How to buy Bitcoin in 5 steps
While there's a few ways to invest in Bitcoin, the easiest method for beginners is generally to buy Bitcoin through a crypto exchange. Follow the steps below to get started:
- Find an exchangeFor beginners, fees, AUD support and ease-of-use might be your top priorities when choosing where to buy BTC. You can compare our picks for the best places to buy Bitcoin.
- Create an accountOnce you've chosen the platform you want to use you will need to create an account. You will need to provide some photo ID like a driver's licence or passport to complete the process. You may also be required to take a selfie to prove your identity in accordance with Australian law.
- Choose a payment methodIt's possible to deposit funds using bank transfer, debit or credit card, PayPal and more, but using bank deposit or PayID to a crypto exchange can mean you don't pay any fees. Alternatively, you may already have a specific payment method in mind, so you could instead start by choosing an exchange that supports it – such as finding a platform that accepts PayID or debit card.
- Purchase your BitcoinDepending on which platform you choose, there may be a number of ways to buy BTC. The spot market is typically where fees are lowest but it may require some getting used to if you've never used an investment platform before. The easiest method is usually using the "instant purchase" option, but this is likely to come with higher fees.
- Safely store your BitcoinOnce you've bought Bitcoin, you have the choice of keeping it on the exchange or platform you bought it from, or transferring it to your own crypto wallet. While it can be more convenient to leave it on the exchange, it's generally recommended you move your Bitcoin to a private wallet for added security and safety.
How do I buy the new Bitcoin 40x
Hello Steve,
Thank you for your inquiry.
You may click “Go to Site” green button of our featured bitcoin merchant on the panel to be redirected to their page. You may consult them directly to determine if such product is available.
Hope this helps.
Cheers,
Jonathan
I live in Australia should I buy locally or invest offshore?
On average how long should I invest in bitcoin if I was to buy $10.000 bitcoin ?
When could I experience my first return?
Do I look after my investment or will I be appointed a financial advisor that will grow my investment?
Hello Barbara,
Thank you for your inquiry today.
Investing locally or offshore is a decision depending on your risk tolerance. Generally, if you are a starting investor, it may better for you to start locally as offshore trading can be exposed to a lot of global mishaps. Once you got a clearer feel of how the trading would work, that’s the time you may want to expand outside.
As for the term of investing and returns, bitcoin is one of the most volatile type of investments and can work in a binary set-up with other currencies. It fluctuates almost every few minutes and can be very drastic. If you wish to have more stability in your returns, you may consider staying few weeks to months, even years, but then again there is no guarantee if you take a gain or more losses.
If you have some investment and trading background, a bit of research and self-taught resources online can somehow help you straighten out. You may start on a smaller amount and then gradually increase it once you feel more comfortable. Hiring a financial advisor is fine as long as you hire a good one, but then again no one knows how the market behaves and it boils down to how much money you’re willing to lose or pay for someone else.
Hope this helps.
Cheers,
Jonathan
Hi.. I have invested in Bitcoin and Litecoin with Coinbase. But due to high transaction fees and a weekly limit of only $300, I feel its time to use another service provider that better meets my needs. Which provider would you suggest for an Australian? One who would like to invest about $1000 per fortnight, and who is in it for the long term. And how do I get my keys and move them to a new provider? I would like to keep investing in both Bitcoin and Litecoin, as well as Ethereum. Thanks
Hi Noober,
Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
You may refer to the table under “Where can I get bitcoins in Australia?” for sites and companies which facilitate the purchase, exchange and sale of bitcoins, litecoins, etc.
I hope this helps.
Cheers,
Danielle
Hi where can I sell my BTC and get money transferred to paypal ?
Hi Reza,
Thanks for your question.
You can check the table above listing some sites and companies which facilitate the purchase, exchange and sale of bitcoins. You can also opt to sell bitcoins locally through LocalBitcoins.com. Upon registering with an exchange, you can select the payment method you want among their list of supported payment methods. Kindly note that it’s important to research a payment method and check its risk level before you start trading with it.
I hope this has helped.
Cheers,
Liezl
Hi,
which platforms in Australia will accept bank transfers AND you can use your Self Managed Super Fund to trade.
Hi Chris,
Thanks for your inquiry.
If you’re asking which cryptocurrency exchange platform can meet your needs, I’m afraid we currently don’t have that list. However, most platforms accept bank transfers and payments made through a bank. However, if you have Self Managed Super Fund and use that for payment, I’m afraid that would be difficult to do. What you can do though is to use cash, deposit it in your bank, and do a bank transfer for payments in an exchange platform.
Hope this information helped.
Cheers,
Arnold