How to buy Bitcoin Cash (BCH) in Australia
Learn how to buy Bitcoin Cash (BCH) on 43+ crypto exchanges in our step-by-step guide.
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You can buy Bitcoin Cash (BCH) on a cryptocurrency exchange like CoinSpot. These specialised marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. Bitcoin Cash (BCH) is a fork of Bitcoin (BTC), which means it is similar but different to the original. Here's how to buy Bitcoin Cash.
How to buy Bitcoin Cash in 4 easy 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 Bitcoin Cash 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 $ using the payment method that best suits you – bank transfer, bpay, cash and cryptocurrency payments are widely accepted.
- Buy Bitcoin Cash You can now exchange your funds for Bitcoin Cash. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Bitcoin Cash to your personal wallet.
Where to buy Bitcoin Cash in Australia
Find an exchange to buy, sell and trade BCH by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How do I find the best places to buy Bitcoin Cash?
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 Bitcoin Cash?
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 Bitcoin Cash.
- 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 BCH 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.
Where can I buy Bitcoin Cash with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy BCH with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are popular deposit methods to buy BCH on the following exchanges:
- 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 BCH by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for BCH on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Bitcoin Cash?
The easiest way to buy BCH 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 BCH, 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 Analysis tools to get an idea of how the price of Bitcoin Cash has been performing recently.
Best Bitcoin Cash wallets to store your BCH
You can keep your BCH 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 learn more about wallets and compare them with our comprehensive guide.
Is Bitcoin Cash a good investment?Buying cryptocurrencies is risky. Digital currencies are complicated and speculative assets, and there are multiple factors that can have an effect on the value of any coin or token. Make sure you research and understand the driving forces behind crypto price movements before making a purchase. If you’re thinking of buying Bitcoin Cash, consider the following factors:
- Branding: Bitcoin Cash is not the same as Bitcoin, despite attempts by some to confused new users. As such, do not think of BCH as a cheaper version of Bitcoin, they are distinctly different cryptocurrencies.
- Difference to Bitcoin: The primary difference between Bitcoin Cash (BCH) and Bitcoin is that BCH uses larger (32MB) blocks, which means it can fit more transactions in each block. This makes for cheaper and faster transaction times.
- Distribution: When the hard fork occurred, Bitcoin Cash coins were distributed to all bitcoin holders at a 1:1 ratio. If you held Bitcoin in August 2017 when the fork occurred, you may have unclaimed Bitcoin Cash (BCH) coins in your wallet already.
- Adoption: Bitcoin Cash originated in mid-2017 and has failed to establish itself as the primary Bitcoin blockchain in that time. As such, be wary of the future of Bitcoin Cash, given it’s failure to replace Bitcoin.
- Dwindling usage: Data from blockchain research firm Chainalysis of payments received by 17 of the largest cryptocurrency merchant processing services worldwide revealed that Bitcoin Cash payments diminished by almost two thirds (-65%) between March and May 2018. However, it’s worth pointing out that bitcoin experienced an even larger usage drop (~85%) during the same period.
- Capabilities: During stress tests conducted in September 2018, Bitcoin Cash showed it was capable of handling up to 25,000 transactions per block. This equates to around 40 transactions per second (tps), which is well above Bitcoin’s maximum capacity of around 7.
- So many bitcoins: Bitcoin Cash is one of several bitcoin forks to include bitcoin in its name, with others including Bitcoin Diamond and Bitcoin Gold. Forked coins are viewed with scepticism by many crypto enthusiasts, while there’s also the risk that the sheer number of bitcoin variants available confuses and reduces the number of potential buyers.
Additional information about Bitcoin Cash can be found using our BCH analysis tools.
Today's Bitcoin Cash price versus ATH
Compare today's price of Bitcoin Cash ($105.65 USD) against its all-time-high price of $3785.82 USD on 20 December 2017. The closer the bar is to 100%, the closer BCH is to reaching its ATH again.
ATH date: December 20, 2017
Bitcoin Cash ATH: $3785.82 USD
How to trade, convert or sell Bitcoin CashYou can convert or sell your BCH with the same exchange you bought it through:
- Sign in to the exchange you have BCH on.
- If you store your Bitcoin Cash 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 BCH you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Bitcoin Cash.
- Complete your transaction and move your BCH to a wallet for storage.
Disclaimer: Cryptocurrencies, including Bitcoin Cash, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of BCH 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 Bitcoin Cash or any other cryptocurrency discussed.
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