Coinspot is one of the longest running and biggest Cryptocurrency exchanges in Australia.
This promotion expires 11:59pm this Sunday 3rd AEDT.
Use a referral code from ozbargins referral system.
Get $20AUD to start trading
1. Verify Your Account
2. Deposit $1 AUD or More using PayID for an Instant Deposit
3. You will get $20AUD in BTC Credit Near instantly, Free to Withdraw at anytime to AUD or Crypto.
A$10 worth of Bitcoin for referrer and referee.
I already have a Coinspot account. Can I add my referral code?
Go into (OzB) My account -> edit -> referrals and in the coinbase area it has instructions
Just added it. Thanks.
note that sometimes they get purged, so check every few months or so to re-add your link.
there was an ozbargain deal where you would buy a jar of peanut butter and get your money back via shping tokens via their app https://www.ozbargain.com.au/node/810691
Those shping tokens are now worth double. Next year or two is going to be nuts in crypto.
Next year or two is going to be nuts in crypto
Peanuts?
Pay peanuts and get monkeys.
You know its topped out right?
Tell me more Nostradamus.
Coinbase earn also had that token also for free.
Coinbase earn & wallet is a good way to get a few hundred in free crypto.
yeah thats how i first found out about the shping token. I've been trading all the coinbase learn and earns and shping rewards from uploading receipts for the base meme token $TOSHI and have made a couple grand for pretty much free. crypto is already in stupid season and its just going to get stupider and stupider.
Newbie with CoinSpot. Is it normal to upload your ID/passport for verification?
Yes it is
Yes
Tried to verify but apparently my photos/scans weren't good enough. I gave up.
Peice of white paper behind ID helps. Also wipe lens.
Took mine on the toilet floor while sitting on the dunny but had to fight some daylight reflections. iPhone SE. TMI?
Not enough IMO
Hope they are better than Independent Reserve. IR is notorious for holding onto your money and asking a ton of never ending repetitive questions before releasing it.
Has no issues ever with CoinSpot
I can easily make btc crash. I just have to buy some… Just say the word.
Story of my life
Do it
story of my life on all coins i purchased so far
Yep. I put in about $200 early last year in IOTX and Loopring. They are currently worth $40
You must not be trying hard enough. People on wallstreetbets lose >99% sometimes, and that’s not even Crypto.
They are up from a low of $15 a few months ago 🤣
Opposite is also true too, i invested $10 into some no name coin using uniswap. pulled out $2,000 then was given $1060usd of Uni tokens.
Have not used coinspot for a long time. Logged in this morning and saw $100+ worth of btc from referral. Thanks ozbargains.
I just looked and I got one also, there's no email or anything.
Thanks to whomever that was.
Is it all random whether your name gets picked for referral? I just added my name to the pool 2 days ago.
I think so.. I'd love to think the algorithm also gives everyone a fair go in addition to the randomness.
how long to verify account? trying to deposit right now :(
depends on your bank, some banks hold it for 24hrs before releasing it to CS
no, verifying my drivers license. i can't even get to the bank hold part. i would do payid, wouldn't that be instant anyways?
ah sorry, misread it, shouldnt be too long, payid, yes and no, again depends on the bank, i know multiple banks holding funds before going to CS, i have zero drama with ANZ tho
@Nitrollparty: CBA and Bankwest are the main culprits. They place a 24 hold on any deposit to crypto exchanges, regardless of whether you've made deposits in the past. Ensure you've got another bank account for all deposits if you want them to be near instantaneous.
Just wondering you have been verified yet?
My ING transfer was instant, due what is worth
Mine was instant .. I used a VIC DL
Which version of bitcoin are they referring to?
BTC
Spreads and fees make it one of the most expensive exchanges for trading, spreads are 100s of basis points apart in most instruments. Wish there were better exchanges with lower fees that can be used in Australia without going through hoops to get your money deposited. Australian crypto regulations are setup in a way just harm the person wanting to invest their money
Any other exchange recommendations?
Agreed. I would rather buy BtC -USD from CMC markets. Unfortunately BtC- AUD isn’t available with them yet.
I bought my first bitcoin at $95,000. Put 3 years of savings in it. Will I also 10x my fiat like the people from 2018 who bought Bitcoin at $10k? Will it take the same amount of time, around 6 years? So in 2030 we should be at $1 million BTC right so people like me that buy in 2024 can also have 10x gains?
Nope, you’re still early. But not as early as 2018. Past performance is not an indication of future performance.
Found the optimist / Crypto bull!
Found the
cryptobull!
That’s what she said ;)
Get on this free bitcoin, ride the wave when the bitcoin halving commences in April :)
Realistically are they going to verify your account in time if you register today?
yes very quick process.
it was instant for me ..
Coinspot is good, haven't had any issues with them and used them for years. Easy to use and no problems with withdrawing to bank account
This is a prettt good platform
I like that you could do very small amounts eg $1
However I ended up consolidating into swyftx
I already have a Coinspot account. Can I add my referral code?
What are their BTC withdraw fees?
