Maybe you’ve heard that Bitcoin is on the rise, and you’re looking to cash in on your investment.
Whatever the reason, selling Bitcoin can be a quick and easy process – if you know where to go. In this post, we’ll walk you through how to sell Bitcoin in Australia, so you can get started right away!
What is Bitcoin?
Bitcoin is a worldwide payment system that relies on peer-to-peer technology to facilitate quick payments and doesn’t rely on a central authority or banks. Bitcoin is still the most valuable cryptocurrency by market capitalisation, having grown dramatically in value and popularity over the last several years.
Because of the growing popularity of cryptocurrencies since 2017, several fantastic Australian crypto exchanges have emerged, making it simple to both acquire and sell crypto in Australia.
Where to Sell Bitcoin?
If you want to sell your Bitcoin, it’s most likely that you’ve got it on an exchange that doesn’t allow crypto sales in Australia, or it’s saved in an external wallet (either a software or hardware wallet).
There are two primary ways to trade Bitcoin in Australia: one is through an exchange platform (the simpler method), and the other is using a P2P marketplace (for those who wish to sell directly to someone).
As the most valuable cryptocurrency on the market, Bitcoin may be sold on any exchange that allows for the conversion of crypto to fiat money. There are several exchanges available, but the most essential is to pick a secure and reputable crypto exchange that isn’t a fraud.
Using one of the finest crypto exchanges in Australia to sell your Bitcoin is a good place to start. They are all AUSTRAC-registered to combat money laundering and financing of terrorism, so you can trust them.
When is the right time to sell Bitcoin?
Timing is critical to achieving the greatest benefits from any trade, as anyone who has sold Bitcoin near one of its historical peaks can vouch – but determining when to sell your BTC might be difficult.
Several factors may influence whether or not you should sell your Bitcoin, ranging from crypto regulatory changes and broader economic circumstances to Bitcoin hype levels, and even your personal appetite for risk.
Examine the market carefully to determine whether you want to sell or keep your bitcoin.
How to Sell Bitcoin in Australia
The simplest approach to selling Bitcoin is to use a crypto exchange. There are six easy steps for selling Bitcoin this way:
Step 1: Examine cryptocurrency exchanges
If you want to sell bitcoins in Australia, you will need to find a reputable bitcoin exchange. Some of the best crypto options include Coinnspot, Coinjar, Coinbase, Kraken, Bitstamp, and Bitfinex.
Step 2: Create an account
Create an account on the chosen platform for exchange. This will usually involve providing some personal information, such as your name and email address.
Step 3: Verify your account
After you’ve created an account, you’ll need to verify it before you can deposit crypto, trade it, or withdraw AUD.
Step 4: Send BTC into your account
To send your bitcoin into your account, you will need to generate a bitcoin deposit address. To do this, go to the “Wallets” tab and select “Bitcoin”. From here, click the “plus” sign next to the Bitcoin wallet and select “Deposit“. Copy the generated deposit address and paste it into the “Send”.
Step 5: Sell Bitcoin
Now that you have successfully transferred your Bitcoin to an Australian cryptocurrency exchange, it is time to sell it. Each exchange will have its own process for selling Bitcoin, but most will follow a similar pattern.
To sell your Bitcoin, you will need to create an account with the exchange and then deposit your funds. Once your funds have been deposited, you can search for the currency pair you want to trade, such as BTC/AUD. This will show you the current market rate and how much Bitcoin you can buy with AUD.
To sell Bitcoin, simply enter the amount you want to sell and click on the “sell” button. Your order will be filled immediately and the funds will be transferred to your account.
Step 6: Transfer AUD to your bank account
Once you have sold your Bitcoin, the next step is to withdraw the money to your bank account. You can do this by logging into your cryptocurrency exchange and selecting the “Withdraw” option. You will then need to enter your bank account details and select the amount you wish to withdraw.
Once the money has been transferred to your bank account, you can use it to buy other cryptocurrencies or simply deposit it into your savings account.
How to Choose the Best Way to Sell Bitcoin
There is no such thing as the best approach to sell Bitcoin to everyone because what works for one person may not work for the next.
Instead, it’s all about figuring out which option is best for you. You can do this by asking yourself a few key questions:
- Do you want to exchange Bitcoin for AUD or another cryptocurrency?
- How quickly do you want to get rid of your Bitcoin?
- Are you prepared to accept a price that is far slower than market rates, or are you willing to negotiate the finest possible price?
- What method would you use to receive a payment if selling for AUD?
This will help you decide how you want to sell your Bitcoin and which platform has all of the features you require. When comparing your choices, keep the following in mind:
- How do the exchange rates compare to those provided by other platforms?
- Compare any trading fees that apply, as well as whether there’s a fee for withdrawing funds into your bank account or cryptocurrency wallet.
- Is there a limit on the amount of Bitcoin you can sell, or how much AUD you may withdraw from your account? Bitcoin for online reviews and read crypto forum discussions from other users to see whether they’d recommend a specific cryptocurrency exchange, trading platform, or Bitcoin ATMs.
There are some other factors to consider, such as where an exchange is regulated, and the accepted payment methods for peer-to-peer trading sites.
Note: Remember that taxes are due when you sell, trade, or dispose of cryptocurrency in any way and recognize a gain. It would be best if you used software to keep track of crypto taxes to help you calculate your tax returns and gains.
Bottom Line
So, there you have it! These are the steps you need to take in order to sell Bitcoin in Australia. If you follow these instructions on how to sell Bitcoin in Australia, you should be able to complete a sale without any problems.
1. Can I sell on Coinbase in Australia?
Residents of Australia can purchase Bitcoin using a debit card at Coinbase, although the option to sell Bitcoin back to AUD is not available. Residents in Australia who used Coinbase will have to move their Bitcoin to a local exchange that allows withdrawals in Australian bank accounts.
2. Is selling Bitcoin legal in Australia?
Yes, selling Bitcoin is perfectly legal in Australia. However, you will need to follow the regulations set by the Australian Transaction Reports and Analysis Center (AUSTRAC) when doing so.
3. How do I buy and sell bitcoins in Australia?
If you’re wondering how to buy and sell Bitcoin in Australia, the best way to do so is by using a cryptocurrency exchange. These exchanges allow you to trade bitcoins for Australian dollars (AUD) or other cryptocurrencies.
