Use this link and the code 83T6H2 to create an account at CoinSpot today!

GM everyone,

Last week I wrote about the "8 Mistakes New Crypto Investors Make". Mistake number 8 on the list was "Not Getting Started".

A lot of subscribers have told me that they want to get started, but they don't really know how to do it. So in this newsletter, I'm going to give you a step-by-step tutorial on how to buy bitcoin and crypto on Coinspot, one of Australia's largest crypto exchanges.

Before we get started, let me remind you that this newsletter is not financial advice. It is general in nature, does not take into account your financial situation, and is for educational purposes only.

Also, this newsletter contains affiliate links. This means that I may receive a commission from them. But for Crypto Down Under I only choose products that I use myself and that I can recommend wholeheartedly. If I don't like the product, I won't mention it in the newsletter. Simple as that.

So today I'm recommending CoinSpot, one of Australia's largest crypto exchanges, because I have an account with CoinSpot. If you're outside of Australia, use Coinbase, an American publicly traded exchange that operates in more than 100 countries.

Let's get started!

How to create an account on CoinSpot

• First, use this link to go to the CoinSpot website.

• Enter your email address, choose a secure and unique password, use my affiliate code 83T6H2, and click "I'm not a robot".

• CoinSpot will ask you to verify your email address.

• Select "This is a personal account" (unless you're setting up an account for a business), enter your information, click "No, I'm not a politically exposed person" (unless you are), and upload your driver's license or passport to further verify your account. Please note that account verification can take up to 24 hours.

• Security Tip: Turn on 2-factor authentication for your account immediately by downloading the Google Authenticator app to your phone and adding CoinSpot. It will make your account more secure.

How to fund your account

• Go to "Deposit Funds" in the top left corner of your dashboard.

• If you have not uploaded your driver's license or passport to verify your account, you will only be able to deposit funds using PayID and Direct Deposit.

• Please note that your first PayID may take up to 24 hours to clear, depending on your bank. All subsequent deposits will be processed within the usual timeframe.

• Please note that your daily deposit limit is AUD2,000. You can request a daily deposit limit of AUD100,000 by uploading a photo of yourself holding a note with information provided by CoinSpot.

• Once your verification is successful, you will have the following deposit options: PayID, PayTo, Direct Deposit, Card Deposit, and Cash Deposit. Note that there is a deposit fee for Card and Cash Deposits. PayID, PayTo, and Direct Deposit are free. Deposits via PayID and PayTo are instant, while deposits via Direct Deposit are only instant if your bank supports Osko. If your bank does not use Osko, deposits may take 1-3 business days.

How to buy and sell crypto on CoinSpot

• Now that you're ready to pull the trigger, click on "Buy/Sell". The interface will look like this:

• The list of coins will go on for quite a while. CoinSpot will also display the coins that have recently made big moves at the top of the page. Don't buy into this noise. Ignore it and focus on the coins mentioned in this newsletter.

• If you click on "Buy BTC", the interface will look like this:

• You can now enter the amount of AUD you wish to spend on bitcoin. Or you can click on "Change to BTC". This will allow you to buy exactly the amount of bitcoin you want. For example, if you want to buy 0.1 bitcoin, you type in 0.1 and the calculator will tell you how much AUD you need. On Thursday afternoon it was about AUD7,000.

• Once you've bought crypto, you'll find it in your wallet.

• To sell crypto, it works the other way around.

• If you already own crypto on CoinSpot, instead of selling it for another crypto, you can choose to swap it.

• Note that selling and swapping crypto is a taxable event. So remember to document when, what, and how much you bought, sold, and swapped for your tax return. You can find all your orders in the "Order History".

• If you want to withdraw AUD once you've sold some or all of your crypto, click on "Withdraw AUD" in the top right menu. You will need to enter your bank details first.

Special features on CoinSpot

• Something I find useful is the different order types that CoinSpot offers.

• Stop Loss Order: It allows you to sell some or all of your crypto if it falls below a certain price. Since I’m an investor with a time horizon of 4+ years, I don't recommend using stop loss orders. If crypto is tanking, just wait it out.

• Take Profit Order: It allows you to sell some or all of your crypto if it rises to a certain price. This type of order is useful because in a bull market when the price rises to a new all-time high in the middle of the night, you don't have to sit in front of your computer. Instead, you set up how much crypto you want to sell at what price and it happens automatically.

• Buy Limit Order: It allows you to buy more crypto if it falls to a certain price. This type of order is very useful because it allows you to buy the dip. When you buy the dip, you are essentially getting your crypto at a discount.

• Buy Stop Order: It allows you to buy more crypto if it rises to a certain price. This is a feature for traders with a short time horizon. If you, like me, invest in crypto with a time horizon of 4+ years, you will not need this feature.

• Another feature I highly recommend is the Recurring Buy. You can find it in the menu at the top right of the site. When you set up a recurring buy (also known as dollar-cost averaging), you don't have to worry about timing the market. (Which is nearly impossible.) Your investment is on autopilot, taking the emotion out of investing. You may want to stop your recurring buy during a bull market. But if you keep dollar-cost averaging during a bear market, this will lower your entry price. Note that you must set up recurring deposits to ensure that your recurring buy can be completed.

• CoinSpot also allows you to set up price alerts. Price alerts are useful, but if you want to act on them, the window of opportunity may be too short. Therefore, I suggest you set up a Take Profit Order or a Buy Limit Order.

• Features you can ignore are Bundles, NFT, and OTC (Over-The-Counter Trading). I don't encourage trading at all. I also don't encourage you to buy NFTs. The chances of you picking an NFT that someone else is willing to spend a lot of money on in the future are not very high. I also don't encourage the use of bundles. If you want to buy multiple cryptocurrencies, just buy them separately.

Use this link and the code 83T6H2 to create an account at CoinSpot today!

Next week, I will give you a step-by-step tutorial on how to safely store your crypto in a cold wallet.

Before you go, please help me get better! 🙏 

Feel free to drop me an email or dm me on Instagram, LinkedIn, or Twitter with any feedback or topics you'd like to see covered in this newsletter!

Thank you! 🤜🤛