CoinSpot Trading Signals - TU Expert review
Trading signals are one of the best trading options for beginners and for earning passive income. Novice traders can use such signals and earn a profit, while still learning. Brokers can offer various ways of receiving signals. Traders Union analysts have prepared a detailed analysis of CoinSpot trading signals. You will learn what kinds of trading signals CoinSpot offers and what the conditions for using them are.
Short introduction of CoinSpot
The CoinSpot platform is a cryptocurrency exchange with an integrated multi-currency cryptocurrency wallet and exchange service. Bitcoin (₿), Litecoin (Ł), Ethereum (Ξ), Tether (₮), Ripple, Cardano, Chainlink, and many other cryptocurrencies and tokens are traded on this exchange. Fiat funds aren’t available and no minimum deposit is required. The commission fee is as follows: 0.1% for market orders, 1% for stop orders, 1% for limit orders, and the same for take profit orders. The website doesn’t offer demo accounts or special solutions for novice traders. The exchange doesn’t offer investment programs because it is focused on active cryptocurrency-to-cryptocurrency trading. There is a single-level referral program with bonuses and long-term payments as a percentage of the referral's commission fees.
| 💰 Account currency: | Cryptocurrencies, Australian dollar |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies and Australian dollar |
| 💹 Margin Call / Stop Out: | No |
CoinSpot Pros and Cons
👍 Advantages of trading with CoinSpot:
•there are many cryptocurrencies and coins available on the exchange for trading and exchange;
•there is an OTC and institutional trading service;
•no minimum deposit;
•quick account verification;
•convenient trading terminal and mobile application;
•low fixed commissions for trading and the withdrawal of funds;
•free multicurrency wallet for cryptocurrency storage;
•Profitable referral program with significant benefits;
•the website has been progressively developing since 2014
👎 Disadvantages of CoinSpot:
•fiat trading isn’t available;
•demo accounts are not available;
•investment programs aren’t available.
What are trading signals?
Trading signals are signals to enter a trade, which the broker provides to traders. They can be based both on fundamental and technical analysis.
A broker can provide signals in several ways:
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Copy trading.
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Email alerts.
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Signals through a blog on the website.
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Recommendations of a personal manager, etc.
When choosing signals, it is important to take into consideration their profitability, the list of trading instruments, the conditions of their provision – fees, markup, etc.
CoinSpot Trading Signals
CoinSpot is one of the few world-class cryptocurrency exchanges offering flat fees. Usually, the amount of fees depends on the volume of the client's trades in the last month. Commissions on CoinSpot are fixed and you cannot influence them (excluding the rebate from the Traders Union):
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market orders is 0.1%;
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OTC trade is 0.1%;
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instant purchase, sell and swap transactions are 1%;
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take profit, stop orders, and limit orders are each 1%.
At the moment, CoinSpot has one of the simplest and most transparent fee systems in the cryptocurrency exchange environment. In some cases, there are commissions for depositing and withdrawing funds in addition to trading commissions.
Useful data:
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direct deposits, PayID, POLi carry no commission;
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BPAY is 0.9%;
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cash deposits have no commission.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | up to 1% per transaction | Yes |
Conclusion
Based on the results of the analysis, Traders Union analysts have concluded that CoinSpot does not have the best conditions for trading signals. The broker offers a limited choice of instruments, for which signals are provided, high fees and there are questions about signal profitability. Therefore, if you are planning to trade signals, it would be a good idea to consider another option.
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FAQs
Do brokers offer premium subscriptions to signals?
In some cases, brokers may offer premium subscriptions.
Can trading signals depend on the account type?
Yes. As a rule, they are provided for certain account types, but may also be available for the standard account.
How do I test the signals if I can’t do it on a demo account?
In this case, it is best to test them using the minimum deposit. You will need to check the minimum deposit level of the broker.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.