How To Buy And Sell Bitcoin In Australia

nickcav (58)in #australia • 5 years ago

When it comes to us Australians we are generally the first to adopt something due to our fear of missing out, however, we are generally the last to have a final product.

In the USA there are companies like Coinbase that allows users to easily exchange FIAT currencies into Crypto and vice versa, but for Australians you can’t sell Bitcoin inside Coinbase. This leaves us open to looking for other options but in new industry you need to filter though all the crap, scammers and dodgy businesses.

What Is Available In Australia Now?

It’s just over halfway through 2019, Bakkt is on the verge is being released, Coinbase has a good reputation with general consumers, Ethereum is talking about version 2.0 and Bitcoin Cash is being pushed hard whilst Craig’s Bitcoin SV takes a dive… The crypto train has well and truly left the station and there are still no simple ways for Australians to convert BTC into AUD.

After looking around the web a fair bit (pretty sure some Nigerian scammers have my passport) I've tried almost everything that is on the market for Australia and these are the most honest reviews you’ll read since I’m not sponsored by anyone and don’t care about pleasing everyone.

Let’s dig in…

Coinspot

I started off with these guys and just after registration I was called by someone from Coinspot. They asked me what I wanted to do with Bitcoin and just to verify I’m a real person.

Buying Bitcoin is easy inside Coinspot, but selling it not so easy and transferring can be a real pain in the ass.

I purchased a handful of Monero XMR coins and I wasn’t able to send them to another wallet. After dealing with support they essentially said “we don’t support that wallet, go somewhere else.” which lead me to look for other alternatives, perhaps one that will support BTC to AUD.

https://www.coinspot.com.au/

SCORE - 1 / 5

Living Room of Satoshi

This is an Australian initiative but the fees are ridiculous. It provides a really easy solution for cashing out on Bitcoin, but you’ll probably eat into profits.

The best part of this website is the fact you can pay bills via BPAY. This will actually come in hand for people that banked in Bitcoin and need to cover the bills for a few months whilst you go on holiday.

https://www.livingroomofsatoshi.com/

SCORE - 2 / 5

BTC Markets

This is probably the most popular platform with anyone in Australia that knows Bitcoin. BTCMarkets is an Australian website where you can purchase coins and withdraw into Australian Dollars.

This is the most mentioned platform next to Living Room of Satoshi and their verification process is actually quite easy. You’re prompted with your general KYC where you don’t need to take pictures, but you enter in your licence number and name etc, then it will run a check and verify you on the spot.

If you’re used to trading within Coinbase Pro then BTCMarkets will be a super easy transition.

https://www.btcmarkets.net

SCORE - 4 / 5

Coinjar

This one kills the competition. The Verification process is done via Digital ID provided by Australia Post (which is the best idea btw) and then you just upload your driving license and you’re ready to link your bank account.

The process works similar to Coinbase and linking your bank account is similar to most platforms you’ll be used to by entering the random deposits Coinjar put into your account.

This can be compared to Coinbase Exchange where you can just onramp and offramp.

SCORE - 4 / 5

https://www.coinjar.com.au

Final Thoughts

I think staying clear of the simple solutions like Coinspot and Living Room of Satoshi and moving into BTCMarkets for trading your crypto and storing them inside another wallet like Coinbase.

If you’re not trading and just want to transfer BTC into AUD then check out Coinjar.

Crypto is a new passion of mine and I'm simply an observer, I specialise in marketing and online marketing but have had a passion for web development over the past 19 years (Since 1999 with Netscape Navigator).