Note:
The amount of AUD you receive will vary from time to time because of Bitcoin price fluctuations.
How to Sell Bitcoin in Australia – A Simple Guide
Updated: January 15, 2023
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Bitcoin, as the oldest and the largest cryptocurrency in the world, has gained immense popularity over the years. Introduced in 2009, now more than a decade into its existence, Bitcoin is here to stay. If you have already taken the leap and invested in some digital coin, it only makes sense that you also know and understand the process of selling and cashing it out.
Read More about Bitcoin SellingBitcoin, with all its pros and cons, continues to attract new investors, buyers, and sellers who are enticed by its appeal of market-beating returns. Just like with all money, you can buy, sell, store, and exchange Bitcoin, and even settle your payments with it. As long as you have a stash of your Bitcoin and access to your private keys, you can cash out your token using many different methods and platforms.
To help beginners understand and invest in cryptocurrency, here is an easy step-by-step guide to sell Bitcoin in Australia through a list of trusted exchanges and five more ways to cash your Bitcoin out without any fuss.
Best Options to Sell Bitcoin in Australia
Knowing how to sell Bitcoin or any other cryptocurrency is just as important as buying it. A single wrong step can cost you losing all your Bitcoins, and if something is lost in the world of cryptocurrency, it is lost forever. There are several different crypto exchange services and at least a few dozen other ways to sell your Bitcoin in Australia.
When choosing a medium to trade or sell your crypto assets, it’s crucial to evaluate various factors, like security, ease of use, fees, privacy, etc. We have compiled here a list of the best exchanges and alternative mediums to sell Bitcoin in Australia.
1. Binance
Binance is the world’s largest cryptocurrency exchange service and trading platform. It has a wide variety of tokens listed on it and supports more fiat currencies than any other exchange service. You can deposit and withdraw AUD almost instantaneously. Binance users have several options to sell their Bitcoin tokens easily.
Read More about Binance Fees2. Swyftx
Swyftx is among the top choices for an exchange to sell Bitcoin in Australia. It has a simple user interface and is a perfect choice for beginners. Swyftx charges zero fees for depositing and withdrawing AUD to Australian banks. Also, Swyftx is registered with AUSTRAC to avoid financial terrorism and money laundering.
3. CoinSpot
CoinSpot is another excellent option for selling Bitcoin in Australia. The primary focus of this exchange service is simplicity and a minimalist user interface. Trading fees are minimal, and AUD can be deposited or withdrawn without incurring any additional charges. CoinSpot supports Poly, PayID, and OSKO. It has been awarded the ISO 27001 certificate, the only Australian crypto exchange platform to have received the award.
4. Digital Surge
Digital Surge is another popular Australian exchange. You can buy/sell Bitcoin and other cryptocurrencies among the 270+ coins listed on it without any fuss. Like CoinSpot, depositing AUD via PayID is free. Similarly, withdrawing your cash to any Australian bank account is also easy and without any transfer charges. Digital Surge is registered with both AUSTRAC and ASIC.
Top 4 Exchanges to Buy and Sell Bitcoin: Comparison
| Broker | Pros | Trading Fees | AUD support | |
|---|---|---|---|---|
- Best liquidity |
0.1% |
Yes (only for Australia Residents) |
||
- Free deposit and withdraw |
1% |
Yes |
||
- $10 BTC sign up bonus |
0.5% |
Yes |
||
- Bank transfer, Credit card, Debit card, OSKO, PayID |
0.6% |
Yes |
How to Cash Out Bitcoin in Australia
As mentioned earlier, there are several different ways to sell or cash out Bitcoin in Australia. For the sake of simplicity, we will focus on the procedure for selling Bitcoin on Binance.
Learn More about How to Short BitcoinBitcoin currently supports more than 60 fiat currencies, including USD, AUD, GBP, EUR, and you can withdraw each using almost the exact same method. Follow the steps given below to sell your Bitcoin and cash it out.
1. Making an Account
If you are looking for an answer to “how to sell Bitcoin in Australia?”, chances are you are not signed up on any exchange yet. The first step towards selling Bitcoin is to register yourself on an exchange that allows you to sell cryptocurrencies in Australia.
Simply go to the Binance webpage and register a new account (or log in if you’re already registered). Click on ‘Register’ at the top right corner of the page. A window will pop up; insert your cellphone number or email. Create a strong password and make sure you remember it.
How to Making Account on Binance
2. Verify Your Identity
This step is crucial for the security of your funds. Most exchanges do not allow you to carry out any trades until you complete your identity verification. To verify yourself, click on the personal information/account button on the top bar and press the identification option.
It’ll take you to a new page; click on ‘Get Verified’ next. Submit the required information and documentation. It may take a little time to process.
3. Sending BTC to Your Binance Account
Now that your account is all set to be used, it’s time to send Bitcoins to your Binance wallet. Click on Wallet on the home page, and then press ‘Overview’. Next step – click on Deposit, and it’ll take you to a new page.
