Is CoinSpot good in Australia?

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.

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Is CoinSpot safe in Australia?

Trade with peace of mind knowing that CoinSpot has the highest level of globally recognised security certification in Australia. Our friendly Support Team provides premium customer service where users can directly engage with real people 24/7 to assist with any queries.

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What are the risks of CoinSpot?

In the interests of your security, CoinSpot does not hold large numbers of Coins within the Platform as this is a security risk and may increase your exposure to hacking and misappropriation of your Coins.

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How many Australians use CoinSpot?

CoinSpot now has over 2 Million customers!

CoinSpot has been helping Australians trade crypto since 2013 and we're over the moon to have hit this huge milestone. Thank you to each and every one of our two million users, we appreciate you for your ongoing support!

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Does CoinSpot report to ATO?

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.

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Why I Switched From CoinSpot To Binance Australia | Pros & Cons - Compared

39 related questions found

Can the ATO see my crypto wallet?

Designated service providers are bound by law to provide the ATO with requested information. That means the ATO has the 'know your customer' (KYC) information you provided when signing up for any Australian exchange or wallet. This includes personal information and transaction data like: Names.

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Can the ATO see my crypto account?

The short answer is, the ATO already know when you're trading cryptocurrency. The ATO has developed a data matching program with cryptocurrency exchanges to ensure no cryptocurrency transaction sneaks through the cracks.

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Is my money safe in CoinSpot?

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.

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Is CoinSpot worth it?

Our verdict

CoinSpot is one of Australia's largest and oldest cryptocurrency exchanges. Since launching in 2013, the exchange has accrued over 2.5 million registered users, which is more than any other Australian exchange. CoinSpot is a solid choice for beginners and more experienced cryptocurrency investors.

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How much does CoinSpot charge to withdraw AUD?

Withdrawals in AUD are entirely free. CoinSpot doesn't charge a fee to withdraw AUD to your Australian Bank account, no matter how much you withdraw. Setting up and maintaining your account is also free. There are no fees to hold your funds in your CoinSpot wallets.

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Why won t CoinSpot let me withdraw?

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.

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What is better than CoinSpot?

Winner: Binance supports a greater number of cryptocurrencies than Coinspot, but it's worth noting that both support major cryptos on the market.

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Do people make money from CoinSpot?

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.

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Can I withdraw AUD from CoinSpot?

Withdrawing AUD has been made easy using the CoinSpot Mobile App! CoinSpot features the use of instant AUD liquidity, which can then be withdrawn directly to your chosen AU bank account! We offer this through the desktop web browser and mobile app version.

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Are CoinSpot fees high?

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.

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What is the best Australian crypto exchange?

Best crypto exchanges in Australia for 2023
  • Binance – Best crypto exchange overall.
  • CoinSpot – Best exchange for beginners and value.
  • Swyftx – Best for customer satisfaction.
  • Coinstash – Best exchange for altcoins.
  • Bybit – Best crypto app.
  • Coinbase – Best learn and earn program.
  • eToro – Best platform for copy trading.

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Is CoinSpot good for beginners?

CoinSpot is an ideal choice for both beginners and intermediate traders who prioritise a simple, user-friendly interface, a large variety of tradable coins, and a secure platform.

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Does CoinSpot have hidden fees?

CoinSpot Fees

Clear & simple fees with no hidden costs anywhere. Australia's lowest fees from 0.1%. Multiple trade options to suit your needs.

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Who is the owner of CoinSpot?

The founder of CoinSpot is named Russell Wilson who has amassed an incredible net worth due to being the only owner of the business.

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How do I get cash from CoinSpot?

How do I buy Nucleus Vision?
  1. Sign up to CoinSpot. Register for a CoinSpot account here & verify in minutes.
  2. Deposit & buy. Deposit AUD into your account & enter the amount of AUD you want to trade for NCASH and click "Buy".
  3. That's it! You now own some Nucleus Vision!

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How can I withdraw money from CoinSpot?

Click on withdraw and fill up the required information. Set the network to BNB Chain, provide your wallet address and the amount you want to transfer. Click the withdraw button and wait for your BNB Chain to appear in your TrustWallet.

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How do you cash out crypto on CoinSpot?

How do I sell Bitcoin Cash?
  1. Enter amount to sell. Enter the amount of Bitcoin Cash (or AUD equivalent) you would like to sell.
  2. Confirm & sell. Click 'Sell' to confirm your Bitcoin Cash sale. Your sale will process within minutes.
  3. That's it! You've sold Bitcoin Cash!

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How much tax do I pay on crypto in Australia?

The percentage of Income Tax you'll pay is the same as your personal Income Tax rate, starting only from earnings above $18,201. But if you hold for a year, you'll receive a 50% discount on your capital gains for that particular asset.

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How do I avoid crypto tax in Australia?

Legal ways to avoid crypto tax in Australia ✅
  1. 1 - Buy and Hodl your crypto investments for the long term. ...
  2. 2 - No tax on crypto gambling winnings. ...
  3. 3 - Personal use asset exemption. ...
  4. 4 - No tax under the tax free threshold. ...
  5. 5 - Invest in crypto through a SMSF. ...
  6. 6 - Utilise your capital losses and revenue losses.

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Can I claim tax lost from crypto?

Capital losses on crypto can be offset against capital gains made in the same financial year or they can be carried forward to be offset against future capital gains. Capital losses can be carried forward indefinitely, until they are used. It's important that you declare the carried forward loss on your tax return.

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