How to Sell Bitcoin Australia: Convert BTC to AUD
2022 is proving to be a fantastic year for Bitcoin (BTC) investors, as the cryptocurrency’s price has soared beyond $60k. To put it into perspective, the crypto token’s price has more than doubled since the turn of the year. Institutional demand has led to wider acceptance as the crypto coin’s popularity continues to rise. So, how do you sell Bitcoin Australia?
Australians are no strangers to cryptocurrencies. In fact, according to a Statista survey, 7.8% of Australians used or owned cryptocurrencies in 2020. In this guide, we will explore all you need to know about selling Bitcoin in Australia.
Australian crypto exchanges vs International exchanges
You already know how to buy BTC in Australia.
The easiest way to convert Bitcoin to Australian dollars (AUD) is via a cryptocurrency exchange.
All Australian crypto exchanges offer the Australian dollar as a fiat option for deposits and withdrawals. The same cannot be said about international crypto exchanges.
Coinbase for example allows you to directly buy cryptocurrencies with a debit card but you cannot sell your purchased crypto tokens nor can you make a local currency deposit or withdrawal.
The best local crypto exchanges include Swyftx, CoinSpot, and CoinJar. The best international crypto exchanges are Binance and eToro. All five exchanges allow you to buy and sell Bitcoin using local currency.
While Swyftx is the best cryptocurrency exchange Down Under, Binance is the best exchange overall.
Here is all you need to know about buying and selling Bitcoin at Swyftx and Binance:
Swyftx offers advanced 2FA and password security. The exchange charges low fees when compared to other local exchanges and offers instant account verification too, which is a plus.
You can deposit AUD to buy Bitcoin and withdraw the currency when you sell Bitcoin, via bank transfer, PayID, POLi, and OSKO.
The easiest way to buy Bitcoin at Binance is via payment options like a debit card and credit card. Alternatively, you can also initiate a bank transfer to buy stable coins which can then be exchanged for Bitcoins.
Using Binance.au, you can sell your Bitcoin in the BTC/AUD trading pair and withdraw the fiat currency you earned from the transaction.
You can also sell Bitcoin via peer-to-peer (P2P) trading. We will explore this in another section of this guide.
Binance is the exchange to use if you’re new to the world of cryptocurrency. It’s intuitive, easy to use, and supports all the most popular cryptocurrencies. It makes buying, selling, and trading simple and even the most novice users will enjoy the pleasant user interface Binance has to offer.
When it comes to buying and selling crypto, there are few exchanges better than Binance.Visit Binance
Step-by-step guide to selling BTC in Australia
Once you have purchased Bitcoin in the country, store your Bitcoin in a secure crypto wallet. To sell BTC, you must first transfer your crypto tokens from a wallet to an exchange.
Once your Bitcoins appear on the exchange wallet, you can go ahead and sell them.
Here is how you can sell the crypto token at an international exchange:
- To sell Bitcoin at an international exchange, you must sell your cryptocurrency in the BTC/AUD trading pair.
- You can then withdraw the fiat currency via your preferred withdrawal method.
Here is how you can sell the crypto coin at a local exchange:
- Enter the amount of Bitcoin you want to sell.
- Select the local currency.
- Choose your preferred withdrawal payment method.
Can I withdraw AUD from crypto exchanges?
Yes, you can withdraw the fiat currency from some crypto exchanges.
All local crypto exchanges offer an option for the same while international exchanges like Binance and eToro offer support for AUD withdrawals. While you can buy BTC at Coinbase, you cannot make an AUD withdrawal.
While Bitcoin ATMs charge relatively higher transaction fees than crypto exchanges, they offer great ease of operation and anonymity.
How many BTC ATMs are there in the country?
At the time of writing, there are over 50 Bitcoin ATMs in Australia. Melbourne has the most ATMs followed by Sydney, Brisbane and Adelaide. Cities like Perth, Cairns, SurfersParadise, Launceston and Townsville City have Bitcoin kiosks as well.
While all of these ATMs offer the ability to buy Bitcoin, not all offer the option to sell the crypto asset.
It is quite easy to operate an ATM. To sell Bitcoin, enter the amount of the crypto asset you want to sell, scan the ATM’s wallet QR code and send the asset from your Bitcoin wallet to the ATM’s wallet. As soon as you do this, you will receive cash.
Crypto ATMs can also be used to buy altcoins like Ethereum (ETH) and Litecoin (LTC).
- They offer easy cryptocurrency trading.
- You do not have to register anywhere. This allows for anonymity.
- You will receive cash instantly.
- They offer more security than online exchanges.
- There are very few ATMs in Australia. Unless you are in Melbourne where there are over 20 kiosks, you are likely to have a hard time traveling to an ATM near you.
- ATMs charge higher trading fees than most online exchanges.
- Not all kiosks offer the ability to both buy and sell digital currencies.
Peer-to-peer (P2P) networks
P2P networks allow you to directly sell crypto tokens to another user without the involvement of a third-party. Binance is a good P2P trading platform.
The crypto exchange allows you to sell Bitcoin to users and receive AUD via payment methods like bank transfer, PayPal, Alipay, WeChat, and cash deposit to bank.
This type of trade is also referred to as over-the-counter (OTC). Here is how the system works – once a user requests to buy the crypto token from you, he will transfer funds to your preferred payment account.
As soon as you receive the amount, you can go ahead and release the locked Bitcoin to him.
Binance P2P acts as an escrow service to protect your crypto funds. The platform’s high liquidity and zero-fee structure make it ideal for P2P trading. That said, LocalBitcoins is the best platform for P2P trading. Local Bitcoins works in the same way as Binance P2P.
- You can potentially choose any preferred payment method.
- You are the boss – you decide the price of Bitcoin you want to sell at.
- Most P2P marketplaces do not charge additional fees.
- P2P trading does not come with the same level of security as a crypto exchange or a Bitcoin ATM.
- OTC transactions are not processed instantly and require coordination between both parties to complete.
- There is a possibility of fraud.
The easiest way to sell Bitcoin in Australia is at a local cryptocurrency exchange.
Swyftx is the best trading platform for the same. While Binance is a good option as well, local exchanges offer more withdrawal options and greater simplicity.
If you live in Melbourne, Sydney or Brisbane, you could visit a Bitcoin ATM if you wish to stay anonymous while buying or selling the prized asset. Avoid P2P trading as it is not as secure as an online exchange or a Bitcoin ATM.