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Free A$20 Worth of BTC (after Registration with Referral & First Deposit within 90 Days) @ CoinSpot

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CoinSpot is at it again with their Valentines Day bonus referral credit, for new users signing up and making a deposit.

If you signed up last year, and held your BTC — you'll be up over 500% (so that $20 of BTC is now worth over $100!). Use a referral code from the OzB referral system and spread the love this Valentines Day!

  • Register and ensure there is a promo entered
  • Verify your identification (Drviers Licence or Passport), this was pretty much instant for me
  • Make a deposit within 90 days
  • Reward is nearly instant after deposit is received

There is plenty of options for making a deposit, including:

  • POLi
  • PayID
  • BPAY
  • Cash Deposit (@ Newsagents)
  • Direct Deposit

CoinSpot also supports withdrawals, they need your bank details for this (BSB, Account Name & Number).

Referral Links

Referral: random (1035)

$10 AUD worth of Bitcoin for referrer and referee.

This is part of Valentine's Day Sales for 2021.

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closed Comments

  • +26

    Got in on this last year, can recommend. Between this, Coinbase, CoinJar and Independent Reserve I now have $600 in crypto from a $10 deposit.

    • +132

      Hold it long enough and you'll have $10 again

      • +2

        bawhahahahahaha.. too true.

      • +6

        That is a probability. Is it likely in the current financial climate? No.

        • -7

          The financial and economic climate is part of the problem. How long is it that the new US Treasury will allow economy-stimulating cash to flow into unproductive crypto-assets they cannot control? They want their printed stimulus money in the community, getting spent.

          https://www.businessinsider.com.au/janet-yellen-bitcoin-misu...

          For those that cannot read between the lines, there is stormy weather on the horizon for crypto. Do your own research and be prepared.

          • @buffalo bill: Or maybe The Fed is printing money to put into crypto. Nothing like making money out of small time investors. Who you think made a mint with Gamestop

          • +1

            @buffalo bill: I hate to say this Buffalo bill but there are too many 'big players' in the crypto world now it cant be stopped.

    • -16

      LOL $20…..I know someone who has 117645 BTC. Is it true it might go as high as $150K by the end of the year??
      How to minimise tax???
      Does anyone in here interested in buying BTC (cash only) for 15% less than the value??
      Helps both sides ;)

      • +3

        Suuuuuuuuure.

  • +6

    I use binance since 2 weeks … $500 is now $850 with $25 to $50 investment per day depending on the market. My advise is follow crypto news and jump on the coin that has new partnerships with big corporations

    • What do you recommend?

      • +7

        80% of my portfolio is Bitcoin, ETH, Cardano and Polkadot. I think they will be the main 4 coins long term. 10% in Litecoin and Stella. The other 10% is currently in Vertcoin and WePower, both speculative cryptos but I like their backstory and potential. Would also recommend setting sell limit orders 15% lower than your purchase price as a backstop and adjusting these higher to protect gains. This is not investment advice. DYOR.

        • +3

          I highly reccomed AVA coin, people are just starting to see its potential.

          • @garth69: AVAX ?

          • @garth69: Cardano that cashmeoutside mentioned is AVA

            Edit: oops my bad: wait it's actually ADA, what is AVA then?

            • @Loopenip: Ava coin, its done fantastically well over the last 6 weeks but longer term people are saying over $10 a coin.

            • +1

              @Loopenip: AVA is the token for Travala which is aiming to be its a blockchain version of Agoda/Expedia.

              You can read more about the AVA Token at https://www.travala.com/ava or by reading the White Paper which is usually a better source of information than most websites (see: https://whitepaper.travala.com)

              An interesting fact about Travala is that uptake has been relatively high in Australia compared to the rest of the world. It may be the situation with the pandemic in Australia but Australian visitors were the 3rd highest to the website (behind USA and Germany) and was also the 3rd most booked country using the platform (behind USA and UAE).

              It's one of the more interesting tokens I've followed given both the ability to stake (at 24% APY) and the buyback/burn scheme they have to ensure that tokens remain in limited supply.

        • u forgot dogecoin

      • Alts are very risky, saying that last week i 4x on two trades.Another is up 4000%+ in the last 12months alone. meanwhile BTC pumped, eth, xlm and Zil had a very good year.

        Zil, Avax are stacking coins which also income daily.

