There is no limit on how many trades can be made! If you have a trade over the limit, simply complete a second trade and the overall fee will remain the same. BTC, ETH, XRP, BCH, EOS, LTC, BNB, HOT, TRX, ADA, NEO - $100,000 AUD limit per transaction.
CoinSpot is owned and operated by Casey Block Services Pty Ltd (ABN 19 619 574 186).
Despite some drawbacks, such as limited advanced trading features and higher fees on instant transactions, CoinSpot remains a reliable and secure platform.
The best cryptocurrency exchange in Australia CoinSpot, allows registered users (individuals, Super Fund investors, and companies) to buy or sell cryptocurrencies like Bitcoin instantly. It also allows them to trade in the open market by speculating the market price and earning potential profits.
No. CoinSpot is not affiliated with the ATO. However, CoinSpot may be required to share customer data with the ATO upon request.
The first withdrawal may take up to one business day, after this you can look forward to near instant AUD withdrawals directly to your bank account. At CoinSpot we understand that the ability to easily deposit and withdraw funds is essential for any trader, and we strive to make the process as seamless as possible.
CoinSpot does not charge any fees to withdraw your AUD to your nominated Australian bank account. There is also no minimum or maximum withdrawal amount.
After a certain period of time, you will receive Earn rewards depending on the amount of coins you have placed in your Earn wallet and the amount of time they have been there. Simply put, by participating in the CoinSpot Earn Program, you are allocating some of your coins in order to receive Earn Rewards.
Hot wallets are extremely accessible and fast due to their internet connectivity, for example your CoinSpot account.
The audit's result shows that the company's financial status is accurately presented in all relevant material aspects in its financial report for the 2021 fiscal year. CoinSpot got an unqualified audit opinion, the highest level of assurance under Australian Auditing Standards.
Are CoinSpot Fees High? Yes, CoinSpot fees are considered high, with a 1% instant trading fee and wide spreads of up to 2-3% on digital assets, making it one of the most expensive crypto exchanges in Australia.
Swyftx is an Australia-based crypto exchange that features more than 310 assets, compared to over 390+ on CoinSpot. In Finder's 2023 customer satisfaction awards it was the most recommended brand, with 90% of users saying they would recommend the platform, compared to 80% for Binance.
There are typically four ways to turn Bitcoin into cash instantly: Use a crypto debit card like the BitPay Card. Sell crypto for cash on a central exchange like Coinbase or Kraken. Use a P2P exchange.
While the receiving of a crypto gift is tax free, the disposal - be it by selling, swapping, spending, or re-gifting, is taxed as a capital gain. Your cost basis will be the fair market value of the coins on the day you received them.
The main risk of staking is the volatility of your investment – if the value of the coin drops, your rewards from staking that coin may not be enough to make up for the loss. However, this is the risk that comes with all investments. Staking is not any riskier than any other form of investment.
The security of staking stems from the consensus algorithm known as Proof of Stake (PoS), which enables participants to validate transactions and secure the network by holding and locking a specific amount of digital assets in a wallet.
The fee for our Instant Buy and Sell is always a fee of 1%. This fee is higher than our Market option however it provides Instant liquidity at a confirmed price. Stop Loss, Take Profit, Buy Stop and Buy Limit Orders via our Instant Buy/Sell pages allow you to execute your custom trade also at a 1% fee per trade.
In order to enable withdrawals you will need to upload an Authorisation photo. Your Authorisation photo should look like the example below and include yourself, the photo ID used to verify your account and a handwritten authorisation statement.
Your ATM Withdrawal and Daily Debt Purchase limit will typically vary from $300 to $2,500 depending on who you bank with and what kind of account you have. There are no monetary limits for withdrawals from savings accounts, but federal law does limit the number of savings withdrawals to six each month.
The industry average is around 1 - 2%. As for deposit and withdrawal fees, CoinSpot does not charge any fees to withdraw AUD. For crypto withdrawals, CoinSpot will charge anywhere between 0.0003 - 0.001%.
Transaction Fees on CoinSpot
There will be no hidden costs, and you will only pay one flat fee. Market Trades: 0.1%– All market trades will be subject to a 0.1% fee.