Sending Crypto from CoinSpot to BTCC

Based on our BTCC review, we concluded that the exchange is a compelling option for derivatives traders. It offers leverage of up to 225x on BTC/USDT, ETH/USDT, DOGE/USDT, and XRP/USDT perpetual futures. While the absence of a spot market may discourage certain investors, the attractive combination of low fees and high leverage makes BTCC appealing to traders globally.

It also continues to evolve itself as a market leader with the provision of features like copy-trading, a demo account, and tokenized assets. For these reasons, those with a CoinSpot account may wish to transfer their assets across. Here's a tutorial on the process.

How To Send Crypto to BTCC From CoinSpot

1. Create an account and verify ID 

To register an account with BTCC, users need a valid email address and a strong password.

Afterwards, new users must complete the Know-Your-Customer (KYC) process to verify their ID. This is a mandatory requirement before depositing any fiat or digital currencies. Documents such as a passport or driver's license can be photographed using a mobile device or uploaded as photos.

Facial recognition is only necessary if the user plans to deposit more than $2,000 of fiat currency, but the amount of crypto that can be transferred is unlimited.

The first two steps of the KYC process are required. 

2. Copy the BTCC wallet address

Press “Deposit” and opt for cryptocurrency as the asset to deposit into the BTCC wallet.

Upon selecting the cryptocurrency and blockchain network for the transfer, you will be provided with a distinctive alphanumeric code. When withdrawing, this wallet address needs to be inserted into CoinSpot's withdrawal function.

It's crucial to note that the wallet address is exclusively generated based on the selected cryptocurrency and blockchain network. Therefore, if an incompatible network with CoinSpot is chosen (or if the wallet address is copied incorrectly), the cryptocurrency will be lost. In such an event, the likelihood of recovering lost assets is minimal.

3. Send crypto from CoinSpot

In CoinSpot, go to the relevant crypto wallet. If Bitcoin is the crypto to transfer to BTCC, select BTC under the wallets tab. Within this, click “Send” to initiate the crypto transfer. 

Users must add the BTCC wallet address so CoinSpot knows where to send the crypto. Enter the amount of crypto to send and the 2FA code. Next, select the network, ensuring it is the same network selected in BTCC.

Enter the transfer details.

4. Confirm the withdrawal

After clicking “Send”, CoinSpot will present a transaction summary. Clicking “Confirm” will initiate the crypto transfer to BTCC, showing it as a new deposit. 

The Reasons Why Why You Should Transfer Crypto From CoinSpot To BTCC

CoinSpot has earned its place as one of the best crypto exchanges in Australia. However, it has limitations for traders who want to access markets other than spot trading.

On the other hand, BTCC is known for its strong futures trading, with leverage up to 500x on popular trading pairs. Even lesser-known crypto can be traded up to 50x.

Other reasons to trade with BTCC include:

• It has robust copy trading features, where users can mirror the trades made by experienced “leaders.” For futures trading, users can browse many leaders by the metrics that interest them, like win ratio, profit and loss percentage, and crypto portfolio preferences. CoinSpot does not offer this feature.
• Another feature that CoinSpot does not offer includes a demo account. BTCC’s demo mode comes with $100,000 of virtual funds so users can practice trades or test strategies with zero risk to their real funds.
• Although not a direct comparison to CoinSpot since it doesn’t offer futures trading, BTCC’s fees of 0.025% and 0.045% for maker and taker orders, respectively, will appeal to many.