This article will provide you with some commonly asked questions about CoinSpot Earn. Please take the time to read through and find the answers you seek!
CoinSpot Earn Frequently Asked Questions
CoinSpot Earn - General
- What is Earn?
- How are my Rewards calculated?
- What is APY?
- What are APY Tiers?
- Will I be taxed on my Earn rewards?
- What does it mean if a coin has hit its Earn Cap?
- Will there be other coins added to CoinSpot Earn?
- What are the risks involved?
CoinSpot Earn - Managing
- What is the fee to use CoinSpot Earn?
- Is there a minimum or maximum Earn amount?
- Are there any lock up periods for CoinSpot Earn?
- How are Earn Rewards applied to my account?
- Do Earn rewards need to be claimed manually or do they auto compound into your wallet balance?
CoinSpot Earn - Accessing
- Is CoinSpot Earn available on the CoinSpot Mobile App and the CoinSpot Web Platform?
- How long does it take to remove and access my CoinSpot Earn holdings?
- I have not withdrawn any balances. Why has the value of my wallet balance decreased?
- Why can’t I trade my assets on CoinSpot Earn?
CoinSpot Earn - General
What is Earn?
CoinSpot Earn Program is the process where users allocate their coins to an Earn Wallet supplied by CoinSpot and in return are able to earn a percentage reward based on their coin holdings over a period of time. With CoinSpot Earn, users can allocate their coins to CoinSpot in exchange for a fixed rate interest payment, awarded to users in the form of the coin when earning began.
How are my rewards calculated?
You will receive a fixed interest rate per annum payable by CoinSpot as compensation to you for allocating your eligible coins to the CoinSpot Earn program. Rewards are based on the competitive Earn rate CoinSpot offers for each coin.
You can view the current reward APY below or you can visit the Earn section in the specific coin wallet.
For further information on Tier rewards, please have a read of our CoinSpot Earn Tiered Rewards article.
What is APY?
APY stands for Annual Percentage Yield which is the rate utilised to define rewards payable on Earn. APY is a normalised rate defined by the compounding period of one year.
What are APY Tiers?
The tiered system allows us to provide larger caps across more assets, allowing the CoinSpot community greater access to the benefits that CoinSpot Earn provides.
Will I be taxed on my Earn Rewards?
In line with what has been advised by the ATO, under Australian Tax laws, rewards received through CoinSpot Earn are subject to Tax.
Your Earn rewards history can be accessed via the Order History section of your account. Just head to the My Account Menu, select Order History and you will have the option to download a CSV file as well as your EOFY statement.
Please note that all commentary on tax implications by CoinSpot is generic in nature. We strongly recommend consulting with your Accountant or Tax Specialist to ensure that you are compliant with your own personal circumstances.
What does it mean if a coin has hit its Earn Cap?
If you have attempted to allocate a coin and the status shows it has reached its Earn cap, this indicates that our Earn Program has reached its maximum capacity for that specific token. Until the cap is raised, or other users have withdrawn their coins from the Earn Program, you will not be able to allocate the coin in question to Earn.
Will there be other coins added to CoinSpot Earn?
We are actively looking to add more coins to CoinSpot Earn. Please feel free to let us know on social media which coins you would like to see added.
What are the risks involved?
If the value of your coin drops whilst your assets have been allocated to Earn, there is no guarantee the rewards from your Earn allocation will make up for the loss of value of your allocated coin. Please see our Terms of Use for more information.
CoinSpot Earn - Managing
What is the fee to use CoinSpot Earn?
There are no fees associated with CoinSpot Earn!
Is there a minimum or maximum Earn amount?
There is no minimum or maximum amount CoinSpot users can allocate to Earn, however, this is dependent on the Earn Cap as a whole.
Are there any lock up periods for CoinSpot Earn?
There are no lock up periods for using CoinSpot Earn. You are rewarded based on how long your coins are placed in CoinSpot Earn and those coins can be unallocated at any time.
How are Earn Rewards applied to my account?
Earn rewards are automatically applied to the principle of the Earn allocation, thereby increasing the total allocation amount and your capacity to earn rewards. Rewards will be applied at midnight and will appear in your account by 10 am. They will be in direct proportion to the amount of coins you have and the amount of time you have allocated them for.
Do Earn rewards need to be claimed manually or do they auto compound into your wallet balance?
Earn Rewards are automatically applied to the principle of the Earn allocation, thereby increasing the total allocation amount and your capacity to earn rewards. You will not need to manually claim your Earn Rewards, however, you will not have access to your Earn Rewards until your Earn allocation is terminated. You can terminate or vary your Earn allocation at any time.
CoinSpot Earn - Accessing
Is CoinSpot Earn available on the CoinSpot Mobile App and the CoinSpot Web Platform?
CoinSpot Earn will be available to users on both the CoinSpot Mobile App and the CoinSpot Web Platform.
How long does it take to remove and access my CoinSpot Earn holdings?
CoinSpot members have the flexibility to redeem their assets and rewards at any time. However, you will receive CoinSpot Earn rewards based on the period of time your coins have been allocated to Earn.
The longer you allocate your coins, the more rewards you will receive.
I have not withdrawn any balances. Why has the value of my wallet balance decreased?
As with all cryptocurrencies, the funds that have been allocated to CoinSpot Earn are still subject to conditions in the overall market and the changes within your wallet value will fluctuate based on these price movements.
Why can’t I trade my assets on CoinSpot Earn?
Once funds are allocated to CoinSpot Earn, they will not be available for trading until you have stopped Earning.
This can be done by signing into your account and selecting 
in the wallet for the Eligible Earn Coin. There is no fee to withdraw, as well as no lock in periods for currencies in CoinSpot Earn.
Need more help?
Please submit your request via Zendesk - https://coinspot.zendesk.com/hc/en-us/requests/new
or start a conversation with us via Live Chat and our team will provide full instructions and advice.
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