Bitcoin has become popular in the previous years because of its growing worldwide usage and appropriateness as a possible inflation hedge.
Because of the demand surge, Bitcoin price has surpassed $50,000, leaving investors wondering when to trade Bitcoin.
And this would be a tough one for most investors, depending on many circumstances. However, we’ll help you determine how to sell your Bitcoin and make the best from your investment.
How Do I Sell Bitcoin in Australia?
Follow these procedures to convert Bitcoin to cash or cryptocurrency in Australia:
- Create an account with a cryptocurrency exchange such as Swyftx (we highly recommend Swyftx)
- Complete the ID verification process
- Enter your bank account information.
- Transfer the BTC
- Find a BTC or AUD or crypto currency pair
- Enter the selling price
- To convert Bitcoin Withdraw AUD or crypto, click ‘Sell.’
How Do I Convert Bitcoin in Australia?
You can sell Bitcoin using various options, depending on whether you want to convert BTC to AUD or sell Bitcoin in exchange for another coin.
Either way, selling Bitcoin requires various levels of input, which includes costs and work. And please note that these must be evaluated before proceeding with any transaction.
That said, the following are the most frequent ways to sell Bitcoin for cash or cryptocurrency:
- You can sell Bitcoin to exchange for AUD or cryptocurrency
- Sell Bitcoin to a friend or family member for cash
- Opt to trade Bitcoin on peer-to-peer exchange platforms
- Spend Bitcoin by converting it to a gift card to your loved ones
- Use a Bitcoin ATM to get some money and sort out your bills or expenses
- Leverage Bitcoin debit card to make purchases.
1. Sell Bitcoin Using An Exchange
The safest and best way to convert Bitcoin to AUD is to open an account with a licensed and trustworthy exchange in Australia. You can also deposit Bitcoin in a safe wallet, convert it to cash, and then withdraw it to your bank account via the exchange.
Furthermore, you can also use crypto exchanges to trade Bitcoin for other digital currencies such as Ethereum, Litecoin, XRP, and other altcoins. And when the price of Bitcoin is at a suitable level, it’s best to convert it into cash or another cryptocurrency.
To convert Bitcoin to cryptocurrency:
- Create an account with a cryptocurrency exchange such as Swyftx (which we highly recommend)
- Complete the ID verification process to activate your account
- Send your Bitcoins (BTC)
- Locate the BTC or crypto pair and enter the selling price
- Convert Bitcoin and then transfer to a hardware wallet
Now that you know how to sell Bitcoin using an exchange, let’s look at some of its pros and cons to see if it will be a viable option.
- Exchanges have a large trading volume and liquidity, allowing them to provide better conversion prices
- You can withdraw Australian Dollars directly to your local bank in 24 hours
- Users can create automatic taxation reports to inform the ATO of capital gains
- Customer support services are available 24 hours a day, seven days every week.
- You must submit identification documents to establish your identity.
2. Sell Bitcoin Cash In Hand
You can sell Bitcoin to a trusted friend or family member ready to pay you in Australian dollars. All you need to do this transaction—transferring your Bitcoins to your buyer’s address and validate the transaction is a personal computer or smartphone.
3. Sell Bitcoin Using A P2P Trading Platform
Paxful and other P2P exchanges link interested buyers and sellers on the internet. Sellers can post their order on a P2P exchange and choose their payment method to receive Australian Dollars.
Additionally, these platforms do not usually demand ID verification from the buyer or seller. However, they need to utilise an escrow provider to confirm that the transaction is completed on both sides before releasing the Bitcoin.
4. Convert Bitcoin To Gift Cards and Spend
Bitcoin owners who wish to cash out while remaining anonymous can use a P2P network to turn Bitcoin into a gift card. This is because the payment method is uncommon, and there will be few possibilities to find a buyer. The best of all is that some websites accept Bitcoin as payment to acquire a gift card that can subsequently be spent as money—Bitrefill.
5. Withdraw Cash From Bitcoin ATM
You can also use Bitcoin ATMs to convert Bitcoin into AUD by sending the asset to the machine’s Bitcoin wallet address. The conversion rates and costs are higher, but it’s an option for people who don’t want to utilise digital currency platforms.