      • Understand what you're investing in and the fundamental thesis for why bitcoin has value, and you'll come to realise the altcoins are a distraction and worthless long term. Don't fall for shitcoins. Everyone and their dog will try shill their shitcoin to you. Stick with BTC, do your own research, hold for more than 4 years and you'll do fine.

    • How long it takes for deposit and withdrawal of money in binance ?

      • +1

        AUD seems to be via osko - I got it instantly.

        Deposit was also via PAYID, instantly from ANZ.

        • Does it allow to trade in AUD? Or you need to pay fx?

          • @aussie-bargainer: It allows AUD, options are limited though.

            You can trade that AUD into BUSD and use BUSD to further trade into other coins.

            • +7

              @tajid: For everyone new to crypto trading, please note that the ATO considers a crypto-crypto transaction as a CGT event, requiring you to pay capital gains tax (aka add it to your taxable income) if you make a profit on it.

              That means if you buy BUSD or USDT with AUD, then use BUSD or USDT to buy another coin like BTC or ETH etc, that buy transaction will incur a CGT event. Same for BTC converting into an ALT. Stablecoins are not excluded from CGT. So here in Aus we get double taxed if you want to buy altcoins that you cannot directly sell back to AUD.

              Just something to be cognisant of when trading alt coins. Try to find ones where you can buy and sell back into AUD directly e.g. on BTC Markets, Coinjar, Coinspot etc. With Binance, majority will have to be converted back to BUSD or BTC before selling into AUD, thus incurring two CGT events instead of just one.

              • +2

                @ryban3z: Ideally if you trade aud to busd and use the busd right away, the value wouldn’t have changed significantly & therefore there may be no ‘gain’ if using the busd. After all forex isn’t that volatile.

                Though agreed with you re taxation treatment.

              • @ryban3z: Keep the balance in tether

              • @ryban3z: So, say I did this terrible thing you speak of back in 2017-2018. Bought a bunch of random coins, traded them around to other crap coins. Then it lost all its value. Now it’s back a bit and I want to cash it out. What are my tax obligations? Do I need to track down all the tiny transactions from back in the day? Am I paying tax when I convert back to AUD in my coin spot account? Or when I actually cash back out into my bank account?

                • @Bensoin: You will have to amend your previous tax returns to show the capital gains or losses from 17/18 financial years onwards (if you haven't already done so). Losses can be carried forward each year.

                  A buy of crypto with AUD, doesn't trigger a capital gain/loss event (It sets the base cost). A sell of crypto to AUD triggers a capital gain/loss event (which is generally sell price - (base cost + buy fee + sell fee + possible withdrawal/mining fees)).

                  If your trade is not an AUD pair, you are required to declare those as a capital gain or loss, in whichever year that trade was made in. This gets complicated fast, as often you need to put 50% of the fee against the buy side, and 50% against the sell side. And you also have to convert all amounts to aud values. And sometimes you also have to find the historical price for that trading pair e.g. btc/xlm, where the base price is in btc, not usd. Then convert using your buy/sell price 'ratio' number, using the minute the trade was executed at, to get proper aud values for the tx value, and capital gains/losses in aud… It's a pita. A good site for historical prices is the crypto archive. Goes down to the minute. Just average all o/h/l/c.

                  Also, if you have held any crypto for longer than 1 year, you get a capital gains discount of 50%.

              • +3

                @ryban3z:

                So here in Aus we get double taxed if you want to buy altcoins that you cannot directly sell back to AUD.

                Very confused how you figure this becomes double taxing. If you buy ZIL at 5c and it goes up to 10c but you can't sell ZIL to AUD and have to go via BTC your ZIL/BTC transaction is going to be at a 100% gain (and taxed) while your BTC/AUD is going to essentially be at no gain (therefore no tax).

                Am I missing something here?

                • @Innately Incognito: You are correct. The CGT is eventually based on the entry and exit into AUD regardless of how many inter-coin steps you take to finally get into AUD. I think, the only reason why ATO considers inter-coin transactions, a CGT event is to make sure the tax is paid within the year of transaction and avoid carryforwards.
                  Using your example and adding timeline:
                  "If you buy ZIL at 5c and it goes up to 10c but you can't sell ZIL to AUD and have to go via BTC your ZIL/BTC transaction is going to be at a 100% gain (and taxed) while your BTC/AUD is going to essentially be at no gain (therefore no tax)"

                  ZIL purchased @ 5c (1/6/21)
                  ZIL at 10c (10/6/21)
                  ZIL/BTC (10/6/21)
                  BTC/AUD @ 10c (12/6/21)
                  CGT paid on 5c gain in your returns of year 20/21.

