When I decided to get into crypto currencies, I had a very hard time finding information that properly explained how to buy, sell and trade crypto, especially for an Australian. My goal here is to simplify this for everyone, and give you the information I wish I had.

BUYING CRYPTO WITH AUD
This is the hardest part when you don't know what's going on

Exchanges

1. BTCMarkets (https://www.btcmarkets.net)
2. Coinjar (https://www.coinjar.com/_ref/@Stuie)
3. Coinspot (https://www.coinspot.com.au/)
4. Coinbase (https://www.coinbase.com/)
5. Independent Reserve (https://www.independentreserve.com/)

In Person (Yes, Really!)

1. Newsagent / Blueshyft
2. Bitcoin ATM from AUSCOIN

Exchange Payment Methods.

1. BPAY - Each exchange is different when it comes to their BPAY rules and limits. See the exchange details section for more information regarding BPAY for each exchange.

2. Polipay - Polipay is an application that logs directly into your bank account with your username and password, and sends a transaction for you to a bank account. Most Polipay payments are then funded with Crypto instantly. As a result, Polipay is the most popular method for purchasing Crypto with AUD, and the most common type of transaction to be reported as fraud and have your bank account locked, and your exchange account locked, I'll touch on this in detail below.

3. Cash Transfer / Deposit - This is as it sounds, you physically deposit cash to a bank account, and once the transaction is confirmed, they will send your Crypto to your exchange account. The same with a bank transfer. This can take up to 48 hours depending on the bank, and the exchange.
   
   

In Person?!

• Blueshyft- Much like a bank transfer, Blueshyft is available all over Australia, and allows you to make your purchase / transfer in person, most often at a newsagent.

• ATM - ATM is exactly how it sounds. An Aussie Startup, AUSCOIN has begun placing Crypto ATM's around Australia, that let you purchase Crypto then and there, to either a new wallet or an existing wallet. Simply follow the prompts.

*****BEFORE YOU BUY!!*******

So now we know how to buy Crypto with AUD, but we need to know what do with it once we've got it. So here we'll cover the Do's and Don'ts of Crypto Storage (Wallets)

There are different types of Crypto Wallets, each has their benefit, some are risky, some are safe pick what is best for you.

Hot Wallets -

Hot wallets are Crypto Wallets that are connected in some way to the internet

Hot wallets are the most Dangerous way to store your crypto. Like everything connected to the internet, it is open to exploitation from hackers, and the company itself going under. Once Your Crypto is gone. It is Gone. You can't get it back.

1. Exchanges - Buying Crypto through an exchange will Deposit your Crypto to your exchange wallets. This is considered the Highest Risk way to store your Crypto. Like all online companies, there is every chance the company supporting the wallet can go under, or get hacked. Crypto, unlike Fiat CANNOT be returned. Once it is gone, it's gone. The general rule is to only keep what you can afford to lose on an exchange.

2. Web Wallet - Web Wallets are online based Crypto Wallets. They can be accessed from anywhere in the world, and require a URL. Most use a username and password, some include Two Factor Authentication.
   Web Wallets include -

• Green Address (https://greenaddress.it/en/)
• Bitgo (https://www.bitgo.com/solutions#wallet)
• Xapo (https://xapo.com/)

1. Desktop Hot Wallet - Desktop Hot Wallets are software applications on your Computer. Unlike a web wallet you control your private keys. They're not stored on a server, this makes them safer than a web wallet, but you are still at risk of exploits and attacks through Malware or direct hacking.
   Desktop Hot Wallets include -

• Exodus (https://www.exodus.io/)
• DASHQT (https://www.dash.org/)
• Jaxx (https://jaxx.io)

Cold Wallets

Cold wallets have no connection to the internet, and are only vulnerable to physical theft of your private keys, or losing your private keys

1. Paper Wallets - A paper wallet is a physical piece of paper with your Public and Private key printed or written on it. This is the cheapest and easiest form of Cold Storage. They are easy to make and if stored safely will be fine.

