Are you looking to cash out of your Bitcoin? Looking to sell you Bitcoin back into Australian dollars? Well CoinSpot is a local Australian exchange which is perfect for selling Bitcoin.
Transferring your Bitcoin into CoinSpot is super easy. Here is how it all works:
How to transfer Bitcoin to CoinSpot
Transferring Bitcoin into CoinSpot is really easy. Here’s how:
- Login to your CoinSpot account (if you don’t have a coinspot account you can grab a free one here)
- Visit the “Wallets” page. This will list all the coins that are available on CoinSpot as well as your balances for any coins you already have on CoinSpot.
- Open the BTC wallet
- Click the “Receive Bitcoin” button
This will generate a unique wallet address. You can use this to send Bitcoin into CoinSpot.
How much will a transfer cost?
Each time you send bitcoin there is a fee associated with the transaction. This fee varies widely and all depends on how busy the Bitcoin network is. Generally Bitcoin transactions are quite expensive compared to other cryptos like Ethereum. So it’s best to not move small amounts of Bitcoin.
Selling Bitcoin through CoinSpot
CoinSpot is a good place to sell Bitcoin in Australia. I recommend it over other platforms as I have always found it to be a reliable place to sell. If you’re based in Australia, it’s important to use a local exchange like CoinSpot, as you’ll be able to withdraw your AUD directly to your Australian bank account. If you sell on overseas exchanges you might need to send a foreign currency to your bank account which will incur more fees.
You can either sell it instantly at the market rate or choose to place an order. If you place a market order the exchange fee charged by CoinSpot is just 0.10% compared to 1% if you place an instant exchange.
Once you’ve sold your Bitcoin you can transfer the AUD directly into your bank account.
Get $10 worth of Free Bitcoin
If you’re not yet a CoinSpot customer you can get $10 worth of free Bitcoin when you signup and make your first crypto purchase. You can find out more about this Coinspot offer here.