Getting Started with Crypto on CoinSpot

Congratulations! You've taken the first step in deciding to invest in CryptoCurrency. Have you decided to buy BitCoin, Ethereum, or an exotic coin such as Ripple, Dogecoin or one of the latest coins to be added to CoinSpot's selection? Let's get started, then!

Due to Australian law, financial institutions such as CoinSpot must verify the identity of new members, and this process can take a few days. We'll guide you through the steps below, with some helpful tips along the way.

Registration

Before you begin, you need to register a new account with CoinSpot. Head to https://www.coinspot.com.au/register to create your new account.

Disclaimer: whilst we recommend you use a STRONG password and a Password manager such as LastPass, you are free to choose a password that fits the requirements of CoinSpot. However... Be wise. Treat CoinSpot like your bank account; never disclose your login details to anyone.  

Creating your account could not be easier. Simply enter your email address and the password you wish to use. Remember to type it in a second time. Once you've done this, check the box next to "I'm not a robot". You may get a small pop up asking you to click a some squares in a picture - follow the simple instructions and you will be presented with a green check mark.

Then click Create Account

 

That's it! You're in. Congratulations!

Verify Your Account

You've probably heard that crypto currency is an anonymous money transfer platform and are wondering "why do I need to verify my identity?". As noted earlier, you must verify your identify with CoinSpot to comply with Australian anti-money laundering legislation. Whilst you disclose your identity to CoinSpot for lawful reasons, this is in no way disclosed in your trading of cryptocurrency on the CoinSpot platform. Rest assured, your privacy is still intact.

 

Let's begin verification by clicking on the Account menu option, which will pop up the Setting menu item. Click Settings.

One the left hand side of the screen, click the Verification item.

As mentioned earlier, verification of your account may take a few business days. To ensure this happens as quickly as possible, you'll help the CoinSpot team by providing as much detail as possible to verify your identity.

CoinSpot employs the following verification methods:

  1. Email Verification
  2. Mobile Verification
  3. Facebook Verification
  4. Australian Driver's License Verification
  5. Verification Photo
  6. Utilities Verification

To successfully register your account and verify your identity, you must upload, at the very minimum, a copy of your current Driver's License, and a verification photo

The Email, Mobile and Facebook verification methods are quick and simple;

  1. Check your email for a confirmation email and click the supplied confirmation link.
  2. Enter your mobile phone number and click Update. When you receive a text message containing a verification code, enter it in the "Enter SMS Token" box and click Verify Token.
  3. Open your Facebook profile, copy the URL (in the address bar at the top of the page, right click and click Copy), and then paste it in the Facebook Verification box before clicking Update

When it comes to your Australian Driver's License, CoinSpot recommends using your mobile phone's camera to take a photo, and to upload this. It is generally simple to send a photo from your mobile phone to your own email address, and from here you can download/save the image to your PC before uploading it to CoinSpot. While you're at it, you can take the opportunity to take a photo of your most recent utilities bill (mobile/home telephone, internet, electricity/gas, rates notice etc), clearly showing your name and address.

Finally, you must take a photo of yourself holding a plain sheet of paper, with the following text. Substitute your full name, code and signature as necessary.

I, [Your Full Name], submit this photo to apply for a CoinSpot account to trade digital currency and my code is [Your Code number]. [Your Signature]

It should look something like this:

 

And now we wait...

It may take a few business days for CoinSpot to verify your account. And then you'll receive an email from Russell.

Congratulations! You did it!

Ledger Wallet protects your bitcoins

Join Our Community...

Now you've gotten started, it's time to level up. Join our Slack community and chat with other crypto traders!

Don't fall victim to Crypto Scams

It's a wild world out there, and many communities are plagued by scammers looking to grab your BitCoins and other currencies. Make sure you know how to spot a scam and avoid falling prey.

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