By James Davis
Bitcoin and other cryptocurrencies are growing in popularity, and many people in various countries now want to own some of these digital assets. In this guide, we will explore the multiple ways you can use to buy BTC in Australia.
Ways to Purchase Bitcoin in Australia
There are several ways of buying your first Bitcoin in Australia, the common one being through a crypto trading platform. Many exchanges allow users to connect their debit or credit cards and bank accounts to the platforms, making it easy to convert traditional money into crypto assets.
Buying BTC through dedicated crypto ATMs is also possible in Australia. However, finding these ATMs in this country can be challenging, considering they are only available in 190 locations. By comparison, Los Angeles alone has over 2,200 crypto ATMs.
You can as well buy Bitcoin through peer-to-peer exchanges, where you conduct a direct transaction with another user. This purchasing method, however, is not popular in Australia, although it has numerous benefits. For example, a P2P exchange is likely to have adequate liquidity than a traditional exchange. In addition, its trading fees are considerably low.
Finally, if you are looking to buy huge amounts of Bitcoin, you can do that through OTC (Over-the-Counter) trading. This method is ideal for rich people and wealthy institutional investors who channel significant amounts of capital into the crypto market.
How Do You Trade BTC in Australia?
Here is how you can start your Bitcoin trading journey in Australia:
Firstly, you need to select a reliable trading platform. Ensure it has a good reputation along with sufficient liquidity, charges low trading fees, and has a big user base. Once you find such a crypto exchange, the next step involves opening an account. You can do this by visiting the platform’s registration page, where you will be requested to submit personal details.
After successfully creating an account, most trading platforms will want you to verify the account, and this is done by completing the know-your-customer process. Here, you must upload a document that shows your residence. It could be a utility bill or bank statement. A government-issued identification card is also required.
After verifying your account, it’s time to fund it. As mentioned earlier, you can connect your bank account or use credit and debit cards. Once you make the deposit, you can then start trading Bitcoin. So how do you do this? Trading is done by placing orders on the crypto exchange. Once you purchase Bitcoin, monitor the market so that you can sell it when it reaches your desired exit level.
Australia-Based Crypto Exchanges
Several international crypto exchanges, including Crypto.com, Coinbase and Binance, have set up shops in Australia. However, they are trading platforms based in that country, each offering varying crypto assets and fee structures. That said, it is wise to research before creating an account to find an exchange that fits your trading objectives. Some of the Australia-based crypto exchanges include Independent Reserve, BTC Markets, Swyfx, ZenGo and CoinSpot.
How to Store BTC in Australia
After buying Bitcoin, it is essential to store it properly to avoid losing it to bad actors in the crypto space. There are multiple wallets you can use to store your digital asset.
For beginners, you can keep your Bitcoin on the exchange from which you bought it. Many centralized trading platforms provide users with wallets after creating an account. However, the biggest disadvantage is that you do not have total control over your Bitcoin since these exchanges own your wallet’s private keys.
Another option for storing Bitcoin in Australia is through hot wallets such as MetaMask and Trust Wallet. This way, you will have control over your crypto asset since you get to keep the seed phrase and private keys. Hot wallets are available as browser extensions, desktop and mobile apps.
Lastly, you can use cold wallets to store Bitcoin. But what are they? These are offline crypto wallets, meaning they’re not connected to the internet, making them less vulnerable to online attacks. Ledger is one of the most reliable cold wallets to use.
Conclusion
You now know how to buy and store Bitcoin in Australia, so it’s time to enter the crypto world. However, remember BTC and other unbacked crypto assets are highly volatile, meaning you could lose your entire investment anytime.