Knowing which crypto exchange to buy cryptocurrency on is often challenging for first-time crypto investors. Because many crypto exchanges haven’t been around for long, it can be hard to find one you can trust.
One crypto exchange that Nugget’s News often recommends is CoinSpot. As many Australian crypto enthusiasts will tell you, CoinSpot is incredibly reliable and easy to use.
Nugget’s News is constantly being asked which exchanges to buy bitcoin (BTC), Ethereum’s ether (ETH), and other cryptocurrencies on. CoinSpot is a common answer. So, we thought to create a step-by-step guide on how to buy cryptocurrency on the CoinSpot crypto exchange.
CoinSpot is a crypto exchange based in Australia and founded in 2013. It supports more than 130 cryptocurrencies and Australian dollars (AUD).
CoinSpot is registered under an Australian Business Number (ABN) and is an Australian Digital Commerce Association (ADCA) member. New CoinSpot users can use two-factor authentication (2FA) for additional security. For more, visit the CoinSpot Help Centre.
Opening a CoinSpot Account
It’s free and easy to open a CoinSpot account. All you have to do is follow the below six steps.
1. Go to the CoinSpot website
2. Click ‘Register’ on the top menu.
3. Fill in the relevant information in the electronic form (see below).
4. Click the reCAPTCHA checkbox.
5. Read CoinSpot’s terms and conditions.
6. Click ‘Create Account’.
Fill in this form to create a CoinSpot account
CoinSpot Account Verification
Now that you’ve created your CoinSpot account, you must verify it’s yours. To do this, CoinSpot requires that you’re an Australian resident with access to an Australian contact number and Australian bank account. (Note, you must be at least 16 years old to apply for CoinSpot account verification.)
CoinSpot offers instant verification on accounts with a daily deposit limit of A$200. To get this level of account verification, you must complete the below six steps.
1. Click the ‘Account’ drop-down button.
2. Select ‘Verification’.
3. Verify your email address and phone number.
4. Fill in the required information under ‘Account Holder Details’.
5. Answer the question below and select the appropriate account type.
6. Select your preferred ID document (i.e., drivers licence or passport), upload each side of said document—in either .jpg or .png format—and fill in the required information.
To increase your account’s deposit limit, return to the verification page and click ‘Increase My Limit’. CoinSpot will prompt you to supply additional personal information. If you do this during business hours, your information will usually be reviewed within a couple of hours.
Depositing Into Your CoinSpot Account
CoinSpot offers various deposit methods. You can deposit AUD into your account with any of the following deposit methods: POLi, PayID, BPAY, and blueshyft.
Deposit methods supported by CoinSpot
Here’s what you need to do to deposit AUD into your CoinSpot account:
1. Log in to CoinSpot.
2. From your dashboard, click ‘Deposit AUD’.
3. Select your preferred deposit method.
4. Follow the prompts.
For those unaware, POLi is a web-based payment gateway that lets you use your bank account to make payments. It’s seen as a safer alternative to using debit or credit cards and is supported by all major Australian banks.
As for PayID, it’s nothing more than a unique identifier (e.g., your mobile number or email address) which is linked to your bank account. Think of it as a nickname for your BSB and account number.
Additionally, BPAY is a trusted payment facility you can use to make payments through your online banking. As for blueshyft, it is a universal point-of-sale that connects a range of online businesses to their customers.
Buying Cryptocurrency on CoinSpot
Your CoinSpot account has been created, verified, and deposited into AUD. Good job! We’ll round out this guide by detailing how to buy cryptocurrency on CoinSpot.
1. Click ‘Buy/Sell’ on the top menu.
2. Click ‘Buy’ next to the cryptocurrency you’d like to invest in.
3. Enter the amount in AUD or the selected cryptocurrency.
4. Click ‘Buy’.
5. Review the transaction details and click ‘Confirm Buy’.
To confirm that your cryptocurrency has been purchased, click ‘Wallets’ on the top menu. From there, verify your wallet balance has increased by the correct amount and/or view recent transactions. Your purchased cryptocurrency should appear in your CoinSpot wallet within a few minutes of you confirming your buy order.
Nugget’s News has prepared this how-to guide to walk you through the process of signing up to, and buying cryptocurrencies on, CoinSpot. Please be aware that crypto investing involves risk. Only risk capital that you’re prepared to lose.
CoinSpot & Nugget’s News
In this guide, we linked to the homepage of the CoinSpot website. The link used was an affiliate link that CoinSpot set up for Nugget’s News. Signing up with this affiliate link doesn’t affect your account or experience with CoinSpot.
If you want to sign up to CoinSpot but don’t wish to use Nugget’s News’ affiliate link, please visit the CoinSpot homepage and sign up using the steps included in this tutorial.
This CoinSpot tutorial is not financial or legal advice and is provided as a complimentary guide. Nugget’s News is not responsible for any errors or omissions, or any changes in the procedures of any third-party services described. You should always seek professional advice in respect of any financial decisions.