CoinLoft – Is It Good?

CoinLoft is one of the leading Australian exchanges that allows you to purchase Bitcoin and Ethereum with a large variety of payment options. Although not technically an exchange the platform is very simple and straight-forward.

But how good is CoinLoft? Is CoinLoft trustworthy? Can anyone in the world use it? And, most importantly, how does it stack up against other platforms?

What Does CoinLoft provide?

Established in 2013, CoinLoft is definitely not a new scam service looking to keep your money. It’s a service designed to help Australians 18 years old and older buy crypto quickly and simply.

To use it you’ll first need a crypto wallet set up. Once you have a wallet, select your payment method in CoinLoft. This is where the platform really shines. You can buy using cash in a bank branch or Smart ATM as well as flexepin voucher, bank transfer, BPAY, PayID and Newsagent.

Once you select your payment method and add your wallet address you can make the payment and receive your Bitcoin to your wallet within an hour. You will also receive a tax invoice immediately after your purchase with the breakdown of your order and the applicable taxes, since those are not included in your transaction.

If there are any complications when buying your Bitcoin, like if the price changes dramatically, the system may ask wether or not you want to spend the original amount of money for the new amount.

Verification is also quite simple. All you need is an ID in the form of a driver’s license or passport as well as some supporting documents.

CoinLoft’s security is pretty solid, with no major hack or issue since 2014 when it was founded, probably because it doesn’t hold a lot of money. It is also a member of the Australian Digital Commerce Association (ADCA), an NGO dedicated towards the popularization of cryptocurrencies in Australia. It also provides a physical address in Australia and complies with Australian laws.

Supported Countries

CoinLoft is strongly focused on its Australian clients. If you’re not an Australian citizen, this platform isn’t for you.

CoinLoft Rates and Buying Limits

CoinLoft earns the same commission with every single purchase:

CoinLoft fee: 5%

A larger than usual fee, CoinLoft needs to charge this because they’re only brokers so you’re basically paying them to exchange your fiat for you. The minimum amount you can purchase is $20.

CoinLoft Pros

  • Simple and easy to use: You don’t even need to remember passwords, CoinLoft is a very simple way of purchasing Bitcoin.
  • Iphone app: CoinLoft has an app on the AppStore, although an Android version is yet to be released.
  • Great for beginners: With a simple and intuitive design, any beginner can buy their first share of Bitcoin or Ethereum.
  • Reputable broker: Their experience and association with the ADCA gives them a great reputation.

CoinLoft Cons

  • Lack of worldwide support: The exchange focuses only on Australian users.
  • Lack of support for alt-coins: Besides Bitcoin you’ll only be able to buy Ethereum.
  • High fees: A 5% fee is quite substantial and above the industry’s average.

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Is CoinLoft Good For Bitcoin?

CoinLoft is a bare bones approach to buying bitcoin. There’s no bells and whistles, only the simplest and most straight-forward design. With a wide arrange of payment methods, this broker tries to be the go-to simple choice for Australians. However them being just a broker makes of their fees quite high for the services they provide. Their focus towards Australians also limits their reach.

Still a very simple way to purchase Bitcoin or Ethereum from a reputable source for the first time. The second time you may want to consider something cheaper or with better features.