Does CoinSpot offer Cash Deposits?
Yes, CoinSpot is the only cryptocurrency exchange in Australia to offer cash deposits on its platform. This is because there is a lot of risks involved with accepting cash as payments such as money laundering prevention.
The reason CoinSpot is the only exchange to allow cash deposits is that it has undergone an SCI Qual International Security Audit, making it Australia’s only high-security exchange. It has taken preventative measures to comply with anti-money laundering regulations.
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How to Deposit Cash on CoinSpot
It is easier than ever to deposit cash into your CoinSpot account now that clients can deposit at any BlueShyft news agency. BlueShyft has over 1000 locations all over Australia. Follow the steps below to deposit cash on CoinSpot.
- Create an account on CoinSpot and complete the onboarding process.
- Select ‘Deposit Funds’ in the top left-hand corner of your screen and tap ‘Cash Deposit’.
- Enter the amount of Australian dollars you want to deposit and press ‘Continue’.
- Save your QR code and reference number as you’ll need to show these at the deposit location.
- Enter your postcode and search for the nearest BlueShyft to you.
Bring your QR code, cash, and ID to the deposit location. Once you have arrived, show the attendant your ID, and QR code, then pass them your Australian dollars to complete the deposit. The funds will be instantly credited to your account once you have deposited in the store.
Are Cash Deposits Safe?
Cash deposits to buy cryptocurrency on the CoinSpot platform are extremely safe thanks to their integration with Australian Fintech brand Blueshyft. They are Australia's leading retailer network that enables cash deposits to platforms like CoinSpot via cash deposits at participating trading posts, news agencies, and other leading stores.
What are the Fees to Deposit on CoinSpot?
If you want to deposit cash on the CoinSpot exchange, you will be charged a flat 2.5% fee. This is considerably higher than the other deposit methods supported on CoinSpot. Refer to the list below of the alternative deposit methods supported on CoinSpot and their corresponding fees and deposit time frames.
- Direct Deposit (Osko) - Free & Instant
- Direct Deposit (Bank Transfer) - Free & 1 - 3 days
- POLi - Free & Instant
- BPAY - 0.9% & 0 - 2 business days
- PayID - Free & Instant
To learn more about CoinSpot and its fees, assets, features, and security, you can visit our CoinSpot Review.
Final Thoughts
CoinSpot is the only cryptocurrency exchange in Australia to offer cash deposits on its platform. This is due to the high levels of security measures CoinSpot has undertaken in order to comply with anti-money laundering regulations. Although the fees for depositing cash are higher than other methods, it still offers users an easy and secure way to buy cryptocurrency.
