical deterministic
- No multi-sig optionality
- The code is not open-source