How to get started by trading AUD for cryptocurrency.
Once you have cryptocurrency it can be relatively easy to trade coins for each other.
The hard part might be getting started and making the first cryptocurrency purchase with Australian dollars. Fortunately, there are still plenty of options once you know where to look.
All of these cryptocurrency brokers and exchanges are known to be legitimate, widely used in Australia and well established, although their quality of customer service, prices and features may vary.
CoinSpot Cryptocurrency Marketplace
CoinSpot is an Australian-based marketplace that allows you to easily buy, sell or trade more than 100 cryptocurrencies.
- Buy with Australian dollars
- Huge selection of altcoins available to buy/sell
- Beginner-friendly interface
- Fund your account with cash, BPAY and POLi
- Compliant with AML/CTF laws
It depends on what you need. To pick the right one for you, look at:
- Which cryptocurrencies are available – Some will only sell bitcoin, while others will deal in a handful of top coins. And others might offer over a hundred different types of cryptocurrency.
- What kind of payment method they accept – You can pay with AUD at all of them but in different ways. Some will let you make a quick and free direct bank deposit, which is usually the best option. But if you want to pay with credit card, PayPal or even cash in hand, then look for that option instead.
- Whether you like the website – There are plenty of options, so find the one that works for you.
Why use AUD instead of converting it to USD or another currency?
If you have AUD to spend, it’s typically better to use AUD directly where possible. This will often be the case even if it costs a little more overall.
It’s all down to the transfer and currency exchange fees. And until you have cryptocurrency you can’t really avoid them.
What’s the best payment method?
Direct bank transfers, such as POLipay, are usually the most cost-effective option where possible. This is because they’re often fee-free, and can be processed very quickly.
But just because a site accepts AUD doesn’t mean it accepts POLi or direct bank transfers. It also needs to have an Australian bank account for this to work.
Buying cryptocurrency with cash
By finding a seller in your local area you can directly hand over cash in exchange for cryptocurrency. But if you don’t trust the seller, this might not be the wisest move.
Instead, you can safely buy crypto with cash through Flexepin vouchers, bitcoin ATMs and other systems.
The upside is that it’s an extremely straightforward and simple way of buying. The downside is that you typically won’t be able to buy too much at once, and might be paying slightly higher prices than you would with a bank transfer.
Find out how to buy cryptocurrency with AUD cash.
Buy bitcoin with credit card
Card for crypto? It’s probably easier than you’d think.
This can be a very easy and quick way of making a purchase, and you can often use it on international exchanges for automatic conversions from AUD to USD. The downside is that it can incur unwanted fees.
Currency conversion via credit card will typically be quite expensive, and you’ll need to watch out for the cash advance rate on the card.
Buying cryptocurrency with PayPal
PayPal and cryptocurrency aren’t necessarily the perfect combination, but for a lot of people, it’s still the best option. The advantage is that you can buy securely from the comfort of home, using tried and tested payment methods and without putting your card details online.
It can also make automatic currency conversions en route, at decent but not great rates. This will be required in most cases.
The main benefit is probably that it’s an exceptionally fast, albeit slightly more complicated, way of getting started. You won’t necessarily need to wait for identity verification either.
It’s not generally the ideal option if others are available, but if you want to buy into crypto fast it can be a decent choice.