Coinspot is a great trading platform based in Australia. They accept direct AUD deposits so you can purchase IOTA easily and quickly. In this tutorial, we show you how to easily pass their verification process and get trading on the platform.
- The first couple of steps of verification is easy. You need to verify your phone and email before your personal details
2. The document verification is a little more tricky, you will need to provide the front and back of one of your identity documents & one of your residency documents (check image for examples of both). As an Australian, you should be able to access these documents relatively easily. A photo is sufficient to get approval.
3. The photo verification is the trickiest. There will be a secret code generated on this page & you will need to write this code alongside this message on a piece of paper: “I, (your full name) submit this photo to apply for a CoinSpot account to trade digital currency and my secret code is … (Your Signature). CoinSpot have provided an example but ensure your writing is legible, there is good lighting & your face is clearly seen.
4. You have 3 options for deposit
- Option 1: Poli is an online payment system that facilitates direct deposit.This option is free and the cash arrives instantly but you will need to give them your bank details and password.
- Option 2: BPAY. Similar to how you pay your utility bills, you can make a deposit using the BPAY option. There is a deposit fee of 0.9% & a wait of 1-3 business days for the funds to clear.
- Option 3: Your last option will be to deposit cash to a BlueShyft newsagent. They have a map with all the Cash Deposit locations and the deposit time is instant once the cash is successfully deposit. There is a fee of 3%
We found Bpay to be the safest and most secure way of depositing funds.
5. Buying IOTA is super easy. You just select the Buy/Sell tab and select IOTA. Input the amount you want to buy and it’s done. Prices update dynamically.
They are experiencing heavy demand and it may take up to 2 weeks to verify your account so register asap.
Full disclosure: Please note the links we have set up are affiliated and helps pay for this website. The information we publish about IOTA should not be interpreted as either an endorsement of the currency or a recommendation to invest. Cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks so please do your research before investing.