Buying and selling bitcoin and cryptocurrencies is different from trading traditional currencies or other assets like stocks and bonds. Bitcoin is decentralized and operates based on a completely different system than banks and international money exchanges. Cryptocurrency exchanges also behave differently than other exchanges and have their specificities. This is why you will need to get informed on them before you think about selling bitcoin. Let's take a look at how Australians can sell bitcoin safely and efficiently.
Selling Bitcoin Through Exchanges
The simplest way to sell bitcoin is through cryptocurrency exchanges. For beginners, the best option would be to go with a centralized trading platform or a peer-to-peer exchange. Trading platforms are more efficient and have more stable pricing, while peer-to-peer exchanges make it easier to trade since they don’t impose as many rules on buyers and sellers as centralized exchanges do. They’re also not as tightly regulated, however.
Either way, you have to do your research when deciding on an exchange. Check how long it has been around for and what kind of safety protocols they apply. It's always a good sign when an exchange is regulated by a respected agency like AUSTRAC, so look for the steps they take for compliance. You should also check what their fee structure is on bank transfers as this is how you'll need to transfer funds from the exchange once you've completed a sale.
Selling Crypto through a Broker
If you want to sell large amounts of bitcoin, then it could be a great option to go with a reputable broker. Brokers typically have access to more liquidity than your average exchange and can often complete transactions faster. Most brokers also offer tailor-made investment solutions and can give you advice as to when would be the best time to sell crypto.
Selling Crypto through an ATM
Another way to sell crypto is through crypto ATMs. These are not common everywhere, but if you live in big cities like Melbourne, Adelaide, or Brisbane, then you shouldn’t have trouble finding one. Some crypto ATMs only allow you to buy crypto, but some allow you to sell cryptocurrencies as well.
Crypto ATMs will usually require that you verify your identity by taking a snapshot of a valid ID. They will then give you a wallet address where you’ll send the coins and have you wait for confirmation. The only issue with ATMs is that transactions can take time to be completed, so they will often issue a redeem code so you can access your funds at a later time.
You should also know that you can sell bitcoin face-to-face. Some online platforms have been created to facilitate face-to-face meetings between buyers and sellers, but you can also join private groups or sell coins to anyone in your direct or extended circle. All you need is to understand how a wallet works or how to trade from the platform your coins are stored on.
These are just some of the ways in which you can sell bitcoin in Australia. Regular crypto exchanges are usually the best option for beginners, but you are free to explore them all and see which one works best for you.
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