Coinspot Investment: A Guide To Getting Started

CoinSpot is an Australian cryptocurrency exchange that offers a user-friendly interface and a wide range of cryptocurrencies to buy, sell, and trade. It is a suitable platform for beginner to intermediate investors due to its simple fee structure, robust security measures, and crypto credit card. With over 440 tradable coins, CoinSpot provides a diverse range of cryptocurrencies for trading, including Bitcoin, Ethereum, and Dogecoin. The platform also offers instant AUD deposits, NFT trading, and advanced security features such as two-factor authentication. To get started with CoinSpot, users need to create an account, verify their identity, deposit funds, and start buying or selling cryptocurrencies.

How to create a CoinSpot account

CoinSpot is a widely used crypto exchange that makes buying cryptocurrency easy. It is a very reliable and user-friendly crypto exchange founded in 2013, supporting more than 150 cryptocurrencies and dealing directly with Australian dollars (AUD).

• Go to the CoinSpot website and click on the "Register" button to start creating your new account.
• Enter your chosen email address for your dedicated CoinSpot account and create a secure password. If you have a referral or affiliate code, you can enter it at this stage.
• Check your email inbox and click on the link to verify your email address.
• Log in to the CoinSpot website and go to the Verification menu.
• Verify your identity by entering your mobile phone number and receiving a verification SMS. Enter the number you received to confirm your phone number.
• Upload your applicable ID document. Accepted documents include a Driver's Licence or Australian Passport. These must be in either ".jpeg" or ".png" format.
• Take a photo of yourself holding a sign with a message, as instructed by CoinSpot.
• Wait for 1-2 days for the verification process to be completed. CoinSpot staff may call you to ask questions about your details.
• Once verified, add your bank account details and transfer money into your CoinSpot account.

Congratulations! You now have a verified CoinSpot account and can start buying, selling, and trading cryptocurrencies.

How to verify your CoinSpot account

To verify your CoinSpot account, follow these steps:

• Go to the CoinSpot Registration Page and enter your chosen email address, a secure password, and an optional referral or affiliate code.
• Click 'Complete Verification' to begin.
• Verify your email address by checking your email inbox and tapping on 'Complete Verification'.
• Select 'This is a personal account' and provide your account holder details, including your Australian mobile phone number.
• Upload your ID document in either .jpeg or .png format. Accepted verification documents include a driver's license or a unique code.
• Press the 'Submit for Verification' button.
• Verify your mobile phone number.
• You will then receive an instant on-screen notification of your Verification Status.

Please note that due to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, a full identity check is required to deposit or withdraw AUD from CoinSpot. Additionally, enable two-factor authentication in your Account Settings to increase the security of your account.

How to deposit AUD into your CoinSpot account

To deposit AUD into your CoinSpot account, follow these steps:

• From your dashboard, click "Deposit AUD".
• Select your preferred deposit method from the available options, including POLi, PayID, BPAY, blueshyft, Direct Deposit via OSKO, Cash Deposit, Card Deposit, and PayPal. Each method has its own deposit fees, minimum deposit requirements, and limits. For example, PayID and Direct Deposits are fee-free and instant, while BPAY can take up to 2 business days.
• Follow the prompts to complete the deposit.

Before depositing AUD, ensure that your CoinSpot account is verified. CoinSpot requires users to be Australian residents with access to an Australian contact number and bank account. The minimum age to apply for CoinSpot account verification is 16 years old.

How to buy, sell and swap on CoinSpot

CoinSpot is Australia's largest cryptocurrency platform, with over two million users. It offers an instant buy-and-sell feature, allowing users to easily confirm prices and receive funds within their CoinSpot wallet straight away.

CoinSpot's CoinSwap feature allows users to swap between 130+ different cryptocurrencies, including Bitcoin, Ethereum, Dash, and Decision Token. This provides access to unique trading pairs not available on most other markets. To use CoinSwap, follow these steps:

• Log in to your CoinSpot account.
• Select 'Swap'.
• Search for the coin you want to swap.
• Enter the amount of the coin you want to swap.
• Search and select the coin you want to swap into.
• Review the transaction details on the confirmation screen.
• Click 'Confirm Swap' to finalise the transaction.

To buy or sell cryptocurrency on CoinSpot, users can utilise the instant buy/sell feature on the mobile app. Here's a general outline of the process:

• Ensure you have available funds (AUD or cryptocurrency) in your CoinSpot account.
• Tap on the Quick Options Button and select 'Buy' or 'Sell'.
• Locate and tap on the cryptocurrency you wish to purchase or sell.
• Enter the amount and review the order details.
• Confirm the transaction by tapping 'Confirm Buy' or 'Confirm Sell'.

CoinSpot security features

CoinSpot is a reputable and trustworthy exchange that has never been hacked since it was founded in 2013. It is the first cryptocurrency platform in Australia to receive the internationally recognized ISO 27001 certification for information security. This means that CoinSpot is a particularly secure exchange, and there is a low risk that personal information stored on the exchange will be compromised. CoinSpot is also a certified member of Blockchain Australia, which means it meets best-practice standards.

CoinSpot offers a suite of customisable account security settings to improve the security of your account. These include:

• Two-Factor Authentication (2FA)
• Custom withdrawal restrictions
• Session timeout limit settings
• App-based 2FA
• Geo-Lock Logins

CoinSpot also maintains industry best-practice by securing the vast majority of its assets in highly secure offline locations.

Frequently asked questions