AU Bitcoin wallets/exchanges: do NOT use CoinSpot and Swyftx

[nsguy]

I decided to try some AU crypto wallets – namely CoinSpot and Swyftx – because they let me do a direct bank transfer, PayID etc. Verification was a bit of a pain, especially with Swftx as they put you through several hops before they allow you to send Bitcoin, so I just sent AUD$10 to get started, and once that done I figured I was good to load up enough to buy some 'supplies'.

Nope. Both apps wanted to verify the transaction and the owner of the wallet address I was sending to, and as soon as they saw those suppliers sold anything illegal they not only refused the transfer but then blocked me from making any other transfers.

Seriously, with one vendor I placed an order for bacwater - only bacwater - to show them the owner of the wallet address, and as soon as they saw the site sold steroids they said I couldn't buy anything from them, despite bacwater itself being 100% legit.

To make it worse, I then tried to transfer my Bitcoin from CoinSpot and Swyftx to my own Edge wallet, as I set up Edge back before local banks stopped transfers via Banxa. But nope, CoinSpot and Swyftx have blocked ALL transfers, citing t&cs and 'compliance' crap – as I've argued to them, they won't even let me transfer my own money to another wallet of mine.

So if you're thinking of using an AU-based app/exchange, it might be worth
a) loading it up with Bitcoin and then transferring that to a non-AU wallet without those restrictions (yeah, clumsy!)
b) making your first few transactions totally innocuous and 100% legit ones so they have a pattern of trust, OR
c) just don't use Aussie ones, which means you lose the convenience of direct AUD transfers from your bank account to the exchange so loading it up seems to become harder but at least you don't have to put up with their bullshit.

But if you can at all, do NOT use CoinSpot or Swyftx, they are big nannies who exercise way too much control over your money.

 

[Juice_monkey91]

Hey bro try exodus and use moon pay to buy btc

 

[HybridLabs]

Coinspot are ussually fine. They require verification but most do other than Exodus and a few others.

Localxmr is the best way to get crypto imo

 

[Kurobigg]

Exodus is my go to.

Hybrid is correct though local Xmr is your safest option.

 

[nsguy]

"Local XMR" = https://localmonero.co ?

 

[LazyOne]

Bitcoin exchanges have become ridiculous; it's easier to open a bank account than a bitcoin account these days.

Localcoinswap.com is a bit more expensive but you don't have anyone looking over your shoulder to see what you are doing with your Bitcoins.
Bitrocket arm's also don't stick their noses into your business.

 

[Harry3318]

No clue what's goin' on with your account, mate. I chucked a transaction on Coinspot straight after readin' your thread, grabbed meself some TEST and NPP. Have a squiz at the screenshot, would ya?

 

[Kurobigg]

Another thing to consider and why I wouldn’t go with coinspot is because requires KYC whereas exodus doesn’t. No verification needed

 

[Juice_monkey91]

Just a reference if anyone uses exodus for first time and needs a lil help.. ps change from usd to aud when buying hope helps boys

https://www.exodus.com/support/article/94-can-i-buy-crypto

 

[nsguy]

No clue what's goin' on with your account, mate. I chucked a transaction on Coinspot straight after readin' your thread, grabbed meself some TEST and NPP. Have a squiz at the screenshot, would ya?
View attachment 16381

Good stuff, I think where I went wrong was my very first order which they needed to verify was from a site which supplied assorted naughty things like steroids, peptides, CBD oil etc, so they knocked it on the head just because the seller sold illegal things, which really pissed me off because they then used that as their reason to ban all outbound 'off platform' transfers from my account. They wouldn't even listed to my reasoning that buying a legal product like bacwater had nothing to buying illegal stuff.

So yeah, maybe in hindsight I should have made some 'safe' transfers and purchases first, they'd have verified those happily, and then I could have bought the more fun stuff!

 

[Juice_monkey91]

Good stuff, I think where I went wrong was my very first order which they needed to verify was from a site which supplied assorted naughty things like steroids, peptides, CBD oil etc, so they knocked it on the head just because the seller sold illegal things, which really pissed me off because they then used that as their reason to ban all outbound 'off platform' transfers from my account. They wouldn't even listed to my reasoning that buying a legal product like bacwater had nothing to buying illegal stuff.

So yeah, maybe in hindsight I should have made some 'safe' transfers and purchases first, they'd have verified those happily, and then I could have bought the more fun stuff!

Yeah bs can't spend our own money what we want

 

[Harry3318]

Seems like it's a fair dinkum concern, guys.

I've never had an issue with CoinSpot before, but today I placed a decent order, around 1600 bucks in Aussie dollars.

For the first time ever, I copped a call from COINSPOT, asking about the exact BTC amount and why I was transferring it.

I just told 'em it's for me brother, just a family thing, and she seemed alright with that.

The transaction went through quick as a flash after the chat.

But yeah, reckon you should keep this in mind, fellas.

 

[Kurobigg]

Seems like it's a fair dinkum concern, guys.

I've never had an issue with CoinSpot before, but today I placed a decent order, around 1600 bucks in Aussie dollars.

For the first time ever, I copped a call from COINSPOT, asking about the exact BTC amount and why I was transferring it.

I just told 'em it's for me brother, just a family thing, and she seemed alright with that.

The transaction went through quick as a flash after the chat.

But yeah, reckon you should keep this in mind, fellas.

Yeah see just that alone puts me off coinspot. I’d want to just tell them none of your fucking business and hang up.
Exodus is the go imo

 

[LazyOne]

Maybe Coinspot likes you to keep your Bitcoins on the exchange so if they exit scam they will get a bigger payoff.

 

[Dugaman]

Seems like it's a fair dinkum concern, guys.

I've never had an issue with CoinSpot before, but today I placed a decent order, around 1600 bucks in Aussie dollars.

For the first time ever, I copped a call from COINSPOT, asking about the exact BTC amount and why I was transferring it.

I just told 'em it's for me brother, just a family thing, and she seemed alright with that.

The transaction went through quick as a flash after the chat.

But yeah, reckon you should keep this in mind, fellas.

Yer I had the same problem last week with coinspot , been using it for ages years. Put in a 1200 order and it didn’t go thru , had to call them up to push the bastard through and come up with a justified reason .