How to Buy Bitcoin in Australia: Step by Step Guide
In recent times, there has been a lot of hype about Bitcoin. And that is creating interest for both the new and experienced investors. And the fact that many Australians are becoming warier about the state of the economy in the country, they are considering Bitcoin as a more reliable alternative investment option.
Bitcoin has become the ray of sunshine for most Australians amid the currently volatile stock market. That said, if Bitcoin has piqued your interest but you are wondering how to start trading, then this article is in your best interest. We will discuss a step by step guide on how to buy Bitcoin in Australia. So, let's get to it!
Step by Step Guide to Buying Bitcoin in Australia
- Understand the Most Popular Ways of Buying Bitcoin
When you search for ways to buy Bitcoin, you will realise that buying Bitcoins from an exchange is the most popular. However, before you jump in, you need to understand the exchange merchant's charges for their services.
- Access the Risk Level
Usually, Bitcoin has a vast range of price volatility. And the lack of stability makes the use of Bitcoin as a currency very challenging. There are times where the price of Bitcoin has exceeded $20,0000, and in other cases, it has dropped below $5,000.
That kind of price volatility makes investing in Bitcoin risky for any investor, whether a beginner or an expert. Ordinary investors will find such huge fluctuations in price unsafe to hold. But for the bitcoin followers, they still look forward to the time the world will accept the use of Bitcoin, and its price will skyrocket even further.
- Choose the Right Place to Buy your Bitcoin
Before you buy Bitcoin, you also need to know which is the best cryptocurrency exchange to buy Bitcoin in Australia. However, that will mostly depend on your skills as well as your needs as a trader.
Make sure the platform you choose has low fee costs, provide demo accounts to new and existing clients; it should be easy to use and process fast transactions. One of the best cryptocurrency exchanges where you can buy Bitcoin in Australia is Swyftx. Buying Bitcoin on Swyftx is such an easy and straightforward process.
- Create your Account on Swyftx
To purchase your Bitcoins on Swyftx, you need first to create an account then log in to your account on the exchange. Next, enter the number of Bitcoins you would like to buy. To finish your Bitcoin purchase process, you need to select the 'Buy Bitcoin' button.
Simply click the link below to quickly create your Swyftx account.
- Explore your Desired Payment Method
You need to proceed and select your desired payment method. You can deposit Australian Dollars by selecting POLi Pay, Pay ID, or bank transfer. Now, you can purchase Bitcoin on Swyftx along with other cryptocurrencies that you may need.
Now that you know how to buy Bitcoins in Australia, so you are probably wondering what you should do with it. Well, as cryptos become more and more popular in Australia, so is the range of things you can spend your digital currencies on. From paying for your morning coffee to buying groceries at the local stores.