Here, you need to select the cryptocurrency you wish to transfer (Bitcoin in this case) and select the network. Be sure to choose the correct network; otherwise, you may lose your funds. Copy the address (in red rectangle) and paste it where you transfer Bitcoins from (wallet or another exchange).
4. Converting Bitcoins to AUD
Your Bitcoin tokens are ready to be sold in exchange for Australian dollars. Click on the ‘Trade’ option on the top bar on the homepage; now click on ‘Convert’.
Next, write the amount of Bitcoin you want to sell in the top bar. The amount of AUD you’ll receive will appear in the lower bar automatically. After you have successfully entered the amounts, confirm the trade.
5. Send AUD into Your Bank Account
Having made a successful trade, it’s time to withdraw your AUD funds. To withdraw, you need to again click on ‘Wallet’ on the homepage and then press ‘Overview’. Once you land on the new page, click on ‘Withdraw’.
Now select the fiat currency you want to withdraw (AUD in this case), choose your payment method, and enter the amount you wish to transfer to your bank account.
Once you are done with entering the information, click the continue button on the bottom right of the screen. Then, depending on the payment method you choose, you’ll be asked to provide the relevant account details.
Finally, you’ll be asked to confirm the payment after providing and revising all the details, and your transfer order will be submitted. The amount will be transferred to your bank account shortly.
Other Options to Sell Bitcoin in Australia
So far, we have learned how to cash out your Bitcoins via Binance. In case if you want a more direct route or even just a substitute avenue for traditional exchange transactions, we have listed five alternative methods that you can use to sell Bitcoin in Australia.
P2P (Peer-to-peer) Transactions
Bitcoin ATMs
Face-to-face Transaction
BitQuick
Automated Clearing House (ACH) Transactions
P2P Transactions
In a peer-to-peer transaction, you directly deal with the buyer of your Bitcoins. These transactions involve no fees at all. Many exchanges facilitate P2P transactions.
Usually, there are listings provided of the buyers and sellers along with different details and requirements regarding the transaction. After finding a suitable match and an interested party, you proceed to carry out the deal. As a result, you receive the cash directly in your bank account, or, alternatively, you may use any other payment method for the transfer. Once the transfer is complete, you are free to send the buyer the sold-out Bitcoin tokens.
Note:
P2P transactions done via exchanges are much more secure.
Bitcoin ATMs
Bitcoin ATMs are another quick way to sell your Bitcoin in Australia. Despite looking like the traditional ATMs, these machines function very differently.
Bitcoin ATMs charge much greater transaction fees than other methods to sell crypto funds. Moreover, you need to verify your identity before your first transaction. The verification process, in this case, may require a lot of your energy and time.
The two biggest cities in Australia, Sydney, and Melbourne, have several Bitcoin ATMs, which you can find on their maps. Adelaide is the third-largest city with respect to the number of Bitcoin ATMs available.
Face-to-face Transactions
Face-to-face is the quickest, easiest, and cheapest way to sell your Bitcoin tokens. It works just like P2P transactions but is done in-person at an actual location. You meet the buyer physically and sell them your tokens one-to-one without any exchanges or middlemen service.
Although very easy to execute, face-to-face transactions aren’t safe to be done with strangers. But if you want to sell your Bitcoins to someone you know personally and trust, it is the best option to go with.
BitQuick
BitQuick is one of the many services that facilitate cryptocurrency buyers and sellers online. It helps you to connect with potential buyers. BitQuick charges a 2% service fee and 0.0001 BTC mining fee.
BitQuick works, more or less, like the P2P service on many exchanges. You look for someone who meets your requirements of a payment method and amount needed. After the payment is complete, you transfer your BTC to their account or wallets.
Automated Clearing House Transactions
Another common way to convert your Bitcoin into cash is using ACH transactions and wire transfers. Although these methods are complex and you may face many problems while using them, they are quite commonly used to sell Bitcoin for cash.
These payment methods are slow and can cost higher fees. Moreover, the availability of these payment methods in different countries keeps changing.
How to Choose the Best Platform to Cash out Bitcoin in Australia?
Choosing a platform that suits you the best depends entirely on your needs, requirements, and expectations. The decision will vary from person to person. For instance, a person who prioritizes security and wants to use a platform registered by AUSTRAC will choose Swyftx or Digital Surge.
Learn More, What Determinate Bitcoin PriceSimilarly, a person who wishes for an easy procedure with low fees shall go for P2P transactions. On the other hand, for someone who owns a large sum of Bitcoins and wants to sell the stash, neither P2P nor crypto exchanges are suitable options. In this case, you can try working through a Bitcoin broker or dealer.
Where Can I Spend My Bitcoin in Australia?
Even though there are several methods to sell your Bitcoin for cash in Australia, you can also spend these tokens to buy everyday items and services. Several businesses and industries all over Australia support Bitcoin. It is a currency, after all!
Here’s a list of services and industries in Australia supporting and accepting Bitcoin for payments.