• Bitaddress (https://bitaddress.org) The website is needed to generate the address only
• Liteaddress (https://liteaddress.org)

1. Hardware Wallets - A hardware wallet is the most secure way of storing your Crypto. Hardware wallets are physical devices that usually support the most common coins (BTC, LTC, ETH, ERC-20). They generate and store your private keys within a tamper-proof device, meaning you have own your coins outright, as you have the private keys. They are completely offline and as such not vulnerable to attacks from the internet, or malware.

• Ledger Nano S (https://www.coinstop.com.au/product-page/ledger-nano-s)
• Ledger Blue (https://www.coinstop.com.au/product-page/ledger-blue)
• Trezor (https://www.coinstop.com.au/product-page/trezor)
• Keepkey (https://www.coinstop.com.au/product-page/keepkey)

WHAT TO DO NOW?!

So, we've shown you where to buy Crypto, and where to store it when you've got it, but what about the banks, the fees, polipay v bpay v blueshyft?

Lately we've seen a lot of issues with the Big 4 banks reversing Cyrpto purchases, blocking accounts and generally being a pain, which is why I made this post. A lot of people are finding it too hard to get into crypto and get started, but it's really easy, you just have to choose the method that works for you with your Finances and time.

• The banks we've confirmed blocking accounts are NAB, Commonwealth, Westpac and ANZ. If you bank with them there's a high chance you're going to run into some issues. Your easiest options are;

1. BPAY
2. Blueshyft / Cash Deposit
3. Crypto ATM

BPAY

• Exchanges supporting BPAY include
  1. Coinjar
     -- Minimum Deposit of $10AUD
     • Credit Card and Debit Card through BPAY are not supported. Must be bank account
     • Maximum of $25,000 AUD per day.
     • 2.9% Fee
  2. BTCMarkets
     • Minimum of $500 AUD
     • Maximum of $2000 AUD per day
     • No Fee
     • Credit Cards not supported.
  3. Coinspot
     • 0.9% Fee
     • $10000 AUD Daily Limit
     • No Listed Minimum
  4. Coinbase
     • BPAY Not Supported
  5. Independent Reserve
     • BPAY Not Supported.

Blueshyft or Cash Deposit

• Exchanges supporting
  1. Coinjar
     -- Minimum Deposit of $50AUD
     • Maximum of $1000 AUD per day.
     • 2.5% Fee
  2. BTCMarkets
     • NOT CURRENTLY SUPPORTING CASH DEPOSITS (1/1/18)
  3. Coinspot
     • 3% Fee
     • $50AUD Minimum
     • $2000AUD Daily Limit
  4. Coinbase
     -NOT CURRENTLY SUPPORTING CASH DEPOSITS (1/1/18)
  5. Independent Reserve
     • No Minimum
     • No Listed Maximum
     • 99c Fee for Transfers UNDER $100

As seen from above, using the Big 4 limits your options drastically, consider switching to a bank account that does not limit crypto purchases, and you can use Polipay which allows for instant AUD deposits.

PoliPay

• Exchanges supporting Polipay include
  1. Coinjar
     • No Minimum
     • No Fee from coinjar
     • Maximum of $2500 AUD per day.
  2. BTCMarkets
     • NOT CURRENTLY ACCEPTING POLIPAY (8/1/18)
  3. Coinspot
     • NOT CURRENTLY SUPPORTING POLIPAY (8/1/18)
  4. Coinbase
     • POLIPAY Not supported
  5. Independent Reserve
     • Maximum of $5000AUD Per Day
     • $3.30 Fee
     • No Minimum

Banks Supported By Polipay Include;

• Bank of Melbourne
• BankSA
• BankWest
• Bendigo Bank
• Bank of Queensland
• Citibank
• CUA
• IMB
• ME Bank
• Peoples Choice Credit Union
• St.George Bank
• Suncorp Bank
• Westpac

To Summarize, buying Crypto with the Big 4 banks right now is very tricky. Look for an exchange that supports your finances, in minimums and maximums, and supports a payment method you are comfortable using Eg. BPAY. If you're happy to consider other options to continue or start your crypto adventure, consider another bank or credit union. MEBank have 0 fees for most accounts and as of today (1/1/18) have not reversed any polipay payments. If you're not looking to open new accounts, try Local bitcoins.

If anyone wants more detail on anything listed above just let me know, or if you need help, just send me an email [email protected]

Thanks! :)