CoinLoft Review 2023
Due to the volatile nature of cryptocurrency, most countries do not regulate and have not legalized the use of the digital economy with Bitcoin and other crypto coins. Australia is one of the few countries to emerge as an early adopter and advocate of cryptocurrency. The Australian crypto market stands firm in helping people worldwide get access to crypto trading and Bitcoin exchanges.
|Listed Cryptocurrency||BTC, ETH, LINK, LTC, USDT, & more|
|Supported Fiat Currencies||AUD|
|Deposit Fees||Blueshyft: 5% + 1% ,retail fee Cash: 5% ,POLi: 5% ,Flexepin: 5% + $5 (AUD) ,PayID: 5%|
|Transaction Fees||Depending on Network & Payment Method|
|Withdrawal Fees||Maker Fee 5%
Taker Fee 5%
|Customer Support||Submit a Request Form & FAQs Support|
CoinLoft is a popular cryptocurrency exchange in Australia. It is an easy platform where users can share trading tips and use the platform’s crypto trading services to make profits. In this CoinLoft review, we explore how the platform supports the activities of a forex broker and a Bitcoin trader. Based on the online CoinLoft reviews from trusted sites, this review also explores CoinLoft fees and answers the question, “Is CoinLoft legit?”. Let’s find out.
What Is Coinloft?
CoinLoft is a cryptocurrency exchange where one can buy, sell, and trade Bitcoin. This Australian company runs an online trading platform for crypto users. The platform has been in operation since 2013, boosting the scope of digital currency in the finance industry. CoinLoft is an active player in the digital currency market, simplifying the complex process of buying, selling, and trading cryptocurrencies. Most exchanges offer limited options for purchasing Bitcoin, whereas CoinLoft enables multiple ways. It ensures continued growth for the user at a reasonable rate. CoinLoft helps users create buy/sell orders and provide a quick and easy process of buying Bitcoin.
The platform provides a wide breadth of knowledge with its trading resources, designed by the best in the industry. CoinLoft is also one of Australia’s leading exchanges for Bitcoin. It continues to excel and improve its trading services by diving deep into customer needs. CoinLoft is also an industry member of Blockchain Australia. The company has been working closely with Australian crypto industry regulators. It is helping other exchanges define how crypto money could be regulated in Australia. CoinLoft has emerged as the flagbearer for Australia’s crypto trading market, with robust blockchain technology supporting its services.
How Does CoinLoft Work?
CoinLoft accepts the payment in fiat currency and, in exchange, helps the user buy Bitcoin and Ethereum assets. The user can make credit card payments to purchase BTC and ETH coins from CoinLoft. Besides using a credit card as a payment method, the platform enables several other electronic payment gateways, including the best crypto wallets, to buy BTC and ETH.
Furthermore, CoinLoft has an integrated Bitcoin wallet. This Bitcoin wallet is used as a payment method to sell or purchase BTC and ETH assets. This wallet is also used for trading purposes. The primary function of CoinLoft is to help crypto traders in Australia share their trading insights and make the community wealthier.
How to Use Coinloft?
Based on the online reviews, CoinLoft is an easy-to-use exchange. It uses a simple registration process where the users can choose to buy or sell crypto in one go. For buying crypto on CoinLoft, the user needs to add money in the Australian dollar fiat currency. CoinLoft only supports AUD payments. By providing these purchasing and sales services for BTC and ETH, CoinLoft expands its digital currency capabilities, allowing its users to buy, sell, and trade crypto assets efficiently from the website – coinloft.com.au.
By placing an order, the user can choose to buy or sell BTC and ETH assets. The website guides them through an easy one-stop checkout process. By agreeing to the exchange terms, users can provide consent to the exchange concerning the provision of these services.
The exchange, however, has the right to refuse purchase and sell orders for any speculative reasons at every stage of the process. This absolute discretion makes the platform a bit rigid and unappealing to crypto enthusiasts. Furthermore, the user is expected to exercise this discretion and ensure that the order placed to buy or sell ETH and BTC is proper. For refused orders, the platform refunds the payment in full.
Features of CoinLoft
- The main features of the CoinLoft exchange are crypto trading and crypto holding. In crypto trading, users can visit the website and register as a trader. The platform connects with the TradingView platform, used by millions of crypto investors around the world. This platform accepts credit cards for trading purposes. Payments made with credit cards are converted into crypto swaps.
- The site uses Poli, Flexpin, and other similar gateways to ensure that its services run smoothly. The advantages of Poli or Flexpin help CoinLoft users with BTC and ETH transactions. These tools offer more features that improve the trading venue on this site.
- The CoinLoft order book is used for tracking the history of buying and selling digital currencies. This order book is more beneficial to store and maintain crypto money. The site also uses Poli and Flexpin to make this order process fast and reliable. Digital currencies are at a high risk of devaluation. Therefore, the platform helps users avoid losses with its customer support services.
Is CoinLoft Regulated?
CoinLoft recently became infamous for the “CoinLoft scam,” where some users duped their crypto money by buying fraud utilities. This brings up the concern, “Is CoinLoft legit?” CoinLoft is a safe platform to buy and sell Bitcoin. The platform, however, is prone to several scams from the crypto market. Every user is advised not to provide credentials and share details about their crypto funds in this trading venue.
