With Bitcoin setting a new all-time-high in 2020, many buyers are looking to enter the market for the first time, which is why we’ve put together this simple guide to help you do so safely and securely.
Buying Bitcoin is easier than you might think. It’s generally as simple as creating an account on a cryptocurrency exchange and then clicking its “buy Bitcoin” button. The complete steps are:
- Compare cryptocurrency exchanges. The easiest way to buy Bitcoin is from a cryptocurrency broker or exchange. Comparing exchanges lets you find one with the features you’re looking for, such as low fees, an easy-to-use interface or 24 hour customer support.
- Create an account. Once you’ve chosen an exchange, you will typically need to create an account. This involves entering and verifying an email address, choosing a password and verifying your identity. You will usually need to have your phone and some identification documents handy to complete the verification process.
- Make a deposit. Once you’ve gotten verified, you can deposit Australian dollars. POLi and PayID are both widely accepted by Australian cryptocurrency exchanges, and allow for direct, free bank transfers to exchanges. Credit and debit cards are also widely accepted, and certain exchanges also allow cash payments, but these payment methods typically incur higher fees so may not be ideal.
- Buy Bitcoin. After your deposit has gone through, you can exchange AUD for Bitcoin. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking “buy.”
- Withdraw Bitcoin to your personal wallet (optional). Once you’ve made the purchase, you can withdraw the Bitcoin to your personal wallet.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.