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How to buy Wrapped Bitcoin (WBTC) in Australia
Learn how to buy Wrapped Bitcoin (WBTC) on 18+ crypto exchanges in our step-by-step guide.
Wrapped Bitcoin (WBTC) is the 16th largest cryptocurrency by market cap, valued at US$8,586,266,137.
Wrapped Bitcoin is a highly volatile asset capable of major price swings in a single day. Today WBTC is trading for $54688 USD, which is lower than yesterday's trading price of $58,195.46 USD. Over the past year, Wrapped Bitcoin's price has seen an increase of 133%.
So before you buy Wrapped Bitcoin, make sure you understand these unique risks as well as its legal and tax status here in Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Wrapped Bitcoin.
How to buy Wrapped Bitcoin in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
- Compare crypto exchangesThe easiest way to buy Wrapped Bitcoin is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
- Create an account To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
- Make a depositOnce verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Wrapped Bitcoin
You can now exchange your funds for Wrapped Bitcoin. On beginner-friendly exchanges, this is as simple as entering the AUD or WBTC amount you want to purchase and clicking "buy".
Secure your Wrapped Bitcoin
Consider transferring your WBTC to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy Wrapped Bitcoin in Australia
Find an exchange to buy, sell and trade WBTC by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
How we keep this Wrapped Bitcoin guide up-to-date
- WBTC price data is regularly updated through data feeds so you always have the latest information.
How do I find the best places to buy Wrapped Bitcoin?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Wrapped Bitcoin?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Wrapped Bitcoin.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing WBTC with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Wrapped Bitcoin?
Once you've created an account, you will need to deposit funds to buy WBTC with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy WBTC:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase WBTC by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for WBTC on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Wrapped Bitcoin?
The easiest way to buy WBTC is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying WBTC, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Wrapped Bitcoin has been performing recently.
Best Wrapped Bitcoin wallets to store your WBTC
You can keep your WBTC on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your WBTC below.
Ledger Nano X Wallet
Trezor Model T Wallet
SafePal S1 Wallet
Recent Wrapped Bitcoin developments
Is Wrapped Bitcoin a good investment?Below are the aspects you should consider before investing in WBTC:
- Competitors: This token is not the only tokenized version of wrapped Bitcoin. The other two most prominent alternatives are BTCB, the wrapped Bitcoin on the Binance Smart Chain, and RenBTC on the Ethereum blockchain using the RenVM protocol.
- Centralisation: The biggest flaw with the existence of WBTC is the high degree of centralisation that's a part of the creation and distribution process, as the unique core proposition of cryptocurrencies is that they are decentralized without the flaws of the fiat currencies. The centralisation in WBTC is brought in with BitGo. BitGo is the only custodian of the token with whom the actual Bitcoin backing this token is saved in cold storage. Due to this, BitGo is the single point of failure for WBTC. Any vulnerability with BitGo, technical or otherwise, will be a vulnerability to the entire network and its coins. An alternative, RenBTC, instead of using a merchant, the users engage with a smart contract and RenVM, a combination of which allows users to mint RenBTC in a decentralised ecosystem.
Today's Wrapped Bitcoin price versus ATH
Compare today's price of Wrapped Bitcoin ($54688 USD) against its all-time-high price of $70643 USD on 10 November 2021. The closer the bar is to 100%, the closer WBTC is to reaching its ATH again.
ATH date: November 10, 2021
Wrapped Bitcoin ATH: $70643 USD
How to trade, convert or sell Wrapped BitcoinYou can convert or sell your WBTC with the same exchange you bought it through:
- Sign in to the exchange you have WBTC on.
- If you store your Wrapped Bitcoin in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of WBTC you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Wrapped Bitcoin.
- Complete your transaction and move your WBTC to a wallet for storage.
How to buy other cryptos
Disclaimer: Cryptocurrencies, including Wrapped Bitcoin, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of WBTC is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Wrapped Bitcoin or any other cryptocurrency discussed.
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