AUD withdrawals are FREE. 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.
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.
AUD withdrawal request will be processed on the same day if submitted before 2pm (AEDT) on a Business Day, (Mon - Fri). The funds are expected to appear in your bank account the following day. Requests submitted on a weekend after 2pm will be processed on the next Business Day.
Can you convert Bitcoin Cash to cash? Yes! With CoinSpot you can convert your Bitcoin Cash to AUD (Australian dollars) instantly. You can also withdraw AUD to your Australian bank account for free with no withdrawal limits.
On the sell page, enter the amount of coins you want to sell and press 'Sell'. ⭑Optional: You can sell utilising AUD value instead. To do this, click on 'Change to AUD'.
Although most coin and token withdrawals are processed immediately, withdrawals can take up to 12 hours. We endeavour to process your withdrawals and have them broadcast on the Blockchain as soon as possible. However, we are unable to guarantee instant withdrawals.
Key points about CoinSpot:
Deposit fees: FREE for POLi, PayID, Bank transfer and Direct Deposit. 0.9 v for BPAY, 2.5 per cent for Cash deposit. AUD Withdrawal fees: FREE.
If you only buy and hold, then you don't need to pay tax on your crypto, even if the value of your purchased coins has increased. If you make profit on a transaction, then you'll need to pay tax on your capital gain. Here is an example; You buy 1 bitcoin at $10,000.
The CoinSpot website and its associated mobile applications (collectively "Platform") are owned, operated and controlled by Casey Block Services Pty Ltd ABN 19 619 574 186, trading as 'CoinSpot', who, along with its associated entities and each of their directors, affiliates or employees (as appropriate), are referred ...
We make it easy to buy and sell Bitcoin no matter what your trading experience is. Unlike other international and Australian Bitcoin exchanges that require experience and technical knowledge, we make the entire trading process simple for beginners and advanced traders alike.
User-friendly: CoinSpot has a simple interface that is easy for beginners to use, and depositing and withdrawing is free and easy. Even though the interface is simple, CoinSpot still incorporates many features that experienced traders want in a crypto exchange, such as staking on 21 coins and an NFT marketplace.
CoinSpot is the largest, most established exchange in Australia since 2013. CoinSpot offers Australia's largest variety of digital assets with over 370 coins listed where users can buy, sell & swap benefiting from the lowest fees starting from 0.1%.
Yes, CoinSpot is a trusted cryptocurrency exchange and one of the few exchanges that has never been hacked since it was founded in 2013. It is also the first-ever Australia-based cryptocurrency exchange conferred the globally accredited ISO 27001 certification for its robust information security mechanisms.
How do I Receive cryptocurrency? Simply go to the Wallets section and locate the asset you wish to send from the wallet list. Select Open Wallet, then click Receive, here you will find the applicable details to send your desired crypto into your CoinSpot wallet.
The Reserve Bank of Australia (RBA) does not consider bitcoin or other cryptocurrencies to be legal tender in Australia. This means that most banks and other mortgage lenders are unlikely to accept crypto as a home loan deposit.
Yes. The ATO track cryptocurrency activities tied to individuals. Exchanges operating in Australia, such as Binance, & Coinspot are required to report the details of Australian users to the ATO.
CoinSpot is Australia's largest and most trusted cryptocurrency exchange with over 2.5 million users. Their platform is regulated by AUSTRAC and are regularly audited to demonstrate 1:1 proof-of-reserves of client funds. 360+ Cryptos and 100+ NFTs from OpenSea. 0.1% Market Order and 1% Instant Order.
Data matching
The ATO can track money trails back to taxpayers through data from banks, financial institutions and crypto asset online exchanges. “We are able to match this data to individuals transacting in crypto assets, so don't forget to include gains and losses in your tax return” Mr Loh said.
In Australia, although it is referred to as Capital Gains Tax, there is no separate tax and any gains you make will be assessable income subject to Income Tax. The percentage of Income Tax you'll pay is the same as your personal Income Tax rate, starting only from earnings above $18,201.