Most automatically processed coin and token withdrawals from CoinSpot will be processed within a few minutes, but if manual approval is required or our hot wallet has insufficient funds and requires to be refilled via manual intervention, the withdrawal will take longer to process.
The funds are expected to appear in your bank account the following day. Requests submitted on a weekend after 2pm will be processed on the next Business Day. Once your AUD withdrawal is processed, you will receive an email notification with the status of your withdrawal.
The funds are expected to appear in your bank account the following day. Requests submitted on a weekend after 2pm will be processed on the next Business Day.
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 CoinSpot features the use of instant AUD liquidity, which can then be withdrawn directly to your chosen Australian Bank Account! We also offer this through the CoinSpot Website.
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.
AUD withdrawals are FREE. CoinSpot does not charge any fees to withdraw your AUD to your nominated Australian bank account. There is also no minimum or maximum withdrawal amount.
CoinSpot may deduct or set off the debt owed to it from any Coins and fiat currencies held in your account on the Platform.
CoinSpot offers Australia's largest variety of digital assets with over 390 coins listed where users can buy, sell & swap benefiting from the lowest fees starting from 0.1%. Trade with peace of mind knowing that CoinSpot has the highest level of globally recognised security certification in Australia.
Despite some drawbacks, such as limited advanced trading features and higher fees on instant transactions, CoinSpot remains a reliable and secure platform.
Industry Best Practice
CoinSpot maintains industry best-practice by securing a vast majority of assets in highly secure offline locations.
The first withdrawal may take up to one business day, after this you can look forward to near instant AUD withdrawals directly to your bank account. At CoinSpot we understand that the ability to easily deposit and withdraw funds is essential for any trader, and we strive to make the process as seamless as possible.
Overview. Russell Wilson is the Founder at CoinSpot.
The timing of a withdrawal depends on several factors including what time of day the withdrawal request is made and the institution receiving your funds, but most withdrawals take 3 to 4 business days before the requested funds are received.
In most cases, withdrawals are almost instant and normally should take no longer than 2-3 hours to be processed. Note: Withdrawals will be sent from an address that differs from your crypto's deposit address.
During peak periods the Bitcoin Blockchain can become very congested. This may slow down transaction times and you may notice your transactions are taking longer. You may see the status as 'Unconfirmed Transaction' on the BTC Block Explorer.
You simply deposit your cryptocurrency into a crypto exchange/broker of your choice and request a withdrawal in one of the available fiat currencies. It is a simple, easy and secure process; however, it takes around 4-6 days to get the money in your bank account.
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.
Last month, Coinspot announced it was temporarily suspending Australian dollar deposits due to ongoing problems dealing with local banks, sparking outrage among investors. “The temporary restriction on AUD deposits will remain in effect until at least the first week of the new year,” the company wrote on Facebook.
Hot wallets are extremely accessible and fast due to their internet connectivity, for example your CoinSpot account. Hot wallets like exchanges or other applications normally have high levels of security and provide a greater level of convenience.
Easy Crypto is one of the more popular crypto exchanges that markets in Australia and New Zealand can access. They offer outstanding customer service and a 100% safety guarantee on deposits.
Yes, CoinSpot is licensed under 'Casey Block Services Pty Ltd' (ABN 19 619 574 186) and regulated under the highly governed financial sector of Australia. Also, it is a registered member of Blockchain Australia, ADCA, and AUSTRAC.
Upon inputting a 2FA code, victims see redirects to the official CoinSpot website, which helps hackers limit suspicion. Afterwards, attackers can apply the account credentials to a legitimate login page and can take control over a victim's account. Attackers have been observed taking over accounts in real-time.
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.
In general, the judgment creditor will not be able to discover the crypto assets or even any transactions involving them. When a cryptocurrency is held in a wallet, such as Coinbase, it can be seen as a financial relationship like a bank.