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Whether you’re a veteran in cryptocurrency trading or a newcomer, eventually, you’ll need to move your funds from CoinSpot to a secure, non-custodial wallet like Zengo so that your digital assets can be kept safe until you decide to withdraw them to fiat.
In this how-to withdraw money from CoinSpot guide, we’ll guide you through the process of moving your cryptocurrency investments from CoinSpot to Zengo.
Before you start the withdrawal process from CoinSpot, make sure you have set up your Zengo account.
Zengo offers an innovative Web3-ready, non-custodial crypto and NFT wallet, which comes with advanced security measures such as Multi-Party Computation (MPC) technology, biometrics, and a robust Web3 firewall designed to safeguard your digital assets and your privacy.
After setting up your Zengo app and completing the onboarding steps, follow these instructions to withdraw from CoinSpot to Zengo:
Sign into your CoinSpot account. Click on “Wallets,” and then find the crypto you want to send and click on it. Make sure Zengo supports this token and network. If not, swap it for a compatible token and start again.
Next, click the “Send” button. On the next page, a form will appear, which will prompt you to fill out several fields. However, before you start, make sure that you select the right blockchain for currencies that run on multiple blockchains. Click the “Select via which network” drop-down to change networks.
Enter the amount you wish to send. For sending your entire balance, select “Send all available.”
Enter your receiving wallet address (Zengo address) in the box provided. To find your Zengo address in the app, click on the “Actions” icon, then on “Receive,” and finally on the asset you intend to transfer.
Complete the 2FA authentication to confirm the transfer, then click “Send”. In the next step, a confirmation email will be sent to your email address. Verify the details and confirm your withdrawal request by clicking the confirmation link provided in the email.
To verify that your funds have been withdrawn successfully, launch your Zengo app. The balance on your main page should display the recent transaction. You can also click on the “History” option within the main menu to display an in-depth overview of your transaction history.
Zengo provides the highest level of security for all your digital assets. By using Zengo, you can buy, sell, and trade a wide variety of digital assets, such as Bitcoin, Ether, Polygon, Tether, Shiba Inu, Dogecoin, and many more. In addition to that, with Zengo’s WalletConnect integration, you can connect to an ever-growing list of Dapps via Web3.
Zengo sets the bar for digital asset security. Rather than requiring you to memorize complicated seed phrases, Zengo leverages the latest MPC technology, an effective recovery mechanism, a Web3 firewall, and advanced biometric facial recognition to provide security and access to your account.
As a non-custodial wallet, Zengo gives you total control over all your digital assets, from crypto tokens to NFTs. Zengo also provides fiat onramp services, making the process of diversifying your investment portfolio and purchasing new cryptocurrencies easier with fiat currencies such as dollars, euros, or pounds.
If you run into any challenges or need assistance while using Zengo, our support team is ready to help. Reach out using live chat or email, and you’ll be connected to a real human agent. Our agents are available 24/7, 365 days a year, including weekends and holidays, to help you whenever it is necessary.
Withdrawing crypto from the Zengo to external wallets is simple: open the app, click on the “Actions” tab, and then on “Send.” Select the crypto you want to withdraw and the amount, input the recipient’s address, review all details, and confirm the transaction.
You can also withdraw your crypto to fiat currency with Zengo. Go to the “Actions” menu, click “Sell,” select the crypto you want to convert and the fiat currency you wish to receive (Zengo supports USD, Euros, and GBP), input the amount, and confirm. Your funds will be transferred to your linked bank account.
Here are answers to some frequently asked questions related to cryptocurrency withdrawals from CoinSpot.
CoinSpot is considered to be one of the biggest centralized crypto exchanges in Australia. It was founded back in 2013 by Russell Wilson, and it claims to offer a large selection of digital assets for trading. This platform is committed to strict security standards and proudly displays its ISO 27001 certification. Additionally, CoinSpot is also famed for its ease of use, aiming to make crypto trading more accessible to people who may not have tried it before.
CoinSpot and Zengo both offer platforms for storing and trading cryptocurrencies, but the biggest difference is that CoinSpot is a centralized exchange platform in which the funds of its users are held in its custody. In contrast, Zengo is a non-custodial crypto wallet with a strong emphasis on security while also enabling users to maintain full control over their assets and have full access to them at any time. In addition, as a Web3-ready wallet, it offers users the ability to interact with an increasing number of Dapps while keeping their data secure through the use of a Web3 firewall.
CoinSpot charges a flat withdrawal fee when moving money out of your account to an external wallet or another crypto exchange. Additional information can be found here.
CoinSpot specifies on its “terms of use” page that deposits as well as withdrawals made on CoinSpot will be restricted according to the limits displayed on our platform. There is a possibility that this amount may vary from time to time according to the blockchain, user demand, market trends, as well as the price of specific cryptocurrencies.
CoinSpot states that withdrawals from its platform typically take place instantly, but in some cases, depending on various network conditions and other factors, it may take up to 12 hours to go through. In addition, they stated that when there is maintenance, the wallets are congested, or they experience an unexpected outage, users’ withdrawals may take even longer than 12 hours.
As with any platform, there’s always a chance of errors occurring when withdrawing, particularly if you enter an incorrect amount or destination address. Mistakes like entering the wrong address may result in the permanent loss of your funds. It’s always advisable to double-check all the details before finalizing a withdrawal. Additionally, the company pointed out that during maintenance, if wallets are congested or their platform experiences an unexpected outage, the withdrawals could be delayed for longer than 12 hours.
At this time (August 2023), CoinSpot only supports fiat withdrawals to Australian bank accounts and in Australian dollars (AUD). If you wish to withdraw to other banks and currencies, you’ll need first to move your funds to your Zengo wallet and then withdraw your money using one of our payment partners in a currency of your choice. You will receive the funds in the bank account linked to your Zengo wallet.
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