Coinstash Review 2023
Coinstash was a cryptocurrency exchange founded in Australia (specifically, Brisbane) in 2017. Coinstash offers over 300 cryptocurrencies for its users to trade with and three payment methods (while the team is working on introducing more payment methods). The platform has several features, including an educational portal where beginners can learn how to gather and manage their crypto holdings. The platform offers various features aimed at the citizens who use Australian modes of payments and time zones.
The platform offers various features aimed at the citizens who use Australian modes of payments and time zones.
|Supported Fiat Currencies||AUD|
|Customer Support||Email, Phone, Social media, & Help Centre Support|
What Is Coinstash?
Coinstash is a cryptocurrency exchange that provides an easy and user-friendly platform for users to deal with cryptocurrency seamlessly without any troubles. It can be regarded as one of the simpler platforms around the world. Coinstash offers various cryptocurrencies for investors for investment & trade, including Ripple, Ethereum, DogeCoin, Bitcoin, etc.
Coinstash serves as a highly usable and intuitive platform for individuals who are starting to get familiarized with the ways of cryptocurrency holdings. The exchange has handled trades that amount to over 50,000,000, with thousands of customers operating on the platform.
Users can register with the platform and start trading after completing a verification process, bumping their account up to Tier 2. The verification procedure requires extra user information, such as a Photo ID, etc. AUD is the only fiat currency supported by the exchange as of the time of writing of this article.
How Does Coinstash Work?
The working of the platform is similar to most other cryptocurrency exchanges; the platform offers its services to individuals and charges small trading fees for various transactions. Users who wish to use the platform can log in to their accounts or create a new account through the company website or from the mobile application available.
Through Coinstash, the users can deposit funds, buy a cryptocurrency, and start trading within a short interval of time. Most of the users’ questions are answered through an education portal that the company has built to resolve queries and make users aware of the details of the cryptocurrency marketplace based on the cryptocurrency that they wish to deal with or trade.
Is Coinstash Regulated?
Based out of Brisbane, Coinstash is regulated by the Australian authorities. Due to this, Coinstash performs a thorough check on the users and asks for identification before enabling them to use the platform in its entirety.
How to Use Coinstash?
The first and foremost step would be registering with the exchange through its website and creating an account. Then, the users can complete the verification process and start trading immediately. For trading, if the users do not have any cryptocurrency in their wallet of choice, they can deposit funds to the platform and buy from the list of available coins on the platform. For instance, the funds can be used to buy Bitcoins, Ripple, etc., and trade them.
Coinstash Review: Pros and Cons
|Coinstash provides a very simple and user-friendly platform for users to buy or sell cryptocurrency.||The exchange does not support a large number of crypto assets when compared to some other global platforms.|
|Coinstash has a reputable support team that is highly trained and dedicated during work hours for solving any issue that the customers might come to face.||Coinstash only supports three payment methods, while the company has claimed that the users might be able to buy crypto through their credit card in the near future.|
|Coinstash comes in as an enticing option for users based in Australia. It supports deposit methods, such as PayID, Osko, Bpay.|
Coinstash Account Registration Process
The way to get started with Coinstash is an easy one. The individuals need to possess valid ID proofs that can be used to complete verification on the platform. This verification will increase the tier of their respective accounts and unlock various new features.
One example would be that the funds can be deposited into the platform, but in order to free trade or withdraw them, verification is mandatory. The reason behind this limited access might be security purposes and the regulations from the local authorities and supervising bodies.
Buying Bitcoin & Other Cryptos With Coinstash
Coinstash supports various altcoins and enables users to trade them effortlessly. These coins include the two most popular currencies, Bitcoin and Ethereum, with other leading coins such as Ripple, DogeCoin, etc. Individuals can deposit money into the platform through any of the payment methods of the platform and thus, use those funds to buy Bitcoin. The team simplifies the method to achieve this through an interface that is easy to navigate and utilize for buying or selling cryptocurrencies.
