This article will discuss the process of buying crypto on Coinspot. Coinspot is an Australian-based cryptocurrency trading platform that offers users different crypto assets with over 320 coins that users can buy, sell and trade.
This cryptocurrency platform is one of the most used trading mediums in Australia.
Is Coinspot Trustworthy?
Coin spot is a highly reputable trading platform that hackers have never affected since its creation in 2013.
The platform is the first in Australia to receive international recognition for security related to trading activities.
Traders and investors can perform their trading activities on the back that it is highly recognized and has been working effectively for an extended time.
You can also read more on CoinSpot Australia Review from other reputable users here to get an unbiased review.
Can I Use Coinspot outside Australia?
Coinspot is an Australian crypto exchange that allows purchasing and trading on different cryptocurrencies. The platform accepts bank deposits for Australian citizens.
Despite the exchange platform’s strong focus on Australian residents, users outside the country can still access the forum.
But the only change here is that they can only deposit funds in their account through cryptocurrency transfers. There is no restriction on the countries that can use the platform.
How to Create an Account with Coinspot
Coinspot is one of the best platforms to buy cryptocurrencies in Australia. To create an account, you need to search for the platform’s site using your browser and click on register to begin creating your account.
You will need to fill in your details and your email address on the platform’s page, where Coinspot would send you a link. Click on the link sent to your email and then verify your account.
The verification would require an upload of your passport or driver’s license, also a selfie of you holding a note of your intention to buy and sell crypto on the platform.
After these steps, you will need to wait for 1-2 days to complete the verification. A call will come from Coinspot ‘s staff, and you will be asked some questions on your account.
Once this verification is completed, you will add your bank details and deposit funds into your account.
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To buy crypto on Coinspot with your credit card, you can follow these steps to aid your trade. Below are the steps you can take.
- Create a Coinspot Account
To buy crypto on Coinspot, you need to open an account on the exchange platform. You need to fill in some details and present proof of identification like a passport or driver’s license.
- Verify your Account
It would be best to get this done after creating your account; you must verify your account with the exchange platform. The verification usually takes some time, and after this, you can start trading.
- Deposit Funds into your Account
It would be best to get started; there is the bank payment option. You can deposit through your credit card on the exchange platform, and you will deposit the accepted currency, AUD (Australia Dollars).
- Make your Purchase
To buy cryptocurrency on Coinspot, you need to click on the “Buy/Sell” button and select “Buy,” and put the particular crypto asset you want.
Then enter the AUD amount to trade for the other crypto asset and click “Buy.” The transaction will take some time, so you need to wait and check your account.
How to Sell Crypto on Coinspot
If you intend on selling your crypto asset on Coinspot and already have an account with them, all you need to do is click on the “Buy/Sell” button on the platform.
Enter the amount of the particular cryptocurrency you would like to sell or the AUD (Australia Dollars) worth of the coin.
After entering the amount, you need to click on “Sell” to confirm the sell order and set your desired price at which you intend to sell your crypto asset. Make sure to check if the order is suitable for you and confirm the transaction. To sell crypto on the
Coinspot exchange, you need to have accumulated or stored some cryptocurrency.
List of Other Platforms to Buy Cryptocurrency in Australia
Cryptocurrency is becoming popular in Australia, and this includes a lot of exchange platforms to choose from. Some of these exchanges are not legitimate and may be very risky to trade. Some of the other exchange platforms where investors can buy cryptocurrency in Australia include :
- Swftx Exchange
Swftx is a well-built trading platform available on desktop sites and mobile apps for both beginners and advanced traders. This platform has over 280 cryptocurrencies available for investors and minimal fees per trade.
- Digital Surge
Digital Surge is an Australian exchange registered on ASIC and AUSTRAC, which traders can utilize for their trading activities. The platform offers numerous cryptocurrencies with fewer transaction fees.
- Etoro
Etoro is a broker that offers traders many trading tools include cryptocurrency. The platform is a social trading platform where traders can equally interact with other traders through the Newsfeed.
- Binance
Binance is a highly rated worldwide known exchange platform that offers advanced options suitable for experienced traders. The platform also gives access to more than 300 cryptocurrencies.
Watch the video below to learn how to buy and sell crypto on Coinspot:
Kraken is another platform that focuses on offering traders and investors many services and coins at a low fee. The platform aims to increase its level of security so users can trade without any fear of hacks.
Coinspot is a big name in the Australian cryptocurrency exchange market. It focuses much on residents in Australia with AUD (Australian Dollar) as its primary means of funding account. Users can still deposit funds into their accounts using cryptocurrency.
We hope this article will help to guide you as you perform your crypto transactions on the platform. Kindly drop a message in our comment section for your questions and concerns.
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