                  ZIL purchased @ 5c (1/6/21)
                  ZIL at 10c (10/6/21)
                  ZIL/BTC (10/6/21 when BTC/AUD was @10c)
                  CGT paid on 5c gain in your returns of year 20/21.
                  BTC/AUD @ 8c (12/7/21)
                  CGT based on 2c loss in your returns of year 21/22.

                  So basically if you buy and clear your crypto position within the same financial year, you can use the simple calculation based on entry and exit aud value ie 5c in gains. However, in the second scenario, ATO will tax you on 5c gain as this would define you last crypto position defined in AUD. The 2c loss is considered in next year's tax obligation.

    • +12

      For everyone getting into crypto, please be aware that the tax office has 2 sets of rules for crypto.

      If you buy and hold for 1+ years, you get a 50% capital gains discount, and your not considered a trader. But if you trade constantly, you will be considered a business.

      If your only trading on BTC Markets, Coinspot, Independent Reserve, your ability to calculate your tax obligations is pretty easy.

      But if you trade on foreign exchanges, in multiple crypto currencies, you will be in a world of pain once you work out how much work you have to do to get accurate capital gains calculations, on every_single_trade.

      There are a few websites out their that cater for this market. But you could be looking at anything from $50 to $1000+, just to process 100 to 10,000+ trades. And the output they spit out usually has errors that you have to clean up, or an accountant has to clean up.

      I've spent more time building scripts that process capital gains correctly, than I did actually trading (gambling) back in late 2017/early 2018.

      It is a real PITA.

      Keep it simple, otherwise expect to spend significant time working out your tax obligations, or paying someone to do it for you.

      • +1

        I'm fairly new into trading, I was looking to deposit $25-50 bucks every week on BTC and ETH with Coinspot and holding for long term, is there anything I should know? Thanks

        • If you are going to be holding long term, then you shouldn't be too worried about tax implications. A purchase transaction a week is no issue for any accountant (buys against aud don't have tax implications til you sell). And if your holding for 1+ years, then the capital gains/losses are easy for an accountant to work out as well (as long as it's done on an aus exchange, and against aud). Just realise that as soon as you do 1 sell, you have to report it on your tax as a capital gain or loss, for that year.

          Generally though, atm the market is in the mooning phase. Odds on, this won't last much longer, and then the bear cycle will play out over the next year or 2. But, it could also go up more……

          Before it does it's bear cycle…..

          At the end of 2017, early 2018, btc got to 20k usd. eth got to 1400 usd.

          Like what is happening right now, lots of ppl came into crypto at that point. And fees on BTC got to $50 usd.

          Back then, people in the US who download coinbase (which got to number 1 app in the appstore in late 2017), bought $100 worth of btc, and found almost half was gone in just 1 fee (they actually execute the tx on the blockchain, or at least coinbase did back then). And by feb their $50 was worth $20.

          It was followed by a bear cycle where btc eventually dropped around 82%, and eth dropped around 93%!

          So, if your only putting in small amounts each pay, then even if we enter a bear cycle, you will be able to bear it, and come out the other side ok.

          Atm, fees for both btc and eth are over $10 at a minimum. Some exchanges charge through the roof, just to make sure their transactions make it to the blockchain. So beware that some negative elements are back in force atm, and the bull cycle will end at some point.

          And finally don't put in more than you can afford to lose. Tether is still the elephant in the room. And if it gets taken down by the feds, we will definitely see a full bear cycle immediately.

      • But if you trade constantly, you will be considered a business

        I'm a frequent trader, but when I looked into the requirements to be considered a 'trader' by the ATO, there were some categories I did not meet. I'm a personal investor, trading my own savings from the comfort of my lounge room.

        The ATO determines the category you fall under based on several criteria:
        How much capital have you invested?
        How often do you trade, and at what volume? Repetition, regularity, and volume are taken into account when the ATO makes an assessment of your activities
        Are you attempting to generate profit? The nature of the activity you are conducting is taken into account by the ATO — if it looks like you’re running a business, you’re probably a trader.
        Is your organization structured and operated in a business-like manner? If your operation involves office premises, business accounts, and business registration, you’re likely to be defined as a trader.

