Bitcoin is increasingly becoming a popular asset for traders and investors in Australia. This is due to the positive market sentiment around the coin, which continues to attract more users who believe crypto trading is one of the best ways to make money online. So, while you are interested in making gains from BTC, knowing how to buy Bitcoin in Australia as a beginner is important.
How To Buy Bitcoin In Australia
Step 1: Choose A Crypto Exchange
The first and most important step in buying Bitcoin in Australia is choosing the preferred exchange that meets your demand. Traders or investors should always conduct independent research on various exchanges to determine their offerings related to their investment goals.
Some of the factors you should consider in choosing a crypto exchange are:
- Transaction fees.
- Deposit/withdrawal methods are used to determine if the exchange supports the Australian dollar (AUD).
- Security measures.
- Customer support reputation.
Step 2: Create And Verify An Account
The next step is to create an account with your preferred exchange. You can start by clicking “Sign up” or “Start” on any exchange you’ve chosen. Most platforms require you to enter your details, such as your email address and valid mobile number.
Moreover, you must complete a know-your-customer (KYC) procedure on the exchange by verifying your identity and providing valid proof of identification. This is based on Australia’s anti-money laundering and KYC protocols. It enables you to make deposits on the exchange using the Australian dollar.
Step 3: Deposit Australian Dollar (AUD)
Bitcoin traders or investors must fund their accounts before purchasing BTC on exchanges. While this can be achieved through many assets, beginner traders can stick to using the Australian dollar.
You can provide the option of “Deposit” or “Transfer Funds” to access the various payment options on the platform. Some of the popular payment methods are bank transfer, credit/debit cards, PayPal, and crypto-to-crypto swaps, although you may also have to pay transaction fees.
However, choose your preferred payment method on the exchange and enter the amount of Australian dollars to deposit. You may need to confirm the transaction to ensure the accuracy of all details you’ve provided.
Step 4: Buy Bitcoin (BTC)
The final step is to buy Bitcoin with the funds you have deposited on your preferred trading platform. But, you must ensure the Australian deposit is approved before purchasing.
Navigate to the listing assets page to choose Bitcoin and complete the purchase by entering the amount of BTC that you want to buy, including your Bitcoin wallet address.
Where To Buy Bitcoin In Australia For Beginners
1. Binance
Binance is the world’s largest crypto exchange by daily trading volume. Australians can access Bitcoin and other cryptocurrencies, including pairs dominated by the Australian dollar. Commissions are attached to trading BTC/AUD, just as is the case for other pairs on the platform.
Australians can deposit their funds using credit/debit cards, but the service charges 1.8% and requires a minimum card payment purchase of $25.
2. OKX
OKX is a crypto exchange where Australians can buy Bitcoin. It offers low trading fees and many opportunities to earn high passive income. This platform charges a minimal fee of 0.1% for every buy and sell order.
The exchange also offers a 5% annual percentage yield (APY) on Bitcoin held in savings accounts.
3. Bybit
Bybit provides a seamless experience for Bitcoin traders in Australia, which is owed to its high liquidity, user-friendly interface, and other features. This exchange is characterized by low fees and requires a minimum deposit of $1. Maker and taker fees are only 0.1% for spot trading, while derivatives attract fees of 0.02% for makers and 0.055% for takers.
4. eToro
eToro is a brokerage platform that enables you to buy Bitcoin and other cryptocurrencies in Australia. Account sign-up is quick, with a minimum deposit of $50 to purchase BTC on the exchange. You can use credit/debit cards, PayPal, Skrill, etc., to buy Bitcoin on eToro.
Meanwhile, it is also essential to know where and how to sell Bitcoin after holding the asset for some time, mainly when the BTC market is bullish.
Where To Sell Bitcoin
There are different crypto exchanges to sell your Bitcoin, but one distinguished platform that offers you the best value for your asset is Prestmit. It provides you with tools like a Bitcoin rate calculator to enable you to have profitable trading.
Prestmit is beginner-friendly, with a simple interface that allows you to navigate and complete your trade without hassle.
How To Sell Bitcoin On Prestmit
Here are the quick steps to sell BTC on Prestmit:
- Visit the official Prestmit website or download the Prestmit app on the Google Play Store or Apple Store.
- Create a Prestmit account and log in.
- Click “Buy & Sell Cryptocurrency” and choose “Sell Cryptocurrency.”
- Select “Sell Bitcoin” and generate a BTC wallet.
- Follow the prompts to sell your Bitcoin, and you will receive payment immediately after successfully confirming the transaction.
Frequently Asked Questions (FAQs) About Buying Bitcoin In Australia
Is It Legal To Buy Bitcoin In Australia?
Crypto assets are legal in Australia, so residents can buy, sell, and trade BTC online. There are also no regulatory restrictions on investing and storing Bitcoin. However, Australians must pay tax on any profits they earn from Bitcoin trading or investment.
What Is The Best Site To Buy Bitcoin In Australia?
There are many platforms on which you can buy Bitcoin in Australia. But what defines your best platform are features like security, trading fees, payment methods, etc.
How Do I Buy Bitcoin On Binance Australia?
You can buy Bitcoin on Binance by creating an account and uploading an ID. Proceed to deposit funds with a credit/debit card. Then, search for BTC/AUD and buy BTC in Australian dollars.
