If you’re new to crypto, knowing where to buy cryptocurrency can be challenging. Many crypto exchanges haven’t been around too long, making it hard for you to know which one to trust. CoinSpot is a widely used crypto exchange which makes buying cryptocurrency easy.
As many crypto enthusiasts in Australia will tell you, CoinSpot is a very reliable and easy to use crypto exchange. It is an Australia crypto exchange founded in 2013, supporting more than 150 cryptocurrencies and deals directly with Australian dollars (AUD).
CoinSpot is registered under an Australian Business Number (ABN) and is an Australian Digital Commerce Association (ADCA) member. For more, visit the CoinSpot Help Centre.
Snapshot of CoinSpot fees:
- Fee to sell cryptocurrency for AUD: 0.1%
- Fee to withdraw AUD to nominated Australian bank account: Free
Opening a CoinSpot Account
It’s free and easy to open a CoinSpot account. All you have to do is follow 6 steps.
- Go to CoinSpot.
- Click Register on the top menu.
- Fill in the relevant information in the electronic form (see below).
- Click the reCAPTCHA checkbox.
- Read CoinSpot’s terms and conditions.
- Click Create Account.
CoinSpot Account Verification
Now you’ve made your CoinSpot account, you need to verify it. With CoinSpot, you must be an Australian resident with access to an Australian contact number and Australian bank account. (Note, you must be at least 16 years old to apply for CoinSpot account verification.)
CoinSpothas instant verification on accounts with a daily deposit limit of A$200. To get this level of account verification, you must complete the below 6 steps.
- Click the Account drop-down button
- Select Verification.
- Verify your email address and phone number.
- Fill in the required information under Account Holder Details.
- Answer the question below and select the appropriate account type.
- Select your preferred ID document, upload each side of the document—in .jpg or .png format—and fill in the required information.
To increase your account’s deposit limit, return to the verification page and click Increase My Limit. CoinSpot will prompt you to supply additional personal information. If you do this during business hours, your information will usually be reviewed within a couple of hours.
Depositing AUD Into Your CoinSpot Account
You can deposit AUD into your account using any of these deposit methods: POLi, PayID, BPAY and blueshyft.
How to deposit AUD into your CoinSpot account:
- Log in to CoinSpot.
- From your dashboard, click Deposit AUD.
- Select your preferred deposit method.
- Follow the prompts to complete the deposit.
POLi is a web-based payment gateway that lets you use your bank account to make payments. It is considered a safer alternative to debit or credit cards and supported by all major Australian banks.
PayID is simply a unique identifier—like your mobile number or email address—which is linked to your bank account. Think of it as a nickname for your BSB and account number.
BPAY is a trusted payment service which makes payments through your online banking.
blueshyft is a universal point of sale that connects a range of online businesses to their customers.
Buying Cryptocurrency on CoinSpot
Your CoinSpot account has been created, verified and deposited with AUD. We’ll end this guide with how to buy cryptocurrency on CoinSpot.
- Click Buy/Sell on the top menu.
- Click Buy next to the cryptocurrency you’d like to buy.
- Enter the amount in AUD or the selected cryptocurrency.
- Click Buy.
- Review the transaction details and click Confirm Buy.
To confirm you’ve bought your cryptocurrency, click Wallets on the top menu. From there, verify your wallet balance has increased by the correct amount and/or view recent transactions. Your newly bought cryptocurrency should appear in your CoinSpot wallet within minutes of your buy order confirmation.
Sell Cryptocurrency for AUD on CoinSpot
Assuming you previously made the decision to send your cryptocurrency to a hardware wallet—something which is strongly encouraged—you must do this process in reverse to sell cryptocurrency on CoinSpot.
Simply put, you’ll need to send your cryptocurrency from your hardware wallet to a deposit address on CoinSpot. (Refer to CoinSpot’s list of all the cryptocurrencies you can send to CoinSpot.)
To know which deposit address to send to, go to Wallets on the top menu. Then, select the cryptocurrency you want to sell. Once on that cryptocurrency’s wallet page, click Generate Deposit Address if you haven’t previously.
The address in the box is the address you’ll send your cryptocurrency to from your hardware wallet. If the cryptocurrency you selected doesn’t have a Generate Deposit Address, it means CoinSpot doesn’t support deposits for that particular cryptocurrency.
Once the cryptocurrency you wish to sell is in your CoinSpot wallet, submit your sell order. This step-by-step process is outlined below.
- Click Buy/Sell on the top menu.
- Click Sell next to the cryptocurrency you’d like to sell.
- Enter the amount you wish to sell and the fiat currency you wish to sell into.
- Click Sell.
- Review the transaction details and click Confirm Sell.
To confirm your cryptocurrency has sold, click Wallets on the top menu. From here, you can verify your wallet’s balance and view your transaction history by clicking Transactions.
If you sold your cryptocurrency for AUD, your CoinSpot account balance will be credited accordingly. Your CoinSpot account balance is visible on the dashboard.
If the status of your withdrawal transaction has been pending for a while—say, 45 minutes—you may want to check your inbox and spam folder for an email from CoinSpot.
You can lodge a support ticket with CoinSpot Support and/or LiveChat with CoinSpot representatives. The latter is available on weekdays (9am–8pm) and weekends (9am–5pm).
CoinSpot Trading Desk
You can make a CoinSpot account for your self-managed super fund account on CoinSpot. These accounts trade through CoinSpot’s over-the-counter (OTC) service, known as the CoinSpot Trading Desk.
All CoinSpot users can use CoinSpot Trading Desk. Included in the service is direct access to a professional trading broker for all trading enquiries. To eliminate slippage and minimise other risks associated with high-volume trading, CoinSpot Trading Desk uses lock-in pricing.