6. Pay Bills With Bitcoin
Cryptocurrency users can pay their bills using Bitcoin. In other words, you’ll not have to convert your Bitcoin holdings into cash to cover your everyday living costs. Using Bitcoin, you can use the website to pay any Australian bill or credit card statement.
7. Spend Bitcoin With Crypto Debit Card
Multiple Bitcoin cards in the market allow investors to spend BTC at any online merchant, store, shop, or ATM accepting debit cards. Platforms including Coinbase, Binance, and Crypto.com provide VISA debit cards that you can use to purchase products and services. The card immediately converts the stored Bitcoin into acceptable fiat money.
8. Lend Out Bitcoin To Get A Cash Loan In AUD
This approach is appropriate for those who need to sell Bitcoin for cash to cover their daily living costs. Lending and borrowing systems like BlockFi and Nexo enable Bitcoin owners to lend out their BTC in exchange for a cash loan.
Which are the Best Cryptocurrency Exchanges in Australia?
Our analysis and evaluation of the top Bitcoin exchange in Australia is based on crucial aspects such as simplicity of use, reputation, fees, security, and live support. Let’s discuss more on our best crypto exchange—Swyftx.
Swyftx is the top-rated Bitcoin-selling platform in Australia. The site has the most crypto assets that you can exchange for Bitcoin. Besides, you can also exchange Bitcoin into AUD and withdraw funds immediately to your bank.
The withdrawal takes between one to three business days, and you can also use other valuable tools, such as a mobile app and a tax calculator to help you declare any capital gains.
- It is one of Australia’s Bitcoin exchange
- Trading fees are low and straightforward—with modest spread expenses
- High liquidity is required to achieve the best market prices while selling BTC.
- Users can generate a bitcoin tax report
- A daily withdrawal limit of $20,000 can be extended using a live chatbot.
How Do I Choose Where to Sell My Bitcoin?
Individual circumstances will determine an excellent way to sell Bitcoin at the moment, so there’s no optimal technique. However, while selecting where to sell, consider the following:
- Whether to convert your Bitcoin to Australian dollars or another cryptocurrency
- Whether to sell your Bitcoin now or wait for a higher price
- Whether you want the money sent directly to you
- Whether to sell Bitcoin right away and incur more costs
- What exchange fees you’re ready to incur
Finally, when determining whether to utilise a crypto exchange to cash out and receive money in an Australian bank, please consider the following factors.
1. Check The Prices
Compare the pricing of the top-rated exchanges in Australia to determine which platform has the best prices and the lowest spreads. The difference between the bid and ask price should also corroborate this. A greater gap indicates a premium known as a spread, which reduces the amount of AUD earned when selling Bitcoin.
2. Trading & Withdrawal Fees
The conversion and withdrawal fees are two charges to consider. The trading fee is the cost of carrying out the transaction and can range from 0.1 percent to 1 percent for every order. When choosing the most affordable platform, consider the spread. Withdrawals to a bank account may occasionally lead to a minor charge.
3. Withdrawal Types & Limits
If you want to sell Bitcoin for cash, be sure the exchange allows withdrawals to an Australian bank account. Not all exchanges allow for fiat cash withdrawals or transfers to a bank account.
The maximum daily withdrawal limit is also a significant consideration for high-net-worth individuals. With further verification, you can raise the withdrawal amount every 24 hours.
4. Customer Support
For newcomers, withdrawing cash from an exchange might be a complex procedure. While most exchangers will include a customer support area with FAQs and How-To instructions, see if there is a live chat function or a direct email address to get support when needed.
5. Reviews & Social Media
Feedback from other investors may be a valuable source of information about their experience with the exchange. Examine social media networks like Facebook and Twitter and trustworthy forums like Bitcointalk.org to see if the exchange platform is one to trust.
Hopefully, this post came in handy to help you sell Bitcoin for cash or cryptocurrency. Keep in mind that you must report any profits you make from selling Bitcoin under capital gains tax (CGT) laws. As a result, it’s a good idea to think about utilising Swyftx (which we highly recommend) or Independent Reserve to withdraw funds to your account.