Bitcoin, the first digital currency (cryptocurrency) in the world, was created in 2009. It relies on peer to peer technology to enable instant payments without any central authority or banks. Bitcoin is the largest cryptocurrency in terms of market capitalisation. It has seen a dramatic /tremendous rise in popularity and price over the past few years. Many Australian cryptocurrency exchanges have been established to make it simple to buy and sell Bitcoin.
Finding a cryptocurrency exchange in Australia that is licensed is the best way to sell Bitcoin.
The first step is to choose a trusted and reliable exchange that you can trust. All the best crypto platforms are legitimate and allows you to sell Bitcoin to AUD, you can choose any of them.
There are a few key factors that go into deciding where to sell Bitcoin. While cryptocurrency exchanges charge different fees for depositing assets, but it should be free to deposit BTC apart from the Bitcoin network fee. When deciding where to sell BTC, you should also consider trading fees. Reasonable trading fees can range between 0% to 0.5% per trade. When selling Bitcoin, the withdrawal fee to cash out to a bank account is another factor. Some exchanges charge flat rates while others charge a percentage. You should look for an exchange with no withdrawal fees and/or a low flat rate.
Read about – Best Cryptocurrency Exchanges in Australia
After you have selected a cryptocurrency exchange for selling your Bitcoin, you need to create an account. Click the register or sign-up button at the homepage and then follow these steps:
Enter your email address or phone number
Create a password
Enter the verification code that was sent on email or phone to verify the email address or phone number.
Accept the terms and conditions
Click on Sign up or Register
To verify your identity, you will need to go through KYC. Below are the basic steps.
Fill in your personal information
Name, country of residence, and ID. You may need to scan your ID or enter your ID number.
It is necessary to upload a clear picture or scan of your ID without any glares or obstructions. A copy of your utility bill or bank statement must be uploaded to confirm that the address and name are correct.
Upload a selfie
You will need to take a picture of yourself, with your entire face visible. A piece of paper with your name and current date must be held by you. You may be given a unique code that you have to enter on a piece of paper.
Activate 2FA (Two Factor Authentication)
Although this is optional, it is highly recommended. Some exchanges require this. Activating 2-factor authentication will add an additional layer of security to the account.
After you have set up your account, you will need to transfer the coins from your cryptocurrency wallet to your exchange account. Each platform is slightly different, but you will find the option to transfer coins on your home screen. You can follow the prompts from there. Transfers from your wallet to an exchange are usually free of charge.
Step 4: Place a “Sell Order”
Although the interfaces of each exchange may look slightly different, the basic premise is the same. You have to set the price and wait for a buyer. The funds will be credited immediately to your account once the item is sold. You will need to transfer these funds to your bank account in order to access the funds. These transfers may be subject to withdrawal fees, which will vary from one exchange to the next.
If you are selling for another currency, instead of fiat currency. In this case, you will transfer the newly acquired currency to your crypto wallet and not your bank.
We’ve listed Three alternative methods to sell Bitcoins in Australia
Peer-to-peer transactions allow you to directly deal with the buyer for your Bitcoins. These transactions do not incur any fees. Many exchanges allow P2P transactions.
Listings of buyers and sellers are usually provided along with details and requirements about the transaction. Once you have found a match, you can proceed with the transaction. You will receive the money directly into your bank account. Or, you can also use another payment method to make the transfer.You can then send the sold-out Bitcoin tokens to the buyer once the transfer has been completed.
Exchanges offer greater security for P2P transactions.
It’s best to know the person you are trading with for this option. Selling your BTC to someone you know or your friend or relative will be much easier. You can negotiate a great sale price and avoid paying middlemen fees.
If you have to deal with strangers, it may be more time consuming than selling Bitcoins online. Peer-to-peer platforms offer a rating system that helps you to verify the legitimacy of strangers. This makes it less risky. If you receive an offer from a buyer, you can arrange a meeting with any platform that allows you to verify the reputation of the buyer you have met through an online forum.
Copy their wallet address or scan the QR code of the wallet
Transfer the Bitcoin to that address
Also read – How to Spend Bitcoin in Australia
Another quick way to sell Bitcoin in Australia is through Bitcoin ATMs. These machines look very similar to traditional ATMs but work very differently.
Bitcoin ATMs charge higher transaction fees than any other way to sell crypto funds. You will also need to verify your identity prior to your first transaction. The verification process may take up a lot more of your time and energy.
There are several Bitcoin ATMs available in Australia’s two largest cities, Sydney and Melbourne. The third largest city in terms of the numbers of available Bitcoin ATMs is Adelaide.