        I don't have a business name, accounts, registration or office premises. I haven't yet spoken to an accountant but have been keeping Koinly well up to date for the several hundreds of trades I would have conducted in the last 12 months.

        Curious as to how I could be considered a trader based on the above. Note I am not looking for financial advice, but just another persons input. I'll get FA before I submit my tax this year.

    • +1

      How much do you pay in fees on binance? Coinbase is 1%.

  • How's binance ?

    • I like the interface , easy and simple to use.
      Took me about 2 hours to figure it out.

      • Thanks

        • I signed up to etoro yesterday to move my $550 USD in paypal to crypto but the interface sucks .

    • Fee is great, 0.1% + there's also almost no bid-ask spread.

      There are different offers as well, where some trading pairs even have no fees.

      • +3

        Huge bid-ask spread… just depends on the coin

    • +1

      Binance is great once you get used to it.

      Only downside is you can't trade most coins with AUD, need to trade into USDT first for trading (but there are still a few AUD pairs), whereas with coinspot you can buy and sell everything with AUD.

      That being said, binance has ridiculously low fees, would recommend it.

      • Newbie here, signed up to coinspot but haven't traded more than $200 AUD yet as I'm concerned whether there's enough volume being traded for larger orders (don't want a $5k Sell order to sit there unfulfilled for ages)

        If you don't mind me asking, what volume per order in $AUD are you comfortable placing on CoinSpot so that it gets fulfilled within a day?

        • +2

          The price moves so quickly that $5K sell is nothing, especially for BTC/ETH.

          On a scheme of things, Coinspot is a small fish compared to bigger exchanges like Coinbase and Binance.

          • @tajid: Thanks very much mate, I'm also on Binance

        • +1

          The trading volume today is USD 200b. There is plenty of liquidity in the market.

          • @whooah1979: Thank you but does coinspot have access to the whole market, or are their trades only between coinspot users?

            • @R-Man: The spot price on each CEX will be different but only by a small margin. Your limit order will be executed when the stop price hits.

    • Binance + Ftx is a good pair. BUSD Bep20 > FTX then you have near zero withdrawal fees and very low fees to earn interest in Celsius, Blockfi, CDC.

    • +2

      Re: Binance: Just be prepared to go through their full “100 BTC withdrawal in 24 hours” identification process when you try to cash out.

      I had a few hundred dollars on there and you’re supposed to be able to withdraw up to 2 BTC (~$100,000) per day without full identification. Tried to withdraw it (using two separate forms of 2-factor authentication as recommended) and they flagged the withdrawal as suspicious and disabled my withdrawal function permanently. Only way to access the funds or crypto is to send scans of both sides of government photo ID and other documentation along with a video of yourself to China.

      (I still have full access to make bad trades and bankrupt the account if I want though.)

      • Use an Australian exchange to cash out.

        • That’s what I was trying to do. Withdraw crypto from Binance to CoinSpot.

          • @Sven Viking: Is Binance so much much better than BTC markets that I should bother to sign up for it instead?

            • @SD2310: I don’t know, to be honest.

            • +2

              @SD2310: Depends what you are looking for and how much you are buying.

              If you buy more and often, then having lower trade fee is always beneficial.

    • +1

      After a lot of research, I decided to go with Binance. At start, the interface looks overwhelming, but a few tutorials on their YouTube channel, and you will understand everything. Since I am planning to spend upto $50K in crypto this year, low fees are important for me. Binance is not just an exchange its a whole ecosystem. For example, you can also stack you coins in Binance and earn a passive income. There are also options for flexible and locked in crypto deposits. Some coins offer upto 12% APY.

      Also, based on some comments here ,it seems that people think they are limited to buying on a handful of crypto coins with AUD. This is correct, but you can convert your AUD to any of these 4 coins and then purchase any other coin (available on Binance exchange, there are approx 250 I think) after conversion.

      • BTC
      • ETH
      • USDT
      • BNB

      USDT and BNB are stable coins. Their value is pegged to US Dollar and is very stable. I converted my AUD to USDT first.

      The only thing I hated in this whole process, is how long CBA took to transfer funds to Binance with PayID! 24 hours every time you do a transfer. Hate this bank. Just pathetic. Prices appreciated almost 10-15% for coins I was planning to buy.

      I spent $20K yesterday, today my portfolio is almost $21K.

      • Some coins have staking built in like Zil currently 14-16% year which you can do onchain. You also have Crypto banks like Celsius for Crypto.

