Fees for CoinSpot Deposits Deposits made through POLi, PayID, or Direct Deposit (via OSKO) are free of charge. Meanwhile, BPAY deposits will be subject to a 0.9% deposit fee (which is charged by the provider, not CoinSpot), and physical cash deposits at Blueshyft locations will be charged a 2.5% deposit fee.
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.
Simple, flat fee for OTC and market order trades: CoinSpot offers a flat 0.1% fee on all trades, making it reasonably cost-effective for both casual and frequent traders.
Yes. The ATO expects you to declare any capital gains or losses, as well as any income from CoinSpot. If you have non-taxable transactions - for example, buys or transfers - generally you do not need to declare these to the ATO.
Depending on the liquidity on the Market your Buy or Sell Order may take some time to complete or complete over several trades. Buying or Selling via our Markets will attract a 0.1% fee per trade.
CoinSpot has been around since 2013 and has never been hacked, and it maintains industry best-practice by storing the vast majority of cryptocurrency in highly secure cold storage.
There is no limit on how many trades can be made!
Yes, the ATO tracks crypto. Your data is likely already on file with the ATO if you've got an account with an Australian cryptocurrency designated service provider (DSP).
Buy and HODL. If your strategy is to simply buy and hold your crypto, then you don't need to pay tax on the cryptocurrency you hodl, even if the value of your portfolio increases. The taxable event is when you sell, exchange, or gift your crypto (to a DGR).
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.
Coinspot offers staking to it's 2.5 million users. Find out about the rates, fees and risk of this feature. Coinspot's staking feature allows users to stake 20+ cryptocurrencies and earn up to 45% APY. ETH, ADA, SOL, DOT and AXS are just some of the crypto assets available for staking.
If CoinSpot becomes insolvent, you will be an unsecured creditor in relation to all Eligible Earn Coins lent under Earn Contracts and you may not be repaid in full or at all.
Yes, CoinSpot is licensed under 'Casey Block Services Pty Ltd' (ABN 19 619 574 186) and regulated under the highly governed financial sector of Australia. Also, it is a registered member of Blockchain Australia, ADCA, and AUSTRAC.
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%.
Investors must report crypto gains, losses and income in their annual tax return on Form 8940 & Schedule D. Evading crypto taxes is a federal offence. Penalties for tax evasion are up to 75% of the tax due (maximum $100,000) and 5 years in jail.
Do you need to report taxes on crypto you don't sell? If you buy crypto, there's nothing to report until you sell. If you earned crypto through staking, a hard fork, an airdrop or via any method other than buying it, you'll likely need to report it, even if you haven't sold it.
Taxpayers are required to report all cryptocurrency transactions, including buying, selling, and trading, on their tax returns. Failure to report these transactions can result in penalties and interest.
The ATO has developed a data matching program with cryptocurrency exchanges to ensure no cryptocurrency transaction sneaks through the cracks. Literally, none. They will notify cryptocurrency investors through warnings on their MyGov & ATO prefill reports to ensure all transactions are reported in your tax return.
Your Australian bank account statements are accessible to the ATO. The ATO is endowed with extensive legal authority, which allows it to access your personal bank information. Because of these capabilities, the ATO is able to get your Australian bank statements straight from your financial institution.
More recently crypto exchanges must issue 1099-K and 1099-B forms if you have more than $20,000 in proceeds and 200 or more transactions on an exchange the exchange needs to submit that information to the IRS.
When investing in crypto, unlike other forms of investment, you don't actually pay any tax on the currency itself while you hold it. You simply hold it, and watch it as the market changes.
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.
Where can I find a record of all my CoinSpot transactions? CoinSpot provides numerous free reports that will assist with your tax return. These can be found on the top right of the Order History page.