1
Medical services
2
Microsoft purchases (Xbox)
3
Accommodation
4
Overstock
5
eGifter
6
Amazon with Pursue.io.
Many physical stores in Australia also accept Bitcoin. Some of these are:
1
Jam’s Karaoke & Bar, NSW
2
BIG4 Tweed Billabong Holiday Park, QLD
3
2 Gems Media, QLD
4
Lugarno Pharmacy, NSW
5
Barber of Seville, VIC
6
Another World Computer Centre, VIC
7
Talunga Functions, SA
8
Norfolk Hotel, WA
With time, more and more marketplaces and businesses are adopting Bitcoin and accepting it as a legitimate payment method.
Top 10 Best Altcoins to Buy Instead of Bitcoin
No doubt, Bitcoin is the most popular and the most significant cryptocurrency in the world today, and one can say that Bitcoin is the face of this very industry. But there are hundreds and thousands of altcoins, besides Bitcoins, that you can invest in and enjoy a pretty decent profit.
In its simplest definition, an altcoin is any cryptocurrency that isn’t Bitcoin. Several altcoins are working on big projects and have different significance and roles. Moreover, many cryptocurrency experts suggest that it is wise to divide your investment portfolio between various crypto coins.
Our team has compiled a checklist of the ten best altcoins for investment in 2023. This list is created after carefully evaluating and calculating factors like historical performance, technical analyses, fundamentals, significance in the industry, popularity among investors, etc.
Precaution:
This article is not intended for giving out financial advice of any sort, and is written for educational purposes only. Buying cryptocurrencies is a high-risk type of investment.
| Cryptocurrency | Industry | Current price | 1y return | 1m Return | Total score | |
|---|---|---|---|---|---|---|
Cryptocurrency exchange |
302.70$ |
-9.53% |
0.10% |
9.5 |
Invest | |
Blockchain platform |
0.50$ |
22.16% |
0.77% |
9.2 |
Invest | |
Payments |
0.51$ |
22.32% |
-8.80% |
9 |
Invest | |
Payments |
0.08$ |
-16.42% |
0.32% |
8 |
Invest | |
Blockchain platform |
6.81$ |
-1.95% |
-1.34% |
8 |
Invest | |
Payments |
68.29$ |
-38.51% |
6.07% |
7.6 |
Invest | |
Payments |
0.00$ |
NaN% |
NaN% |
7.5 |
Invest | |
Decentralized exchange |
0.00$ |
NaN% |
NaN% |
7.4 |
Invest | |
Blockchain platform/Media |
0.00$ |
NaN% |
NaN% |
7 |
Invest | |
Internet of Things |
0.00$ |
NaN% |
NaN% |
6.9 |
Invest |
Note:
This article is not financial advice and is for educational purposes only. Buying cryptocurrencies is a high-risk type of investment.
Summary
A thorough understanding and knowledge of the most suitable and straightforward methods to sell Bitcoin is crucial for every Bitcoin holder. Sellers can adopt several ways and avenues to sell Bitcoin in Australia. The easiest and the most popular option is selling your Bitcoin through an exchange, like Binance.
However, there are substitute ways for cashing your BTC tokens in Australia; these range from P2P transactions, face-to-face transactions, ACH transfers to services like BitQuick and Bitcoin ATMs. Each option has its pros and cons and is suitable for different types of sellers. With time, several businesses and industries have also started accepting payments in Bitcoin.
FAQs
Is selling Bitcoin in Australia safe?
As long as you’re using authorized and legitimate platforms, buying and selling all crypto funds is safe in Australia.
Do I have to pay a tax for Bitcoin?
ATO recognizes Bitcoin and other cryptocurrencies as legitimate investments. That’s why you have to pay taxes on the profits you make by selling these tokens.
How do I buy Bitcoin?
Buying Bitcoin is just as easy as selling it. In Australia, there’s a wide variety of options available to buy Bitcoin. The most common of these are crypto exchange and P2P transactions.
How long does it take for withdrawals to process on Binance?
The procedure starts as soon as the order is submitted. Usually, the time taken is 5-10 minutes, but it may take as long as 1-2 hours. The more the traffic, the longer it will take.
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Team that worked on the article
Alamin Morshed
Contributor
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Over the past four years, Alamin has been working independently and through online employment platforms such as Upwork and Fiverr, and also contributing to some reputable blogs. His goal is to balance informative content and provide an entertaining read to his readers.
His motto is: I can dream or I can do—I choose action.
Bruce Powers
Contributor
Bruce Powers is an expert trader and technical analyst with over 20 years of experience in Forex, commodities, ETFs, cryptocurrencies and other assets. He is an active trader, technical and fundamental analyst, media commentator, educator and a writer. As an author for Traders Union, he contributes his deep analytical skills, expertise and understanding of the global economy and financial markets to provide market analysis and insights. Powers is also a frequent guest on business TV news shows.
Mirjan Hipolito
Cryptocurrency and stock expert
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.