        If your looking to buy BTC,ETH long term consider FTX with Binance, Binance holds a stake in FTX. FTX doesn't charge withdraw fees which are significant.

      • +1

        I'd help you save more :)

        Convert to BUSD instead of those coins or USDT, it's zero market maker fee for limit orders until June.
        https://www.ozbargain.com.au/node/604471

        BNB is not pegged to USD, maybe you meant BUSD.

        After a while, CBA should treat that as normal osko and will be instant.

        • Yes, correct, I meant BUSD, not BNB.

          I have chosen USDT, as you pay slightly less with USDT when buying some coins as compared to BUSD. The difference is not much, maybe 0.3 - 0.5%. The maker fee discount evens out, I think!

      • blokes like you that buy at the ATH always impress me. not saying its incorrect but i just cant do it. this is why I DCA

      • What did you buy?

      • Also, based on some comments here ,it seems that people think they are limited to buying on a handful of crypto coins with AUD. This is correct, but you can convert your AUD to any of these 4 coins(i.imgur.com) and then purchase any other coin (available on Binance exchange, there are approx 250 I think) after conversion.

        Just a note that some larger exchanges have recently introduced a lot more AUD coin pairs (Kraken launched a whole bunch recently) but just be cautious when looking at these as often the volumes being traded are atrociously low. So if you lazily set a largeish market order the back end of the order is going to get filled at horrible prices.

        AFAIK most of the major exchanges allow staking but the one thing I've seen unique to Binance is the ability to scrap the unusuable amounts of coins into their native BNB coin which is quite nice.

  • +5

    If you signed up last year, and held your BTC — you'll be up over 500% (so that $20 of BTC is now worth over $100!).

    $5 bonus with circle in 2015 is now worth close to $1k in 2021

    • +1

      Thanks for this reminder! I completely forgot about this, it is all I have in any coin. It's worth $700 now with all their dormancy fees. Now to create a wallet so that I can actually withdraw it….

    • I thought I was clever selling this in the peak of 2017, paid for my spending money on a bali trip at the time

  • -1

    Binance also my KYC goto..

  • +2

    Started with $4,700 a week ago now $5,900 😂

    • What xchange are you using

      • +1

        Coinspot ETH / BNB / ZEC / DOGE / BTC / BOT / BTT / BCH / QLC / LTC / MFT

        • Up to 🚀🚀🚀 $7,600 thanks to BNB

          • @Korban Dallas: Dont forget CGT lol

            • @easternculture: Yep. $8,400 now diamond hands. Hodl

              • @Korban Dallas: Can you guys recommend me a wallet? I thinking of a hardware wallet. Would a Ledger Nano S suffice?

              • +1

                @Korban Dallas: Im up to 2.5k from 900
                Might buy more ADA today

                • @easternculture: Thinking about transferring all my holdings to Binance

                  Lowest fees, 10x more volume than the next exchange and amazing live interfaces. Also payid for Aussies

                • @easternculture: Back down to $7,400. Was down to $6,500 about 30 minutes ago. Crazy volatility.

                  Tip get a TransferWise card to transfer directly into USD so you save on FX

                  ADA and BNB have very low fees too.

                  Set up alerts, buy low and sell high.

                  Also Stake your Crypto. Can earn some extra monies.

                  • +1

                    @Korban Dallas: Definitely not worth going down the Transferwise route for Binance. If you are referring to using the card directly on Binance you'll be hit hard with hidden fees/spread even when using USD. And you cannot deposit fiat USD via bank transfer.

                    I've been trading on there for a while and the best way I've found to get in is with free AUD deposit via PayID. Then directly trade AUD for USDT or BUSD on the spot markets. Here's the one for AUD-USDT pair. They usually have a ~0.7% spread on a good day, but can vary up to 3%, so just wait and check prices if you're not in a rush. After that you can trade any coin you want with USDT/BUSD since they pair with nearly everything.

                  • @Korban Dallas: Im just holding for now, not gonna sell

                    Stocked up yesterday on some crypto as it was a good time to buy (ADA, WIN, KEY, DGB, STMX). Actually got a few million WIN since its so cheap and i like the project, if it ever hits 0.005 to 0.01, will be a nice profit

    • +19

      Could be $2300 next mth if you don't understand cryto volatility history :)

      • -2

        What currency has gone down this year? Maybe 1 or 2 out of 150 or so?