Australia’s most popular cryptocurrency exchange has added a new feature that will make it much easier for new users to sign-up to the platform.

CoinSpot recently added a new tier to its verification system which allows new users to sign-up and be trading cryptocurrency within one minute.

Previously on the CoinSpot platform, you had to fully verify your account, which involved uploading a form of identification (drivers licence, Australian passport, proof of age card), a birth certificate or Australian Government issued Medicare card, a recent Australian residency document, and a verification photo.

“Although this might have seemed like a lot to submit, this was due to CoinSpot adhering to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006,” CoinSpot said.

Simpler process

Now CoinSpot has managed to revamp its verification process, whilst still complying with all laws.

No residency documents are required, meaning users can be verified much more quickly.

Here’s an example of how the new process works:

Create a CoinSpot account by entering your email, password and special referral code. (We’ve included one here CoinSpot

2) Upload a photo of the front AND back of your valid Australian driver’s licence.

3) Deposit AUD into your account and begin trading.

It’s as simple as that!

It must be noted however that with this new level of verification the deposit limit is only AU$200, which may be insufficient for some users.

If you’re looking to deposit more and trade with higher amounts, CoinSpot has you covered too.

With a fully verified CoinSpot account, there are no deposit limits. All you have to do is upload a couple more documents and you’re good to go!

About Coinspot

Established in 2013, CoinSpot is an Australian-based marketplace that allows you to easily buy, sell or trade more than 100 cryptocurrencies.

Go to coinspot.com.au for more details.

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