The first step is to setup your wallet and create an account on an exchange. A wallet is a place you store your Cryptocurrency and an exchange is where you trade it. This will be a step by step guide on teaching you how to buy bitcoins in Australia but will also work for any other place in the world. These are also avenues for buying and storing Alternative (ALT) coins to put towards your portfolio. Here is a video explains what Bitcoin wallet is:
There are several companies where you can buy/sell cryptocurrencies and the list is growing, so its important to make this decision carefully. Below are the most popular exchanges that we recommend:
|Website||Ranking||Location & Currency||Available Cryptocurrencies||Fees||Review||Visit Site|
|100+ Coins||1%||Coinspot Review|
|2|| United States
|Bitcoin, Ethereum & Litecoin||4%||Visit Site|
|4||Hong Kong-USD, EUR, GBP||28+ Coins||0.1%||HitBC Review|
|55+ Coins||0.1%||Binance Review|
Coinspot has a huge range of alternate coins, 64 in total. This exchange is ideal for simplifying how to buy bitcoins in Australia. This is the easiest website to use for beginners.
Coinbase offers Bitcoin, Litecoin and Ethereum. Selling is not available in Australia at this stage but apparently they are working on it. Your weekly limit will increase as you hit your buy limits. It starts at $300 and the maximum is $2000, to increase the weekly limit involves an email to support along with evidence of several purchases.
This site is one where you can cash out your crypto, in the form of bitcoin, back into your bank account. You can also buy bitcoin on this site. Great for Aussies – Also BPay options.
This exchange offers USD, EUR, GBP to BTC as well as a collection of the most common crypto to crypto trading pairs. This is a nice and easy site to use for trading. Once you have created your desired account then its vital to learn about security and the best ways to protect your funds.
This platform is easy to use, it has low fees and lots of alt coins on offer. The registration process is easy and is almost instant verification. Just be aware that the time-frame for setting up your wallet and verifying will differ and may takes several days. Although once this is setup the transfers will be impressively speedy and fees will be much cheaper then the traditional banking system. The next important step is setting up the the Security of your account/s.