The company takes a small cut of these transactions, which serves as the handling and transaction fees while enabling the company to operate efficiently.
Coinstash Trading Fees
As one of the leading cryptocurrency exchange in Australia which only deals with one fiat currency and focuses on a small user base, the trading fees have been kept low and highly competitive in the segment. Low trading fees not only aim to bring in more users from more expensive platforms but also acts as an incentive to trade more often without the fear of having to pay hefty charges for different transactions.
The fee has been observed to float around 0.85%, which is certainly more than reasonable for the set of features and simplicity that it brings to the table. Aside from this, there is no hidden or extra fee that is charged by the platform.
Coinstash Deposit & Withdrawal Method
Coinstash also has a feature to be used as a wallet to store the cryptocurrencies that the users have just brought or want to store after trading. This best crypto wallet allows users to deposit and withdraw their assets through a simple method.
One thing to keep in mind would be that, in order to withdraw, the verification must be completed in advance by the users, and only then can funds be taken out of the platform. The withdrawals and deposits are free of any charge if done through AUD, but withdrawing through cryptocurrency does come with a small fee or charge depending on the currency in question.
Coinstash Accepted Payment Method
The payment methods that are allowed on the platform are primarily operated in Australia. However, the team claims to be working on adding more payment methods to the exchange, such as credit cards and debit cards, adding another step of convenience for the end-user (and helping them buy Bitcoin). Currently, the platform supports Osko, PayID, Bpay as well as cash deposits.
While these payment methods might seem diverse, they might be a limiting factor for Australians traveling abroad as they may or may not work outside the country, thereby affecting the overall experience. If the users outside the country wish to use the platform, they too would have to go through numerous extra steps, even if they are paying through AUD.
The security of the platform is also impressive as are some of its other services and features. Firstly, the platform uses SSO encryption as the base layer of security that is a highly regarded safety method in the industry and has been known to protect the data well in the past. Being a relatively new platform, Coinstash was built with a multi-layered security protocol, which uses some of the latest safety measures to safeguard itself against cyber attacks and vulnerabilities.
Apart from this, there is also a 2FA authentication method for security and confirmation. These safety mechanisms are a few steps ahead of some of the older platforms that are still using obsolete security mechanisms.
Coinstash Customer Support
The platform’s support team operates from 9am to 11pm AEST 7 days a week and has been able to maintain a reputation as a highly responsive, prompt, and supporting team. The team can be contacted through several social media platforms, email address, phone and the chat feature through the website.
Online reviews of the exchange and its team suggest that the users have had an excellent experience with the team (other than a few exceptions). The team can also guide the users through the verification process and enable them to solve any issue. They also have blog sections which cover the latest news which are helpful for users.
Coinstash Review: Conclusion
For individuals based out of Australia, who are not looking for very advanced and niche features or crypto assets, Coinstash is one of the best platforms to use for trading digital currency or managing their holdings of crypto assets. The expected addition of more payment methods and a more diverse list of cryptocurrencies also help it become a platform that is a good recommendation for beginners and somewhat experienced users.
Although the lack of a mobile application might be something to consider before committing completely to the platform, the users are advised to deposit a small fund to the platform and use it thoroughly before putting all their eggs in the basket of Coinstash.
Is Coinstash Safe?
Coinstash has deployed various safety mechanisms for its platform, including SSO encryption and a 2FA authentication method for the users. Its multi-layered approach to security has been able to protect it from any perpetrators thus far.
What Cryptocurrencies Does Coinstash Offer?
Coinstash offers some of the most popular and leading cryptocurrencies on its platform with the provision to add support for more altcoins and crypto-assets. The currently offered assets include DogeCoin, Etheruem, Ripple, Bitcoin, etc.
How Do I Verify My Identity With Coinstash?
The company provides a plethora of methods for the users to verify themselves on the platform. With the help of their support team, the chat feature can be used by individuals who do not have a driver’s license or passport and still verify themselves through their birth certificate, medical card, or other such recognized identification mediums.