How To Buy Bitcoin In Australia
If you’re just getting started in the ‘crypto-verse’, working out how to buy Bitcoin, Ethereum, Solana, or TIME, among other cryptocurrencies, can be a bit of a challenge at first. Even if you’re just starting out, it won’t take long for you to get the hang of things thanks to how straightforward the procedure is.
If you live in Australia and want to buy Bitcoin in less than ten minutes, you can complete the procedure through a number of online brokers/exchanges. This allows you to take advantage of Bitcoin’s present favorable market conditions.
4 EASY STEPS ON HOW TO BUY BITCOIN IN AUSTRALIA
TimeX, one of the best crypto exchanges in Australia, offers a very simple procedure for purchasing and storing Bitcoin securely. For the purpose of this guide, TimeX will be used to illustrate how to buy Bitcoins in Australia easily.
1. Open an Account on a Crypto Exchange
After selecting a crypto or exchange, you will be able to sign up to open an account with the service. It is possible that you will be required to authenticate your identity before making a purchase; however this will depend on the platform you use and the amount you intend to buy. This is a necessary step in order to minimize fraud and fulfill the requirements set forth by the regulators.
Until you have completed the verification process, it’s possible that you won’t be able to trade cryptocurrencies just yet. It is also possible that the platform will require you to provide a copy of your driver’s license or passport.
Furthermore, you might be asked to upload a ‘selfie’ in order to demonstrate that your appearance is consistent with the documents you provided.
2. Deposit Cash
It is necessary to ensure that there are sufficient funds in your account before attempting to acquire cryptocurrency. You might be able to add funds to your cryptocurrency account by linking it to your existing bank account or alternatively, making the payment with your debit or credit card.
It’s possible that you won’t be able to utilize the money you deposited to acquire bitcoin for several days, depending on the exchange you use and the type of funding you choose. After the money reflects in the wallet, then the next step is purchasing the Bitcoin.
3. Purchase the Crypto
Now this is the tricky, yet easy part.
After funds have been deposited into your account, you will be able to place your first order for cryptocurrencies. There are hundreds of different cryptocurrencies available today, from popular tokens such as Bitcoin and Ethereum to less well-known cryptos such as Pitbull and WikiCat.
When you have chosen Bitcoin as the cryptocurrency that you want to buy, you will be able to input its ticker symbol, which is BTC, along with the quantity of coins that you want to buy. Check the current Bitcoin chart AUD and choose the amount you can invest.
TimeX lets you acquire fractional shares of cryptocurrencies, which gives you the opportunity to buy a tiny portion of high-priced tokens such as Bitcoin or Ethereum, the full ownership of which would normally cost you thousands of Australian dollars.
4. Choose a Storage Wallet
If you are purchasing cryptocurrencies through a broker, you may have very few, if any, options available to you regarding the storage of your cryptocurrency. When you buy cryptocurrencies through an exchange, you provide yourself access to a wider variety of storage alternatives.
Whenever you make a purchase of Bitcoin on TimeX, the token will normally be kept in a crypto wallet that is connected to the platform. The coins are kept secure in your own personal wallet on the exchange until such time as you may require them.
You also have the option of transferring your tokens to either a cold wallet or a hot wallet in order to store them. Hot wallets are crypto wallets that are run on devices that are connected to the internet and keep their private keys online. Examples of such devices are PCs, smart phones, and tablets. Essentially, cold wallets are just digital wallets that are stored on ledgers or USB devices.
TOP EXCHANGES TO BUY BITCOIN IN AUSTRALIA
TimeX is a crypto exchange that is built on the Plasma technology that Ethereum developed. ChronoBank, a blockchain project based in Australia, officially launched the TimeX exchange in July, 2019. The primary goal of the development of the exchange was to enable peer-to-peer trading that is quick, safe, transparent, and guaranteed, all while maintaining a high level of security.
TimeX supports deposits in both cryptocurrency and fiat. However, the only method for depositing fiat currency is through wire transfers. The management team is working on integrating more deposit choices, such as payments made with a credit card or a debit card.
This makes it a highly convenient option for first-time cryptocurrency traders who have never participated in any cryptocurrency transactions in the past and, as a result, do not have any cryptocurrencies stored in their wallets.
Binance is the next choice you have when considering where to purchase Bitcoin in Australia. This massive cryptocurrency trading platform has more than 100 million users as customers, and every single day it handles trades worth several billion dollars’ worth of bitcoin.
Because of this, you won’t have any trouble finding enough levels of liquidity when you buy Bitcoin using this exchange.
Binance also offers a variety of options for deposits and a good repertoire of coins to buy other than Bitcoin.
If you live in Australia and are searching for a domestic exchange to purchase Bitcoin with, you should give some thought to using CoinJar for this transaction.
CoinJar is not only one of the most well-known cryptocurrency exchanges in Australia, but it is also one of the most well-established. CoinJar was first introduced to the market in 2013. You have a number of different payment options to choose from, and the platform supports AUD, making it simple for you to deposit funds using your currency.
CoinSpot is a Bitcoin exchange that is simple to use yet comes with a bewilderingly large amount of functions, especially considering how user-friendly the platform is.
If all you want to do is jump on the bandwagon and start buying Bitcoin, it won’t take you more than a few minutes to set up a new account and get your first investment under way. CoinSpot provides a convenient immediate buy feature that is as straightforward as it can possibly be.
Before investing in cryptocurrencies or in specific organizations that have a significant stake in it, you should, as is the case with any other type of investment, carefully assess both your investment objectives and your present financial circumstances.
Due to its high potential for price swings, investing in cryptocurrency should be approached with extreme caution. However, if you choose to forge ahead in the world of Cryptocurrency, this guide should show you the ropes on how to own your first Bitcoin.