CoinLoft Review: Pros and Cons
|CoinLoft is an easy exchange.||It charges a 5% commission on all purchases.|
|The platform has specific functions.|
|It accepts a wide range of payment options.|
|It is designed specifically on the BTC and ETH blockchain.|
CoinLoft Registration Process
To register on CoinLoft, the user can visit the site and follow a simple sign-up process. In this process, the name, email address, phone number, and country of residence are required. After filling in this information, the user can go through an online verification process. Once the email address is verified, the site activates the trading account on CoinLoft.
Trading with CoinLoft
Trading with CoinLoft must be done carefully. It is essential to select the right crypto coin, BTC or ETH. The placed order cannot be revoked or refunded when the user makes a mistake. The user provides a public wallet address to the CoinLoft site. This address is used in the Order form to supply crypto funds. The site has no obligation to refund the payment made with improper trading orders.
The user must also select a preferred payment method. It is a piece of required information that includes the correct bank account information and other identification documents as necessary. The site also confirms this trading order with OTP verification on the registered phone numbers. The trader should also carefully check that the site is confirming its trade order or not. Besides the crypto selection, bank details and buy/sell amount should also be accurate. A placed order on the given wallet address gets easily transferred into the wallet, and the relevant crypto asset is successfully traded.
There are various CoinLoft fees that every user should be aware of. The site does its best to keep the prices as low as possible. Even so, the OTC and brokerage services cost quite an amount. CoinLoft has charged comparatively higher costs when it comes to purchasing Bitcoin than other market-based exchanges.
The site solely earns its income from these fees. CoinLoft fees and commissions are charged on top of the base price of every buy and sell order. While chagrin these fees, the site takes into account:
- Base price
- Foreign exchange rates
- Price indexes
- Availability of liquidity providers
- Blockchain mining fees
These variables factor in the overall structure of CoinLoft fees. At competitive rates, these fees are subject to change. The site also advertises its price as the final price, which includes the commission fees. The site does not charge any additional fees.
The platform charges a flat 5% commission on all its transactional services. This includes the purchase orders and the selling orders. The total price displayed in the hierarchy is inclusive of this commission. Surplus costs are charged as per the order quote. They are not limited to extra fees. These fees are used for covering high crypto miner’s fees.
Specific payment methods on the platform charge a standard processing fee. Third-party payment processors and not CoinLoft control these costs. The users are liable to pay the Goods and Services Tax imposed by the Australian government. If the funds bounce back from user accounts, the user is charged with a $27.50 penalty.
It is important to note that these fees are not refunded when the orders are canceled at the user’s end. The platform does not refund its transaction fees at any instance.
CoinLoft Accepted Payment Methods
CoinLoft provides multiple payment services for its users. To begin with, users can make deposits with cash. The Australian dollar is the only fiat currency supported for payments on this platform. The users primarily use credit card payments to make deposits. However, Poli and Flexpin are also actively used as payment services on CoinLoft. CoinLoft has recently added the AusPost offices as a new payment service for native crypto traders from Australia.
CoinLoft Supported Crypto Coins
CoinLoft supports BTC, ETH, LINK, LTC, USDT, & more. Unlike other Bitcoin exchanges, this website does not support altcoins. Furthermore, the platform ensures that several payment methods are available to make the process of buying and selling these coins easy.
The exchange runs a full support service. It has a detailed form that caters to every query of the user. The “Help & Support” section of the site takes data such as the user’s email ID. With this, the user can submit a complaint with a complete description of the issue. The support form also takes note of the different categories for resolving these queries. Similarly, CoinLoft registers the order number related to the question, helping the users find immediate solutions on their trading orders.
Can CoinLoft Be Trusted?
Despite the rumors around the CoinLoft scam, people are actively visiting this site even today. The answer to “Is CoinLoft legit?” can be confirmed by understanding how this exchange runs its security. CoinLoft has listed all the recent crypto scams on the website. It keeps the user alert on these scams. The platform also provides detailed information on how to avoid these scams. Eventually, CoinLoft users can prevent these scams by following the security measures listed on the site.
CoinLoft Customer Service
The platform is more accessible to native investors in Australia. CoinLoft has a technical support staff available through social media channels, emails, and chat options. The site does not have a 24/7 live chat service. However, its social media outlets are highly responsive. Tagging “CoinLoft” on Twitter and Facebook will help grab the attention of the site to the concern. This way, users can directly approach the official social media channels and get their issues solved.
CoinLoft Review: Conclusion
In this CoinLoft crypto exchange reviews, we explored how this Australian exchange caters to its crypto market. Based on online CoinLoft reviews, the site is beneficial for people around the world. While the exchange restricts US residents, it can be used ideally with off-shore crypto-friendly bank accounts. CoinLoft fees, however, may be an issue for the newcomers. The high commission rate is perhaps the only major downside of this exchange. As far as the CoinLoft scam goes, the exchange is legit and will continue to shape the adoption of BTC and ETH in Australia for years to come.
Here are the answers to some common queries on the CoinLoft exchange.
Is CoinLoft Safe?
Yes, CoinLoft is a safe exchange for crypto holders and crypto traders. It is limited to specific crypto options and countries, which must be noted.
Is CoinLoft a Good Exchange?
CoinLoft is a good crypto exchange because of its easy and simple trading process. Buying and selling Bitcoin and Ethereum is easy with CoinLoft.
How Do I Deposit Money Into CoinLoft?
Credit cards and other crypto-friendly payment gateways are used for depositing money into CoinLoft.