Native BTC network is very expansive atm, there are many options to move it out for very low costs.
Lightning network (need a lightning wallet or exchange that supports it)
Bep20 most wallets support it, bep20
Exchange to coins with low network fees, xlm, xrp.. eth also has more layer 2 networks.
it is a sign to sell BTC when BTC deals pop-up in ozbargain :)
Haha, I've used that as a strong sell-signal in the past! Or when taxi drivers or the Today Show start talking about it again. But…I feel this cycle has a bit more left in it before we see a 'correction' (This is a guess, not financial advice.)
Haha was going to comment the same, but this time feels a bit different, a bit too early and too fast given btc halving hasn't even happened yet
We have 50 days until the halvening. So, I think it will keep going up until the event, because of greed and FOMO, then crash hard. That's my 2 cents.
I tried to verify and it's saying "Account Verification Thanks for submitting your verification documents. The verification team are reviewing your account details. You will receive a response within 24 hours. Thank you for your patience. If you would like to know more about the our processes please see our help centre." Anyone know if this process will be possible before the end of tonight?
Coinspot has live chat on the website, you could send them a message they are normally fairly responsive.
For anyone that's interested you have to provide them a photo of your driver's license or passport. Seems risky to me. I may be paranoid.
This is a requirement for them, they need to know who you are.
It's no different from a bank, currency exchange, stocks, money transfer
I would be more worried if they didn't ask.
That's fair enough, and hopefully they protect the data better than many others that have been recently hacked. The obvious risk is if criminals get this image, they're almost certainly going to try to defraud you somehow.
I mean, if they didn't then any techies could automate thousands of self-referrals within minutes
Decent payouts require sufficient verifications. This is also quite standard for any crypto exchanges which matter.
our boy Powell got our backs buy everything we’re going to the moon
I uploaded a photo of my passport and it rejected it. I was about to take a photo of my Driver Licence instead, but that page where I put in my details refreshed I think and I can't do it again. I have deposited $1 though. I'm also at a page that says 'Congratulations! You are approved to deposit $2,000 AUD per day.'
Would this mean that I am approved now?
Sounds like it's verified to me. Do you have the ability to deposit ?
Yes, it let me deposit and gave me a PayID which contained part of my name to do so.
if you can transfer money in .. that means you're verified. it wouldn't let me transfer funds in last night until after I did this ..
Oh goody, thought so, despite the previous step.
Fingers crossed for the $20 AUD BTC.
I hope they bring back "staking". i miss easy free coins
If you signed up recently and missed the $20 it's worth a shot to reply to this thread
https://twitter.com/coinspotau/status/1763507429868994775
They offered to double this guys referral and will send him some free merch.
https://twitter.com/coinspotau/status/1763699883020849603
I asked support for some free merch and this was the reply:
"I will create a ticket from this chat for our Marketing team to review and they will reach out to you if you have won some merch. Your reference number will be xxxxxxx"
p.s. Main reason I chatted with them was because I saw on my dashboard: "Congrats! You've received $10 worth of free BTC in your wallet as part of the Refer a Friend bonus." but I actually received $20 worth of BTC as pointed out by support by checking the BTC transaction page.
How much is the withdrawal fee with coinspot?
I’m with binance and their withdrawal fee is around AU$20 and there is a minimum crypto to do it too
Thanks
for BTC ?
native BTC network is $50aud >
lightning is near free.
Bep20 is also very cheap.
Free withdrawal to your bank.
Yup for BTC
Sorry, what is bep20?
Bep20 is smart chain (Binance)
https://academy.binance.com/en/glossary/bep-20
It's a wrapped asset so it carry's risk.
Lightning is the native layer 2 network for bitcoin, some exchanges support it but not many.
If it's to hold off chain, Lightning will be the better option for small transfers (You will need a lightning wallet). If it's just to transfer somewhere else like binance Bep-20 might be the best.
Wow $50 aud to withdraw on BTC network? That's very high compared to btcmarkets or any of the overseas exchanges I have used.
Fee is 0.0005BTC which is about $47aud
btc markets is 0.0003 about : $28.5aud
Lightning however is under 10cents.
@shadowangel: And I thought btcmarkets was a little high. Whst exchanges support using lightning network to send?
@JL1: Coinspot (send), Binance (send, receive) , Kraken (send, receive)
I also think coinbase might support it to send.
@JL1: I use Kraken Lightning network to send for free to Strike, and then from Strike to my hardware wallet for free on chain (takes up to 24 hours, low priority). My experience it takes about 12 hours. I'm fine with that to save Sats using this method.
@shadowangel: Correct. Zero withdrawal fees using Strike low priority speed withdrawal (up to 24 hours it takes) as they wait to batch up many withdrawals together to save $.
Is that just the network fee which should be the same no matter what exchange?
What is the cheapest way to deposit and send money from CoinSpot to another exchange? For example, KuCoin ?
Full time crypto trader here and ironically coinspot actually has the cheapest fees in Australia (despite being a big retail friendly exchange) ― assuming you use the correct order type.
