HomeCrypto4 Clever Tricks to Buy Bitcoin for First-Timers

4 Clever Tricks to Buy Bitcoin for First-Timers

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Cryptocurrency has become a hot topic in Australia in recent years. It prompted lawmakers to create a licensing framework to ensure that citizens can do safe transactions and buy Bitcoin in Australia without any risks. 

According to the reports, the conservative government of Australia intends to position itself to be a global leader to control major technology companies. They also plan to use a more inclusive approach compared to other countries that criminalize the use of cryptocurrencies like China and India. This move became essential after more Australians used non-cash payment options and cryptocurrency during the pandemic. 

Not all stores and retailers accept Bitcoin in the country at the moment. Several online retailers and fewer brick-and-mortar businesses in different states allow customers to pay using their Bitcoin. If you consider purchasing Bitcoin in Australia for the first time, these tips will help give you peace of mind. 

Tip #1: Pick a Reputable Broker or Crypto Exchange Provider 

When you buy Bitcoin in Australia, you must begin by picking a credible broker or a crypto exchange firm. While these service providers let you purchase cryptocurrencies, their offerings have several significant differences. 

What is a Crypto Broker? 

Cryptocurrency brokers allow you to purchase Bitcoins and other cryptocurrencies without any hassles. It provides simple and easy-to-use interfaces that make the transactions for you. 

Some brokers charge higher fees, while others do not collect any amount. The “free” brokers earn money by selling your basic information to other traders. 

What is a Crypto Exchange?

The cryptocurrency exchange serves as a platform where the buyers and sellers of Bitcoin and other cryptocurrencies meet for trading. It is different from Bitcoin ATMs, which allows you to buy cryptocurrencies using your credit or debit card, including those in Sydney City Conveniences and Brisbane’s The Grosvenor. 

The exchanges usually have lower fees, but they are more complicated than transacting with a broker due to the numerous trade types and other complex performance charts. 

Tip #2: Create and Make Your Account Verified 

You can start signing up for your account as soon as you pick the broker or cryptocurrency exchange to handle your Bitcoin trade. You must verify your identity to have the account on your chosen trading platform most of the time. 

Verification is crucial to help avoid fraud and comply with Australia’s regulatory requirements. At the moment, the country has no existing laws about Bitcoin trading. But if you have a business involved with crypto-assets, verifying your account may you comply with the current relevant laws to prevent deceptive or misleading conduct like scamming. 

Tip #3: Deposite Cash for Investment 

You can start to buy Bitcoin in Australia as soon as you have enough funds in your verified account. You have to deposit some money into your crypto account by enrolling your bank account or allowing a wire transfer from your bank. You can also add money to your crypto account using your credit or debit cards. However, you need to wait several days before using the money to buy Bitcoin, depending on your funding method. 

However, you must remember that some brokers or crypto exchange platforms may charge a higher amount if you use a credit card to deposit money. Credit card companies consider buying cryptocurrency as cash advances. It could result in higher interest rates than regular transactions. 

Tip #4: Choose a Storage Method

Once you have your Bitcoin, you need to store it properly since it is not protected by the Financial Claims Scheme (FCS). The Australian government uses this scheme to protect deposit holders of the country’s incorporated banks and credit unions. Since it does not include cryptocurrencies in its coverage, it will be your responsibility to find a secure storage place for your crypto investment. 

Some options include leaving the Bitcoin in your exchange platform and investing in crypto wallets like internet-connected devices or external drives. 

Buying Bitcoins in Australia no longer have to be risky and complicated. You only need to know how it works to gauge which option to choose from and which service provider to get so you can avoid any risk when putting your money on this investment. 

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Alison Lurie
Alison Lurie
Alison Lurie is a farmer of words in the field of creativity. She is an experienced independent content writer with a demonstrated history of working in the writing and editing industry. She is a multi-niche content chef who loves cooking new things.
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