Three simple ways to buy Bitcoin

With Bitcoins recent metoric rise to $40,000 USD, I have had numerous family and friends reach out to me asking how can they get their hands on the worlds first digital asset. Below is a simple guide to what I believe are the THREE most user friendly crypto ‘exchanges’ available to Australian’s.

  1. CoinBase. Coinbase is a US base crypto exchange that offers multiple features for both individuals and entities. As far as user friendly goes CoinBase is it. To sign up all you need to do is go to coinbase.com and follow the link to sign up. Coinbase is a ‘KYC’ regulated financial institution meaning you’ll need to have either your drivers license or passport to sign up and verifiy your account. Once you have completed the sign up process, you can link a debit card to your account and start purchasing various crypto currency’s immediately. Coinbase currently offers users the ability to purchase and trade 43 digital assets making it one of the more diverse ‘entry level’ exchanges.
  2. Coinjar. Coinjar is an Australian based crypto exchange service established in 2013. It is Australia’s longest running crypto exchange and it’s features are similar to Coinbase however, it is far less diverse and only offers users the option to purchase 5 different crypto currency’s (one of which is AUD). As far as signing up all you need to do is go to the coinjar.com website and follow the sign up process. Coinjar is also a KYC regulated financial institution so again, you’ll need your drivers license or passport handy to complete your account verification and sign up process. One of Coinjar’s best features is having the ability to use the ‘Pay ID’ system to fund your account. I personally find this the quickest and easiest way to get Australian Dollars from my Australian bank account to my Coinjar account and then easily convert from AUD to BTC or ETH.
  3. CoinSpot. Established in 2013, CoinSpot is Australia’s most diverse crypto exchange, offering users the ability to buy, sell and swap over 200 different crypto currency’s. Again the exchange requires users to verify their identity for KYC purposes with a drivers license or passport. CoinSpot is a great way for individuals to trade a wide range of crypto currency’s. By far CoinSpots best feature is it’s easy to use EOFY tax reporting. CoinSpots EOFY reports can be easily generated and sent off to your accountant come tax time, making your tax reporting simple and as pain free as possbile. CoinSpot’s biggest downside is it doesn’t yet have a mobile application available, meaning users have to access CoinSpot via their web browser which can get rather annoying if you’re like me and spend most of your time on your mobile phone rather than your computer or laptop. Although CoinSpot is more of a sophisticated trading platform and an exchange, I’d still recommend using it if you’ve been in the crypto space for sometime.

There you have it. Three easy ways to get started in the crypto space if you’re based in Austrlia. Thanks for taking the time to read this article. If you do decide to buy Bitcoin or any other digital asset I wish you the best of luck and I hope you enjoy the ride!

Disclaimer. None of the information provided is intended to be financial advice. Crypto markets are extremely volatile and you need to make your own decisions if you’re going to invest in Bitcoin or any other crypto currency.