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.
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.
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.
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!
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.
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.
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.
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.
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.
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.
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.
Winner: Binance supports a greater number of cryptocurrencies than Coinspot, but it's worth noting that both support major cryptos on the market.
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.
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.
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.
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.
CoinSpot Fees
Clear & simple fees with no hidden costs anywhere. Australia's lowest fees from 0.1%. Multiple trade options to suit your needs.
The founder of CoinSpot is named Russell Wilson who has amassed an incredible net worth due to being the only owner of the business.
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.
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.
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.