Buying and selling Bitcoin in Australia can be done on most exchanges. This makes it simple to cash in your crypto assets. However, there are certain precautions to take when purchasing or selling. The Australian Tax Office (ATO) may also require you to pay capital gains tax on your cryptocurrencies. So, it is advisable to seek advice from your accountant or tax agent.
The first thing you should do when purchasing or selling cryptocurrencies in Australia is to find a reputable crypto exchange. These are registered with AUSTRAC, which means they fight money laundering and financing of terrorism. Crypto exchanges should also provide sound advice and education to their members. The interface should be uncluttered, and members should be able to access their account information easily. A top-rated crypto exchange will also provide the lowest spreads and the best prices.
One of the most reliable and secure bitcoin exchanges in Australia is CoinSpot. With over 2 million users, CoinSpot has earned a solid reputation as an Australian cryptocurrency platform. This makes it a great choice for both beginners and experienced investors. Unlike other exchanges, CoinSpot doesn’t charge you for using the platform. You also have the option to withdraw funds directly to your bank account. There is also an OTC desk where you can sell your Bitcoin for a fee.
To sell your Bitcoin, you must log into the website and create an account. Once you have done this, you can choose which payment method you want to use. You will then be given a pop-up that displays the amount you want to sell in Australian dollars.
You can then click on the “Sell BTC” button. The pop-up will then confirm your sale. Once you have confirmed your sale, the amount will be transferred to your account. The exchange also has a mobile app, which is a great feature. The platform also offers a portfolio viewer, watchlist, and other features.
When buying and selling crypto assets in Australia, it’s a good idea to use an exchange regulated by the Australian Securities and Investments Commission (ASIC). This will help protect you from scams and fraud.
It’s also important to choose a crypto exchange registered with AUSTRAC and an exchange that offers the highest security. Some exchanges offer live support and have easy-to-use interfaces.
You can also buy or sell cryptocurrencies in Australia at ATMs. These machines are convenient, but they aren’t completely private. You’ll need to provide your phone number and ID. However, many banks don’t approve credit for purchases of crypto assets. You can also advertise your order on a P2P exchange. This will help you reach a wider audience, and you can choose your preferred payment method. However, it can take several days for the funds to be credited to your account.
The best way to sell Bitcoin in Australia is to use a crypto exchange. This is the most reliable way, as it will ensure that you’re purchasing and selling through a legitimate and secure platform.