Their fees for “market orders” are 0.1% while their limit orders are 1%. This is ofc counterintuitive because normally market orders have higher fees, while limit orders are lower. But coinspot calls them the opposite terms for whatever reason.
Anyway, 0.1% fees match Binance and Bybit (the two largest exchanges with the highest volume, noting too in Binance you can get it down to 0.075% for Binance if you use BNB for fees). However, the issue is you can’t deposit AUD directly onto these exchanges (Binance used to be able to but removed AUD deposits due to regulatory concerns). So if you wanted to trade at the lowest fees, what you need to do is (1) use coinspot as a place to deposit AUD; (2) use it to buy a coin with low xfer fees (my fav is doge); and (3) then you withdraw the doge to Binance/Bybit/OKX or wherever you want to trade where there’s actual liquidity/volume/more coins to trade.
But even if you’re not trading, the difference between fees being 0.1% and 1% are significant.
Eg. Buying $10,000 of Bitcoin 1% of fees is $100 – compared to 0.1% which is only $10. Moreover, Aussie platforms charge spreads, which can be very hefty especially for smaller marketcap coins.
Other Aussie platforms’ rates are also much higher than 0.1% i.e. BTC Markets is 0.85%; Independent Reserve 0.5%; Coinjar 1%, Swyftx 0.6%, Coinbase 0.6% ― for standard retail rates. yes there are lower fee brackets for higher volume traders, but for normal retail users, reaching those discounted rates is impossible.
Using these exchanges is the OzBargain equivalent of using CommBank or Westpac for international purchases, and getting shafted by their fees (international transaction + foreign exchange fee) instead of using a 28 Degrees, ING, Citibank or similar. You are paying for the convenience and service.
Anyway, to buy coins at the lowest fees follow these steps:
As documented in numerous reddit threads, coinspot (and most Australian exchanges) have hidden fees, which come about through spreads, withdrawal fees, minimum orders etc. For BTC/ETH you might not notice them as much, but once you start trading other shitcoins it is v. apparent. That’s why its better to go to the big international exchanges.
An alternative way of depositing is using Coinbase, which recently implemented USDC swaps. I use this when I want immediate liquidity without having to fluff around with placing orders on Coinspot. Similar process:
In the course of writing this post, I also noticed that Kraken Pro has decent rates 0.16% (maker or limit orders) or 0.26% (taker or market orders). So that may be an option too if you already have it set up. Although, not sure about the liquidity on it as never used it.
If you have any questions feel free to DM me.
The next bull run is starting, this one led by wall street and the bankers. Rare chance we get to frontrun the institutions. Hope we can all make it together this cycle.
VERY DETAILED ! WELL DONE @anicca :)
Great write-up!!
Got a couple of DMs, will repeat what i said here for some clarifications:
As long as you use the MARKETS tab you will be paying 0.1% instead of 1%. You don't need to create a limit order and wait around for it to fill. You can just immediately input the current sell order prices and get filled (in effect simulating a market buy order, except instead of having a one click MARKET BUY button, we just have to input the numbers). The confusion is that coinspot calls these limit orders, 'Markets' orders. And then has a separate thing for 'Limit orders' in the BUY/SELL tab which are charged at 1%. As long as we are under markets, it'll be 0.1% so dw.
In regards to whether moving to coinspot is worth it from X exchange, if you're just doing a few purchases to buy and hold, probably no need. But you could also register and take advantage of this deal, and use coinspot for future deposits/purchases. You'd have 2 exchanges, but saves you having to withdraw and pay more fees moving coins around.
Yes trading in USD is better than AUD. this is because vast majority of all volume in crypto is through USD stablecoin pairings (mainly USDT and some USDC). It is also generally better to denominate in USD from pure forex store of value perspective. you can see that Bitcoin has made a new high in AUD, but not in USD. This reflects the AUD being weaker than USD. Anyway, the purpose of the above is to provide the cheapest way to convert our AUD into a cryptocurrency (at which point it is more commonly valued in USD terms). I'm not suggesting trading in AUD, but am simply providing imo the best way for retail to on-ramp AUD by using coinspot as the deposit mule, and then transferring the tokens over to a tier 1 exchange like Binance/Bybit/OkX/Kucoin etc. where you can then trade into stablecoins or other alts with international liquidity. To make a trade requires a counterparty. Naturally trading on Australian exchanges has less people, so lower liquidity. That being said, its not necessary to move to an international exchange if you're just buying very sporadically and mainly holding. Then coinspot gets the job done fine, just follow the above to avoid paying 1% on fees instead of 0.1% (as they market themselves to be the cheapest exchange … it's just hidden underneath a counterintuitive UX and equally confusing UI).
How come i can see certain cryptos in the buy/sell section but not in the markets section?
Coinspot uses partners to help fill those orders.
Referral links can be found on this page > https://www.ozbargain.com.au/deals/coinspot.com.au
I'd recommend it even if you have no clue about crypto, after fees it's around a free $18-19 once you sell and withdraw the money. Take it and leave the site