Summary: CoinSpot, an Australian cryptocurrency exchange, accepts cash deposits. This feature sets it apart as the only digital asset trading platform in the country to offer this payment method. CoinSpot has partnered with BlueShyft, a nationwide news agency with over 1,000 locations, making it convenient for Australians to deposit cash from anywhere in Australia.
- Instant Australian Dollar (AUD) deposits with Cash to buy and sell over 420 cryptocurrencies.
- Regulated by AUSTRAC as a Digital Asset Service Provider and licensed by ASIC.
- Wide variety of features including Staking, NFT Marketplace & Wallet, Crypto ETFs and more.
Can I Buy Crypto with Cash on CoinSpot?
Certainly, CoinSpot does support AUD deposits with cash. When you choose the cash payment option, your funds will be instantly credited to your CoinSpot account once the in-store deposit is completed. The reason it’s 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 trading platform. It has taken preventative measures to comply with anti-money laundering regulations.
How to Deposit Cash on CoinSpot
CoinSpot offers a convenient way for users to deposit cash directly into their accounts. Thanks to a partnership with Blueshyft, you can make cash deposits at thousands of news agencies across Australia. The entire process takes roughly 10 minutes to complete.
Follow the below step-by-step guide 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.
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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 store.
Are AUD 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 participating trading posts, news agencies, and other leading stores.
Fees to Deposit Cash on CoinSpot
If you want to deposit cash on the exchange, you will be charged a flat 2.5% fee. This is considerably higher than the other deposit methods supported on CoinSpot. Once you have completed the deposit, your funds will be instantly credited to your account. To learn more about CoinSpot and its fees, assets, features, and security, visit our CoinSpot Review.
Final Thoughts
To summarise, CoinSpot is the only cryptocurrency exchange in Australia to offer cash deposits. 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.
Andrew Chen is a lead editor and auditor of content for Buy Bitcoin Bank, with a Masters of Computer Science and extensive knowledge in cryptocurrency and blockchain technology. He has helped ensure the accuracy and quality of the platform's educational resources for new and experienced investors in the crypto space.
