For new crypto investors, figuring out how to sell can be difficult. These investors have put in the hard yards signing up to an exchange, getting verified, buying cryptocurrency, and sent it to a crypto hardware wallet. That’s quite a feat!
But for those who then want to sell, they must then learn how to transfer their cryptocurrency from their hardware wallet back onto the exchange to submit the necessary sell order.
For those who are new to crypto and looking for a straightforward way to sell cryptocurrency, Nugget’s News often recommends CoinSpot. As many Australian crypto enthusiasts will tell you, CoinSpot is very reliable and easy to use.
Explaining this process to newcomers in person or via message can often be confusing. So, we thought to create a step-by-step guide on how to sell 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.
- Fee to sell cryptocurrency for AUD: 0.1%
- Cryptocurrencies you can sell for AUD: BTC, ETH, LTC, EOS, XRP, XLM, DOGE, LTC, NEO, GAS, RHOC
- Fee to withdraw AUD to nominated Australian bank account: Free
Send Cryptocurrency Back to CoinSpot
Assuming you previously made the decision to transfer your purchased cryptocurrency to a hardware wallet—something Nugget’s News strongly encourages—you’ll have to complete this process in reverse order to sell cryptocurrency on CoinSpot.
Simply put, this means you’ll need to send your stored cryptocurrency from your hardware wallet to a deposit address on CoinSpot. (An address is just a string of letters and numbers.) For a full list of all cryptocurrencies you can send to CoinSpot, click here.
To know which deposit address to send to, all you have to do is go to ‘Wallets’ on the top menu. Then, select the cryptocurrency you’re looking to sell. Once on that cryptocurrency’s wallet page, click ‘Generate Deposit Address’ if you haven’t previously.
If you were sending ETH back to CoinSpot, this is where you’d generate a deposit address
The address that appears in the box is the address to which you’ll send your cryptocurrency to your hardware wallet. If the cryptocurrency you selected does not have a ‘Generate Deposit Address’, it means CoinSpot doesn’t support deposits for that particular cryptocurrency.
Once the cryptocurrency you wish to sell it back in your CoinSpot wallet, all you have left to do is submit your sell order. This step-by-step process has been outlined for you below.
Sell Cryptocurrency for AUD
- Click ‘Buy/Sell’ on the top menu.
- Click ‘Sell’ next to the cryptocurrency you’d like to sell.
- Enter the amount you wish to sell and the fiat currency you wish to sell into.
- Click ‘Sell’.
- Review the transaction details and click ‘Confirm Sell’.
To confirm that your cryptocurrency has sold, simply click ‘Wallets’ on the top menu. From here, you can verify that your wallet balance has decreased by the correct amount and/or view your recent transactions by clicking ‘Transactions’. Your sold cryptocurrency should be deducted from your CoinSpot wallet within a few minutes of your sell order’s submission.
If you sold your cryptocurrency for AUD, your CoinSpot account balance will be credited accordingly. Your CoinSpot account balance is visible on the dashboard.
If you sold your cryptocurrency for another cryptocurrency, you can verify the transaction by clicking on ‘Wallets’ and seeing that the corresponding wallet has been credited accordingly. You can also click on the cryptocurrency and then go to the ‘Transactions’ tab to see your withdrawal history.
If the status of your withdrawal transaction has said ‘pending’ for a while (i.e., longer than 30 minutes), check your email inbox and spam folder for any correspondence from CoinSpot.
Remember, you can always lodge a support ticket with CoinSpot Support and/or LiveChat with CoinSpot representatives. The latter is available on weekdays (9am–8pm) and weekends (9am–5pm).
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.