CoinLoft cryptocurrency exchange review
How to buy bitcoin and Ethereum on CoinLoft.
CoinLoft started in 2013 to help Australians navigate the growing cryptocurrency market. It’s designed to help traders buy cryptocurrency quickly and simply. If you’re in Australia aged 18+ who has considered the options and decided to make a purchase, you can use it too.
|Product Name||CoinLoft Cryptocurrency Exchange|
|Trading Fee||Fees vary|
Blueshyft: 5% + 1% retail fee
Flexepin: 5% + $5 (AUD)
How to use CoinLoft
You can use CoinLoft to buy bitcoin or Ether. These are known to be two of the most popular and highly valued cryptocurrencies.
You’ll need a bitcoin wallet before you can use CoinLoft. This is your cryptocurrency account. You must have it ready so that CoinLoft has somewhere to send your cryptocoins.
Once you have your wallet, you choose a payment method. This is how you send CoinLoft the money to buy bitcoin or Ether on your behalf. After the cryptocurrencies have been purchased they’ll send them to your wallet.
Your options are:
|Payment method||How it works||Minimum amount||Maximum amount||Fees|
|Cash||Visit a bank branch or Smart ATM and pay cash to CoinLoft’s account||$100||$5,000||5% commission|
|POLi Bank Transfer||Use POLi to transfer money directly from your bank account||$50||$2,000||5% commission|
|Flexepin||Purchase a Flexepin from a participating retailer and redeem the voucher online to pay for your order.||$20||$500||5% commission plus $5 for the voucher|
You choose a payment method by going to the CoinLoft buying page on the website.
Once you’re there, simply select your chosen method to place an order, enter your wallet address, and get the relevant details so you can make the transfer.
After payment is confirmed, your bitcoin or Ether should be in your wallet within an hour.
You will automatically receive a tax invoice after purchase, showing the breakdown of your order and all applicable taxes.
Fees and payments
CoinLoft earns 5% commission (including GST) on purchases it makes on your behalf. Essentially, this just means you’re buying the bitcoin at 5% above market price.
GST is only charged on the commission amount. The currency itself is GST-free.
You’ll see the current prices you’re buying at on the CoinLoft website, and how much bitcoin or ETH your money will buy.
If there are complications, such as if your payment doesn’t go through, or if the value of the cryptocurrency changes dramatically in the short time between placing an order and CoinLoft buying the coins, then there might be some interaction before proceeding.
For example, if the price goes up quickly, then the system might ask whether you want to buy a reduced amount of coin for the same amount, or if you want to transfer an additional amount to buy the amount you originally wanted.
What else will I need?
If it’s your first purchase then CoinLoft may need to verify your identity. This might involve sending a scan of your driver’s licence or providing other details to CoinLoft.
This is a standard step for all reputable bitcoin buying services. There is an argument that if a service doesn’t ask to verify your identity it’s most likely less trustworthy than one which does.
Pros and cons
CoinLoft is exceptionally straightforward and might be an option for a first-time buyer looking to make a one-off purchase. The commission charged may be higher than other providers, but depending on the size of your purchase it might only work out to be a couple of dollars difference.
- Quick, simple and straightforward
- Accepts a useful range of payment options
- Lets you buy both bitcoin and Ethereum
- Charges 5% commission on purchases
Is CoinLoft safe?
CoinLoft doesn’t hold a lot of money the way some other exchanges do, so it maintains that there’s relatively little risk of hacking attempts or other electronic theft on its end.
It’s still secured against unauthorised entry with an extended validation SSL certificate. Many reputable sites use this kind of security. Generally this means it’s as secure as a website gets.
The main risks involved in using brokers like CoinLoft are scammers, or disreputable providers.
- Scammers. You shouldn’t use CoinLoft to purchase bitcoin or Ethereum except for your own personal wallet, or that of someone you trust completely. If someone asks you to pay for something on CoinLoft by making a deposit on their behalf, it’s probably a scam.
- Disreputable providers. A disreputable broker might just take your money and run, and not send you the coins you paid for.
Is CoinLoft legitimate and trustworthy?
CoinLoft shows a number of signs of being legitimate.
- It provides a physical address in Australia.
- CoinLoft is well-known and used by many people.
- It has a comprehensive and informative website.
- The company takes appropriate precautions to comply with Australian law
- It’s a member of the Australian Digital Commerce Association.
- It offers active customer service and contact information.
Where to begin
Always start by doing your due diligence before deciding to make a purchase. If you are satisfied and ready to buy, you need to have your wallet and then you can visit the CoinLoft website to place an order.