Before you could invest and trade bitcoins, you should know how to buy bitcoin in Australia. If you’re new to this, you’re in luck because this article discusses the ways on how you can purchase your first BTC. Are you ready? Let’s begin.
Buying Bitcoin in Australia
The steps to buying bitcoin in Australia are straightforward. Here they are.
Step 1: Open and set up your wallet.
Having a BTC wallet is one of the safest ways of owning bitcoin (more on this later). You need to set up one to receive, send, and store bitcoin.
Step 2: Buy bitcoin.
You’re now ready to join and explore the world of cryptocurrencies with your BTC wallet, so what’s next? Buy your first bitcoin in Australia. The most common methods include –
- Online bank transfer. Buy BTC via online transfer like POLI, the safest way to buy BTC in Australia.
- Flexipin: Buy a voucher from one of the participating retailers, and then redeem your voucher for bitcoin.
- Cash: Go to a participating bank that will convert your cash into bitcoin.
- Newsagent: Purchase bitcoin over-the-counter with cash. In Australia, it is easy to find one from more than 1,200 participating newsagents.
After choosing a payment method, you’ll need to enter a wallet address, email address, the amount of bitcoin, and mobile number. Don’t forget to enter the amount of bitcoin that you would like to buy. For first-time buyers, complete a verification method for security.
Step 3: Secure your precious coin.
Keep your BTC safe all the time because it is as good as cash. Store it safely! Learn how to make private key backups.
Bitcoin owners should protect their coins from hard drive failure and robbery. They need to learn how to create a backup for their private keys, which must be kept off-site.
Do not give your bitcoin’s private keys to anyone, or it might be stolen. Update your offline and online wallets with the most robust and innovative software to keep them secure.
Alternative methods of buying bitcoin in Australia
Choose a cryptocurrency exchange where to purchase the cryptocurrency. On the market, you can find cryptocurrency trading platforms, including Independent Reserve and Binance. They allow investors to buy BTC from other traders.
There are also crypto exchanges that let users buy using fiat currency. However, there are others only for trading cryptocurrencies. They do not accept fiat deposits.
Exchanges typically offer better rates and lower transaction fees. Cryptocurrency trading platforms also give traders and investors more choices on coins, which can be used in trading digital coins. But if you’re a beginner, you might first want to learn the basics of how to invest in bitcoin Australia.
On the other hand, you can find peer-to-peer exchanges. They work like announcement boards where to find posts of bitcoin buyers and sellers along with the price of what they are selling. Users contact each other directly, discuss their matters, and arrange for the purchase or sale for themselves.
P2P exchanges give you a wide range of options when it comes to sellers and buyers of bitcoins. Not only that, as you can also gain better access to a wider range of payment methods, which might not be available on other trading platforms.
These exchanges also increase a user’s privacy and security; however, the rates here are often higher than other rates on the market. It will also be at your risk to transact, and you must be prepared for the scammer that you might encounter.
If you have chosen exchange and decided to use it for buying your BTC, open an account. In most cases, you need to register with your full name, contact number, email address, and ID proof for increased security. It is important for verification before you’ll be able to trade.
Once your account is activated after the verification process, you can buy and pay for your bitcoin. There can be more or fewer steps depending on if you’re using a broker, a P2P exchange, or a trading platform.
Buying with a trading platform
Fund your account. Search the market for the pair of currency to trade. So, if you’re buying with AUS dollars, go to the exchange website’s BTC/AUSD section. Place an order. You can find different order types. Place a market order if you’re looking to buy at current prices.
Buying with a peer-to-peer exchange
In the exchange, find a seller that offers a reasonable price and a preferred payment method. Check for sellers with high ratings and good reviews. Contact the seller/s from who to buy your BTC, discuss, and close the deal if you agreed with each other. These exchanges typically use escrow services, which aim at protecting both the buyers and sellers.
Already bought bitcoin? Store it
Your bitcoin should be now on your exchange’s account. You can choose to store your bitcoin here, but it might not be safe. You can imagine what will happen to your bitcoin if the website is hacked? The exchange closes shop? Or you lose access to your account? You could lose your coins forever.
So, for investors and traders, the more preferred option is a personal BTC wallet. You need to have a personal wallet address, which only you have access to. This personal wallet is also where to send your BTC from the exchange.
How to pay for bitcoin?
Check out and compare exchanges and their payment methods. Look for an exchange that offers a suitable payment method.
Take note that not all exchanges accept all types of payment methods. Also, weigh your options on the advantages and disadvantages of different payment methods.
Who accepts bitcoin in Australia?
Bitcoin is widely accepted in many establishments in this country. You can find a website where to find ATMs or stores that accept it as payment.
Is bitcoin safe in Australia?
It is safe, but it is highly volatile for the ways it operates and with the risk factors involved.
Is bitcoin legal in Australia?
Yes. This country has been progressive in its regulations on cryptocurrencies.
You probably know by now how to buy bitcoin in Australia. The next thing, learn how to invest with it to grow your wealth. However, weigh your options and consider the risks involved. Nevertheless, bitcoin is a promising digital currency that’s slowly but surely gaining traction in the world of finance and investments.