Hey, so my name is Kolin and I have put together some helpful links to get you started on your cryptocurrency journey in Australia!
In Australia the easiest way to start buying and selling cryptocurrencies is by using CoinSpot: https://www.coinspot.com.au?affiliate=3JLTF The platform is really easy to use and has more than 60 altcoins available in addition to Bitcoin. It is quick to get approved and simple to deposit fiat (cash). (Note: If verification is taking more than a few days you can try Facebook messaging them to speed things up a bit). Deposits are free via Poli payments; however you can also use BPAY and/or pay at a newsagent. The great thing is that you don’t need to purchase Bitcoin and then exchange it for other coins like many foreign exchanges. It is safe to then store your purchased coins in the secure online wallet provided. You can sell at any point and withdraw the cash straight back to your bank account. Note: If verification is taking more than 2-3 days then message Coinspot via Facebook and they will be able to speed it up and get it completed for you!
Binance https://www.binance.com/?ref=10972337 is one of the largest exchanges and allows you to easily trade between 83 different cryptocurrencies. The interface is not as easy as the Australian Exchanges, and you cannot add Credit/Debit card details to purchase altcoins. In order to purchase different altcoins using Binance, you will first have to buy then using AUD from either Coinspot, Coinbase, Coinjar or Independent Reserve (see info about these exchanges below) and then send to Binance. If you are happy to do this then you can enjoy the great variety of coins available for trade.
Coinbase https://www.coinbase.com/join/59340660f96609764059e865 is a USA based cryptocurrency exchange that has quick verification and allows you to add one or more debit/credit cards to make purchases. You can only buy Bitcoin, Ethereum and Litecoin using Coinbase, however you can easily send to another exchange (such as Coinspot, Binance etc) to trade for other altcoins. It is important to note however that Coinbase does not support selling for AUD in Australia. Therefore we recommend if you buy using Coinbase and want to cash out back to your bank account, that you send your coins to Coinspot, Coinjar or Independent Reserve and cash out from there. Sign up to Coinbase using this provided link to receive $10 worth of free Bitcoin!
Independent Reserve https://www.independentreserve.com?invite=TRULJY is a Sydney based Australian cryptocurrency exchange, founded in 2013. It’s committed to bringing professionalism and openness to cryptocurrency trading, and operates fully in line with Australian financial services regulations. Sign up and Verification is quite fast taking only a couple days to get verified. Deposits can be made via BPAY for free if the deposited amount is over $100 AUD. Independent Reserve only currently supports trading in Bitcoin, Bitcoin Cash and Ethereum. However, the buy and sell prices are competitive and you can always transfer BTC, ETH or BCC to Binance or Coinspot if you want to trade for other altcoins.
Coinjar is another Australian exchange with an easy interface. However with Coinjar you can only purchase Bitcoin. The platform is relatively straight forward and allows you to easily buy Bitcoin using your bank account/credit card details. You can safely store your Bitcoin in the provided online wallet and sell at any point in time, or trade back for AUD, USD, GBP or Euro. The verification process is also quick and easy. If you simply want to buy and hold Bitcoin then this exchange is fine to use. If you would like to trade (either daily, weekly or monthly etc) then we would suggest Coinspot instead. Sign up to Coinjar using our provided link to receive 500 free Coinjar Points. These can be used to trade fee free or spend in the Coinjar Rewards store! Here is the link: https://www.coinjar.com/_ref/@cryptoworldaus
Please note: Exchanges will often request confirmation of your identity for verification purposes; this may include ID information and/or photo’s. This is a normal part of the sign up process for legitimate exchanges.
Once registered and verified you have the ability to purchase Cryptocurrency.
Any currency purchased will exist in your account on the exchange, however it is not recommended to keep your money in your exchange account if you plan on 'investing' or 'hodling' - and instead transfer it to a ‘digital wallet’. Put simply, a digital wallet is a secure way to store a ‘key’ for your assets, which exist at an address that requires this ‘key’ to manipulate.
Some wallets have the ability to store multiple types, some only a single. I recommend looking into the following options.
Note: This is not an exhaustive list, but a starting point with some of the most popular options. Software wallets are good, hardware are better).
Software wallets (Recommended)
Jaxx
https://jaxx.io/- Free - Available for multiple platforms
Exodus
https://www.exodus.io/ - Free - Desktop (Windows/Mac/Linux)
Hardware wallets (Highly recommended)
Ledger
https://www.ledgerwallet.com/r/5b16
Note: If you choose to hold for an extended period of time - Hardware wallets are one of the safest ways to store your new coins. I personally use and recommend the Ledger Nano S which can be purchased via the link above (I also recommend you buy direct from the manufacturer as per the link above; as if you buy from sites such as ebay they often have malicious software installed which can be used to steal your private key! ).
Once you hold your currency, you’ll want some resources to keep an eye on it. Below are some fantastic resources for tracking your investments:
Coimmarketcap - https://coinmarketcap.com/all/views/all/
Coincap - http://coincap.io/
iOS/Android apps
Blockfolio
Coincap
Please feel free to message me if you need any assistance or would like further information. I am only new here but will start to post regular articles explaining how cryptocurrency and block chain technology actually work; some of the latest news, technical analysis and much more! So don't forget to follow me to keep up to date! All the best on your cryptocurrency journey!!
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